Quote from: NazimNasirov on January 02, 2017, 08:14:26 AM

Quote from: threedaymonk on January 01, 2017, 10:20:16 PM

how exactly do you have hot wallets but cold wallets don't work? Do you even understand blockchains?

Cold wallet is wallet which enables users keep their crypto assets on their own storage.
For GeoCoin cold wallets is:
Windows wallet:
http://geo.money/images/geocoin-qt-windows.zip

Mac wallet:
http://geo.money/images/Geocoin-Qt.dmg
And GeoCoin wallets do not work, because it's synchronization stuck.

Hot wallets work because it uses databases of Crypto Exchange. Hot wallets don't use blockchain as distributed database. Hot wallets just write all transactions in local database(it may be any centralized SQL/NoSQL db).

But cold wallets send transactions right in blockchain. For using cold wallet and make transactions it should be synchronized. But GeoCoin wallet do not synchronizes. Because of it's source of blocks not available. This problems exists for weeks, and even maybe month's(idk).

Crypto exchanges like Polo uses both hot and cold wallets wallets. Hot wallets keep account balances in Polo database, not in blockchain. Blockchain transactions is slow, thats why they use hot wallets for faster order settlement and execution, it enables high frequency trading. But periodicaly they should update balances in cold wallets to put transactions in blockchain and make it secured.

Simple users use only cold wallets and need to synchronize it. GeoCoin wallet says it source blocks unavailable, which means blockchain behind it do not works.

If i'm wrong, then explain me please why it is not problem when there's no any working GeoCoin wallet.
And explain me how you send your GeoCoins from exchange to your PC/Mac. And do you tried to send GeoCoins e.g. From Polo to Bittrex?(transactions just stuck - no confirmations; and admins can't help because problem is not on their side)

P.S.: i am not a blockchain super expert. And i would like you explain your understanding of blockchains. It will be valuable for all thread readers.

I haven't tried sending any GEO anywhere yet. You have your definitions wrong. Cold wallets and hot wallets are functionally the same, the qt you linked can be used both as a hot wallet or a cold wallet. A cold wallet is one that is not connected to the internet. The reason exchanges get hacked is because they use hot wallets, so the wallets are online and accessible to hackers. If an exchange uses a hot wallet or a cold wallet they still just update databases either way to make transactions instant, they arent actually sending bitcoin from address to address. That is why on block explorers, exchanges have massive wallets, because every user's balance is stored in the same offline wallet.

threedaymonk

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