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Question: Is Bitmark A Scam?  (Voting closed: January 26, 2017, 07:38:21 AM)
Yes - 4 (30.8%)
No - 5 (38.5%)
Only 50% Scam - 1 (7.7%)
Avoid it like the plague - 3 (23.1%)
Total Voters: 13

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Author Topic: Bitmark $btm (Poloniex) Scam Or Not Poll - Selfish Mining Issue  (Read 2592 times)
wtman
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January 19, 2017, 07:38:21 AM
 #1

Bitmark is the coin used for awarding marks to people on poloniex

In the Polo trollbox, you use the code:
/mark username 1

Bitmark is supposed to be a Sia / SJCX alternative.

A decentralized web identity system is also planned for it.

The lead dev is https://melvincarvalho.com/#me
Another dev is dbkeys

Thread https://bitcointalk.org/index.php?topic=660544.0
Site http://www.bitmark.io/#

Current marketcap: $310,509

There is one selfish miner currently who is orphaning everyone else's blocks, so accumulating cheap. In the future, we might see a pump and dump. It may be a scam, or not. I'm not sure yet. What do you think?

Apparently, it has taken over 6 months (or an year) for the dev to do the mining algo fix. It hasn't happened yet. Do you believe they can make a coin like Sia with a decentralized web identity system but can't fix the mining algo?

Considering its a coin used on Poloniex trollbox, I'm surprised to see this mining issue on it last for so long.

So, Scam or Not Scam?
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dranster
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January 19, 2017, 07:41:36 AM
 #2

Not a scam

Looks like OP, the FUD wants some cheap coins Cheesy
CryptoSporidium
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January 19, 2017, 08:40:39 AM
 #3

The selfish miner is more likely to be the original dev, nathan rixham, he was a confirmed thief and scammer, no doubts about that, so he is more than likely the culprit here.

The new dev is doing a salvage job, nathan rixham is the scammer imo
wtman
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January 19, 2017, 09:44:16 AM
 #4

The selfish miner is more likely to be the original dev, nathan rixham, he was a confirmed thief and scammer, no doubts about that, so he is more than likely the culprit here.

The new dev is doing a salvage job, nathan rixham is the scammer imo

The scam is in NOT FIXING the mining algo for 1 year. We should assume that the current devs are involved
Shiroslullaby
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January 19, 2017, 09:50:26 AM
 #5

Interesting. I've never heard anything about this before.
I did know Bitmark was used for the Poloniex marking system and would be surprised if they would risk their reputation with a coin with such serious issues.

What is the problem with the mining exactly?
There some kind of attack preventing other users from mining? Would like some more technical details if possible.

Anyways it looks like the price is riding a huge bubble with obvious signs of pumping.
Huge increase in price followed by big drop-offs and very little buy support.

wtman
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January 19, 2017, 01:15:40 PM
 #6

Interesting. I've never heard anything about this before.
I did know Bitmark was used for the Poloniex marking system and would be surprised if they would risk their reputation with a coin with such serious issues.

What is the problem with the mining exactly?
There some kind of attack preventing other users from mining? Would like some more technical details if possible.

Anyways it looks like the price is riding a huge bubble with obvious signs of pumping.
Huge increase in price followed by big drop-offs and very little buy support.

A selfish miner is orphaning everyone else's blocks. Check the bitmark thread for details.

Yes, they are risking their reputation. It should be delisted if devs are scamming.

If they are not, why wouldn't they fix it for 1 year?
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January 19, 2017, 04:19:03 PM
 #7

Even recently, ~20-25 days ago, Mark's pool creates just orphans... 


I create new blocks:

2017-01-19 15:10:38 Total coins emitted: 336200000000000
2017-01-19 15:10:38 AddToWallet 47c5dc3530edf0783196fa3077ea5e2b46fd33332e50968c578f7082f18e2400  new
2017-01-19 15:10:38 UpdateTip: new best=33fbe1ecbaacccfefe602340796bc9b14988ddaa7344fb6fba667bf5c285a16b  height=168099  log2_work=57.142039  tx=675989  date=2017-01-19 15:10:26 progress=0.999999
2017-01-19 15:10:38 AddToWallet 47c5dc3530edf0783196fa3077ea5e2b46fd33332e50968c578f7082f18e2400
2017-01-19 15:10:38 ProcessBlock: ACCEPTED
2017-01-19 15:10:38 CreateNewBlock(): total size 1191
2017-01-19 15:10:47 keypool reserve 70
2017-01-19 15:10:47 keypool return 70
2017-01-19 15:11:18 CreateNewBlock(): total size 1382
2017-01-19 15:11:40 CreateNewBlock(): total size 2613
2017-01-19 15:12:03 CreateNewBlock(): total size 2804
2017-01-19 15:12:27 Total coins emitted: 336202000000000
2017-01-19 15:12:28 AddToWallet 1366c68172dd3b6ccf5e3ac0a50ecce8c24ab2e3c523744c05d3e24f307c59dd  new
2017-01-19 15:12:28 UpdateTip: new best=6bf718072b3e3c72948d1038447270c3ccfabe8834c188ee0990ca3cadb287bc  height=168100  log2_work=57.14204  tx=675996  date=2017-01-19 15:12:01 progress=0.999999
2017-01-19 15:12:28 AddToWallet 1366c68172dd3b6ccf5e3ac0a50ecce8c24ab2e3c523744c05d3e24f307c59dd
2017-01-19 15:12:28 ProcessBlock: ACCEPTED

then shortly after I get an update from peer=72.220.104.148:47902 and all my blocks are wiped away with theirs...

2017-01-19 15:16:49 ResendWalletTransactions()
2017-01-19 15:16:58 receive version message: /Pfennig:0.9.5/: version 70002, blocks=168100, us=x.x.x.x, them=72.220.104.148:9265, peer=72.220.104.148:47902
2017-01-19 15:16:58 Added time data, samples 13, offset -2 (+0 minutes)
2017-01-19 15:16:58 nTimeOffset = -2  (+0 minutes)
2017-01-19 15:17:03 UpdateTip: new best=33fbe1ecbaacccfefe602340796bc9b14988ddaa7344fb6fba667bf5c285a16b  height=168099  log2_work=57.142039  tx=675989  date=2017-01-19 15:10:26 progress=0.999981
2017-01-19 15:17:03 AddToWallet 1366c68172dd3b6ccf5e3ac0a50ecce8c24ab2e3c523744c05d3e24f307c59dd
2017-01-19 15:17:03 UpdateTip: new best=5a2a24fe22dabfb7dd186e3eb33c138e3c73c75f637296e06324fe3b41996891  height=168098  log2_work=57.142038  tx=675982  date=2017-01-19 15:08:34 progress=0.999976
2017-01-19 15:17:03 AddToWallet 47c5dc3530edf0783196fa3077ea5e2b46fd33332e50968c578f7082f18e2400
2017-01-19 15:17:03 Total coins emitted: 336200000000000
2017-01-19 15:17:03 UpdateTip: new best=9e2a188846451fff8b7468220c5a2518048e0c68d29ad13626ee70a3aa1baaa0  height=168099  log2_work=57.142039  tx=675987  date=2017-01-19 15:09:54 progress=0.999980
2017-01-19 15:17:03 Total coins emitted: 336202000000000
2017-01-19 15:17:03 UpdateTip: new best=c00a80747975491e60ce546171ace042167c14697454c8866a9bdf40a0f4036a  height=168100  log2_work=57.14204  tx=676004  date=2017-01-19 15:14:18 progress=0.999992
2017-01-19 15:17:03 Total coins emitted: 336204000000000
2017-01-19 15:17:03 UpdateTip: new best=c777fcd07196a365a557e1844567c1dad3a857ac9bb5495b5e299c9c6e3df291  height=168101  log2_work=57.142041  tx=676007  date=2017-01-19 15:14:34 progress=0.999993
2017-01-19 15:17:03 ProcessBlock: ACCEPTED
2017-01-19 15:17:09 Total coins emitted: 336206000000000
2017-01-19 15:17:09 UpdateTip: new best=910cc21372c8be85633071fd6f443b225135a5f5c7869070b067c5d419eac3be  height=168102  log2_work=57.142042  tx=676015  date=2017-01-19 15:17:01 progress=1.000000
2017-01-19 15:17:09 ProcessBlock: ACCEPTED


though... looks like they just make orphans as well....


http://72.220.104.148:8080/blocks/BTM


though... looks like they just make orphans as well....


http://72.220.104.148:8080/blocks/BTM

further... it looks like they are one of the seed nodes so just going to assume they are devs:

seed.zmark.org

 stratum+tcp://seed.zmark.org:3333 (diff 1)   Scrypt   Bitmark (pplns)   BTM   0.00 H/s   0   0   Huh BTC/MH

https://github.com/project-bitmark/bitmark/blob/1409c9d956704c95879e552fd14d4426cd0ce04c/src/chainparams.cpp#L31

unsigned int pnSeed[] =
{
//   0xac1f1f0a,       // *** inoperative ***
   0xAE240982,      // Bitmark.co
//   0x253b1359,      // *** inoperative ***
   0x2D2141A1,      // us.bitmark.io
   0x8BA2805C,      // eu.bitmark.io
   0xCC447A0B      // one.zmark.org
};

Yet, they (Mark Pfennig) knows the pool generates all orphans and do nothing about it....



wtman
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January 20, 2017, 01:32:27 PM
 #8

It shouldn't be this hard to change the mining algorithm, but they are letting the selfish mining happen.

It is easy to tell what is going on Smiley
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January 23, 2017, 02:20:01 AM
 #9

It shouldn't be this hard to change the mining algorithm, but they are letting the selfish mining happen.

It is easy to tell what is going on Smiley

Its too surprised to know the issue. And most of all, an reputed exchange like Poloniex is supporting this, intentionally or unintentionally even losing their high reputation? Coin itself look like another hyp on market, but supporting party like Polo make it hard to be a true hyp. We really wants to know more depth...

Good question (Y)  Grin

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January 24, 2017, 03:26:27 AM
 #10

Keeping an eye on this.

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wtman
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January 27, 2017, 09:39:09 AM
 #11

Keeping an eye on this.

Great to see more people knowing about this! I hope we can get to the bottom of this. If its a scam, I hope it gets buried asap Smiley
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January 27, 2017, 11:02:34 AM
 #12

Also, we know altcoins are getting a lot of interest now.

Don't let anyone discount the selfish mining issue Smiley Be cautious if you are investing in this coin.
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January 31, 2017, 04:26:59 PM
 #13

Also, we know altcoins are getting a lot of interest now.

Don't let anyone discount the selfish mining issue Smiley Be cautious if you are investing in this coin.

I bought 10BTM to make fun on POLO TrollBox with marking every possible person with 1mark each and got ban by Mr. SolorPower for the first time on my POLO experience of entire life. I might be THE ONE who got ban for giving out mark to people.... As polo is recruiting more and new MODs for their TrollBox it become MOD haven to do whatever they wish. I wonder POLO has any written and fixed rules on what is 'Allowed' or 'Not Allowed' for TrollBox user to post/comments/ask. I really got upset after my Ban what they are calling as 'Marking SPAM'.

POLO is becoming evil giant on alt-coin market day by day with their dominating rules made by their so called mods.

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February 11, 2017, 05:44:03 PM
 #14

if miner is selfish, he should be interested in a big pump at least. what's the reason to sell cheap? so pot-style move is possible

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February 11, 2017, 06:26:52 PM
 #15

agree this looks pumpy. I want my money I lost to nathan in the first pump back.



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