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Pastecoin.com - An online market allowing professional coders, programmers and hobbyists to buy and sell code snippets in exchange for Bitcoin

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Pastecoin.com - An online market allowing professional coders, programmers and hobbyists to buy and sell code snippets in exchange for Bitcoin

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Pastecoin.com - An online market allowing professional coders, programmers and hobbyists to buy and sell code snippets in exchange for Bitcoin

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CoinEx Token Rating Report by TokenInsight

CoinEx Token Rating Report by TokenInsight
Written by TokenInsight
Published by tokenin.cn

EXECUTIVE SUMMARY

Advantages

  1. The team’s overall technical background is good, and the CTO and CEO of the project have rich experience in related industries;
  2. The current business scope of CoinEx has been expanded, and the development of the public chain has a decisive role in promoting the development of the exchange business;
  3. The project operation information is transparent, and the development process is consistent with the road map;
  4. The unlocking schedule is clear, and the token held by the team will be unlocked continuously in the next five years;
  5. The project uses POS consensus mechanism. At present, it has been launched on the main network, and the block time is stable, between 2–3 seconds.

Challenges

  1. It is not clear enough yet whether the trichain operation planning can achieve the project’s development goals;
  2. There is limited information on implementation details about cross-chain and other related technologies, and the development status needs to be assessed based on the later project development disclosure information;
  3. The team currently hold a large share of the token, hence the distribution of tokens is relatively concentrated;
  4. There are few application scenarios for project tokens, and more ecosystem scenarios need to be developed;
  5. As a deflationary token, CET needs to be balanced by dealing with the contradiction between public chain users and token holders.

Outlook

The development of CoinEx Chain contributes to the future development of CoinEx’s centralized and decentralized exchanges; the concept of trichain operation simplifies the functions of each chain, improving their performance. At present, there are few exchanges working on the public chain, and no fierce competition has occurred.

Conclusion

Considering the status and development prospects of the project, TokenInsight gives CoinEx a rating of BB with a stable outlook.

1. Multidimensional evaluation


2. Project analysis

CoinEx (CoinEx Technology Limited) was established in December 2017 and is headquartered in Hong Kong, China. It is a sub-brand of the ViaBTC mining pool. At present, CoinEx’s business scope includes CoinEx exchange, CoinEx public chain, and CoinEx decentralized exchange. The current development focus of the CoinEx platform are public chain and exchange. The main purpose of the public chain is to build a decentralized exchange (DEX) infrastructure and an ecosystem around DEX.

CoinEx business structure,Source: CoinEx; TokenInsight

2.1 Introduction

“ CoinEx Chain uses the parallel operation of three chains which are DEX, Smart, and Privacy, as well as cross-chain technologies to create a rich decentralized exchange ecosystem and blockchain financial infrastructure.
The core of CoinEx’s early business was the exchange, consisted of two major categories which were spot and derivatives trading. Currently, there are 123 trading currencies online, covering 302 trading pairs. On June 28, 2019, CoinEx released the CoinEx Chain public chain white paper, aiming to build a decentralized trading system (CoinEx DEX) with community-based operations and transparent transaction rules, and providing user-controlled asset trading scenario by the highest technical standards in the industry; CoinEx Chain has become another development focus of CoinEx. CoinEx Token (CET), which was originally a native token of the CoinEx exchange, will also be developed mainly as a built-in token of the public chain.
CoinEx Chain is a public chain based on the Tendermint consensus protocol and Cosmos SDK, and it uses POS mechanism. CoinEx Chain plans to support 42 nodes when the project starts, and any entity in the ecosystem can participate in the validator’s campaign by staking CET. CoinEx Chain will use the new block reward and the transaction fee contained in the block as the reward for running the node.
CoinEx Chain has developed three public chains with different positioning and different functions in order to meet the needs of blockchain transactions for transaction performance, smart contracts, and privacy protection at the same time. They operate in parallel and collaborate with each other through cross-chain technology. At present, the block time of the public chain is between 2–3 seconds. According to the observation of TokenInsight, the block time is stable, but the number of transactions through the CoinEx public chain is still low at present, the number of transactions in 24 hours is about 30,000; The TPS on public chain disclosed by CoinEx can reach up to 1500 per second.
CoinEx Chain uses a trichain parallel model to build a more vibrant ecosystem around DEX. The three chains are DEX public chain, Smart public chain, and Privacy public chain, respectively responsible for decentralized transactions, smart contracts, and on-chain privacy protection.
CETs that need to participate in complex financial contracts can be transferred to the Smart public chain through the DEX public chain, then moved back to the DEX public chain after that. CET tokens that need to participate in token confusion can also be carried out through the privacy transaction of the Privacy public chain, and can eventually be returned to the DEX public chain. The three public chains are responsible for their respective duties, and they are interconnected through the cross-chain technology through the relay mechanism. In addition to ensuring their respective transaction processing speed and functional attributes, they can also jointly provide richer and safer functions, and synergistically constitute the CoinEx decentralized public chain ecosystem.
In addition, CoinEx Chain also supports any participant to issue new tokens on the chain and create new trading pairs for the issued tokens. CoinEx Chain guarantees the circulation of new tokens by establishing a trading pair between the new token and CET.

2.2 Component architecture

“ Tendermint Core and Cosmos SDK have improved the performance and operation capability of the blockchain. The SDK packaging reduces the consideration of non-related logic, hence reducing the development complexity.
CoinEx Chain is based on Tendermint Core and Cosmos SDK, both of which have brought a big boost to the development of CoinEx public chain performance. Cosmos-SDK will implement the application logic of the blockchain. Together with the Tendermint consensus engine, it implements the three-layer architecture of the CoinEx public chain: the application layer, the consensus layer, and the network layer.
Tendermint
Tendermint is based on the state machine replication technology and is suitable for blockchain ledger storage. It is a list of transactions making consensus with Byzantine fault tolerance, the transactions are executed in the same order, and eventually the same state is obtained. Tendermint can be used to build various distributed applications.
Cosmos SDK
Cosmos-SDK is a blockchain framework that supports the construction of multiple assets with a consensus mechanism of POS (Proof of Stake) or POA (Proof of Authority). The goal of the Cosmos SDK is to allow developers to easily build custom blockchains from 0, while enabling the interaction with other blockchains.
Cosmos-SDK is a blockchain framework that supports the construction of multiple assets with a consensus mechanism of POS (Proof of Stake) or POA (Proof of Authority). The goal of the Cosmos SDK is to allow developers to easily build custom blockchains from 0, while enabling the interaction with other blockchains. The blockchain development framework Cosmos SDK implements general functions such as account management, community governance, and staking in a modular form. Therefore, using the Cosmos SDK to build a public chain can simplify development procedures and facilitate operation. Tendermint is a fixed protocol in a partially synchronized environment, which can achieve throughput within a delay range of the network and each process itself. The CoinEx public chain is developed based on both, improving the performance and operability of the blockchain. The SDK packaging further reduces considerations of non-related logic and reduces the complexity of developers creating. The two components of Tendermint and Cosmos SDK are connected and interacted through the Application Blockchain Interface.
Cosmos SDK and Tendermint interworking structure,Source:CoinEx; TokenInsight

2.3 Project public chain planning

The development plan of the CoinEx public chain is to create a series of public chains with specific application directions, including:
  1. DEX public chain: solve the problems of lack of security and opacity that are widely criticized by centralized exchanges at present; aim to build a transparent, safe, and permission-free financial platform; restore the experience of central exchanges to the greatest extent;
  2. Smart public chain: a public chain that specifically supports smart contracts and provides a platform for building complex financial applications;
  3. Privacy public chain: mainly provides transaction amount, account balance, and information protection and the hiding of both parties to the transaction.
In order to achieve the performance of each specific application public chain, each public chain in the CoinEx public chain focuses on the development of a certain function. For example, in order to improve the transaction processing speed of the DEX public chain, the DEX public chain only supports the necessary functions and does not support smart contracts. To achieve the smart contract function support, cross-chain connection between the DEX public chain and the Smart public chain is required.

2.4 Operation analysis

“ The CoinEx platform publishes monthly ecosystem reports with high transparency; but the monthly reports are limited to contents about transactions and development, and lack progress in ecosystem and community construction, making them relatively simple.
2.4.1 Disclosure of ecosystem information
Operational risks have a direct impact on platform users. Whether platform operations are smooth and whether there is transparency are issues that platform users care about.
The CoinEx platform was established in 2017 and has around 3 years of development. It is also one of the platforms that has been developing for a long time in the exchange industry. It has obtained a digital currency trading license issued by the Estonian Financial Intelligence Unit (FIU), and the platform’s compliance is guaranteed to some degree.
The actual operation of the CoinEx platform will be displayed in the form of ecosystem monthly reports. The monthly report contains various types of content such as online currencies, new activities, plans for the next month, and ecosystem dynamics. It involves multiple business dimensions including the CoinEx exchange, CoinEx Public Chain, and CET token.

https://preview.redd.it/4mt0999ere551.png?width=631&format=png&auto=webp&s=cba27a7c90275f4c033bdd2445a72e6f294265e8
Snippet of a CoinEx ecosystem monthly report,Source: CoinEx; TokenInsight
2.4.2 Roadmap
CoinEx Chain released its development roadmap for the four quarters of 2020 in January 2020. The roadmap shows that CoinEx Chain will undergo major updates on smart contracts and DEX hard fork upgrades. The project roadmap is basically planned on a monthly basis, with a clear plan and a clear direction of development.
CoinEx Public Chain 2020 Development Roadmap,Source: CoinEx; TokenInsight
In addition to the development route planned in the roadmap, CoinEx public chain also discloses its goals for next month in its monthly ecological report. The project’s main net was launched online in November 2019. According to TokenInsight’s review of the development of CoinEx public chain from January to April and the disclosure of the project’s ecosystem monthly report, the project’s plan about development of the smart contract Demo in February failed to be completed as planned; the project completed launching of the new version of the blockchain browser and the Asian Atlantis upgrade; the smart contract virtual machine development was planned to be completed in April, but the progress related to supporting cross-chain agreements was not disclosed yet.
Overall, the project’s development route planning is clear, and the project’s development schedule is consistent with the plan, but there are still some discrepancies. Operation and development information is disclosed every month, and information transparency is high.

3. Industry & Competitors

The earliest origin of the exchange layout in the public chain field began in early 2018 when Binance released an announcement to start the development of the Binance Public Chain officially. In June of the same year, Huobi announced at its brand upgrade conference that it will combine the technical capabilities of the Huobi technical team and the community developers to develop the Huobi public chain called “Huobi Chain”. In December of the same year, OK Group announced the launch of its self-developed public chain OKchain, dedicating to provide underlying technical support and services for startups stationed in B-Labs.
The successful launch of the public chain brings huge strategic significance to the exchange, which can not only improve the performance of the existing business of the exchange but also achieve further expansion of its influence. As one of the most important blockchain infrastructures, the public chain can benefit the exchanges behind it.
As a platform for developing public chain technology exchanges, CoinEx’s main competitors in the field of public chain development include Binance, Huobi, and OKEx. Although they are all exchange platforms for deploying public chains, the above four are different in terms of specific functions, economic models, and critical points of the public chain.

3.1 Development progress comparison

In 2019, Binance became the first exchange to launch a public chain among all digital asset exchanges, and its main product is Binance exchange (DEX). In April 2020, Binance announced the launch of a second smart contract chain, using Ethereum’s virtual machine, so that developers can build decentralized applications without affecting the performance and functionality of their original chain.
OKEx launched OKChain’s testnet in February 2020 and completed open source two months later. OKChain is designed as the basis of large-scale blockchain-driven business applications, with the characteristics of source code decentralization, point-to-point, irreversibility, and efficient autonomy.
Huobi released Huobi Chain for the first time in July 2019, the code is open source, and the testnet was released in February 2020. As a “regulator-friendly financial blockchain”, Huobi Chain focuses on providing compliance services for companies and financial institutions.
The CoinEx public chain officially completed the main online launch in November 2019 and completed the new block browser’s launch in March 2020. On April 3, 2020, CoinEx DEX uploaded the underlying code to Github to achieve open source. The CoinEx public chain is more inclined to build a full DEX ecosystem to achieve a one-stop solution for issuing, listing, storing, and trading. The long-term goal is to create a blockchain financial infrastructure.

3.2 Comparison of economic models

At present, the exchange is more inclined to use its existing platform currency as the native token of the public chain in the construction of public chain ecology. CoinEx’s CET, Binance’s BNB, and Huobi’s HT all fall into this category. OKEx is the only exchange that issues new tokens for its OKChain, which means OKT is the only ‘inflation token’ in the exchange’s public chain, while CET, HT, and BNB are all deflationary.

3.3 Decentralization of public chain

The initial number of CoinEx public chain verification nodes is 42, which is currently the most decentralized among all exchange public chains, and able to take both efficiency and decentralization into account; OKChain also currently has a relatively high degree of decentralization in the exchange public chain (21 verification nodes), its nodes have a high degree of autonomy; by contrast, Binance still firmly controls the operation of nodes and transactions; In terms of encourages cooperation between regulators and the private financial aspects, Huobi provides a lesser degree of decentralization. Huobi Chain uses a variant of the DPoS consensus algorithm to provide functions such as “supervision nodes”, allowing regulators to become validators.
Comparison of some dimensions of CoinEx, Huobi, Binance and OKEx public chain,Source: TokenInsight

4. Token Economy

CoinEx Token (CET) is a native token of the CoinEx ecosystem. It was issued in January 2018. Token holders can enjoy some user value-added services within the ecosystem. Currently, it is mainly used as a native token on the CoinEx Chain. As of 11 am on April 23, 2020, the current circulation of CET tokens in the market is 3,215,354,906.31, with a total of 5,842,177,609.53. CET tokens will not be further issued or inflated. Currently, daily repurchase and quarterly destruction are carried out. The repurchase destruction dynamics can now be tracked real-time on the CET repurchase system on the platform.

4.1 Token Distribution

The CET token used to be based on the ERC-20 token developed by Ethereum. Since the CoinEx Chain mainnet was launched in November 2019, some ERC-20 CET tokens have been mapped to the mainnet CET, and the rest of the CET will be mapped before November 10, 2020. CET holders need to deposit ERC-20 CET to the COinEX exchange, and the exchange will conduct the main network mapping.
At present, CET is mainly circulated in the form of mainnet tokens, and only a small portion of ERC-20 CET has not been mapped. The distribution of token holdings currently circulating on the mainnet can be seen in the figure below. At present, the number of tokens held by the top ten holders accounts for about 60.44% of all mainnet CET tokens.
Distribution of CET token holding addresses,Source: Etherscan; TokenInsight
The following figure shows the initial distribution of tokens after the mainnet mapping preset by CoinEx. From the initial distribution map of CET, it shows that, after mapping, a large portion of CET remains concentrated in the hands of the team (31%), and the actual number of CET circulating in the market only accounts for 49% of the total.
The initial distribution of CET token,Source: CoinEx; TokenInsight
After the main net mapping, the 31% of the total CET (1.8 billion) held by the team will be gradually unlocked in the five years from 2020 to 2024, and 360 million CET will be unlocked each year. By 2024, the CET held by the team will be completely unlocked. From the current CET dynamics, the CET share held by some teams has been used for destruction purposes to achieve the purpose of CET austerity. If the frozen 1.8 billion CET held by the team are used for similar purposes, the development of CET and its platform can benefit from it.
Team’s CET unlocking plan,Source: CoinEx; TokenInsight

4.2 Token economic model

4.2.1 Deflation mechanism
Since the CET token went online in January 2018, CoinEx has increased the circulation of CET through airdrops, transaction fee refunds, operation promotion, and team unlocking. As one of the existing platform coins with long development time, the deflation mechanism of CET token has undergone a series of changes with the development of the industry. In 2018, when the concept of coin-based mining prevailed, CET used transaction mining, stake mining, and pending order mining, which were cancelled in October, December and, April respectively of the following year.
The repurchase and destruction model currently used by CET was updated by CoinEx on April 11, 2020. The original CET quarterly repurchase and destruction policy of the platform will be adjusted to daily repurchase and quarterly destruction. After the implementation of the daily repurchase policy, CoinEx will take out 50% of the daily fee income for CET repurchase in the secondary market and implement quarterly destruction until the total remaining circulation is 3 billion (currently about 5.8 billion).
At the same time that CoinEx updated the repurchase and destruction plan on April 11, the platform also launched a page dedicated to displaying CET repurchase information, so that users can clearly understand the progress of CET repurchase and destruction.
As of April 23, 2020, the platform has destroyed 4,157,822,390.46 CET tokens, accounting for 41.6% of the initial total issuance. At the end of January 2019, it had destroyed 4 billion CETs (single destruction volume peak) at the end of this quarter. The number of CETs to be destroyed is 3,422,983.56.
CET historical destruction data,Source: CoinEx; TokenInsight
4.2.2 Application scenarios
The current usage scenarios of CET are discounted platform transaction fees, VIP services, special activities rights and interests, CoinEx Chain internal circulation fuel, and use of external scenarios.
Deduction and discount of platform transaction fees
CoinEx platform users can use CET to deduct transaction fees when conducting transactions within the platform. At the same time, using CET to pay transaction fees can enjoy the exclusive preferential rates provided by the platform.
CET fee discount amount,Source:CoinEx; TokenInsight
VIP service
Holding a certain number of CETs can make a user become a platform VIP user. Users can also use CET to purchase platform VIPs to obtain corresponding privileges such as discounted rates, accelerated withdrawals, and exclusive customers.
Special activity rights
CET holders can enjoy special rights and interests in platform marketing activities, such as participating in the airdrop of tokens on the platform or accelerating opportunities for high-quality projects.
CoinEx Chain built-in token
CET will serve as a native token of CoinEx Chain, circulate and serve as fuel in CoinEx Chain, and users can also use CET to invest or trade other digital assets. In addition, CET can also serve as transaction fees and function fees (issuing Token, creating new trading pairs, account activation), etc. in the platform, and users can also participate in the campaign of validators by staking CET tokens.
CET is currently used as a circulation token as well for CoinEx DEX to issue tokens, create orders, Bancor, address activation, set address aliases, and other application scenarios.
In general, the types of application scenarios of CET are not plenty enough. In order to better develop the internal ecosystem of the platform, it is necessary to design and develop more CET usage scenarios and incentive mechanisms to increase the retention rate of users while adding new users.
4.2.3 Token incentive
As the native token of the CoinEx public chain, CET will be used as a block incentive to increase community participation after the mainnet of the public chain launched. The 315 million CET held by the foundation in the total CET issuance will be used to incentivize initial verification nodes and Staking participants.
CET annual incentive information,Source:CoinEx; TokenInsight

5. Team & Partners

5.1 Core team members

Among the core team members of CoinEx, the technical members account for a relatively large proportion. The technical team’s overall ability is good and the team members have different technical experience backgrounds including cryptography, underlying protocols, marketing, and operations. The team has rich blockchain industry experience, especially the chief developer, who has about 13 years of development industry experience.

https://preview.redd.it/kd0z9q0ese551.png?width=785&format=png&auto=webp&s=7beff33e522165202f6a0b75dba70f32630d8656
https://preview.redd.it/s2klsatese551.png?width=1024&format=png&auto=webp&s=57f03219007d853d754883e2e07cd5eb2c8ed17d
https://preview.redd.it/kuyspmkfse551.png?width=978&format=png&auto=webp&s=fd9c808107d245047f7c74ef34fcf6a02965152c

5.2 Investment institutions and partners

CoinEx’s investment is led by Bitmain and its main partners include Matrixport, Bitcoin.com, CoinBull, Consensus Lab, BTC.com, BTC.top, Hoo Exchange, Wa Yi, ChainFor.com, etc.
Investment institutions and major partners have rich experience in the industry, which can promote the development of projects to a certain extent. However, the current industry involved by the partners is not wide enough, and it will have a limited role in promoting the future of CoinEx’s enriching business lines and increasing ecosystem functions.
https://preview.redd.it/zjgzvv6ise551.png?width=533&format=png&auto=webp&s=a3f7fe3abb2c2d522e289213ae6fbc4e899825e0

6. Community Analysis

According to TokenInsight’s research of the CoinEx platform community, as of April 23, 2020, its official Twitter has 19,800 followers and 932 tweets; the official Telegram has 45 official groups, 3 in Chinese and English, and the other is Korean, Arabic, Vietnamese, Indian and other small language groups, with a total number of 56088 people; the current number of followers on Facebook accounts is 3,107. The overall community followers still have a lot of room for improvement, and community activeness needs to be improved.
Number of followers on the CoinEx social platform,Source:TokenInsight
At present, the project’s search popularity and official website visits are both top-notch, and monthly visits have slowly returned to their previous visit levels after experiencing a significant decline in December 2019.
CoinEx visit popularity,Source: TokenInsight, Similarweb, Google
At present, the visitors of the CoinEx website are distributed in multiple countries, and there are no visits concentration from a single country or region. Therefore, CoinEx’s comprehensive global influence is widely distributed and has a reasonable degree of internationalization.

CoinEx official website’s top 5 countries by number of visitors,Source: CoinEx, TokenInsight
Original article
Click here to register on CoinEx!
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Start learning programming " Here is the best Platforms for you"

Step by step Help for you:
Platforms Node.js Frontend Development iOS Android IoT & Hybrid Apps Electron Cordova React Native Xamarin Linux ContainersOS X Command-Line ScreensaverswatchOS JVM Salesforce Amazon Web Services Windows IPFS Fuse HerokuProgramming Languages JavaScript Promises Standard Style Must Watch Talks Tips Network Layer Micro npm Packages Mad Science npm Packages Maintenance Modules - For npm packages npmAVA - Test runner ESLintSwift Education PlaygroundsPython Rust Haskell PureScript Go Scala Ruby EventsClojure ClojureScript Elixir Elm Erlang Julia Lua C C/C++ R D Common Lisp Perl Groovy Dart JavaRxJava Kotlin OCaml Coldfusion Fortran .NET PHP Delphi Assembler AutoHotkey AutoIt Crystal TypeScriptFront-end Development ES6 Tools Web Performance Optimization Web Tools CSS Critical-Path Tools Scalability Must-Watch Talks ProtipsReact RelayWeb Components Polymer Angular 2 Angular Backbone HTML5 SVG Canvas KnockoutJS Dojo Toolkit Inspiration Ember Android UI iOS UI Meteor BEM Flexbox Web Typography Web Accessibility Material Design D3 Emails jQuery TipsWeb Audio Offline-First Static Website Services A-Frame VR - Virtual reality Cycle.js Text Editing Motion UI Design Vue.js Marionette.js Aurelia Charting Ionic Framework 2 Chrome DevToolsBack-end Development Django Flask Docker Vagrant Pyramid Play1 Framework CakePHP Symfony EducationLaravel EducationRails GemsPhalcon Useful .htaccess Snippets nginx Dropwizard Kubernetes LumenComputer Science University Courses Data Science Machine Learning TutorialsSpeech and Natural Language Processing SpanishLinguistics Cryptography Computer Vision Deep Learning - Neural networks TensorFlowDeep Vision Open Source Society University Functional Programming Static Analysis & Code Quality Software-Defined NetworkingBig Data Big Data Public Datasets Hadoop Data Engineering StreamingTheory Papers We Love Talks Algorithms Algorithm Visualizations Artificial Intelligence Search Engine Optimization Competitive Programming MathBooks Free Programming Books Free Software Testing Books Go Books R Books Mind Expanding Books Book AuthoringEditors Sublime Text Vim Emacs Atom Visual Studio CodeGaming Game Development Game Talks Godot - Game engine Open Source Games Unity - Game engine Chess LÖVE - Game engine PICO-8 - Fantasy consoleDevelopment Environment Quick Look Plugins - OS X Dev Env Dotfiles Shell Command-Line Apps ZSH Plugins GitHub Browser Extensions Cheat SheetGit Cheat Sheet & Git Flow Git Tips Git Add-ons SSH FOSS for DevelopersEntertainment Podcasts Email NewslettersDatabases Database MySQL SQLAlchemy InfluxDB Neo4j Doctrine - PHP ORM MongoDBMedia Creative Commons Media Fonts Codeface - Text editor fonts Stock Resources GIF Music Open Source Documents Audio VisualizationLearn CLI Workshoppers - Interactive tutorials Learn to Program Speaking Tech Videos Dive into Machine Learning Computer HistorySecurity Application Security Security CTF - Capture The Flag Malware Analysis Android Security Hacking Honeypots Incident ResponseContent Management System Umbraco Refinery CMSMiscellaneous JSON Discounts for Student Developers Slack CommunitiesConferences GeoJSON Sysadmin Radio Awesome Analytics Open Companies REST Selenium Endangered Languages Continuous Delivery Services Engineering Free for Developers Bitcoin Answers - Stack Overflow, Quora, etc Sketch - OS X design app Places to Post Your Startup PCAPTools Remote Jobs Boilerplate Projects Readme Tools Styleguides Design and Development Guides Software Engineering Blogs Self Hosted FOSS Production Apps Gulp AMA - Ask Me Anything AnswersOpen Source Photography OpenGL Productivity GraphQL Transit Research Tools Niche Job Boards Data Visualization Social Media Share Links JSON Datasets Microservices Unicode Code Points Internet of Things Beginner-Friendly Projects Bluetooth Beacons Programming Interviews Ripple - Open source distributed settlement network Katas Tools for Activism TAP - Test Anything Protocol Robotics MQTT - "Internet of Things" connectivity protocol Hacking Spots For Girls Vorpal - Node.js CLI framework OKR Methodology - Goal setting & communication best practices Vulkan LaTeX - Typesetting language Network Analysis Economics - An economist's starter kit
Few more resources:
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Trojan malscripts; **what are they?**

in this post you will learn a little about publicly available information on malscripts
what is a trojan.malscript? -a quick google search turns up this result from 2014 (outdated?)
Search Results (Featured snippet from the web) Systems Affected: Windows - Trojan. Malscript is a heuristic detection for Web-based malicious script files that exploit vulnerabilities and/or perform heap spraying.-Sep 3, 2014- -Trojan.Malscript | Symantec- -https://www.symantec.com › security-center › writeup-
-not very clear!... lets try learn some more!!.. *another quick google search gives up some information about other systems not just windows affected
-If we add keywords like linux we get varied results such as this (albeit, older but w/e)
Search Results (Featured snippet from the web) -Systems Affected: Linux, Mac, Solaris, Windows.- Trojan. Malscript. C is a generic detection for HTML files infected with a JavaScript that redirects the browser to a malicious Web site that may exploit the browser or download other malicious threats.-Jan 30, 2010- -Trojan.Malscript.C | Technical Details | Removing Help ...- -https://us.norton.com › trojan.malscript.c-2010-013011-2940-99-writeup.html-
so given a couple quick searches we can guess a bit -we need: *java *HTML *access to the internet somehow (could be by an offline file touching an online source; this puts the item at risk for "contracting" offline ai or crawling codes)
another way would be
*write a "safe" code on here on reddit but its gonna take me time since reddit allows this:
if 1 * 2 < 3: print "hello, world!" 
this can be achieved by possibly writing a code to a site that had malscripts already deployed such as an embed code, or request in an "iframe"
  • Alot of people may remember sites such as:
https://www.xanga.com and various other places; *these places allowed HTML editing for themes and overall page layout -sites such as http://www.neopets.com etc. had/have this ability as well.

-these sites are great examples of how easy it could be to place an HTML or java malscript that was made to either be good/bad/both; especially now, given our extremely large usage of internet!
Sure; #scareme... what can a trojan.malscript do!
quick learned facts:
-exploits an available resource via internets (lol)
-is a form of 'script' (really generic term) that employs heuristic based approach; defined as and asked to google before:
What is a heuristic approach?- -“A heuristic technique, often called simply a heuristic, is any approach to problem solving, learning, or discovery that employs a practical method not guaranteed to be optimal or perfect, but sufficient for the immediate goals.-Feb 5, 2018- -Heuristic Approaches to Problem Solving- | -101 Computing- -https://www.101computing.net › heuristic-approaches-to-problem-solving-
-may perfrom heap spraying which is defined here
A heap spraying attack is a remote code execution exploit that allows the attacker to insert arbitrary code in the system's heap memory space. ... The spray is followed by exploit code that, when inserted into the heap memory, will exploit a weakness or vulnerability, allowing the code to execute on the system.-Aug 11, 2010- -Heap Spraying Buffer Overflow Attacks - Cisco.com- -https://tools.cisco.com › center › resources › security-alerts-announcement-
WAIT! isnt that good...or bad...or OMG wth! #notscared?scared?
it really depends 0.o
-why is there a malscript in the first place; this is a great place to start asking questions for any individual or business by asking what OS is being used and what version/type/grade/blahblah
I use windows xp, windows xp is a "unsupported"(mostly) os - I use it to dissect information. its wonderful! also sucks sometimes when the software is riddled with holes and various other "things" shoutout to Microsoft for updates in DEC 2019! x<.3
Windows xp pro sp3 5.1.2600
x86
smbios2.4
I use AVG anti-virus with highest settings and personal settings that the free version can have
get to know my computer better? #thisajoke??
Nah, over the years Ive collected knowledge and some more common answers to basic questions in cyber security, qustions like "what is a malscript"? have simple answers, mostly... things like these 5 objects can be defined as being malscript:
  • Anti-virus
  • Anti-malware
  • anti-execution mechanisms
  • any word processor may or may not be defined as malscript if it can "spell check" your work or place a timestamp
  • third party input/output mechanism; things such as mouses, sd, usb, cd, internet(s) that crawl for information like web.archive, bitcoin code, cryptocode overall if it has a weakness to malscripted behaviours
there are MULTIPLE other reasons, one such problem is:
mass-malware campaigns and adware from older computers attempting to propogate and control older versions of networks that no longer work as expected/coded to seek
^ this type of malscript "poorly planned, and hastily executed or outdated"; can have adverse impacts on the internet as a whole - not just for the computers expected to be impacted.
ok, malscripts. so what can #I do?
when approaching cyber security its easy to become overwhelmed by the amount of information that is available; to research; to dissect; to use as examples...
what the best thing anyone or a group can do?;
attempt to make an effort to learn about the item a bit before, using or expecting them to work a certain way; due to a biased info source like ones own
also:
seek outside sources, but also be careful an use knowledge seeked as knowledge that may or may not be "useful" for the current project or situation...
this post was an attempt to gain knowledge and some skills in writing and information sharing.
thanks everyone!
hope you enjoy my reading material!!
Have a Awwww-some new year!
ReachOutForBits recommends "useless" backup scanning after securely and safely removing identifiable information before scanning at https://www.virustotal.com before resell of computer or devices ; in order to avoid costly data blunders such as
ids/creds cloning
phonenumber collection
email collection
by persistent threats that are EXTREMELY HARD TO DETECT ; even penetrating some hardwares with advanced capabilities such as "sleeping" AI or, Run-mocking AI!
think of all the people who said AI will skynet us; maybe AI is just a stepping stone for some BAD F-IN MALWARE that someone has written that needs no C&C mechanism or user interaction at all - not the AI itself persay.
this is one form of persistant threat that needs to be identified to ensure non-tainted, verifiable, security information results into the future and beyond...
other threats include:
  • over-patriotic; otherwise defined as "EXTREMIST" - individuals of ANY COUNTRY, ANY RELIGION, ANY CREED, ANY BELIEF or OATH or CONSTITUTIONAL AGREEMENT.
  • fake bomb threats and faux-emergency calls
  • PAID INFORMANTS AND THEIR COUNTERPARTS
  • So called, anons, that gather in groups and communicate between each-other; effectively destroying the meaning of being ANON. singular noun
    the types of people(s) that write their own definition at urbandictionary and then proceed to agree together that thats it.
    • ahha, hah..hahahah...this is funnny....get this:
    -they also gather en-masse in attempts to overwhelm and proceed to cause irreprible cost or some form of damage - rarely peaceful anymore.
names like troll are no longer what they were, fictional characters under a bridge; troll is now Pseudonym for prankster(s) @ anycost
  • Crypto-currency Jackers who have designed tech to prevent proper payments and reward systems (at-source or in-transit) from being implemented; according to consensus.
  • Outdated, over-sourced(more than 10 downloads) malware
  • Junk and bloat that often comes preinstalled with no intention of caring whether or not the user will actually "use" it.
    this type of item hogs CPU/GPU and introduces ill timed updates that cannot be controlled!
STAY SAFE
submitted by killabell33 to MinimalistHacking [link] [comments]

BEWARE all ICOs and ICO issuers!!!!! Part 1

BEWARE all ICOs and ICO issuers!!!!! Part 1
To see article with images, please visit Medium post.
Luvdub Coin recently made a public announcement for our airdrop and in less than 1 week, received submissions ranging in the thousands despite our intense KYC-AML procedure.
At this time, I felt compelled to write an article due to the alarming frequency of fraudulent activity and stolen data our verification team has witnessed in these past few days.
This article will be broken into 2 posts.
1) Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
2)What ICO issuers need to be aware of.
This is by all means not a comprehensive list and I do not suggest that you rely solely on this article to make any decision that may have an impact on your privacy, security, or life. I, nor anyone at Luvdub Coin or Luvdub Nation Inc. can be held responsible for what you do with the information provided. You are the only person who can make sure your data and privacy is safe.
Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
It seems that a majority of the stolen data come from Southeast Asia (Vietnam, Thailand, etc.), South Asia/Middle East (India, Pakistan, etc.), Africa, South America, and Russia. This does not mean that other countries aren’t affected but the statistics skew towards these regions.
I IMPLORE you to avoid ICOs unless you absolutely, 100% positively know who you’re dealing with. If you choose to disregard my warnings and would still like to participate in ICOs/airdrops, here are some things to consider.
  1. Just because a site has a Green trust lock to display that they are serving content over TLS (Transport Layer Security) doesn’t mean you should trust the site. All it means is that people from outside the network cannot peer into the information being transmitted. This is still better than having no encryption at all but if the website owner mishandles your information or are outright looking to steal your data, you are SCREWED! Also realize that you can get SSL security (green trust lock/https)for free using a CDN provider.
  2. If you’re going to hand your money/cryptocurrency anywhere, the highest level of authentication is to go with a Positive EV SSL Certificate (Extended Validation Certificate). This means the website owner has to provide their company details to a third party and get authenticated which would then show their name in the URL browser. Bear in mind, the custodians of the site/ICO are still responsible for your funds/personal information. You still must perform your due diligence regardless because having a Positive EV SSL Certificate doesn’t mean that they can’t mess up or steal your data. *Cough* Yahoo *Cough*
  3. Oh, but they have over 20k Telegram members! It must be real! This number means squat! People can buy Telegram users, Facebook likes, Twitter retweets, etc. What really matters is the level of activity on their social media channels. Check their reddit, their BitcoinTalk, their Telegram channel activity. If it appears that the ICO issuer is spamming their own channels with posts and nonsense, then they’re hiding something. Be very wary of ICOs that are constantly updating with a countdown or having casual conversation. When you’re having a busy ICO, your time is limited between development, community management, regulation, legal matters, etc.
  4. But, they have pictures of developers and investors! This is nonsense. Anyone can put up pictures with positions that they feel makes their project looks great. The only real way to tell if it’s a legitimate team is to have an outside source verify their credentials. And no, this doesn’t mean Linkedin with their bought connections but checking any professional licenses or reviewing previous projects. For example, if a Doctor is on the team, I would refer to their country’s agency that provides the professional license to cross reference their name or if they are a developer, I would go and review their previous work. Maybe the ICO company has been incorporated for a few years and can be searched using a government database or the ICO founders have performed several speaking engagements for large crowds.
  5. If they only have a white paper, I would be highly skeptical. Unless their code is open source or they disclose snippets in which you are able to verify, I would be extremely cautious. Don’t let all the fancy images of their “vision” fool you either. Think, if an ICO talks more about the possibilities instead of the product, I would stay away. Show me the product/design!!!
  6. "But I get 25% off if I buy in the first 2 days!" This is a HUGEEEEEEEEE red flag. DO NOT, I REPEAT, DO NOT participate in any ICOs that offer you a huge discount/free tokens at decreasing intervals. That means getting 25% free tokens when you buy on day 1 & 2, 20% free tokens day 3 & 4, 15% tokens day 5 & 6, etc. This is a marketing tactic used to pressure you into purchasing early. Think about it. If their ICO/token is going to be valuable, why would they discount it by so much? If you were buying in bulk(private sale), Ok, maybe that might be a good reason for a percentage of free tokens/discounts but when you’re time bound? You’re dealing with marketers who are going to run away with your money and give you worthless junk in return. DO NOT DEAL WITH THESE PEOPLE.
  7. If an ICO says here’s a little competition, who can be the best!?! The top 5 will get a prize?!?! Stay AWAYYY WITH A TEN FOOT POLE!!!! Who wins in this competition? No one but the ICO issuer because they were able to harness your competitive spirit with your hopes/dreams of being wealthy all while handing you worthless junk. Developers should be focused on their product, not marketing BS just to extract as much value from you. Don’t give away your money. You might as well donate it to charity to make the world a better place.
  8. Any ICO issuer who deals with residents within the European Union must comply with GDPR (General Data Protection Regulation). Essentially, this means that they must require consent from their users, provide users’ with the right to have their data erased, limit data handling, disclose breaches, and a plethora of other rules. If the ICO has no mention of their private practices, STAY AWAY FROM THEM! Even better, see how they handle individuals in their chat groups. Do they show concern for privacy and data? That’s a tell tale sign.
  9. If an ICO is emailing you constantly over and over with little to no substance, STAY AWAY FROM THEM! There is no reason for an ICO to be constantly messaging you if they have no development progress to be discussed or important ICO dates to be publicized. No, a message from the CEO to say hello! or to speak of some grand utopian vision does not cut it. If you get any mail, it should be worthwhile to you and provide ICO participants with new information or the occasional reminder. When you are spammed, this is how ICOs try to blind you with the allure of the “grand vision”. Did you realize you were constantly getting email, notifications, pinned messages, etc.? You NEED to get out. ASAP
  10. If for whatever reason you do believe in an ICO and wish to participate, please protect yourself at all costs. Consider water marking your photo stating that your photo should only be used for whatever ICO URL. Also consider criss crossing lines across the image to prevent scammers from cropping out your text. Do everything in your power to stay safe. Use VPNs, tertiary emails, different BTC addresses or Eth addresses.
I apologize if I turn some people off but data theft has become too rampant within the current cryptocurrency/ICO environment and we had to do something about it. It is our belief that cryptocurrency can help bring individuals out of poverty and maintain honesty in transactions. However, the current activity of stealing data from innocent victims is detrimental to the mass adoption of cryptocurrency and we all must do something together to fix it. Please help spread the word and let us all make a standard together for all ICO issuers and participants to follow.
This has been the first part of my ICO ramble. Check out the second part at What ICO issuers need to be aware of.
GET INVOLVED at www.luvdubcoin.com
Also check out our other sites:
Telegram | Facebook | Github | White Paper | Youtube | Reddit | Twitter | BitcoinTalk | Medium
Security Reminder!
*Always look for the Luvdub Nation Inc. green security trust lock in your browser before submitting any information online.
submitted by luvdubnation to altcoin [link] [comments]

Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero) - Reformatted for Reddit

Original post by rethink-your-strategy on Bitcointalk.org here
This post has been reformatted to share on Reddit. What once was common knowledge, is now gone. You want a quality history lesson? Share this like wildfire.
August 15, 2014, 08:15:37 AM

Preamble

I'd like to start off by stating categorically that the cryptography presented by CryptoNote is completely, entirely solid. It has been vetted and looked over by fucking clever cryptographers/developers/wizards such as gmaxwell. Monero have had a group of independent mathematicians and cryptographers peer-reviewing the whitepaper (their annotations are here, and one of their reviews is here), and this same group of mathematicians and cryptographers is now reviewing the implementation of the cryptography in the Monero codebase. Many well known Bitcoin developers have already had a cursory look through the code to establish its validity. It is safe to say that, barring more exotic attacks that have to be mitigated over time as they are invented/discovered, and barring a CryptoNote implementation making rash decisions to implement something that reduces the anonymity set, the CryptoNote currencies are all cryptographically unlinkable and untraceable.
Two other things I should mention. I curse a lot when I'm angry (and scams like this make me angry). Second, where used my short date format is day/month/year (smallest to biggest).
If you find this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.

The Alleged CryptoNote/Bytecoin Story

CryptoNote is a new cryptocurrency protocol. It builds on some of the Bitcoin founding principles, but it adds to them. There are aspects of it that are truly well thought through and, in a sense, quite revolutionary. CryptoNote claim to have started working on their project years ago after Bitcoin's release, and I do not doubt the validity of this claim...clearly there's a lot of work and effort that went into this. The story as Bytecoin and CryptoNote claim it to be is as follows:
They developed the code for the principles expressed in their whitepaper, and in April, 2012, they released Bytecoin. All of the copyright messages in Bytecoin's code are "copyright the CryptoNote Developers", so clearly they are one and the same as the Bytecoin developers. In December 2012, they released their CryptoNote v1 whitepaper. In September 2013, they released their CryptoNote v2 whitepaper. In November 2013, the first piece of the Bytecoin code was first pushed to Github by "amjuarez", with a "Copyright (c) 2013 amjuarez" copyright notice. This was changed to "Copyright (c) 2013 Antonio Juarez" on March 3rd, 2014. By this juncture only the crypto libraries had been pushed up to github. Then, on March 4th, 2014, "amjuarez" pushed the rest of the code up to github, with the README strangely referring to "cybernote", even though the code referred to "Cryptonote". The copyrights all pointed to "the Cryptonote developers", and the "Antonio Juarez" copyright and license file was removed. Within a few days, "DStrange" stumbled across the bytecoin.org website when trying to mine on the bte.minefor.co.in pool (a pool for the-other-Bytecoin, BTE, not the-new-Bytecoin, BCN), and the rest is history as we know it. By this time Bytecoin had had a little over 80% of its total emission mined.

Immediate Red Flags

The first thing that is a red flag in all of this is that nobody, and I mean no-fucking-body, is a known entity. "Antonio Juarez" is not a known entity, "DStrange" is not a known entity, none of the made up names on the Bytecoin website exist (they've since removed their "team" page, see below), none of the made up names on the CryptoNote website exist (Johannes Meier, Maurice Planck, Max Jameson, Brandon Hawking, Catherine Erwin, Albert Werner, Marec Plíškov). If they're pseudonyms, then say so. If they're real names, then who the fuck are they??? Cryptographers, mathematicians, and computer scientists are well known - they have published papers or at least have commented on articles of interest. Many of them have their own github repos and Twitter feeds, and are a presence in the cryptocurrency community.
The other immediate red flag is that nobody, and I mean no-fucking-body, had heard of Bytecoin. Those that had heard of it thought it was the crummy SHA-256 Bitcoin clone that was a flop in the market. Bytecoin's claim that it had existed "on the deep web" for 2 years was not well received, because not a single vendor, user, miner, drug addict, drug seller, porn broker, fake ID card manufacturer, student who bought a fake ID card to get into bars, libertarian, libertard, cryptographer, Tor developer, Freenet developer, i2p developer, pedophile, or anyone else that is a known person - even just known on the Internet - had ever encountered "Bytecoin" on Tor. Ever. Nobody.

Indisputable Facts

Before I start with some conjecture and educated guesswork, I'd like to focus on an indisputable fact that obliterates any trust in both Bytecoin's and CryptoNote's bullshit story. Note, again, that I do not doubt the efficacy of the mathematics and cryptography behind CryptoNote, nor do I think there are backdoors in the code. What I do know for a fact is that the people behind CryptoNote and Bytecoin have actively deceived the Bitcoin and cryptocurrency community, and that makes them untrustworthy now and in the future. If you believe in the fundamentals in CryptoNote, then you need simply use a CryptoNote-derived cryptocurrency that is demonstrably independent of CryptoNote and Bytecoin's influence. Don't worry, I go into this a little later.
So as discussed, there were these two whitepapers that I linked to earlier. Just in case they try remove them, here is the v1 whitepaper and the v2 whitepaper mirrored on Archive.org. This v1/v2 whitepaper thing has been discussed at length on the Bytecoin forum thread, and the PGP signature on the files has been confirmed as being valid. When you open the respective PDFs you'll notice the valid signatures in them:
signature in the v1 whitepaper
signature in the v2 whitepaper
These are valid Adobe signatures, signed on 15/12/2012 and 17/10/2013 respectively. Here's where it gets interesting. When we inspect this file in Adobe Acrobat we get a little more information on the signature
.
Notice the bit that says "Signing time is from the clock on the signer's computer"? Now normally you would use a Timestamp Authority (TSA) to validate your system time. There are enough public, free, RFC 3161 compatible TSAs that this is not a difficult thing. CryptoNote chose not do this. But we have no reason to doubt the time on the signature, right guys? crickets
.
See these references from the v1 whitepaper footnotes? Those two also appear in the v2 whitepaperth. Neither of those two footnotes refer to anything in the main body of the v1 whitepaper's text, they're non-existent (in the v2 whitepaper they are used in text). The problem, though, is that the Bitcointalk post linked in the footnote is not from early 2012 (proof screenshot is authentic: https://bitcointalk.org/index.php?topic=196259.0)
.
May 5, 2013. The footnote is referencing a post that did not exist until then. And yet we are to believe that the whitepaper was signed on 12/12/2012! What sort of fucking fools do they take us for?
A little bit of extra digging validates this further. The document properties for both the v1 whitepaper as well as the v2 whitepaper confirms they were made in TeX Live 2013, which did not exist on 12/12/2012. The XMP properties are also quite revealing
XMP properties for the v1 whitepaper
XMP properties for the v2 whitepaper
According to that, the v1 whitepaper PDF was created on 10/04/2014, and the v2 whitepaper was created on 13/03/2014. And yet both of these documents were then modified in the past (when they were signed). Clearly the CryptoNote/Bytecoin developers are so advanced they also have a time machine, right?
Final confirmation that these creation dates are correct are revealed those XMP properties. The properties on both documents confirm that the PDF itself was generated from the LaTeX source using pdfTeX-1.40.14 (the pdf:Producer property). Now pdfTeX is a very old piece of software that isn't updated very often, so the minor version (the .14 part) is important.
.
pdfTeX 1.40.14 pushed to source repo on Feb 14, 2014
.
This version of pdfTeX was only pushed to the pdfTeX source repository on February 14, 2014, although it was included in a very early version of TeX Live 2013 (version 2013.20130523-1) that was released on May 23, 2013. The earliest mentions on the Internet of this version of pdfTeX are in two Stack Exchange comments that confirm its general availability at the end of May 2013 (here and here).
The conclusion we draw from this is that the CryptoNote developers, as clever as they were, intentionally deceived everyone into believing that the CryptoNote whitepapers were signed in 2012 and 2013, when the reality is that the v2 whitepaper was created in March, 2014, and the v1 whitepaper haphazardly created a month later by stripping bits out of the v2 whitepaper (accidentally leaving dead footnotes in).
Why would they create this fake v2 whitepaper in the first place? Why not just create a v1 whitepaper, or not even version it at all? The answer is simple: they wanted to lend credence and validity to the Bytecoin "2 years on the darkweb" claim so that everyone involved in CryptoNote and Bytecoin could profit from the 2 year fake mine of 82% of Bytecoin. What they didn't expect is the market to say "no thank you" to their premine scam.

And Now for Some Conjecture

As I mentioned earlier, the Bytecoin "team" page disappeared. I know it exists, because "AtomicDoge" referred to it as saying that one of the Bytecoin developers is a professor at Princeton. I called them out on it, and within a week the page had disappeared. Fucking cowards.
That was the event that triggered my desire to dig deeper and uncover the fuckery. As I discovered more and more oddities, fake accounts, trolling, and outright falsehoods, I wondered how deep the rabbit hole went. My starting point was DStrange. This is the account on Bitcointalk that "discovered" Bytecoin accidentally a mere 6 days after the first working iteration of the code was pushed to Github, purely by chance when mining a nearly dead currency on a tiny and virtually unheard of mining pool. He has subsequently appointed himself the representative of Bytecoin, or something similar. The whole thing is so badly scripted it's worse than a Spanish soap opera...I can't tell who Mr. Gonzales, the chief surgeon, is going to fuck next.
At the same time as DStrange made his "fuck me accidental discovery", another Bitcointalk account flared up to also "accidentally discover this weird thing that has randomly been discovered": Rias. What's interesting about both the "Rias" and "DStrange" accounts are their late 2013 creation date (October 31, 2013, and December 23, 2013, respectively), and yet they lay dormant until suddenly, out of the blue, on January 20th/21st they started posting. If you look at their early posts side by side you can even see the clustering: Rias, DStrange.
At any rate, the DStrange account "discovering" Bytecoin is beyond hilarious, especially with the Rias account chiming in to make the discovery seem natural. Knowing what we unmistakably do about the fake CryptoNote PDF dates lets us see this in a whole new light.
Of course, as has been pointed out before, the Bytecoin website did not exist in its "discovered" form until sometime between November 13, 2013 (when it was last captured as this random picture of a college girl) and February 25, 2014 (when it suddenly had the website on it as "discovered"). This can be confirmed by looking at the captures on Wayback Machine: https://web.archive.org/web/*/http://bytecoin.org
The CryptoNote website, too, did not exist in its current form until after October 20, 2013, at which time it was still the home of an encrypted message project by Alain Meier, a founding member of the Stanford Bitcoin Group and co-founder of BlockScore. This, too, can be confirmed on Wayback Machine: https://web.archive.org/web/*/http://cryptonote.org
~It's hard to ascertain whether Alain had anything to do with CryptoNote or Bytecoin. It's certainly conceivable that the whitepaper was put together by him and other members of the Stanford Bitcoin Group, and the timeline fits, given that the group only formed around March 2013. More info on the people in the group can be found on their site, and determining if they played a role is something you can do in your own time.~
Update: Alain Meier posted in this thread, and followed it up with a Tweet, confirming that he has nothing to do with CryptoNote and all the related...stuff.

Batshit Insane

The Bytecoin guys revel in creating and using sockpuppet accounts. Remember that conversation where "Rias" asked who would put v1 on a whitepaper with no v2 out, and AlexGR said "a forward looking individual"? The conversation took place on May 30, and was repeated verbatim by shill accounts on Reddit on August 4 (also, screenshot in case they take it down).
Those two obvious sockpuppet/shill accounts also take delight in bashing Monero in the Monero sub-reddit (here are snippets from WhiteDynomite and cheri0). Literally the only thing these sockpuppets do, day in and day out, is make the Bytecoin sub-reddit look like it's trafficked, and spew angry bullshit all over the Monero sub-reddit. Fucking batshit insane - who the fuck has time for that? Clearly they're pissy that nobody has fallen for their scam. Oh, and did I mention that all of these sockpuppets have a late January/early February creation date? Because that's not fucking obvious at all.
And let's not forget that most recently the sockpuppets claimed that multi-sig is "a new revolutionary technology, it was discovered a short time ago and Bytecoin already implemented it". What the actual fuck. If you think that's bad, you're missing out on the best part of all: the Bytecoin shills claim that Bytecoin is actually Satoshi Nakamoto's work. I'm not fucking kidding you. For your viewing pleasure...I present to you...the Bytecoin Batshit Insane Circus:
.
https://bitcointalk.org/index.php?topic=512747.msg8354977#msg8354977
.
Seriously. Not only is this insulting as fuck to Satoshi Nakamoto, but it's insulting as fuck to our intelligence. And yet the fun doesn't stop there, folks! I present to you...the centerpiece of this Bytecoin Batshit Insane Circus exhibit...
.
Of course! How could we have missed it! The clues were there all along! The CryptoNote/Bytecoin developers are actually aliens! Fuck me on a pogostick, this is the sort of stuff that results in people getting committed to the loony bin.
One last thing: without doing too much language analysis (which is mostly supposition and bullshit), it's easy to see common grammar and spelling fuck ups. My personal favorite is the "Is it true?" question. You can see it in the Bytecoin thread asking if it's Satoshi's second project, in the Monero thread asking if the Monero devs use a botnet to fake demand, and in the Dashcoin thread confirming the donation address (for a coin whose only claim is that they copy Bytecoin perfectly, what the fuck do they need donations for??).

Layer After Layer

One of the things that happened soon after the Bytecoin "big reveal" was a string of forks popping up. The first was Bitmonero on April 18. Fantomcoin was launched May 6. Quazarcoin was launched May 8. HoneyPenny was announced on April 21, although only launched as Boolberry on May 17. duckNote was launched on May 30. MonetaVerde as launched June 17.
Now for some reason unbeknownst to anyone with who isn't a retarded fuckface, the Bytecoin code was pushed up to SourceForge on 08/04/2014 (the "Registered" date is at the bottom of the page). I have no idea why they did this, maybe it's to try and lend credence to their bullshit story (oh hey, look how old Bytecoin is, it's even on Sourceforge!)
Coincidentally, and completely unrelated (hurr durr), Quazarcoin, Fantomcoin, and Monetaverde are all also on Sourceforge. This gives us a frame of reference and a common link between them - it's quite clear that at least these three are run by the same team as CryptoNote. There is further anecdotal evidence that can be gathered by looking at the shill posts in the threads (especially the way the Moneteverda shills praise merge mining, in a way that is nearly fucking indistinguishable from the Bytecoin praise for multi-sig technology).
QuazarCoin is a special case and deserves a little attention. Let's start with OracionSeis, who launched it. He's well known on Bitcointalk for selling in-game currencies. In that same thread you'll notice this gem right at the end from Fullbuster: "Hey,OracionSeis is no longer under my use so please https://bitcointa.lk/threads/selling-most-of-the-game-currencies.301540/#post-5996983 come into this thread! thank you !" Click through to his new link and Fullbuster clarifies: "Hello, I may look new around here but i've sold my first account and created new one and i have an intention to keep the same services running as my first account did." So now that we know that OracionSeis is a fucking bought account, we can look at his actions a little more critically.
On May 7, just when Monero was being taken back by the community (see below), OracionSeis out of the blue decided to take it overelaunch it himself. This included a now-defunct website at monero.co.in, and a since-abandoned Github. The community pushed back hard, true to form, with hard-hitting statements such as "To reiterate, this is not the original devs, and thus not a relaunch. OP, fuck you for trying this. This should warrant a ban." A man after my own heart. OracionSeis caved and decided to rename it to...QuazarCoin, which launched on May 8. To recap: bought account, launched by trying to "relaunch" Monero, got fucked up, renamed it to QuazarCoin. Clearly and undeniably goes in our pile of fuckface coins.
The other three are a little more interesting. Let's start with ~fuckNote~duckNote. It's hard to say if duckNote is a CryptoNote/Bytecoin project. The addition of the HTML based wallet is a one-trick pony, a common thread among most of the CryptoNote/Bytecoin controlled coins, but that could also be the result of a not-entirely-retarded developer. Given the shill posts in the duckNote thread I'm going to flag it as possibly-controlled-by-the-fuckface-brigade.
And now we come to ~HoneyPenny~ ~MoneyPenny~ ~HoneyBerry~ ~Boolean~ Boolberry. This is an interesting one. This was "pre-announced" on April 21, although it was only released with the genesis block on May 17. This puts it fourth in line, after Fantomcoin and Quazarcoin, although fucktarded proponents of the shittily-named currency insist that it was launched on April 21 because of a pre-announcement. Fucking rejects from the Pool of Stupidity, some of them. At any rate, "cryptozoidberg" is the prolific coder that churned out a Keccak-derived PoW (Wild Keccak) in a month, and then proceeded to add completely fucking retarded features like address aliasing that requires you to mine a block to get an address (lulz) and will never cause any issues when "google" or "obama" or "zuckerberg" want their alias back. Namecoin gets around this by forcing you to renew every ~200 - 250 days, and besides, nobody is making payments to microsoft.bit. This aliasing system is another atypical one-trick-pony that the CryptoNote developers push out and claim is monumental and historical and amazing.
There's also the matter of cryptozoidberg's nickname. In the Bytecoin code there's the BYTECOIN_NETWORK identifiert, which according to the comment is "Bender's nightmare" (hurr durr, such funny, 11100111110001011011001210110110 has a 2 in it). Now this may be a little bit of conjecture, yo, but the same comment appears twice in the "epee" contributed library, once in the levin signature, and again in the portable storage signature. The contexts are so disconnected and different that it would be a fucking stretch to imagine that the same person did not write both of these. We can also rule out this being a Bytecoin-specific change, as the "Bender's nightmare" comments exist in the original epee library on githubw (which is completely unused anywhere on the planet except in Bytecoin, most unusual for a library that has any usefulness, and was first committed to github on February 9, 2014).
We know from the copyright that Andrey N. Sabelnikov is the epee author, and we can say with reasonable certainty that he was involved in Bytecoin's creation and is the dev behind Boolberry. Sabelnikov is quite famous - he wrote the Kelihos botnet code and worked at two Russian security firms, Microsoft took him to court for his involvement (accusing him of operating the botnet as well), and then settled with him out of court on the basis of him not running the botnet but just having written the code. Kelihos is a botnet that pumped out online pharmacy spam (you know the fucking annoying "Y-ou Ne3D Vi-4Gra!?" emails? those.) so it's good to see he transitioned from that to a cryptocurrency scam. Regardless of BBR's claim to have "fixed" CryptoNote's privacy (and the fake fight on Bitcointalk between the "Bytecoin devs" and cryptozoidberg), it's clear that the link between them is not transparent. BBR is either the brainchild of a spam botnet author that worked on Bytecoin, or it's the CryptoNote developers trying to have one currency distanced from the rest so that they have a claim for legitimacy. I think it's the second one, and don't want to enter into a fucking debate about it. Make up your own mind.
Which brings us to the oddest story of the bunch: Bitmonero. It's pretty clear, given its early launch date and how unfamiliar anyone was with creating a genesis block or working in completely undocumented code, that thankful_for_today is/was part of the CryptoNote developers. He made a fatal error, though: he thought (just like all the other cryptocurrencies) that being "the dev" made him infallible. Ya know what happened? He tried to force his ideas, the community politely said "fuck you", and Bitmonero was forked into Monero, which is leading the pack of CryptoNote-based coins today. Let me be perfectly fucking clear: it doesn't matter that the Bytecoin/CryptoNote developers know their code and can push stuff out, and it doesn't matter that Sabelnikov can shovel bullshit features into his poorly named cryptocurrency, and it doesn't matter that Monetaverde is "green" and has "merged mining". Nobody working behind these cryptocurrencies is known in the cryptocurrency community, and that alone should be a big fucking red flag. Monero is streets ahead, partly because of the way they're developing the currency, but mostly because the "core devs" or whatever they're called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they're sanity checking each other.
And, as we saw, this has fucking infuriated the Bytecoin/CryptoNote developers. They're so angry they waste hours and hours with their Reddit accounts trawling the Monero sub-reddit, for what? Nobody has fallen for their scam, and after my revelation today nobody fucking will. Transparency wins, everything else is bullshit.
As pointed out by canonsburg, when the Bytecoin/CryptoNote people realised they'd lost the fucking game, they took a "scorched earth" approach. If they couldn't have the leading CryptoNote coin...they'd fucking destroy the rest by creating a shit-storm of CryptoNote coins. Not only did they setup a thread with "A complete forking guide to create your own CryptoNote currency", but they even have a dedicated website with a fuckton of JavaScript. Unfortunately this plan hasn't worked for them, because they forgot that nobody gives a fuck, and everyone is going to carry on forking Bitcoin-based coins because of the massive infrastructure and code etc. that works with Bitcoin-based coins.
There are a bunch of other useless CryptoNote coins, by the way: Aeon, Dashcoin, Infinium-8, OneEvilCoin. We saw earlier that Dashcoin is probably another CryptoNote developer driven coin. However, this entire group is not really important enough, nor do they have enough potential, for me to give a single fuck, so make up your own mind. New CryptoNote coins that pop up should be regarded with the utmost caution, given the bullshit capabilities that we've already seen.

All Tied Up in a Bow

I want to cement the relationship between the major CryptoNote shitcoins. I know that my previous section had a lot of conjecture in it, and there's been some insinuation that I'm throwing everyone under the bus because I'm raging against the machine. That's not my style. I'm more of a Katy Perry fan..."you're going to hear me roar". There were some extra links I uncovered during my research, and I lacked the time to add it to this post. Thankfully a little bit of sleep and a can of Monster later have given me the a chance to add this. Let's start with an analysis of the DNS records of the CN coins.
If we look at the whois and DNS records for bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com, we find three common traits, from not-entirely-damming to oh-shiiiiiiit:
  1. There's a lot of commonality with the registrar (NameCheap for almost all of them), the DNS service (HurricaneElectric's Free DNS or NameCheap's DNS), and with the webhost (LibertyVPS, QHosteSecureFastServer.com, etc.)
  2. All of the CN domains use WhoisGuard or similar private registration services.
  3. Every single domain, without exception, uses Zoho for email. The only outlier is bitmonero.org that uses Namecheap's free email forwarding, but it's safe to disregard this as the emails probably just forward to the CryptoNote developers' email.
The instinct may be to disregard this as a fucking convenient coincidence. But it isn't: Zoho used to be a distant second go Google Apps, but has since fallen hopelessly behind. Everyone uses Google Apps or they just use mail forwarding or whatever. With the rest of the points as well, as far-fetched as the link may seem, it's the combination that is unusual and a dead giveaway of the common thread. Just to demonstrate that I'm not "blowing shit out of proportion" I went and checked the records for a handful of coins launched over the past few months to see what they use.
darkcoin.io: mail: Namecheap email forwarding, hosting: Amazon AWS, open registration through NameCheap monero.cc: mail: mail.monero.cc, hosting: behind CloudFlare, open registration through Gandi xc-official.com: mail: Google Apps, hosting: MODX Cloud, hidden registration (DomainsByProxy) through GoDaddy blackcoin.io: mail: Namecheap email forwarding, hosting: behind BlackLotus, open registration through NameCheap bitcoindark.org: mail: no MX records, hosting: Google User Content, open registration through Wix viacoin.org: mail: mx.viacoin.org, hosting: behind CloudFlare, closed registration (ContactPrivacy) through Hostnuke.com neutrinocoin.org: mail: HostGator, hosting: HostGator, open registration through HostGator
There's no common thread between them. Everyone uses different service providers and different platforms. And none of them use Zoho.
My next check was to inspect the web page source code for these sites to find a further link. If you take a look at the main CSS file linked in the source code for monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, bitmonero.org, and bytecoiner.org, we find a CSS reset snippet at the top. It has a comment at the top that says "/* CSS Reset /", and then where it resets/sets the height it has the comment "/ always display scrollbars */". Now, near as I can find, this is a CSS snipped first published by Jake Rocheleau in an article on WebDesignLedger on October 24, 2012 (although confusingly Google seems to think it appeared on plumi.de cnippetz first, but checking archive.org shows that it was only added to that site at the beginning of 2013). It isn't a very popular CSS reset snippet, it got dumped in a couple of gists on Github, and translated and re-published in an article on a Russian website in November, 2012 (let's not go full-blown conspiritard and assume this links "cryptozoidberg" back to this, he's culpable enough on his own).
It's unusual to the point of being fucking impossible for one site to be using this, let alone a whole string of supposedly unrelated sites. Over the past few years the most popular CSS reset scripts have been Eric Meyer's "Reset CSS", HTML5 Doctor CSS Reset, Yahoo! (YUI 3) Reset CSS, Universal Selector ‘’ Reset, and Normalize.css, none of which contain the "/ CSS Reset /" or "/ always display scrollbars */" comments.
You've got to ask yourself a simple question: at what point does the combination of all of these fucking coincidental, completely unusual elements stop being coincidence and start becoming evidence of a real, tenable link? Is it possible that bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com just happen to use similar registrars/DNS providers/web hosts and exactly the fucking same wildly unpopular email provider? And is it also possible that monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, and bytecoin.org just happen to use the same completely unknown, incredibly obscure CSS reset snippet? It's not a conspiracy, it's not a coincidence, it's just another piece of evidence that all of these were spewed out by the same fucking people.

The Conclusion of the Matter

Don't take the last section as any sort of push for Monero. I think it's got potential (certainly much more than the other retarded "anonymous" coins that "developers" are popping out like street children from a cheap ho), and I hold a bit of XMR for shits and giggles, so take that tacit endorsement with a pinch of fucking salt.
The point is this: Bytecoin's 82% premine was definitely the result of a faked blockchain. CryptoNote's whitepaper dates were purposely falsified to back up this bullshit claim. Both Bytecoin and CryptoNote have perpetuated this scam by making up fake website data and all sorts. They further perpetuate it using shill accounts, most notably "DStrange" and "Rias" among others.
They launched a series of cryptocurrencies that should be avoided at all cost: Fantomcoin, Quazarcoin, and Monetaverde. They are likely behind duckNote and Boolberry, but fuck it, it's on your head if you want to deal with scam artists and botnet creators.
They developed amazing technology, and had a pretty decent implementation. They fucked themselves over by being fucking greedy, being utterly retarded, being batshit insane, and trying to create legitimacy where there was none. They lost the minute the community took Monero away from them, and no amount of damage control will save them from their own stupidity.
I expect there to be a fuck-ton of shills posting in this thread (and possibly a few genuine supporters who don't know any better). If you want to discuss or clarify something, cool, let's do that. If you want to have a protracted debate about my conjecture, then fuck off, it's called conjecture for a reason you ignoramus. I don't really give a flying fuck if I got it right or wrong, you're old and ugly enough to make up your own mind.
tl;dr - CryptoNote developers faked dates in whitepapers. Bytecoin faked dates in fake blockchain to facilitate an 82% premine, and CryptoNote backed them up. Bytecoin, Fantomcoin, Quazarcoin, Monetaverde, Dashcoin are all from the same people and should be avoided like the fucking black plague. duckNote and Boolberry are probably from them as well, or are at least just fucking dodgy, and who the fuck cares anyway. Monero would have been fucking dodgy, but the community saved it. Make your own mind up about shit and demand that known people are involved and that there is fucking transparency. End transmission.
Just a reminder that if you found this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.
submitted by OsrsNeedsF2P to CryptoCurrency [link] [comments]

Looking to Exchange Crypto? Try OnePageX!

OnePageX: The Game Changer Through Efficient Simplicity
📷
OnePageX is the short for OnePageExchange. The name pretty much speaks for itself. A cryptocurrency exchange on a single page! OnePageX pretty much triumphs over the complex exchanges with the simplicity of a single page which offers as much as any exchange and even better. Core to the values of OnePageX is the belief that greatness does not have to come at the cost of complexity and so it achieves the prized greatness while still remaining as simple as possible.
While remaining as simple as possible and borne out of this simplicity, OnePageX offers the following advantages;

  1. A Simple Interface for Exchange
📷
Far from the intimidating interface of many exchanges, OnePageX offers a relatively easy to navigate interface that makes for easy exchange of cryptocurrencies. OnePageX currently offers the ability to exchange Bitcoin which the most popular cryptocurrency into more than 140 others all on a single page. This simplicity of navigation and interface would sure gain a lot more crypto adopters hence the ability to easily comprehend even by amateurs.
  1. No Registrations Required.
📷
Well, for me and am sure most others, what really turns me off and takes me off a particular web page is when I am asked to sign up for anything. Registrations suck! They really do when you might even have to supply private information such as in the KYC procedure required by most top exchanges. OnePageX removes the need for sign ups and enables a user to quickly exchange his assets. OnePageX achieves this by creating sessions whenever a user initiates an exchange such that such a user only has to bookmark the page or rather copy the link in order to be checking up on his transaction.
3. The Largest Collection of Options Yet Available.
When you have an insatiable hunger for the perfect, you can only be better. OnePageX has the biggest collection of cryptocurrencies to which users can exchange their Bitcoin and still plans on adding more with our dear steem too in the works. A large availability of different cryptocurrencies can only rake in more users whose interests are as dynamic.
Lets Go To the Crux of the Matter — Exchanging With OnepageX.
Exchanging Cryprocurrency through OnePageX is relatively very easy and time saving. It consists of three major steps. These are explained below;
1. Visit OnePageX And Choose Assets to Convert
In order to use the OnePageX, one has to first of all visit the exchange site. At the very top one would see an image as shown below. Hence OnepageX only supports exchange from bitcoin into other altcoins now. You can simply just enter the amount of bitcoin you want to exchange into an altcoin.
2. After Choosing Assets, Enter A Withdrawal Address
After chosing the altcoin one wants to exchange bitcoin into. The next step is to enter the address of the wallet of the altcoin where one wants it to be deposited. However, one should be careful to input the wallet address correctly.3. Clicking On “Start Exchange” to Start the Process
After inputing the withdrawal wallet of the desired altcoin one wants to exchange, the next step which is as simple as all of the foregoing is to click the “start exchange” bar. From then, the transaction is initiated and will be completed in a short while.
An Unbeatable User Experience
📷OnePageX UX = ;<)
When it comes to the vast terrain of the online web, the websites which get the most visits are those that offer users an unforgettable user experience thus making them want to always come back and use the site to carry out their transactions or simply read that news article. On the other hand, sites which give users a tough time navigating such sites by reason of their complexity or incessant and unsolicited ads usually consistently lose even the most commited of their users.
OnePageX recognizes the importance of an excellent user experience and so has designed its site to offer users an incredible user experience. A user experience that would make one always want to come back and carry out more transactions.
The question is, where else can you exchange crypto in just less that 10 clicks?
The answer is nowhere else but OnePageX!
The Multi Transaction Function
📷
OnePageX for the sakes of efficiency and user satisfaction allows users to make multiple transactions from one single page. Now the question is, How do i do this? Relax the answer is pretty much simple. All you have to do is bookmark your transaction page and you can always come back to the transaction card for more transactions. Easy and Simple.
Enabling Unrivaled Ease of Conversion: The Onebox Widget.
📷
Innovation is what drives the hand of history. OnePageX’s Onebox widget is one such innovation. The Onebox Widget is a snippet code that allows for the conversion of cryptocurrency from any website whatsoever. It surfeits to say that the Onebox is one tool that adds to OnePageX’s efficiency and the ability to quickly exchange cryptocurrency. For those who saw the exchange process as cumbersome, Onebox offers a distinctively different experience of ease and simplicity which will not only drive mass adoption by encouraging many to enter crypto space but would also enable website owners to provide a tool for exchange right on their own sites without having to leave it.
Conclusion
Once man has set out in any endeavour, his primary aim remains to develop what he does and to bring it to the best standards the best brains can think of at a particular time. It is with this ideology that man has risen from wandering on foot to travelling by air and lighting coal fires to finding electricity. The cryptocurrency exchange sector, is no different. It is a human endeavour which deserves to be developed to the best that can be. Today, OnePageX which is simple, fast, anonymous, is that best that can be.
For More Information, Check Out These Sources;
· OnepageX Website
· OnePageX Steemit
· OnePageX Twitter
· OnePageX Medium
· OnePageX Reddit
submitted by Blezdben to cateredcontent [link] [comments]

GAW Miners - Liars, Frauds - A brief recap of what we know.

EDIT: I was asked by a GAW staff member to compile a list of questions the community has with/about GAW, Paybase, etc. Please provide any questions you have below and I'll have them forwarded
EDIT 2: It seems Josh is working on answering the questions I've asked and compiled. We'll see what happens when answers are released.
Hello, in the midst of this public uprising against GAW I'd like to present some facts for those of you who either:
a. Don't know who/what "GAW" is and why they're a scam,
b. Are brainwashed by Garza; those of you who genuinely believe in Paycoin and GAW Miners,
c. Don't quite have all of the information.
Note that I don't have every possible snippet of information out there, I'll just bring up some of the main points and complaints.
Pre-GAW
Ten months ago Garza was first introduced to the Bitcoin community in this post and this post.. From these posts we learn quite a bit of information regarding Garza's past; he offered false business deals to eBay sellers to partner with him. In the first article, we see that after he offered this couple "20% of his total profit" from his mining company and the couple asked for a reasonable counter-offer of $5k/month to pay their bills since they were unemployed, Garza filed a false Significantly Not As Described case on eBay, causing the couple to quite a bit of money and seriously affected their finances. The couple did some research about Garza and found this:
After looking at their old facebook profile, we saw that they were originally DirectTV salesman preying on small rural towns around New England offering people high-speed, internet and other telecom services that these people weren't able to get for whatever reason before. GAW was able to coerce MBI (Massachusetts Broadband Institute) to donate $40,000 to them for helping to bring services to everyone in the communities. Garza promised to build towers and other bullshit in these towns to help provide services, but they never did. At some point even when community leaders (one was David Kulp) repeatedly tried to get in touch with them, they never heard back.
So, it seems Garza has a knack for deceptive practices 'eh? Since the posts are so long and there's a lot to discuss, I'll let you read them and formulate your opinion on Garza. (Thanks to DidHeJust for the links to those threads).
-Early Phases
Originally, GAW showed NO proof of mining at all (not an address, block, pictures of mining hardware, pool usernames, nothing). Later on, during the Hashpoint 'mining' phase, he purchased 5 PH/s worth of mining equipment from Bitmaintech. For the short amount of time Paycoin was available for proof-of-work mining, there were tons of people renting mining rigs in order to get a cut of the "$20 Paycoins." Since the difficulty was fairly low, the prices per TH/s of these miners were very high, making it extremely easy to ROI on them. I'd be willing to bet that GAW rented out a lot of their hashpower for profit. They're currently selling the hardware they have left from this on oneminer.com.
There was also a brief period of time where you were able to purchase hardware from GAW and have it point to a pool of your choosing; however, this didn't account for too large of a portion of the hashpower they claim to have sold.
-Forums
GAW Miners owns a forum created them them, Hashtalk. This forum is heavily censored; if you attempt to inquire about some of GAW's deceptive practices, broken promises, or Paycoin design you'll either be outright banned or shadow banned (your account will remain useable to you, but nobody will be able to see any of your posts). This led to this uncensored discussion thread on Bitcointalk.
- Broken Promises
Promise 1: *"Always Profitable"**
GAW Miners claims that their Hashlets would always remain profitable and the $0.08 fee per MH/s would go down overtime. You know what GAW did instead? They kept their fees the same even when people were receiving only 1 satoshi. That's hardly profitable at all, as it's the minimum amount that they can really pay. So, they decided to move to mining Hashpoints for Paycoin (another broken promise, explained later).
Promise 2: *"Paycoin would launch with a $20 floor"**
This one is interesting. For the three months or so Hashpoint mining was available, Garza claimed that Paycoin would have a $20 floor (essentially that GAW would buy up any coin sold below $20 to keep the market place there or higher). Now, however, they've purged their censored forum of such claims so all that remains are screenshots as proof. Here's a few: https://i.imgur.com/YFXJiKB.png and https://i.imgur.com/HnotyMB.png Paycoin was traded at about $20 for a very brief period of time, but since then it's been dropping steadily, trading at just above $6/ea currently. Garza has done nothing to rectify the situation since.
Promise 3: *Large merchant support on launch**
From this thread we see that Garza promises that:
That’s right, you will be able to shop with Paycoin on the Amazon, Target, Walmart, Macy*s and Best Buy’s online stores.
A journalism website, coinfire.cf, contacted Amazon and the other companies claimed to be partnered with GAW. These companies all denied being affiliated with GAW, Amazon even threatened legal action if this continued. Once the article was published, the coinfire website was mysteriously hacked and the day after GAW threatened legal action. Read more about it here:
https://coinfire.cf/2014/11/22/is-gaw-miners-lying-about-partnerships/ and http://www.scribd.com/doc/248372603/Coinfire-Cease-and-Desist
-Censorship [Developing!!!]
At the moment GAW is taking down videos they've posted where they've made a certain "statement" on their mining.
-Paycoin
Ah, Paycoin. An altcoin plagued by delays and broken promises. Originally set to launch at $20 per coin, falsely leading people into investing money into Hashpoint miners for profit. The things Josh is doing and has done to get people to use Paycoin are laughable, I'd consider it treason against the Bitcoin community. He purchased the domain btc.com for $1,000,000 only to have it redirect to Paybase. Fun stuff 'eh? He's also claimed that his coin would be better than Bitcoin, denouncing it in order to promote his own coin. From code snippets we've seen, Paycoin's "Prime Nodes," part of the PoS system to generate new coins, has the ability to generate coins at a 350% interest rate. These wallets/stakers/controllers/nodes are only able to be controlled by GAW, of course. The code:
int64 nSubsidy = 0; int64 nRewardCoinYear = 0; // creation amount per coin-year if (primeNodeRate == 0) nRewardCoinYear = 5 * CENT; else if (primeNodeRate == 10) nRewardCoinYear = 10 * CENT; else if (primeNodeRate == 20) nRewardCoinYear = 20 * CENT; else if (primeNodeRate == 100) nRewardCoinYear = 100 * CENT; else if (primeNodeRate == 350) nRewardCoinYear = 350 * CENT; nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8); if (fDebug && GetBoolArg("-printcreation")) printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge); return nSubsidy; 
Paycoin started off as a coin with a 13,000,000 coin market cap, with two stages. A Proof of Work and Proof of Share. Check this out: https://twitter.com/gawceo/status/532173907718332417 - Garza claims that he "mined" for the 12,000,000 coins he gained, although block one was programmed to give him that much... hah!
Credits to https://gist.github.com/jyap808/3f99de084df18ce325a7 for this;
Block 1. 12 million premine.
343,196 XPY mined during Proof of Work period.
343,196 - 56,889 = 286,307 XPY not mined by GAW Miners
12,343,196 XPY coins mined Total at the end of Proof of Work including pre-mine.
100 - (343196.0 / 12343196 * 100) = 97.22% Premined at the end of Proof of Work
It also seems like Garza stole the logo for Paycoin from https://www.gopago.com/. If you compare it with what's on https://paybase.com/ they're identical.
-Current and Recent Events
It's also known that there was a massive security/data breech during the Paybase launch, which allowed users to see other's balances and personal information https://coinfire.cf/2014/12/31/massive-security-breach-at-paybase/ which is being blamed on a "Cloudflare Caching Issue," however, that excuse makes very little sense.
Currently, people are having trouble withdrawing their Paycoins from Paybase, which GAW is blaming on Authy. Authy's services are functioning fine for all other services, which leads us to believe that it isn't Authy's fault.
When Hashtakers were sold, they would've only been really profitable at the $20 per Paycoin mark. With the current price people are losing money on their investment.
Note: This is somewhat unfinished and I'd like to hear feedback on what I should add and revise.
submitted by iTipBitcoin to Bitcoin [link] [comments]

BEWARE all ICOs and ICO issuers!!!!! Part 1

BEWARE all ICOs and ICO issuers!!!!! Part 1
https://preview.redd.it/ohbp38gkwp311.png?width=600&format=png&auto=webp&s=f730893079a7b5d5fb2462c6e476dfcf182b0bc4
Luvdub Coin recently made a public announcement for our airdrop and in less than 1 week, received submissions ranging in the thousands despite our intense KYC-AML procedure.
At this time, I felt compelled to write an article due to the alarming frequency of fraudulent activity and stolen data our verification team has witnessed in these past few days.
This article will be broken into 2 posts.
1) Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
2)What ICO issuers need to be aware of.
This is by all means not a comprehensive list and I do not suggest that you rely solely on this article to make any decision that may have an impact on your privacy, security, or life. I, nor anyone at Luvdub Coin or Luvdub Nation Inc. can be held responsible for what you do with the information provided. You are the only person who can make sure your data and privacy is safe.
Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
Avoid ICOs?
Here are some reasons why you might want to reconsider giving away your personal information for some “Airdrops”.
We have the bad, for example:
https://preview.redd.it/p60v3qlswp311.png?width=720&format=png&auto=webp&s=3031fa9a797621b9e5789c9c75de5b38ef2caffe
We have the, what the eff:
https://preview.redd.it/fhuwdwqtwp311.png?width=800&format=png&auto=webp&s=f35508bb5e7b33517f516d93508a93735339878d
Then we have the, that could’ve passed if looked over quickly:
https://preview.redd.it/g75owbkuwp311.png?width=800&format=png&auto=webp&s=4681a334f0621ad18a02d4e49575f254c828248e
The photoshopper:
https://preview.redd.it/e8k8aahvwp311.png?width=540&format=png&auto=webp&s=9c2c5a9392f4b42857db0a0ced5dfb3c195f1c2f
And finally, the artist:
https://preview.redd.it/ei7btsawwp311.png?width=800&format=png&auto=webp&s=2cdb0f93bcea7c7bcfa0b6c21e2f6277b5529d5e
Keep in mind, this is just a few of the fraudulent submissions we have received. It is estimated that somewhere between 30–40% are likely to be stolen data.
It seems that a majority of the stolen data come from Southeast Asia (Vietnam, Thailand, etc.), South Asia/Middle East (India, Pakistan, etc.), Africa, South America, and Russia. This does not mean that other countries aren’t affected but the statistics skew towards these regions.
I IMPLORE you to avoid ICOs unless you absolutely, 100% positively know who you’re dealing with. If you choose to disregard my warnings and would still like to participate in ICOs/airdrops, here are some things to consider.
I can’t be completely trusted!
Just because a site has a Green trust lock to display that they are serving content over TLS (Transport Layer Security) doesn’t mean you should trust the site. All it means is that people from outside the network cannot peer into the information being transmitted. This is still better than having no encryption at all but if the website owner mishandles your information or are outright looking to steal your data, you are SCREWED! Also realize that you can get SSL security (green trust lock/https)for free using a CDN provider.
If I’m going to trust anything, it’s this.
If you’re going to hand your money/cryptocurrency anywhere, the highest level of authentication is to go with a Positive EV SSL Certificate (Extended Validation Certificate). This means the website owner has to provide their company details to a third party and get authenticated which would then show their name in the URL browser. Bear in mind, the custodians of the site/ICO are still responsible for your funds/personal information. You still must perform your due diligence regardless because having a Positive EV SSL Certificate doesn’t mean that they can’t mess up or steal your data. *Cough* Yahoo *Cough*
But they have the Telegram members!
This number means squat! People can buy Telegram users, Facebook likes, Twitter retweets, etc. What really matters is the level of activity on their social media channels. Check their reddit, their BitcoinTalk, their Telegram channel activity. If it appears that the ICO issuer is spamming their own channels with posts and nonsense, then they’re hiding something. Be very wary of ICOs that are constantly updating with a countdown or having casual conversation. When you’re having a busy ICO, your time is limited between development, community management, regulation, legal matters, etc.
But they have so many pictures of developers and investors!
This is nonsense. Anyone can put up pictures with positions that they feel makes their project looks great. The only real way to tell if it’s a legitimate team is to have an outside source verify their credentials. And no, this doesn’t mean Linkedin with their bought connections but checking any professional licenses or reviewing previous projects. For example, if a Doctor is on the team, I would refer to their country’s agency that provides the professional license to cross reference their name or if they are a developer, I would go and review their previous work. Maybe the ICO company has been incorporated for a few years and can be searched using a government database or the ICO founders have performed several speaking engagements for large crowds.
Their paper is white though!
If they only have a white paper, I would be highly skeptical. Unless their code is open source or they disclose snippets in which you are able to verify, I would be extremely cautious. Don’t let all the fancy images of their “vision” fool you either. Think, if an ICO talks more about the possibilities instead of the product, I would stay away. Show me the product/design!!!
But I get 25% off if I buy in the first 2 days!
This is a HUGEEEEEEEEE red flag. DO NOT, I REPEAT, DO NOT participate in any ICOs that offer you a huge discount/free tokens at decreasing intervals. That means getting 25% free tokens when you buy on day 1 & 2, 20% free tokens day 3 & 4, 15% tokens day 5 & 6, etc. This is a marketing tactic used to pressure you into purchasing early. Think about it. If their ICO/token is going to be valuable, why would they discount it by so much? If you were buying in bulk(private sale), Ok, maybe that might be a good reason for a percentage of free tokens/discounts but when you’re time bound? You’re dealing with marketers who are going to run away with your money and give you worthless junk in return. DO NOT DEAL WITH THESE PEOPLE.
But the more I do, the more I get!!!!
Another marketing gimmick. If an ICO says here’s a little competition, who can be the best!?! The top 5 will get a prize?!?! Stay AWAYYY WITH A TEN FOOT POLE!!!! Who wins in this competition? No one but the ICO issuer because they were able to harness your competitive spirit with your hopes/dreams of being wealthy all while handing you worthless junk. Developers should be focused on their product, not marketing BS just to extract as much value from you. Don’t give away your money. You might as well donate it to charity to make the world a better place.
But I can trust them. Can’t I?
Any ICO issuer who deals with residents within the European Union must comply with GDPR (General Data Protection Regulation). Essentially, this means that they must require consent from their users, provide users’ with the right to have their data erased, limit data handling, disclose breaches, and a plethora of other rules. If the ICO has no mention of their private practices, STAY AWAY FROM THEM! Even better, see how they handle individuals in their chat groups. Do they show concern for privacy and data? That’s a tell tale sign.
They keep emailing me. They must really care!
If an ICO is emailing you constantly over and over with little to no substance, STAY AWAY FROM THEM! There is no reason for an ICO to be constantly messaging you if they have no development progress to be discussed or important ICO dates to be publicized. No, a message from the CEO to say hello! or to speak of some grand utopian vision does not cut it. If you get any mail, it should be worthwhile to you and provide ICO participants with new information or the occasional reminder. When you are spammed, this is how ICOs try to blind you with the allure of the “grand vision”. Did you realize you were constantly getting email, notifications, pinned messages, etc.? You NEED to get out. ASAP
Only if you believe
If for whatever reason you do believe in an ICO and wish to participate, please protect yourself at all costs. Consider water marking your photo stating that your photo should only be used for whatever ICO URL. Also consider criss crossing lines across the image to prevent scammers from cropping out your text. Do everything in your power to stay safe. Use VPNs, tertiary emails, different BTC addresses or Eth addresses.
I apologize if I turn some people off but data theft has become too rampant within the current cryptocurrency/ICO environment and we had to do something about it. It is our belief that cryptocurrency can help bring individuals out of poverty and maintain honesty in transactions. However, the current activity of stealing data from innocent victims is detrimental to the mass adoption of cryptocurrency and we all must do something together to fix it. Please help spread the word and let us all make a standard together for all ICO issuers and participants to follow.
This has been the first part of my ICO ramble. For the second part, please visit What ICO issuers need to be aware of.
GET INVOLVED at www.luvdubcoin.com
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*Always look for the Luvdub Nation Inc. green security trust lock in your browser before submitting any information online.
submitted by luvdubnation to LuvdubCoin [link] [comments]

Evaluation: Kibo ICO

There have been a recent flurry of ICO announcements with huge amounts of funds and money being thrown around. In some cases for good use and in some cases directly to fund pump & dump schemes or worse, to fund very shady and potentially illegal get rich schemes for the founders.
There is a growing awareness that also Ethereum ICOs/investments/crowdsales needs to be evaluated sanely and to do my part I will start a series of posts that goes through the currently announced projects and evaluates then from my viewpoint. This could of course be done much more diligently, but I will try to keep it short and informative enough to highlight the main points of each question.
I will score each of the below categories from 0 to 5, with 3 being neutral in the eyes of the investor. Below 3 is bad for the investor and above 3 is good for the investor (and could be good for the project as well).

Project: Kibo Lottery

Kibo aims to be a global lottery platform, available on a number of platforms and in a number of languages. A key part of the platform will be affiliate marketing by Kibo platform members.

Team/Founders 0/5

Do these guys have what it takes to succeed as entrepreneurs? Track record and previous projects? Experience and formal education?
Neither on the web site or in the white paper there is any information about the team or the team size. This is very unfortunate and a serious warning flag as the team is the single most important factor for a successful product.

Market Potential 4/5

Obviously huge. They state that over 30 % of the worlds online gambling market ($85 billion) is in lotteries and I have no reason to believe this isn't in the right ballpark. The follow up question is of course how many of current global online gambling participants are savvy enough to handle an Ethereum based system? Not so many but the numbers will grow.
This is also a great showcase market for smart contracts and Ethereum technology.

Product/Business/Operating Plan 1/5

Proof of concept available? How many iterations are done? MVP available? Is the product validated by outside users? 1/5 This is not clear. The lotto product is clearly not developed yet, but they mention user tests with the marketing tool.
What is the current operating plan and why do they need funding now? 1/5 According to information on the website, they already have funding of 94538 ETH etherscan. At current eth prices this is around 1.2 million USD. The only clear motivation given for the ICO is to get funds for marketing (45 %), Development and Operating Expenses (40 %) and Contingencies (15 %).
From the Kibo website:
Funds received from the token sale will be used primarily for marketing purposes, including the formation of the prize fund that will be drawn within the series of free draws, which will be launched when the KIBO LOTTO platform starts. Also for further platform development – including the upcoming update, development and design of new user interfaces, technical implementation, testing and contract optimization. .
The funds will also be directed at expanding the team and for remuneration of Kibo employees, administrative and logistics costs, legal fees and operating expenses for current and future challenges aimed at the effective development of the KIBO LOTTO platform
They give no motivation for why the ICO money is needed at this stage other that to give away in free prizes, which is very bad. The current cash reserves of 1.2 million USD should be able to take them very far in terms of providing a Proof of Concept product, MVP and then the final product to launch.
What is the go-to market strategy? 4/5 They have a well thought out strategy for viral and affiliate marketing, giving economic incentives for participants to recruit new particpants in a giant pyramid a la Tupperware.
Roadmap 1/5 This is the roadmap from the published white paper:
The launch of the KIBO platform will take place in the following stages: 1. BTC: Launch of the lottery on Bitcoin, Presale. 2. Start: Implementation of work on Ethereum franchisee account contracts, two lotteries. Start of token sales. 3. Go: Start of two additional lotteries 4. Work: System market launch, fixing of contracts. 5. GUI: Decentralization of lottery user interface (Mist)
This is a very vague roadmap and does not give any expectations on when the platform is ready for launch. They are also planning to launch without providing Proof of Concepts, MVPs and a launch of the platform on the testnet.
The website has another roadmap that states
KIBOLOTTO Platform Launch Winter 2016

Competition 1/5

Do they have a clear view of the competition? How do they plan to beat them?
There is no mention of competition on the website or in the whitepaper which is very bad. Even if they are in a god spot within the crypto space as the first lotto, they will still have to deal and compete with the old world lottos.

Valuation 1/5

Is valuation sane? 0/5 100 000 000 Kibo tokens will be distributed in an ICO sale. The cost of each token is set to: First 5 days 50 KIBIT/1ETH Next 5 days 40 KIBIT/1ETH Next 10 days 35 KIBIT/1ETH Next 10 days 30 KIBIT/1ETH Next 10 days 25 KIBIT/1ETH At 50 Kibit per ETH, at current prices, they've valued the ICO to at least ~$26,000,000.
Any unsold tokens will be gifted to the founding team. No matter how much is raised the project will launch reddit post
This kind of valuation for a non existing product seems totally crazy, even if there is a huge market potential.
What is the exit potential and exit options? 2/5 Nothing is said about exit strategies, but it can be assumed the tokens will be traded on exchanges.
However, there is no mechanism for an investor to get out of the investment before the tokens are listed and tradeable which is a huge minus.

Legality 0/5

As an investor? 0/5 This is clearly mark as an ICO and the KIBIT token is named as an investment in the white paper, which will with all probability qualify this as an security by the SEC in the US. This in turn means that US investors should be very careful with investing as it potentially can give them future legal problems in the US.
The founders also put a legal risk in the US on themselves if they ever would like to go or visit there.
Legality of the business 0/5 This is a special case for Kibo. Online gambling is regulated in most parts of the world. In the US it is mostly prohibited and in the EU it is regulated and you need a valid license in at least one of the member states.
Promoting and marketing an online gambling product in one of these places without proper license does not only put a large risk on the founders of the company, but also on each individual token holder that participate in any kind of marketing or promotion.
THIS IS A HUGE RISK AND SHOULD BE SERIOUSLY CONSIDERED BY ANYONE INTERESTED IN THIS ICO

Security 0/5

How long has an operational proof of concept been live on the testnet (Morden)? 0/5 Not available
Proof of external security evaluation? 0/5 Not available
Special security needs for this project? 0/5 In any gambling related project the random number generator used is of the utmost importance. They have published code snippets in the white paper, but I have not seen anyone reputable discussing or approving this method for random number generation.
As been shown by virtually all large Ethereum projects so far, Ethereum security is very hard. You have to get it right the first time, and without previous work to fall back on and working prototypes on the test net there is no guarantee what so ever that the development team can produce secure code.

Conclusion

There you have it, a long post but one that I hope highlight some important points. Personally I would never go near this project. Totally failing the singe most important point (the founding team), handing over a huge legal risk to its participants and providing no Ethereum specific security confidence makes is the main points for me.
Medium post
submitted by uapan to ethereum [link] [comments]

Does a blockchain code is not open-source mean that this is a fake project?


Whether it is the Internet or the blockchain, as a technology enters the public's field of vision, whether it is open-source or not is controversial. Once upon a time, Java's incomplete open-source has leaded a lot of criticism, the emergence of blockchain has made the topic of whether to be open-source or not re-enter the public view.
What is open-source?
The open-source project that everyone often said actually means that the project follows the open-source protocol, and the source code is made public and can be viewed by anyone. In the early stages of computer development, software was almost open, and anyone could view the source code of the software, but the emergence of Microsoft broke this situation, and they no longer included source code when distributing software. Since then, the era of proprietary software has arrived. However, with the emergence of blockchain technology, featuring with open-source code, and with the great recognition gained in the geek circle, it has begun to re-enter the historical stage. Most of the projects now choose to open-source on Github.
What is Github?
GitHub is a managed platform for open-source and proprietary software projects because it only supports git as the only repository format for hosting, hence the name is gitHub.
GitHub was officially launched on April 10, 2008. In addition to the git code repository hosting and basic web management interface, it also provides subscriptions, discussion groups, text rendering, online file editors, collaboration graphs (reports), code snippets sharing ( Gist) and other functions. Currently, there are tens of millions of developers worldwide, and in China alone, nearly a million developers use Github.
Why does the blockchain project need to open-source?
To put it simply, blockchain technology is a large ledger that can be viewed and used by many people. This large ledger requires multiple parties to cooperate. But in the process of cooperation, how to quickly build mutual trust? How to let cooperative companies build their business directly on unfamiliar platforms? Perhaps the best way is to open-source. The project party chooses open-source, which means that it will get:
Fewer project vulnerabilities
The choice of open-source for a project means that it will withstand greater public pressure and accept public inspection. The project party will pay more attention to code quality when writing code and testing, which is similar to the government's disclosure of funds.
Lower development costs
For the project, as the open-source community matures, some work may be replaced by community members, such as project vulnerability checking and code writing. The overall development cost will be lower and lower.
Stronger innovation ability
Because of the diversity of the community, technical talents can create their own branches by themselves when they have new ideas. Open source offers more choices, just like a company, no matter how good it is, it still needs more talents.
In the face of so many advantages, NEO founder Da Hongfei even hard to release as saying: projects with blockchain that are not open-source are hooligans.
At the same time, the public psychology is also skeptical about projects that are not open-source. Since the project is based on blockchain, why not directly open-source and directly tell others how the project really works. Start with the problem that the blockchain has to solve. The emergence of the blockchain is specifically aimed at the issue of trust. It completely subverts the traditional cognition of the public and transforms traditional single-point trust and trust in a centralized organization into direct peer-to-peer communication. And if the project choose not to open-source, it will still be a centralized organization, and it will deviate from the spirit of the blockchain. Many well-known blockchain companies in the world are open-source, such as Hyperledger, Corda, etc.
Do block-chain projects have to be open-source?
Interestingly, according to relevant data, since Bitcoin made the code open source in 2009, about 8,000 blockchain projects have joined GitHub (a hosting platform for open-source and proprietary software projects) every year. More than 30,000 of blockchain projects has been launched so far. 92% of the projects are inactive and half-dead, and only about 8% are active (updated at least once in the past six months).
As the most mainstream open-source platform at present, the reality of the blockchain project on the GitHub website is that most of the projects have been suspended. If you want to rely solely on community power to develop, it is obviously that the effect is not ideal, and it is easy to fall into the fate of death.
So the question is, what is the reason behind the mass death of open-source projects? Or to put it another way, where are the shortcomings of open-source?
When the project is completely open-source, the source code is publicized to everyone, including some people who are ill-intentioned. Hackers have always been attacking the blockchain. After seeing the source code, the project party is also more likely to be overshot, such examples occur more frequently in the coin circle.
When a project has a technology level that exceeds the peers of the industry, the disclosure of code is tantamount to giving up the core technology directly. Random Ctrl+C can copy the project directly, which is very unfair to the creators. As mentioned above, 92% of open-source projects are on the verge of death. However, statistics show that projects with high replication ratios are more likely to survive. Because directly using other people's code, it is obviously easier than developing it yourself, and then there are more funds to do other things.
The most typical example is V god fought against the copy of Justin Sun. He directorly said that the TRX’s copy and paste of white paper is much more efficient than original.
Obviously, it is very irrational to judge whether a project is good or bad from the perspective of open-source, especially for some practical and technically leading teams, it is very unfair.
How to choose?
For a discussion about whether to be open-source or not, perhaps we can refer to another topic - decentralized exchanges or centralized exchanges. Absolute decentralization is not satisfactory in terms of efficiency, and the experience is very poor; The security issues of absolute centralization is also a source of concern. Therefore, a new balance has been derived, which maintains certain decentralized features, such as openness, transparency, fairness, and maintains some centralized features, such as more efficient, faster decision making, it's more helpful to do iterations.
In the early stage of project development, we need to rely on technical means to continuously upgrade to obtain user traffic. At this time, we can choose to make some code open-source, that is, some non-core parts are open-source, publicize externally, and win the trust of partners. Once the project development reaches the industry leading level, after the system has built a rich application, the code can be open-sourced one after another. At this time, even if there is a replication application, it cannot shake its industry status, just like Bitcoin is always Bitcoin because it appeared first, it has formed a consensus in the public mind.
I believe that as long as the project that dares to open-source indicates that the project has certain self-confidence to its own technical level, or has undergone extensive testing, after all, it is to publish all of its own information online for everyone to review.
Starting from the returning to zero of the copycat coin, I am not paying attention to any gorgeous packaging, but to really study the realization path of its technology. If it is theoretically impossible to explain the logic, even if it sounds pretty dizzy, it will not take time to pay attention to. If there is almost uniform business thinking in the white paper and no technical logic, no matter how active the community is, it is no more than a false prosperity.
In this regard, AtoXChain's technicians said that the existence of technology is to solve the problem that the traditional Internet cannot solve, rather than a stiff combination. The problem that can be solved simply by using the Internet does not need to be solved by a blockchain. This is simply unnecessary.
submitted by TONGZHENGSHIJIE to u/TONGZHENGSHIJIE [link] [comments]

Does a blockchain code is not open-source mean that this is a fake project?

Does a blockchain code is not open-source mean that this is a fake project?
Whether it is the Internet or the blockchain, as a technology enters the public's field of vision, whether it is open-source or not is controversial. Once upon a time, Java's incomplete open-source has leaded a lot of criticism, the emergence of blockchain has made the topic of whether to be open-source or not re-enter the public view.
What is open-source?
The open-source project that everyone often said actually means that the project follows the open-source protocol, and the source code is made public and can be viewed by anyone. In the early stages of computer development, software was almost open, and anyone could view the source code of the software, but the emergence of Microsoft broke this situation, and they no longer included source code when distributing software. Since then, the era of proprietary software has arrived. However, with the emergence of blockchain technology, featuring with open-source code, and with the great recognition gained in the geek circle, it has begun to re-enter the historical stage. Most of the projects now choose to open-source on Github.
What is Github?
GitHub is a managed platform for open-source and proprietary software projects because it only supports git as the only repository format for hosting, hence the name is gitHub.
GitHub was officially launched on April 10, 2008. In addition to the git code repository hosting and basic web management interface, it also provides subscriptions, discussion groups, text rendering, online file editors, collaboration graphs (reports), code snippets sharing ( Gist) and other functions. Currently, there are tens of millions of developers worldwide, and in China alone, nearly a million developers use Github.
Why does the blockchain project need to open-source?
To put it simply, blockchain technology is a large ledger that can be viewed and used by many people. This large ledger requires multiple parties to cooperate. But in the process of cooperation, how to quickly build mutual trust? How to let cooperative companies build their business directly on unfamiliar platforms? Perhaps the best way is to open-source. The project party chooses open-source, which means that it will get:
Fewer project vulnerabilities
The choice of open-source for a project means that it will withstand greater public pressure and accept public inspection. The project party will pay more attention to code quality when writing code and testing, which is similar to the government's disclosure of funds.
Lower development costs
For the project, as the open-source community matures, some work may be replaced by community members, such as project vulnerability checking and code writing. The overall development cost will be lower and lower.
Stronger innovation ability
Because of the diversity of the community, technical talents can create their own branches by themselves when they have new ideas. Open source offers more choices, just like a company, no matter how good it is, it still needs more talents.
In the face of so many advantages, NEO founder Da Hongfei even hard to release as saying: projects with blockchain that are not open-source are hooligans.
At the same time, the public psychology is also skeptical about projects that are not open-source. Since the project is based on blockchain, why not directly open-source and directly tell others how the project really works. Start with the problem that the blockchain has to solve. The emergence of the blockchain is specifically aimed at the issue of trust. It completely subverts the traditional cognition of the public and transforms traditional single-point trust and trust in a centralized organization into direct peer-to-peer communication. And if the project choose not to open-source, it will still be a centralized organization, and it will deviate from the spirit of the blockchain. Many well-known blockchain companies in the world are open-source, such as Hyperledger, Corda, etc.
Do block-chain projects have to be open-source?
Interestingly, according to relevant data, since Bitcoin made the code open source in 2009, about 8,000 blockchain projects have joined GitHub (a hosting platform for open-source and proprietary software projects) every year. More than 30,000 of blockchain projects has been launched so far. 92% of the projects are inactive and half-dead, and only about 8% are active (updated at least once in the past six months).
As the most mainstream open-source platform at present, the reality of the blockchain project on the GitHub website is that most of the projects have been suspended. If you want to rely solely on community power to develop, it is obviously that the effect is not ideal, and it is easy to fall into the fate of death.
So the question is, what is the reason behind the mass death of open-source projects? Or to put it another way, where are the shortcomings of open-source?
When the project is completely open-source, the source code is publicized to everyone, including some people who are ill-intentioned. Hackers have always been attacking the blockchain. After seeing the source code, the project party is also more likely to be overshot, such examples occur more frequently in the coin circle.
When a project has a technology level that exceeds the peers of the industry, the disclosure of code is tantamount to giving up the core technology directly. Random Ctrl+C can copy the project directly, which is very unfair to the creators. As mentioned above, 92% of open-source projects are on the verge of death. However, statistics show that projects with high replication ratios are more likely to survive. Because directly using other people's code, it is obviously easier than developing it yourself, and then there are more funds to do other things.
The most typical example is V god fought against the copy of Justin Sun. He directorly said that the TRX’s copy and paste of white paper is much more efficient than original.
Obviously, it is very irrational to judge whether a project is good or bad from the perspective of open-source, especially for some practical and technically leading teams, it is very unfair.
How to choose?
For a discussion about whether to be open-source or not, perhaps we can refer to another topic - decentralized exchanges or centralized exchanges. Absolute decentralization is not satisfactory in terms of efficiency, and the experience is very poor; The security issues of absolute centralization is also a source of concern. Therefore, a new balance has been derived, which maintains certain decentralized features, such as openness, transparency, fairness, and maintains some centralized features, such as more efficient, faster decision making, it's more helpful to do iterations.
In the early stage of project development, we need to rely on technical means to continuously upgrade to obtain user traffic. At this time, we can choose to make some code open-source, that is, some non-core parts are open-source, publicize externally, and win the trust of partners. Once the project development reaches the industry leading level, after the system has built a rich application, the code can be open-sourced one after another. At this time, even if there is a replication application, it cannot shake its industry status, just like Bitcoin is always Bitcoin because it appeared first, it has formed a consensus in the public mind.
I believe that as long as the project that dares to open-source indicates that the project has certain self-confidence to its own technical level, or has undergone extensive testing, after all, it is to publish all of its own information online for everyone to review.
Starting from the returning to zero of the copycat coin, I am not paying attention to any gorgeous packaging, but to really study the realization path of its technology. If it is theoretically impossible to explain the logic, even if it sounds pretty dizzy, it will not take time to pay attention to. If there is almost uniform business thinking in the white paper and no technical logic, no matter how active the community is, it is no more than a false prosperity.
In this regard, AtoXChain's technicians said that the existence of technology is to solve the problem that the traditional Internet cannot solve, rather than a stiff combination. The problem that can be solved simply by using the Internet does not need to be solved by a blockchain. This is simply unnecessary.
submitted by gswt to u/gswt [link] [comments]

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