[ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

[obsbtc]

Don't forget to follow https://t.me/BancorNews to be instantly up to date with the latest on Bancor!

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[ruletheworld]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

[magisterr]

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation.  

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

[JanuaryN]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

[JanuaryN]

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation.  

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

You'll sign in via Telegram, Messenger or SMS and make transactions using a password that you set.

[ivaf]

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

[Mallyx]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.
 
If I was an exchange CEO I wouldn't list a coin with that power.

[futureofeth]

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

That's why many exchanges are closely looking for hackers because every day this stupid hackers will always try to hack the exchanges in order to steal the coins. So exchanges should carefully watch this attempts should not happen in future.

[Tarasov1992]

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

Good stuff, thanks, Ivaf 

[Tarasov1992]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.
 
If I was an exchange CEO I wouldn't list a coin with that power.

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

[Dvd1989]

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

[ruletheworld]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.
 
If I was an exchange CEO I wouldn't list a coin with that power.

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

Yes, thanks for pointing it out in the code. But the concerns remain. If BNT can arbitrarily be frozen by a single address, no exchange should touch it. Since the ICO raised so much money, many exchanges may have skimped on their due diligence before listing BNT.

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

[voteformeg]

did not hear anything before now , but after reading the last two pages i am not sure anymore if it was a good investment , think i still hold them but i will check this thread every day for the coming weeks

[easyrimka]

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

you mark a point, but too many fanboyz here... Bancor is not a good project

[bitcircle]

did not hear anything before now , but after reading the last two pages i am not sure anymore if it was a good investment , think i still hold them but i will check this thread every day for the coming weeks

It was horrible incident which raised so many question on the credibility of this and what will happen in future. Before people thinking decentralized network are more secure but now situation is totally changed. I also long term holder of this token and will wait what solution dev will bring in coming days.

[obsbtc]

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

[Mallyx]

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

Crypto are made to trust the codes, not the mans.
If 1 key has the control of the blockchain, it's a single point failure that will pop someday.

[obsbtc]

Crypto are made to trust the codes, not the mans.
If 1 key has the control of the blockchain, it's a single point failure that will pop someday.

And indeed, Bancor's code is known and trustable. There's no single point of control.

[ruletheworld]

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

Oh wow so even after the hack, the team doesn't want to decentralize the system, and instead wants to have a single point of failure. Even after that single point of failure was responsible for millions of dollars of loss. Did the team come out and say anything about their intention to change that system at all?

Please stop with the 'only for emergencies' beat - no one who's been in crypto for long believes that for a second. If a government asks the BNT team to freeze an account, will they?

[JanuaryN]

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

Oh wow so even after the hack, the team doesn't want to decentralize the system, and instead wants to have a single point of failure. Even after that single point of failure was responsible for millions of dollars of loss. Did the team come out and say anything about their intention to change that system at all?

Please stop with the 'only for emergencies' beat - no one who's been in crypto for long believes that for a second. If a government asks the BNT team to freeze an account, will they?

Hello, thanks for your thoughts. Always appreciated.

We don't have too many details yet, as the team has been closely involved in the investigation and in normalizing the network. They have mentioned that this has been a learning process and will continue teaching them new lessons.

Hang tight for further on changes to Bancor's approach to security.