Post
Topic
Board Altcoin Discussion
Re: Bitshares X inflating due to bugs and hacks
by
tmpxeroc
on 09/10/2014, 11:08:41 UTC
1) The bug was fixed and the 'extra BTSX' have been burned by the devs (paying from their own funds)
2) you can see the burned funds here: https://bitsharestalk.org/index.php?topic=6572.msg127684#msg127684
3) the supply is back to normal
4) we are talking 187,350 BTSX which is worth "a few bucks"
5) BTSX is NOT backed by anything and noone every told so .. it's bitUSD that is backed by BTSX 2x (you can start and figure out how USD and GLD are backed in real life!)
6) there's a whole thread over at OUR forum: https://bitsharestalk.org/index.php?topic=9214.0;all
quote from the dev:
Quote
Yes, laddies and gentlemen, the BTSX supply is over 2 billion as a result of multiple bugs identified and fixed weeks ago.  The surplus supply will be burned from our own funds to return it to the proper supply.  We didn't want to spook people until we had the burn operation implemented so that we could correct it.

So where did this extra supply end up going?

1) Mostly to the delegates... our calculation of delegate pay was off and thus we miscalculated the running supply.   We stated earlier our intent to compensate delegates for the extra hard work they were doing, this particular bug just helped us do what we were planning on anyway.  Delegates running at a discount didn't have their pay burned like it was supposed to be.

2) Some white hat individuals who identified bugs and reported them to us privately after they exploited them.  We were able to fix the bugs without much being created.

My finally comment: Basically I don't give much about what people talk over here .. I just want to post the facts for people that are a little more 'open minded'