I have been a huge proponent of SHIFT as of late, but recent events have made me question my choices and tested my resolve. I am holding my coin because I never sell for less than a profit (for better or worse), but I am wondering what does this community think. If you are not privy to the recent tidings then come along with me on a journey of silliness.
So to start on a positive SHIFT has a great team of developers (for the most part), and they already have their platform up and running. If they can get their ducks in a row they will be the first to market with a web 3.0 alternative! Now onto the recent nightmare. First they had announced last year that on January 31st SHIFT would release its first white paper (1 of 4), along with a long awaited marketing road-map. The 31st came around and out comes the whitepaper, but no marketing roadmap. When looking at their timeline on their website shiftnrg.org/#/ you will notice that it has been pushed back to March 31st. I personally hate missing deadlines, especially when they are hyped up by the group themselves.
Well missing deadlines is fine, but now we have the most recent debacle. Over the weekend the development team had a million of their SHIFT coins STOLEN along with some other currency. 9k hit the market before depositing was halted on all of the major marketplaces. They have since held a vote among the delegates to decide what they action to fix this problem would be. It was decided they would have a hard fork and rollback everything from that 24 hour period. That 9k is gone (plus the other currencies), but the rest would be recovered. The takeaway from this is that apparently the security involved in this breach was very low from what I can see because it is being blamed on their passphrases being stolen. HOW WERE THEY STOLEN!!!
In any case, how bad is this? Am I right to be incredibly nervous about this? What are your thoughts?