[ANN] [SUMO] SUMOKOIN - 🔏 Digital Cash For Highly-Confidential Transactions 🔏

[yespeace]

so this is game over or what?

[fadzinator]

what is happening?
Now there are Sumo and there is RYO ?
what happened to the team?

[h0g0f0g0]

what is happening?
Now there are Sumo and there is RYO ?
what happened to the team?

They all got crazy, went back to old cryptonight algo that is not ASIC resistant, banned everyone from telegram and stopped any communication.
Ryo is fork following the cryptonight_heavy algo maintained by fireice_uk.

I guess they will delete the message anyway, but maybe good info for someone who jumps here just occasionally till it gets deleted. 

[xenomorphe1]

So i assume there is no more rebranding to RYO. As RYO is now in the hand of fireice.

[codesdnc]

what is happening?
Now there are Sumo and there is RYO ?
what happened to the team?

They all got crazy, went back to old cryptonight algo that is not ASIC resistant, banned everyone from telegram and stopped any communication.
Ryo is fork following the cryptonight_heavy algo maintained by fireice_uk.

I guess they will delete the message anyway, but maybe good info for someone who jumps here just occasionally till it gets deleted. 

Should add: Everyone from old dev team but Vu resigned as a result of this mess.

So:
Vu is running Sumokoin (returning to old CN).
Fireice & Psychocrypt are running Ryo (staying on CN-Heavy)

[stna1981]

What we knew/know as Sumokoin is now branded as Ryo under the lead of fireice_uk. The new Sumokoin is a hardfork back to Cryptonight Classic, thats why the hashrate went up by factor 10. This team consists of Quang Vu from the old Sumokoin team who also was Sumoshi and two others, as he admitted. So he was rather economical with the truth all the time, from the beginning. A liar will not be believed even when he might speak the truth, that's why I believe the version of fireice, even if I think that the way he took over the coin was not that friendly. Who knows what happened in the background.

Bad thing is: that SUMO seemed really promosing, but I have to admit that lots of stuff looked to be faked or not 100% true.
Good thing is: all SUMO holders now have the same amount of RYO - it has to be seen what this will be worth...

[ttookk]

If you want to go the ASIC route, at least do it the proper way:

https://medium.com/obelisk-blog/introducing-obelisk-launchpad-b78756eaa74c

[gfox72]

If you want to go the ASIC route, at least do it the proper way:

https://medium.com/obelisk-blog/introducing-obelisk-launchpad-b78756eaa74c

asking for 10m$ upfront to develop custom asic is considered 'the proper way' ? after asking pre-payments for hardware that was way too late too market ... think not.

[Mindin]

Thanks for feedback but we still know nothing. As for me, Cryptopia suppose to honor fork and provide us, investors with the same amount of Ryo as if we were keeping our Sumo in official wallet. Otherwise we gonna lose a lot of money. Ryo is listed on tradeorge now and If I had kept my Sumo in wallet I would have had the same amount of both coins now after fork. And this mean that I would have doubled my savings! This will be unjust if cryptopia stick with only one coin and not both! C'mon Cryptopia, I trusted you keeping my coins at your exchange!

Sorry, but lol.

This is like the first rule of crypto-currency trading, never ever let your funds sit on an exchange. That's just asking for trouble.

As for the fork in itself, this is worse than kindergarten. Everyone is getting fucked over.

Cryptopia is a solid exchange and will honor their pledges.

[ttookk]

If you want to go the ASIC route, at least do it the proper way:

https://medium.com/obelisk-blog/introducing-obelisk-launchpad-b78756eaa74c

asking for 10m$ upfront to develop custom asic is considered 'the proper way' ? after asking pre-payments for hardware that was way too late too market ... think not.

Yeah, I think for Sumo, it's somewhat too late... But overall, I think this is not a bad concept. Granted, I am not a fan of the idea to keep the Algo and plans secret at the beginning, but I think having a specialized algo with specialized hardware right from the beginning is in theory the ideal setup. In practice, you'll obviously have a whole bunch of problems on the production side, with companies being more effective than other and all that stuff.

[pawelsalsa45]

Thanks for feedback but we still know nothing. As for me, Cryptopia suppose to honor fork and provide us, investors with the same amount of Ryo as if we were keeping our Sumo in official wallet. Otherwise we gonna lose a lot of money. Ryo is listed on tradeorge now and If I had kept my Sumo in wallet I would have had the same amount of both coins now after fork. And this mean that I would have doubled my savings! This will be unjust if cryptopia stick with only one coin and not both! C'mon Cryptopia, I trusted you keeping my coins at your exchange!

Sorry, but lol.

This is like the first rule of crypto-currency trading, never ever let your funds sit on an exchange. That's just asking for trouble.

As for the fork in itself, this is worse than kindergarten. Everyone is getting fucked over.

Cryptopia is a solid exchange and will honor their pledges.

This is an email I got from them, sounds positive;                                                                         
                                                            Dear Cryptopia user,

As you are probably very aware, the SUMO wallet and markets have been put on hold recently.

This was due to the fact that Cryptopia had less than 3 days’ notice of their hard fork, and most of this notice period was over a public holiday weekend.

In order to protect users funds, until the situation could be clarified, the decision was made to put the wallet into maintenance.

The wallet will remain in maintenance for the next 2-3 days, after which we will release the details of our plan, which has been put together with the goal of keeping SUMO and RYO supporters happy!

We apologise again for the delays being experienced, and promise you the update as soon as we can get it to you.

Kind regards,

Cryptopia

[h0g0f0g0]

Thanks for feedback but we still know nothing. As for me, Cryptopia suppose to honor fork and provide us, investors with the same amount of Ryo as if we were keeping our Sumo in official wallet. Otherwise we gonna lose a lot of money. Ryo is listed on tradeorge now and If I had kept my Sumo in wallet I would have had the same amount of both coins now after fork. And this mean that I would have doubled my savings! This will be unjust if cryptopia stick with only one coin and not both! C'mon Cryptopia, I trusted you keeping my coins at your exchange!

Sorry, but lol.

This is like the first rule of crypto-currency trading, never ever let your funds sit on an exchange. That's just asking for trouble.

As for the fork in itself, this is worse than kindergarten. Everyone is getting fucked over.

Cryptopia is a solid exchange and will honor their pledges.

This is an email I got from them, sounds positive;                                                                         
                                                            Dear Cryptopia user,

As you are probably very aware, the SUMO wallet and markets have been put on hold recently.

This was due to the fact that Cryptopia had less than 3 days’ notice of their hard fork, and most of this notice period was over a public holiday weekend.

In order to protect users funds, until the situation could be clarified, the decision was made to put the wallet into maintenance.

The wallet will remain in maintenance for the next 2-3 days, after which we will release the details of our plan, which has been put together with the goal of keeping SUMO and RYO supporters happy!

We apologise again for the delays being experienced, and promise you the update as soon as we can get it to you.

Kind regards,

Cryptopia

There's nothing positive on this. Once it is up again all miners that got fucked up from behind by this kiddie dev team will start the shitstorm and dump till the orderbook is empty.
Good luck with being the first one..

[visdude]

For everybody's information/reference, RyoCurrency has its own separate [ANN] thread:

https://bitcointalk.org/index.php?topic=4413010.0

[pass75]

From the last 2 posts on their blog I suspect this is more because they are afraid Fireice will attack their network. I think they've panicked and switched back to CN to archive bigger network hashrate to prevent 51% attack... Still worst decision ever. They are ruining their coin anyways due to huge drop in exchange rate & volatility.

As you noticed... the coin was under attack. I assume it was a last call to save the project. And frankly... it worked. Of course a lot of people sold in panic. But as usual... panic and fear are bad advisors.

The future will tell if the coin manages to recover....

_Was_ under attack or your were suspecting attack based on rumors? Your claim that ASICs provide "protection" and "decentralization" are incorrect. You don't know who stands behind that hashpower. It could be same group who could easily attack the network and fake transactions. The only reason not to withdraw for them now it to wait when exchanges will unfreeze trades and then it ruined. Surely this is only one of the possible worst case scenarios. But still old-CN coins have no future now. It's only a milch cow for ASIC owners while it lasts. No sane person would invest in such coin now.

I absolutely agree. When I saw Sumo switched back to old CN I has really shocked! It's more easy to put a network under attack with ASICs that are produced and belong to few companies than with GPUs that are spreaded on people all over the world. IMHO alt-coins based on ASICs have no future now because they loose their essential nature and purpose: to be decentralised and then free.
Fortunately I didn't invest a lot on this coin.

[Amderxino]

Thanks for feedback but we still know nothing. As for me, Cryptopia suppose to honor fork and provide us, investors with the same amount of Ryo as if we were keeping our Sumo in official wallet. Otherwise we gonna lose a lot of money. Ryo is listed on tradeorge now and If I had kept my Sumo in wallet I would have had the same amount of both coins now after fork. And this mean that I would have doubled my savings! This will be unjust if cryptopia stick with only one coin and not both! C'mon Cryptopia, I trusted you keeping my coins at your exchange!

Sorry, but lol.

This is like the first rule of crypto-currency trading, never ever let your funds sit on an exchange. That's just asking for trouble.

As for the fork in itself, this is worse than kindergarten. Everyone is getting fucked over.

Cryptopia is a solid exchange and will honor their pledges.

You're right and of course they will

[Impetritum]

It's strange, why is there no information from the developers?
What will happen to the coin next?

[Amderxino]

It's strange, why is there no information from the developers?
What will happen to the coin next?

They might release the information soon

[CyberTrader]

From the last 2 posts on their blog I suspect this is more because they are afraid Fireice will attack their network. I think they've panicked and switched back to CN to archive bigger network hashrate to prevent 51% attack... Still worst decision ever. They are ruining their coin anyways due to huge drop in exchange rate & volatility.

As you noticed... the coin was under attack. I assume it was a last call to save the project. And frankly... it worked. Of course a lot of people sold in panic. But as usual... panic and fear are bad advisors.

The future will tell if the coin manages to recover....

_Was_ under attack or your were suspecting attack based on rumors? Your claim that ASICs provide "protection" and "decentralization" are incorrect. You don't know who stands behind that hashpower. It could be same group who could easily attack the network and fake transactions. The only reason not to withdraw for them now it to wait when exchanges will unfreeze trades and then it ruined. Surely this is only one of the possible worst case scenarios. But still old-CN coins have no future now. It's only a milch cow for ASIC owners while it lasts. No sane person would invest in such coin now.

I (!!!) don't claim anything. And yes, the coin _was_under_attack...

@passnet: Don't bother with GERMINING... he was part of the machinery that made people lose money. He can
make up stories for small children. Or maybe he should get a real job. His rep is gone...nobody will believe anything he says.

@Germining: Best you get a new handle if you wanna bullshit people. You told so many lies about the coin and the so-called team (1 person).
LOL

@ALL: Ask in the RYO forum...the will tell a different story from the lame story GERMINING keeps telling.

[nakashu]

I was a supporter of SUMO ever-since I found it.. now only thing left to say.. fu(k you and rest in piss.. what a circus (sorry real clowns..)

[Germining]

@passnet: Don't bother with GERMINING... he was part of the machinery that made people lose money. He can
make up stories for small children. Or maybe he should get a real job. His rep is gone...nobody will believe anything he says.

@Germining: Best you get a new handle if you wanna bullshit people. You told so many lies about the coin and the so-called team (1 person).
LOL

@ALL: Ask in the RYO forum...the will tell a different story from the lame story GERMINING keeps telling.

Sure. I was part of the team that did all the work the last 1.5 years. If you think one person could have done that, congrats 

I didn't make people lose money. Only one person is responsible for that. Best thing ask team ryo who it was