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Old 06-02-18, 09:12   #261
Tar.Aldarion
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Quote:
Originally Posted by Raoul Duke III View Post
Of course I would, all the true believers should be queueing up to take my.money.

Just about to go under $6k I see...
Sounds like a decent time to buy

That bet is like asking the believers of global warming to bet that the temperature won't go lower over the year.
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Old 06-02-18, 10:17   #262
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Any update on the Telegram ICO? That seems to make intuitive sense.
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Old 06-02-18, 10:18   #263
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fwiw, buying when prices are falling is an absolute mugs game. You want to see some rebounds before re-entering market as a sign that the falling trend might have been broken.
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Old 06-02-18, 10:55   #264
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fwiw, buying when prices are falling is an absolute mugs game. You want to see some rebounds before re-entering market as a sign that the falling trend might have been broken.
catching falling knives ftw
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Old 06-02-18, 12:05   #265
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Originally Posted by The Situation View Post
.
Belief and blind hope are for the most part not a million miles removed. Not much blind about the way the lads Im talking go about their business but I appreciate the point you are making. Not sure why it it so hard for people to imagine the way we do business will change to the unrecognizably and within a very short space of time.
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Old 06-02-18, 17:35   #266
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Originally Posted by jbravado View Post
Belief and blind hope are for the most part not a million miles removed. Not much blind about the way the lads Im talking go about their business but I appreciate the point you are making. Not sure why it it so hard for people to imagine the way we do business will change to the unrecognizably and within a very short space of time.
The issue here is believing in the technology doesn't necessarily translate to individual cryptos being worth something. E.g. WiFi was a revolutionary technology but no-one has particularly made a fortune from it as it's universal. We need a way to separate the universal benefit of the technology from the likelihood of a particular crypto accruing private gains from the technology.
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Old 10-02-18, 12:19   #267
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To be honest you just have to embrace the the shadiest of it all. I am currently deeply involved in XRB. The whole situation around it is insane. So they setup this coin on a new technology called a block lattice. It was flat enough for a long period in the market but underwent an enormous growth in a very short time. It went from under a dollar to 30 bucks in the space of around a month.

They at that time only had one small exchange that served all the XRB trading, BitGrail. They have since introduced another small one and Binance is due to launch at any time. The current situation is incredible though. The owner of BitGrail the small exchange trading it allowed deposit/withdrawals for months with no issues. Now that he realises the exchange is going under he is pulling all shorts of shady moves.

He firstly forced people to start doing KYC. Crashed the market. He posted today that he won't allow people outside Europe to withdraw XRB full stop so the only way they have out is to terminate the account and convert to BTC to withdraw. This completely crashed the price. You even had a situation earlier where the same coin was trading on BitGrail for 11 as people dumped it trying to get money out as opposed to 17 on KuCoin. He is basically controlling the price of the coin and able to gobble them up for himself on the exchange by forcing people to sell them at a hugely reduced price. Thankfully while I did buy on BitGrail, I sent them to a wallet straight after each time.

Complete wild, wild west.

Opr
So this all came to a head yesterday with the exchange claiming they are missing 17 million XRB (around 12% of circulating supply) or about $150m.

Been an issue for months and they were probably being dumped on the market for weeks prior to the announcement. No wonder the price never went anywhere. The owner of the exchange looks neck deep in whatever was going on. Someone on reddit posted about the problem 10 days ago and yet the exchange owner only claims to have become aware of the problem yesterday

Chat log from the Dev/Exchnage owner as he tells them about the problem is interesting - https://www.dropbox.com/s/3g38y67luo...t_log.pdf?dl=0

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Old 10-02-18, 13:01   #268
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Originally Posted by Opr View Post
So this all came to a head yesterday with the exchange claiming they are missing 17 million XRB (around 12% of circulating supply) or about $150m.

Been an issue for months and they were probably being dumped on the market for weeks prior to the announcement. No wonder the price never went anywhere. The owner of the exchange looks neck deep in whatever was going on. Someone on reddit posted about the problem 10 days ago and yet the exchange owner only claims to have become aware of the problem yesterday

Chat log from the Dev/Exchnage owner as he tells them about the problem is interesting - https://www.dropbox.com/s/3g38y67luo...t_log.pdf?dl=0

Opr
The dropbox is interesting, even without knowing much background. But what is the background? Like who are the three people.
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Old 10-02-18, 13:30   #269
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Originally Posted by Hitchhiker's Guide To... View Post
The dropbox is interesting, even without knowing much background. But what is the background? Like who are the three people.
So 'The Bomber' in the conversation is the guy that owns BitGrail. It was the original exchange that XRB partnered with to sell it on launch. Colin is the creator of XRB and Zack is one of the lead developers. They in theory should have no relationship other than one is like a shop owner (Bomber) that sells a new product exclusively for a period of time for Zack/Colin, the guys behind the product.

BitGrail would have been a tiny corner shop at that stage. Since XRB blew up out of nowhere it went from corner shop to supermarket overnight. Bomber claims to have no clue the funds were going missing over a large period of time despite someone on reddit questioning missing funds they could see on the blockchain about 2 weeks back. No way Bomber wasn't aware of the issue. All sorts of shady things have happened in that period like him closing withdrawals recently and demanding everyone verify accounts under new Italian laws that no one could find implemented. If he was stealing then it was a nice way to get a load of clean identification to wash the funds on other exchanges.

Another version of events is that the site was coded really badly and people were getting double deposits for a period of time. Bomber tried to cover this by arbing XRB between exchanges but when the big crash happened he wasn't able to make up the short fall. It is really unknown at this point what the actual version of events is but whatever Bomber is knee deep in some kind of extremely dodgy stuff.

BitGrail Statement

Quote:
Important notice
Bitgrail S.r.l. Informs its users that internal checks revealed unauthorized transactions which led to a 17 million Nano shortfall, an amount forming part of the wallet managed by Bitgrail S.r.l.

Today a charge about those fraudulent activities has been submitted to the competent authorities and now is under police investigation.

We inform you that the other currencies have not been involved.

In order to conduct further verifications, all the activities will be temporarily suspended (including withdrawals and deposits). This procedure is indispensable for users security.

We do offer our full and sincerest apologies to our customers and to whom has been involved into the illegal transfers of Nano occurred on our platform.

Other announcements will be released shortly.

Thank you for your attention.
Nano response:

Quote:
On February 8th, 2018, the Nano Core team was informed by Francesco “The Bomber” Firano — owner and operator of the BitGrail exchange — of a loss from the BitGrail wallet. Our team promptly contacted law enforcement and we are fully cooperating with law enforcement on this matter.

From our own preliminary investigation, no double spending was detected on the ledger and we have no reason to believe the loss was due to an issue in the Nano protocol. The problems appear to be related to BitGrail’s software.

We had no knowledge of BitGrail’s insolvency prior to February 8th.

In our conversation yesterday (which you can find attached.. adding back shortly), Firano informed us of missing funds from BitGrail’s wallet. An option suggested by Firano was to modify the ledger in order to cover his losses — which is not possible, nor is it a direction we would ever pursue.

BitGrail is an independent business and Nano is not responsible for the way Firano or BitGrail conduct their business. We have no visibility into the BitGrail organization, nor do we have control over how they operate.

We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.

We will not be responding to individual posts or accusations by Firano regarding this situation. We are preparing all information we have on the matter such as blockchain entries, screenshots, and chat logs and presenting them to law enforcement.

Please refer to our Twitter account @nanocurrency for future links to official statements.

Thank you,
The Nano Core Team
Some guy on reddit going an AMA that had 147k XRB or $1.4 worth on BitGrail - https://www.reddit.com/r/CryptoCurre..._the_bitgrail/

Opr

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Old 12-02-18, 20:11   #270
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Seems the Telegram ICO 'gram' has already been prefunded with $850m from large investors. Public prelaunch coming up in March.
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Old 13-02-18, 21:38   #271
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Any thoughts on using Revolut to buy and store bitcoin?

My account got upgraded today to allow me to do Bitcoin transactions
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Old 15-02-18, 19:52   #272
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Any thoughts on using Revolut to buy and store bitcoin?

My account got upgraded today to allow me to do Bitcoin transactions
You aren't really buying BTC. You never actually own any BTC or have access to the keys associated with it. You have an IOU on Revolut, linked to the price of BTC.

It is probably a safe way of gaining exposure to crypto, without having to bother with storage of Bitcoin. I seen people complaining that the margin was quite high when selling maybe like 5% but maybe that has changed and I am unsure how they deal with any forks.

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Old 16-02-18, 15:07   #273
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Ripple coming to revolut:

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Old 20-02-18, 17:28   #274
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I see bitcoin has doubled in about three weeks Are all the altcoins up along with it or its a bitcoin specific move? And on that note - is there something like an index to track general altcoin price direction?
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Old 23-02-18, 12:28   #275
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I see bitcoin has doubled in about three weeks Are all the altcoins up along with it or its a bitcoin specific move? And on that note - is there something like an index to track general altcoin price direction?
Mostly moved with BTC. Some alts will have deviated quite a bit in terms of value lost or gained but in the main bitcoin controls the entire market still and has returned to close to 40% dominance. I am not sure of an actual index but here is a index fund which should give some idea.

https://crypto20.com/en/portal/performance/

Market cap and prices across the board are pretty much where they stood just at the start of the December madness. BTC has had a go at breaking what is huge resistance to go past 12 a few days back been rejected and at this point might have another go or head right back down.

On the up side for myself Nano seems to have shaken off the storm and back making ground after a pretty horrific few weeks. I still think it has the most potential out of everything I have looked at for large scale adoption. Lucky too that one of the early investors in CoinBase is a big fan and seems to have restored market confidence in it pretty quickly with a few well timed tweets.

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Old 24-02-18, 16:15   #276
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Incredible scenes, Nano goes from a trade volume of around an average of $20m to $400m in one day These markets never cease to amaze in how rotten to the core the whole thing is. Oh well glad to get out at the highs and hopefully buy back in at some point. Sad to let Nano go but I don't have a fucking clue what is going on with this manipulation.

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Old 26-02-18, 17:16   #277
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I should just rename this thread to Nano-watch. This couldn't be working out any better. I bought back in on the dip (Not nearly as many as I had) and this is off flying again. Charlie Lee creator of Litecoin has been asking questions about it today over on reddit which has really upped its profile.

Quote:
Originally Posted by Charlie Lee
Someone I met tonight was really excited about it and urged me to look into it.

I like what I see so far. Dev team with their heads screwed on straight. Good visions of doing transfer of value only and doing it right. Still not sure how it can achieve it without tradeoffs. But so far, I don't see any glaring holes in the approach.
Thanks Charlie, I owe you a pint.

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Old 26-02-18, 19:40   #278
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I'm new to all this, can someone tell me what the best way of changing ETH into EURO and getting it into an Irish bank account?

I have a coinbase account but I've heard bad things about them, is there a better option?
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Old 26-02-18, 20:02   #279
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I'm new to all this, can someone tell me what the best way of changing ETH into EURO and getting it into an Irish bank account?

I have a coinbase account but I've heard bad things about them, is there a better option?
You have ETH and you want to go to Euro? Or the other way around? Coinbase have extremely high fees but if you transfer funds to their sister exchange site GDax which you automatically have an account on when you register for Coinbase you can trade without the high fees. You can sell the ETH on Gdax and send it back to bank account via sepa transfer for a few cent.

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Old 26-02-18, 20:34   #280
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For anyone that might care these are Charlie's questions with replies from one of the devs. The thread has much more detailed answers from some of the community which go into more technical specifics.

Questions:

Quote:
Hey guys, I was told to check out Nano, so I did. I read the whitepaper. Claims of high scalability, decentralized, no fees, and instant transactions seem too good to be true. There must be tradeoffs, right?

Can anyone help answer some questions I have:

1) What happens when there is a netsplit and 2 halves of the network have voted in conflicting blocks? How will the 2 sides ever converge when they start communicating with each other?

2) I know that validators are not currently incentivized. This is a centralization force. Are there plans to address this concern?

3) When is coins considered confirmed? Can coins that have been received still be rolled back if a conflicting send is seen in the network and the validators vote in that send?

4) As computers get more powerful, the PoW becomes easier to compute. Will the system adjust the difficulty of computing the work accordingly? If not, DoS attacks becomes easier.

5) Transaction flooding attack seems fairly cheap to pull off. This will make it harder for people to run full nodes, resulting in centralization. Any plans to address this?

Thanks!
Reply from one of the devs. Some of the community have given much more detailed responses in the thread.

Quote:
Hey Charlie,

Thanks for stopping by! Right now most of our development time is spent working on improvements around performance and some of the outstanding questions like spam attacks. Im happy to give you my take on some of the questions you asked.

Question: What happens when there is a netsplit and 2 halves of the network have voted in conflicting blocks? How will the 2 sides ever converge when they start communicating with each other?

Answer: If the network had split and a transaction was somehow confirmed in both partitions, the nodes have a procedure to find ledger differences. They would then request a vote on the conflicting transaction.

Question: I know that validators are not currently incentivized. This is a centralization force. Are there plans to address this concern?

Answer: Nanos goal is to make the validation process as inexpensive as possible; as higher cost validation requires stronger incentives. We have seen that if validation cost is sufficiently low, vendors & other service providers will be happy to run validation nodes as an inexpensive operating cost in return for lower payment processing fees.

In addition, we have some really cool projects that are being developed which will drive users to run their own nodes and provide turn-key solutions for anyone who wishes to do so.

Question: When are coins considered confirmed? Can coins that have been received still be rolled back if a conflicting send is seen in the network and the validators vote in that send?

Answer: A transaction is confirmed when a quorum of the online vote weight has voted for it and all nodes are programmed to bandwagon to the winning transaction. If a conflicting send is published after quorum has been reached, nodes wont vote on the new send since a different conflicting one has already reached critical mass.

Question: As computers get more powerful, the PoW becomes easier to compute. Will the system adjust the difficulty of computing the work accordingly? If not, DoS attacks becomes easier.

Question: Transaction flooding attack seems fairly cheap to pull off. This will make it harder for people to run full nodes, resulting in centralization. Any plans to address this?

Answer: Were exploring a combination of improving our consensus protocol in order to prioritize validating transactions, as well as either increasing our PoW difficulty and/or allowing prioritization partially based on higher-order PoW solutions.

We would be happy to discuss Nano with you further if you have any follow-up questions, Ill DM you contact information. Thanks again for stopping by!
https://www.reddit.com/r/nanocurrenc...m_charlie_lee/

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