When people had time to analyze the situation it turned out not to be a big deal.  It was only 0.0015% (less than 1%) of the supply and the person who scammed the stakes has not, last I check (which was a month plus after the event), even attempted to sell.

Strangely echos a lot of "hacks" and thefts in the crypto community, in that the person who takes the funds strangely doesn't sell or try to do anything with it.  It's more like the thefts are being done for the public image damage and not for monetary gain.  Starting to sound like a tin hatter but I could be on to something here.  

It's actually minimal compared to all the rampant thefts and hacks in the crypto community.

I'm sure you are familiar with the recent BTer theft which led to one coin to lose 5% of its' total supply and 60% of its' volume.   Bitcoin supposedly lost 7% through MtGox (although I'ld have to check that number again for verification).  These things are rather common place.

Losing 0.0015% of a coin is no  big deal in comparison.  

I am concerned about exchange security but I'm not sure what can be done to alleviate this except through more people embracing new innovations like the Multigateway

http://multigateway.org/

I haven't had a chance to use itself but, if their rhetoric is true, then the idea of a centralized third party exchange is done

(unless you need to convert into $Fiat but how many people on BTer were actually withdrawing Yauns?  Especially when we know these people who said they lost money and they were from USA / Germany / Italy / Russia?  Why does someone in USA or Europe need Chinese Yauns?!)

Sell in May and go away.
BTW - Bitcoin was $100 in August 2013.  Tell me which bank savings' plan or portfolio brings a 5 fold return?

I took it more that they made a logo out of the "to the mooooooon!" meme saying that Doge supporters would commonly write.


http://en.wikipedia.org/wiki/Dogecoin

Would had made sense if Stellar had released earlier and could had capitalized on imaging Doge's token expression but it didn't, it came months after Doge lost public interest, and now it just looks archaic (if not cheesy) to use that kind of logo?

It's a very aethestic logo but I don't their logo committee realized that it was just as much bad PR image as it is good PR image and you can't afford to alienate people, especially not in the initial stage when many people can be wary of scams and pump & dumps.   Having a rocket as an image is going to shoot off red flags.

    Open Source NEM Community Client                - raw estimate: August 2014
    Open Beta release and distribution of real NEM - raw estimate: September 2014
    Official launch                                                  - raw estimate: November 2014
    V1 blockchain completion                                - TBA


They met the first thing already and before half way through the month.  Maybe September release is plausible?  (Beta release = coins in your wallet).

By the way the code is very nice.  I have compared samples of it with Ethereum, NXT, Bitshares and then several 1.0 and 1.5 coins.  Even if you don't have any programming experience whatsoever and it looks like Greek to you - well you can still appreciate the aethestics of it.  If you look at most codes for released cryptos.. it's a dogs' breakfast (if it looks messy it is often, functionally, a mess).

Perhaps  but as KC sort of implied - this is a decentralized community.   Many of those sell walls have been on there for days / weeks and they're owned by people who haven't heard the news about NXT.  No, these people don't live in caves but if you don't read coindesk or the alternate section every day then how do you know what's happening?  

This is the trend when SHTF for any alternate, the real damage doesn't occur immediately but usually three days after (even longer), when the news trickles out to the majority concerned.

Yes people are buying NXT assets (including NEM) as a way to mitigate their NXT $Fiat losses at the moment.  NEM community doesn't have anything to do with that, I see buy orders from wallets who've never owned any NEM before and I don't think they're reading this thread.  I think they're just buying a lot of NEM as that just what happens to be the #1 historical performing asset.

Nxtty, Ora and MGW (sp*) are also going up.

https://www.o.info/index.php/How_to_issue_a_cryptosecurity#NEM

By the this needs to be updated, especially the open source part?

The "hacker" could list buy orders offering 500K NXT and I still wouldn't sell and neither would most of us.  Especially after the repeating fiasco with NXT, from the brute forcing of wallets in 2013, when the distribution became known, the prior exchange thefts, DGEX thefts, John Manglotivetti, Blue Meanie, Klee's Hacker, Txt Coins now and this current BTer fiasco - no way I am exchanging my valuable NEM for worthless NXT.

If I have to give credit to NXT is their somehow magical ability to sweep all the bad things which happened under the rug and people are none the wiser (the ones who know.. Stockholm Syndrome?)

That and their second magical ability is spamming the NEM thread with their CfA / CfB / Wtf his name sock account.

https://nxtforum.org/alternate-cryptocurrencies/nemstake-discussion/msg83003/#msg83003

Ok CfB / CfA sockpuppet FUD troll    You know how many people read his post he only made a hour ago?  Practically nobody as everyone is reading the other threads and only someone like him would race to the NEM thread to try to spread the most illogical sort of FUD.

There isn't even enough sell orders on NEMstake to facilitate $10K yet alone $2 million (the amount the supposed hacker stole).   A quick count (not busting out the calculator to count these decimals) is like 10 stakes for sale on the NEMstake (1% of the tradeable 1000 NEMstakes).
 

The most vulnerable asset would likely be Coinomat which has at least 1/3rd of its' quantity listed for sale.  How about you go fud them, CfB / CfA?

Del

Two words:  Day Traders

Your thread's title does not match the content of the post itself.

It has no impact on the other 2.0s as there's nothing a crypto currency can do to avoid these kind of thefts. beyond blacklisting the use of exchanges from countries like China and Nigeria.  It wasn't the failure of a brain wallet or some security mechanism - it was the failure of a Chinese exchange who took less safety precautions than the typical holder.

 They were commenting on this on the official NXT forum, about saying people could refuse to use the upcoming update if it includes a rollback and that would produce two distinct coins claiming to be NXT.  That would easily produce the scenario of a 'civil war', especially if people are split 50 / 50 down the middle.

Does that mean everything is duplicated?

What happens if people rebel and NXT is thrown into a sort of civil war, with two forks claiming to be the legitimate NXT?   What's the contingency plan in that scenario?

I read about this possibility from reading the NXT forums.  Could it really happen?   

 Perhaps it indicates the technological shortcomings of Ethereum and that they have to "annex" Bitshares (like Hitler annexed Austria to get their small arms / gold and then annexed Czechoslovakia to get their superior tanks).

Transformers... Robots in disguise 

Haha I like the logo but the song came to my immediate thinking

Who is everyone?  The three Qora shills on this forum who are always bringing up Qora in every thread, even though most regard it as being a dying $hitcoin?  Ora gets more attention than Qora and Ora is a fork, shame on Qora.  Don't embarrass yourself by coming out of that rabbit hole to troll a coin that's not in your league (NEM is way beyond your petty stuff).   If you're going to troll somebody (in your league of dying bagholder coins) then it's Quark coin, you and digital industry can go sit in a circle and sing kumbaya with the Kangaroos.


By the way, the stakeholder list is available and 1200 people on that list are veteran members of Bitcointalk who regularly post.  The rest are newer accounts and inactives.  Hypothetically if the non-veterans were socks, a distribution of 1200 beats a distribution of 3 people as per Qora.  In before you claim Qora has 100-something, you do realize 3000 is bigger than 100 right or did you fail elementary math?  Even 1200 is bigger than 100.

Hell in theory 2500 stakeholders could be sockpuppets and NEM would still have a better distribution than every crypto to date (exception being NODE).  Even though in practice both NEM and NODE went through extensive taint analysis and the results were similar (as in busted sock masters, with more than 2 stakes, were otherwise rare in the overall distribution and then they got removed.  Nobody gamed a distribution back in January when both coins at the time were worthless forks of NXT, but in months after went onto new code, concepts and innovations and ceased being forks).


NXT coin, although to beat a dead horse, had 8 wallets take 5% each for a total of 40%.  Just to match the distribution of one of those people, you would have to create 200 sockpuppets in NEM - that's 200 times of bypassing taint analysis, bypassing the anti-spam features on this forum and hoping you don't get subnet banned for spamming account creation on BTT - not some something a sane person is going to bother with just to get 5% of a coin back in January which was originally a worthless fork.

Retrospective knowledge doesn't apply in real life.  If only I knew back in January that NEM would be promising is like if only I knew back in 2009 that Bitcoin would be $10 billion or if I knew the winning $500 million power ball numbers.

That is due to arbitrage / mitigation strategies.  Volume has dried up in NXT due to the current ongoing fiasco and the exchanges are being wonky about NXT.   NXT is also declining in price.   So the only place left to move funds (without worsening the crisis) is into assets and try to mitigate your current losses.

NEMstake, Multigateway, Ora.  Multigateway is an experimental new kind of exchange.  NEMstake and Ora are receiving attention as they're later convertible to other coins.

 The thing about the asset exchange is many of those sell walls have been listed on there for days, weeks and even months - so their owners have no clue what happened today (or haven't rescinded their listings yet) and you could consider those assets to be "cheap buys".


Right now it's just a few people who are doing this stealthy.  I would classify them as a minority of smart holders who are stealthy maneuvering their chess pieces while the masses are still in panic mode / rabble mode over the current news or haven't heard about it yet.

   I suspect in the coming hours and days, when NXT continues to drop in price and NEM / Multi / Ora / Nxtty goes up, more people will realize what is happening and will join in.  

I see it as a simple A and B option.  A - you stay in NXT and withstand the waves and lose up to 50% in $Fiat.  B - you move into NXT assets and minimize your losses or even increase your holdings in $Fiat

They're referring to how they attained the hacker's IP through the email they used.

Not sure why they think that's leverage, it's not.

When has anyone ever gone to jail over a crypto currency?  Only person who has gone to jail has pretty much been Charlie Shrem and that was due to the DEA (for drugs - not theft).

If you could go back in time and rewrite history by shooting Adolf Hitler, to make the world a better place, would you do it?!  

Think of the millions you could save and the world would be a better place!

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Meanwhile Stalin since the 1920s had been amassing a huge army (23,000 tanks in 1941) with the intent of conquering the world.  He himself, like Hitler, was planning his own holocaust and had already down a genocidal Holodomor (a death by starvation).  If Stalin was unopposed and he conquered Western Europe or the world, he likely would had thrown your grandparents into a Gulag where they would had been worked to death, or starved them to death.

http://en.wikipedia.org/wiki/Doctors%27_plot
http://en.wikipedia.org/wiki/Gulag
http://en.wikipedia.org/wiki/Holodomor
http://en.wikipedia.org/wiki/Soviet_deportations_from_Estonia




Be careful when you guys talk about rewriting history.  The Soviet Union did it by removing Einstein from the time continuum and all it led to was an angry Japan trying to kill everyone!

https://www.youtube.com/watch?v=at5sM6jdRNg

Different mechanics but the same deliverance.  A copywrighting coin which spams YouTube / Articles and is treated like a ponzi scheme / get quick rich where a few wealthy investors throw bags of money at it thinking it will attract subsequent bags of money.

People who dumped a fortune on Mastercoin are truly bagholders at the moment and would had made more money off Doge and NxT back then.  Just like the Ethereum bagholders are probably going to make more money off other coins.