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Author Topic: 21 Block producer of EOS can freeze anyone's account  (Read 120 times)
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June 20, 2018, 03:49:04 PM
 #1

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.



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June 21, 2018, 06:13:19 PM
 #2

Great only if it is used for good pupose. This can freeze the account of hckers and scammers. But if being used otherwise then it is a matter to worry.
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June 21, 2018, 06:28:07 PM
 #3

EOS really sucks!
I always tell to my friend do not invest in EOS... they started really really bad!!!!!!
it's not promising at all...
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June 21, 2018, 06:58:33 PM
 #4

Even though their intentions to ban those 7 accounts were good, but they have really tainted the whole concept of decentralization by doing this. As someone mentioned on Twitter, that if our ownership is not safe on the blockchain then what's the use of moving to blockchains. And I guess it is true. What's the difference between keeping your money in a bank vs. EOS wallet? In case of banks you can still go to court, but in case of EOS account freeze where will you go? These are indeed some serious questions and it would be better if EOS remains on the path of decentralization than centralization.
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June 21, 2018, 07:09:33 PM
 #5

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.
Well, it is understandable why they would want to decrease the amount in favor of increasing the price, but I don't think the investors would like such a situation. It is violation of one's private money. Someone generated a block and deserves the reward, but the reward is taken so that the price doesn't fall.. Looks like scam to me. However, I can't find any information about it actually being the case, so perhaps we need the op to clarify it. The only news I found is that there's been a bug in the system which got fixed, but I still don't understand the thing about freezing the account.

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June 21, 2018, 07:17:55 PM
 #6

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.
Well, it is understandable why they would want to decrease the amount in favor of increasing the price, but I don't think the investors would like such a situation. It is violation of one's private money. Someone generated a block and deserves the reward, but the reward is taken so that the price doesn't fall.. Looks like scam to me. However, I can't find any information about it actually being the case, so perhaps we need the op to clarify it. The only news I found is that there's been a bug in the system which got fixed, but I still don't understand the thing about freezing the account.

All these things were known from the very beginning. But everybody arond screamed that EOS was so cool... This project is the biggest scam in crypto market right now. It is bigger scam than Bcash or Bitconnect. Everything for which the cryptocurrency was created was killed in EOS. I feel sorry for people who will lose their money on this project when it fails. Embarrassed

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June 21, 2018, 07:26:55 PM
 #7

Over on Steemit, everybody is pretty wild about EOS, the amount of shilling going on there is really something to behold...
Everybody keeps mentioning Dan Larimer's previous successes with Bitshares & Steem, but truth is that he has left those communities.

Luckily people are a bit more skeptical on other platforms.

https://cointelegraph.com/news/eos-block-producers-freeze-user-funds-to-prevent-theft-resulting-in-twitter-backlash

Wayy too centralized for my taste and this makes it very clear that block producers have too much power.

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June 21, 2018, 10:13:02 PM
 #8

Oh my god ! This sounds really alarming. It is better if they use this power for the benefit of crypto. But if they use it for their self interest then this will be really a great mess.
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June 22, 2018, 06:55:10 PM
 #9

This is both good and bad news i think. People can invest huge amount for some purpose or for having a better profit margin. But blocking any account can not be any solution for a problem. Rather people will be demotivated to invest here even being afraid none might invest here.
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June 22, 2018, 07:03:50 PM
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 #10

To be fair, any combination of bitcoin mining pools with a hashrate of 51% and higher (which means currently a minimum of 3 pool operators) could be doing the same for your bitcoin address.
The block producers choose which transactions to include in their blocks,
and bitcoin block producers (miners) could likewise exclude certain addresses from getting their transactions included in blocks, thus effectively "freezing" funds in one address.

This might be included in EOS as a "feature", but EOS isn't the only network where something like this is possible.
The problem isn't that it's integrated as feature, however the way this is used could become a problem.
If it ends being problematic only the future can tell, should the power be abused, and the community not react in an appropriate way to that.

What I'd see as a way bigger problem is Article XV of the constitution, giving the network the right to confiscate funds from "dormant" accounts and redistribute balances.


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June 22, 2018, 07:47:37 PM
 #11

I don't care about the freezing accounts. All I care about the safety of my account. As mentioned that this technology none can hamper my account in this decentralized system, whether is it true or not?
Then what's the necessary of this system ? It is acting like the conventional banking system.
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June 23, 2018, 06:14:14 PM
 #12

Mainly this question is really confusing also I never heard about this but if they froze the hacked accounts then it will be great for eos user but it may cause of loss also because investor will be face problem and he will loss his money so I think we should learn before investing on crypto market.
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June 24, 2018, 11:38:32 AM
 #13

That is a good news. Strict measures should be taken to close down the hacked accounts. I think this step is taken to reduce the incidence of scams and to build a a more secure environment.
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June 24, 2018, 11:56:35 AM
 #14

The unanimous decision was taken by the 21 block producers to freeze 7 EOS accounts, because they had doubt that these accounts were trafficking stolen funds. This was done as a safety protocol to prevent hacking and to recover funds if they were stolen. These decision are to be made by arbitrary bodies and the block producers are supposed to carry them out.
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June 24, 2018, 12:14:56 PM
 #15

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.

Oh, I did not know, that EOS can freeze accounts. This is a no go for me. Yes, its good they can freeze accounts of hacked people, but that was it. At the same time, they also can freeze any other account if they want. Who knows on what reasons they will freeze accounts in the future? What if someone is wrongly accused of having a hacked account? That's why I see this feature rather critically and not as a good extension of EOS. I will definitely not support something like that.  Angry
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June 24, 2018, 09:27:17 PM
 #16

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.

We've said about it. It's a centralized coin. No doubt the technology is good but such peculiarities push away some investors in the cryptocurrency market! Ethereum is devoid of these disadvantages!
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June 24, 2018, 09:50:53 PM
 #17

That´s the problem with EOS, there is no real gain for small owners since it is all centralised and the chain is not really safe in computing terms.
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June 24, 2018, 10:02:17 PM
 #18

If the 21 block producer of EOS are convinced that's it's better to freeze the account of a large investor to decrease the supply and hence to increase the price, they can do it.
Recently they froze 7 so called hacked accounts to warn the community of their capabilities.
Showing power over account thats been investing in their company is not a good idea because this means whenever they want to freeze account is indeed.i dont want to say bad thinghere but if ty decide in time for personal matter they can take all the accounts money and this is a bad implementation for the supporter and may leave them right away from this issue
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June 24, 2018, 10:12:37 PM
 #19

Ethereum is devoid of these disadvantages!
It takes 3 persons to effectively freeze your ETH balance, as Ethermine, f2pool and Sparkpool have a majority right now (over 51% of the blocks in the last 24 hours).

That´s the problem with EOS, there is no real gain for small owners since it is all centralised and the chain is not really safe in computing terms.
What's your opinion of NEO?


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June 25, 2018, 07:54:34 PM
 #20

In as much as the motive behind their actions appears noble. However, their actions seem to have defeated the main purpose of what the industry is built on which is decentralization. Such an huge decision is not supposed to be left to the 21 block producers to decide.
They could easily be described as a Cabal and in future be making decisions that hinders the community's overall interest.
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