SHIFT - Will it recover from the recent shenanigans?

[bitphonics]

I have been a huge proponent of SHIFT as of late, but recent events have made me question my choices and tested my resolve. I am holding my coin because I never sell for less than a profit (for better or worse), but I am wondering what does this community think. If you are not privy to the recent tidings then come along with me on a journey of silliness.

So to start on a positive SHIFT has a great team of developers (for the most part), and they already have their platform up and running. If they can get their ducks in a row they will be the first to market with a web 3.0 alternative! Now onto the recent nightmare. First they had announced last year that on January 31st  SHIFT would release its first white paper (1 of 4), along with a long awaited marketing road-map. The 31st came around and out comes the whitepaper, but no marketing roadmap. When looking at their timeline on their website shiftnrg.org/#/ you will notice that it has been pushed back to March 31st. I personally hate missing deadlines, especially when they are hyped up by the group themselves.

Well missing deadlines is fine, but now we have the most recent debacle. Over the weekend the development team had a million of their SHIFT coins STOLEN along with some other currency. 9k hit the market before depositing was halted on all of the major marketplaces. They have since held a vote among the delegates to decide what they action to fix this problem would be. It was decided they would have a hard fork and rollback everything from that 24 hour period. That 9k is gone (plus the other currencies), but the rest would be recovered. The takeaway from this is that apparently the security involved in this breach was very low from what I can see because it is being blamed on their passphrases being stolen. HOW WERE THEY STOLEN!!!

In any case, how bad is this? Am I right to be incredibly nervous about this? What are your thoughts?

[elutzen]

I have been holding shift for a few months now. I agree that missing deadlines is never a good sign. It shows incompetence in the leadership and developers, but it could be for valid reasons. However, the recent hacks are more concerning to me. I think it would be a good show of face for the team to have their project's code audited by an outside group to try to catch flaws in the project. This would show that the team knows that having robust and vetted systems is increasingly important for stability in the currency and the importance of avoiding hard forks because of incompetence. 

[swissgang]

I think shift is not a coin like ethereum, stratis, neo etc. but it is not a shit coin as well so if it develops, it will recover for sure but bear markets in crypto last 2-3 years.

[Branko]

I think shift is not a coin like ethereum, stratis, neo etc. but it is not a shit coin as well so if it develops, it will recover for sure but bear markets in crypto last 2-3 years.

Only 2-3? Most I saw were 8-9 years

[ThatsABity]

I still think Shift is a great project, but they need to step up their game. Everything moves forward very slowly...

[jerry0]

I heard about this when i posted asking about why shift had that message market pending on bittrex.


What about the phantom thing i kept hearing about.   Is that going to happen soon?


Also when they say decentralize the web, what does that mean exactly? 

[bitphonics]

The Phantom Platform has finished development (not including standard version revisions), and you could in theory develop an application or website on the phantom platform. Their goal of a decentralized internet is not actually that unobtainable and with the right team is completely within grasp. The vision is that all parts of the internet will be housed across all devices that utilize the internet. We aren't talking like whole .jpg files or anything like that, but bits and pieces of data that to the device user will be imperceptible, but when taken as a whole will eventually make up petabytes of storage. If you have seen Silicon Valley season 4 then you might remember that it is very similar in concept to that. Now the positive thing is that SHIFT was made first so you don't have to worry that they are copying a comedy show from HBO.

[Branko]

The Phantom Platform has finished development (not including standard version revisions), and you could in theory develop an application or website on the phantom platform. Their goal of a decentralized internet is not actually that unobtainable and with the right team is completely within grasp. The vision is that all parts of the internet will be housed across all devices that utilize the internet. We aren't talking like whole .jpg files or anything like that, but bits and pieces of data that to the device user will be imperceptible, but when taken as a whole will eventually make up petabytes of storage. If you have seen Silicon Valley season 4 then you might remember that it is very similar in concept to that. Now the positive thing is that SHIFT was made first so you don't have to worry that they are copying a comedy show from HBO.

Maybe they're copying http://maidsafe.net, though

[anks]

the crypto crash and the hack hit shift hard
but it will surely recover. the markets seems to go up again
and at the end of this quartal many releases will come. it takes only 2 months and the whole market has a lot of potential to rise with shift together.

[EL-NIDO]

At the end of next month there will new updates.

- a new dPOS consensus algorithm, which will be unique
- testing of the chain to become a fully stable sidechain
- truly decentralized explorer

And developtment continues. I am sure SHIFT will recover in some months.