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Author Topic: WARNING Cryptostocks.com INVESTORS SECURITY FLAW  (Read 16854 times)
campycoin
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March 01, 2014, 01:01:10 AM
 #21

I do appreciate the backing here guys, I really do.

Just want to set a few things straight because a few people are confused...

I'm Jeran, in charge of Customer Service.  I am also a stock holder who purchased shares like you all did at 0.005

The CEO is Seth, he has backroom access and is the account holder at cryptostocks.com

----  Someone here said that stocks were selling at 0.00001 or something.  I said no they aren't, and then went to check for myself.  I saw it was true and could not reach the CEO so I started thinking the worst that possibly Seth was selling off the remaining stocks. I had no backroom access and all I saw was the same thing.  I finally talked to Seth who said he had 2fA so there was no way that the stocks were selling that low and that there was a mistake.  He tried to log-in and couldn't and when sending service emails to crypto, was having all emails bounce back as spam.  He contacted me and asked me to email and see what had happened.

He then called me and said that there is a major flaw in the Crypto site regarding 2FA and overrides with new password.  It didn't seem believable to me, because he said someone must have got his email password, and I said surely it would take more than this.  So, I tested with my account which also has 2Fa, and all was proven true...

When clicking the link in the email and being taken to a new password screen, once you create your password, you are logged in, bypassing 2fa. The thief then went in and lowered the 42000 additional shares to about 0.000001.  The profit that he made was about 1 btc, he then withdrew it to a wallet.

Everyone should see the issue that a password reset should at least start a hold on 1. price change, 2. withdraw, but easiest would be, upon password reset, an auto logoff to where you must enter it all again including 2fa.

Thanks

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March 02, 2014, 02:39:21 AM
 #22

https://cryptostocks.com/securities/80 are shares bought today legitamite?
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March 02, 2014, 05:57:22 AM
 #23

All shares will be reissued.

Basically 8000 shares were sold at 0.005btc ea.
42000 shares were sold (due to hack) at 0.000001btc ea.

Therefore since the shares at the correct price were 5000x that of those at the lowest price, all shares purchased at 0.005 will be given an additional 5000 shares per 1 owned.

The price of stock is determined by buyer demand so yes, those are safe to buy however, with 40.000,000 shares coming aboard, everything is a little wacky and unless you see them at a great deal, I'd steer clear.
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March 02, 2014, 10:20:22 AM
 #24

All shares will be reissued.

Basically 8000 shares were sold at 0.005btc ea.
42000 shares were sold (due to hack) at 0.000001btc ea.

Therefore since the shares at the correct price were 5000x that of those at the lowest price, all shares purchased at 0.005 will be given an additional 5000 shares per 1 owned.

The price of stock is determined by buyer demand so yes, those are safe to buy however, with 40.000,000 shares coming aboard, everything is a little wacky and unless you see them at a great deal, I'd steer clear.

This is just madness! Why not put a trade stop on the stock if this was the plan? What about those who have bought in the last few days below 0.005 but well above 0.000001!

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March 02, 2014, 03:44:02 PM
 #25

Therefore since the shares at the correct price were 5000x that of those at the lowest price, all shares purchased at 0.005 will be given an additional 5000 shares per 1 owned.

The correct move would be recognition that you're using, and thereby enabling, a contemptible piece of crud (a fact well known to those actually in the bitcoin finance space), and full rectification. That includes taking time off to figure out how the decision that using and thereby enabling a contemptible piece of crud would be okay was made.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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March 02, 2014, 05:54:05 PM
 #26

What about those who have bought in the last few days below 0.005 but well above 0.000001!
this.
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March 03, 2014, 07:26:23 AM
 #27

my question was answered .. they are NOT .. 5000x reduction in their value . .just dumped them off .. at a .12btc loss .. great ..
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March 03, 2014, 08:01:05 AM
 #28

Hold up.

I can't understand what half of you are asking.

Nothing is decided yet.  We have stock holders, and they vote.

The 5000x idea is correct.  Our shareholders bought stock at 0.005 for a total of 8000 shares
The account was compromised (by us?  are you crazy?  how would this help us?)  The other 42,000 shares sold at 0.000001 each.
0.000001 x 5000 = 0.005  

So that is the correct math.  Now if those stocks have since been sold for .00003 or 0.02 or 7 btc it makes no difference.  We don't set stock price, the buyers and sellers set stock price.  We first and foremost have to make this fair for the 8000 original shares. Everything else is secondary.  We can't just delete stocks or as you said, stop the sale.  That's not possible.  Welcome ideas

But again, we have shareholders, they will make the decision.
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March 03, 2014, 02:16:11 PM
 #29

What about those who have bought in the last few days below 0.005 but well above 0.000001!
this.
Both Altswap and Firemine have been tradestopped and trade has been reopened again on both stocks before it had been announced on cryptostocks what had happened(there's still no announcement of it on cryptostocks).
That action alone will of course make the one that reopened trades, Altswap/Firemine and/or Cryptostocks responsible to compensate anyone that (during the time after trade was reopened) will become victim of loosing on the now announced partial split for buying stocks(above lowest sold price they will recalculate from on respective stocks).

No announcement had been made on either Altswap or Firemine's stock on Cryptostock by the way when they announced here how the fix/split should work and it still haven't been made so more shady business from there side.


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March 04, 2014, 12:53:51 AM
 #30

Hold up.

I can't understand what half of you are asking.

Nothing is decided yet.  We have stock holders, and they vote.

The 5000x idea is correct.  Our shareholders bought stock at 0.005 for a total of 8000 shares
The account was compromised (by us?  are you crazy?  how would this help us?)  The other 42,000 shares sold at 0.000001 each.
0.000001 x 5000 = 0.005  

So that is the correct math.  Now if those stocks have since been sold for .00003 or 0.02 or 7 btc it makes no difference.  We don't set stock price, the buyers and sellers set stock price.  We first and foremost have to make this fair for the 8000 original shares. Everything else is secondary.  We can't just delete stocks or as you said, stop the sale.  That's not possible.  Welcome ideas

But again, we have shareholders, they will make the decision.

Yes, well, I AM a stock holder, and what I'm saying is that it is up to Altswap to compensate shareholders for what has happened. The most straight forward thing to do would have been to put a full trade stop on shares straight after the security breach, and then for Altswap to buy back the shares that had sold in the meantime for the market price that they were sold for- covering a loss of a few BTC in order to correct the fidelity of the shares should be a given. Why this didn't happen I have no clue- you say that you couldn't have stopped trading? Why the heck not!?!
Instead what you are suggesting is that it is ordinary shareholders who absorb the loss- ie anyone that bought after the incident (a great deal of those who already most likely had holding from the IPO 0.005 price).
In a vacuum the 'math' as you put it is correct, but it does NOT compensate buyers who bought after the incident.
You say 'We don't set stock price, the buyers and sellers set stock price.' - well actually that's EXACTLY what you are proposing to do- to reset the stock price so that a great deal of people will loose out- all of whom ARE legitimate shareholders!
So here's an idea. Altswap needs to look at doing a share buyback to restore some faith in this project- not at 0.000001 but at a level in between- perhaps you can average the orderbook since the incident? This way 0.005 sellers will choose to keep hold of their shares, but later buyers can at least recoup some of their loss- Altswap will then hold a majority of shares again, and then be able re-sync the market through either a second IPO or holding onto these shares until after the site is launched.
Most importantly, launch the site, show value, and the value of the shares will increase accordingly.

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March 04, 2014, 06:52:26 AM
 #31

Hold up.

I can't understand what half of you are asking.

Nothing is decided yet.  We have stock holders, and they vote.

The 5000x idea is correct.  Our shareholders bought stock at 0.005 for a total of 8000 shares
The account was compromised (by us?  are you crazy?  how would this help us?)  The other 42,000 shares sold at 0.000001 each.
0.000001 x 5000 = 0.005  

So that is the correct math.  Now if those stocks have since been sold for .00003 or 0.02 or 7 btc it makes no difference.  We don't set stock price, the buyers and sellers set stock price.  We first and foremost have to make this fair for the 8000 original shares. Everything else is secondary.  We can't just delete stocks or as you said, stop the sale.  That's not possible.  Welcome ideas

But again, we have shareholders, they will make the decision.

Yes, well, I AM a stock holder, and what I'm saying is that it is up to Altswap to compensate shareholders for what has happened. The most straight forward thing to do would have been to put a full trade stop on shares straight after the security breach, and then for Altswap to buy back the shares that had sold in the meantime for the market price that they were sold for- covering a loss of a few BTC in order to correct the fidelity of the shares should be a given. Why this didn't happen I have no clue- you say that you couldn't have stopped trading? Why the heck not!?!
Instead what you are suggesting is that it is ordinary shareholders who absorb the loss- ie anyone that bought after the incident (a great deal of those who already most likely had holding from the IPO 0.005 price).
In a vacuum the 'math' as you put it is correct, but it does NOT compensate buyers who bought after the incident.
You say 'We don't set stock price, the buyers and sellers set stock price.' - well actually that's EXACTLY what you are proposing to do- to reset the stock price so that a great deal of people will loose out- all of whom ARE legitimate shareholders!
So here's an idea. Altswap needs to look at doing a share buyback to restore some faith in this project- not at 0.000001 but at a level in between- perhaps you can average the orderbook since the incident? This way 0.005 sellers will choose to keep hold of their shares, but later buyers can at least recoup some of their loss- Altswap will then hold a majority of shares again, and then be able re-sync the market through either a second IPO or holding onto these shares until after the site is launched.
Most importantly, launch the site, show value, and the value of the shares will increase accordingly.

I'm a shareholder as well and I agree with you.
But seriously... Come on.
Would I trade in a site which:
1) Is owned by a guy who couldn't even secure his own email
2) Launch is delayed for over a month with lame excuses and lies
3) Smells like a scam for quite a while now

The answer is no.
Crypto-traders is a small community and therefore the word of this will get out so this site is doomed to fail (and I will lose the 0.1 BTC I've stupidly spent on it).
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March 04, 2014, 08:42:56 AM
 #32

Hold up.

I can't understand what half of you are asking.

Nothing is decided yet.  We have stock holders, and they vote.

The 5000x idea is correct.  Our shareholders bought stock at 0.005 for a total of 8000 shares
The account was compromised (by us?  are you crazy?  how would this help us?)  The other 42,000 shares sold at 0.000001 each.
0.000001 x 5000 = 0.005  

So that is the correct math.  Now if those stocks have since been sold for .00003 or 0.02 or 7 btc it makes no difference.  We don't set stock price, the buyers and sellers set stock price.  We first and foremost have to make this fair for the 8000 original shares. Everything else is secondary.  We can't just delete stocks or as you said, stop the sale.  That's not possible.  Welcome ideas

But again, we have shareholders, they will make the decision.

Yes, well, I AM a stock holder, and what I'm saying is that it is up to Altswap to compensate shareholders for what has happened. The most straight forward thing to do would have been to put a full trade stop on shares straight after the security breach, and then for Altswap to buy back the shares that had sold in the meantime for the market price that they were sold for- covering a loss of a few BTC in order to correct the fidelity of the shares should be a given. Why this didn't happen I have no clue- you say that you couldn't have stopped trading? Why the heck not!?!
Instead what you are suggesting is that it is ordinary shareholders who absorb the loss- ie anyone that bought after the incident (a great deal of those who already most likely had holding from the IPO 0.005 price).
In a vacuum the 'math' as you put it is correct, but it does NOT compensate buyers who bought after the incident.
You say 'We don't set stock price, the buyers and sellers set stock price.' - well actually that's EXACTLY what you are proposing to do- to reset the stock price so that a great deal of people will loose out- all of whom ARE legitimate shareholders!
So here's an idea. Altswap needs to look at doing a share buyback to restore some faith in this project- not at 0.000001 but at a level in between- perhaps you can average the orderbook since the incident? This way 0.005 sellers will choose to keep hold of their shares, but later buyers can at least recoup some of their loss- Altswap will then hold a majority of shares again, and then be able re-sync the market through either a second IPO or holding onto these shares until after the site is launched.
Most importantly, launch the site, show value, and the value of the shares will increase accordingly.

I'm a shareholder as well and I agree with you.
But seriously... Come on.
Would I trade in a site which:
1) Is owned by a guy who couldn't even secure his own email
2) Launch is delayed for over a month with lame excuses and lies
3) Smells like a scam for quite a while now

The answer is no.
Crypto-traders is a small community and therefore the word of this will get out so this site is doomed to fail (and I will lose the 0.1 BTC I've stupidly spent on it).


I agree too- I don't have a lot of faith in this thing ever getting off the ground- and most likely they are probably aware of how much they've screwed things up and are looking for the exit. It's better that these operators get called out for some of these practices though, rather than silently getting away with things. Of course they may do a brilliant job, and make a superb exchange- lord knows that a good escrow service is actually something that would be really useful. Unfortunately, the chances of that are probably about 0.000001% right now.
Please, someone from Altswap come and correct me, or at the least post some notifications on the stock issue and a launch date that you are going to stick too.

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March 04, 2014, 10:40:50 PM
 #33

I had all my FAS and GRID shares stolen last night on cryptostocks and the thief did not have access to my e-mail. 
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March 04, 2014, 11:00:26 PM
 #34

I had all my FAS and GRID shares stolen last night on cryptostocks and the thief did not have access to my e-mail. 

read carefully:

THIS IS SERIOUS

someone gained access to the CEO account

They (fasbit/grid/mineco etc) have compromised their email account, or so they say. They are posting announcements right now, copypasted if you please, saying that the site was compromised. They have mentioned nothing on any of their products listings about their failure, nor they did so in any of their forums.

They are are attempting to start a panic in cryptostocks now, with those announcements.

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March 04, 2014, 11:09:56 PM
 #35

You are a moron.  Im not attempting to start panic and im not a CEO i am a regular shareholder and my shares are gone!!!!  Cryptostocks has a flaw somewhere.  The hacker didnt have access to my email account either.  the password reset e-mail was just sitting in my inbox still unopened as were every other automated e-mail that was sent in relation to it.    Go troll somewhere else!!!

I had all my FAS and GRID shares stolen last night on cryptostocks and the thief did not have access to my e-mail. 

read carefully:

THIS IS SERIOUS

someone gained access to the CEO account

They (fasbit/grid/mineco etc) have compromised their email account, or so they say. They are posting announcements right now, copypasted if you please, saying that the site was compromised. They have mentioned nothing on any of their products listings about their failure, nor they did so in any of their forums.

They are are attempting to start a panic in cryptostocks now, with those announcements.
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March 04, 2014, 11:15:07 PM
 #36

So you have no proof that the site was in trouble.
You also have no proof that you were hacked.

You do know that fasbit ceo email HAS BEEN COMPROMISED as they admitted,
yet

you go around in every thread blaiming cryptostocks, as they did.

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March 04, 2014, 11:33:25 PM
 #37

FIrst off get your facts straight.  Im not the CEO of fasbit which you alreaday eluded to and as far as I know I am the first one to inform him at the very time i posted about the comprimise here.  Second  I am not aware of FASBIT e-mail being hacked, i was aware that ALTSWAP shareholders had a similar issue and that is why i posted here.  The only proof I have is my drained account and the confirmation emails in my e-mail account which show everything being sold off.   they didnt have access to my email.  the email to confirm the password reset was sitting in my inbox unopened.  Take your unintelligent trollish comments somewhere else.


So you have no proof that the site was in trouble.
You also have no proof that you were hacked.

You do know that fasbit ceo email HAS BEEN COMPROMISED as they admitted,
yet

you go around in every thread blaiming cryptostocks, as they did.
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March 05, 2014, 05:54:18 AM
Last edit: March 05, 2014, 01:03:59 PM by QuintoBTC
 #38

Foremost, I am the President/CEO of PM Poker, SA, which owns Quinto BTC.

Seeking investors for a Bitcoin business is extremely difficult, given the bad press on Bitcoin.  So it seems the most logical solution would be to seek investors from the Bitcoin community; Bitcoin holders who are already aware of the digital currency and its present value. After reading favorable articles, I elected to use Cryptostocks to seek investors for my own company, Quinto BTC.  I would note though, that none of the articles I read mentioned anything about "Bitcoin mining".

As for all these claims of hacking and losing shares, ironic that it is only the mining stocks that have these issues.  When investors are sending funds to companies on Cryptostocks, they are doing so at their own risk, especially since Cryptostocks does not verify anyone's identity.  In my opinion, this should be an integral and mandatory process for every company seeking investors on Cryptostocks.  It would add some layer of protection for the investor, and would benefit Cryptostocks as well.

Security is critical, if accounts at Cryptostocks have 2FA, then reset password also requires this level of security.  Cryptostocks, please change this policy as soon as possible.

A little due diligence can still be done, so the investor can have more confidence that their investment is being used as publicized.  We've all seen/heard of the scammers who publicize an investment in a company, only to see that "company" spend 1BTC, then earn 90BTC, then disappear.  This is why due diligence is a must.  It's tempting to try the "get rich quick" scheme when investing, but you also have to understand that there are shady people ready and waiting to take those Bitcoin from you, and will employ every technique at their disposal.  "A fool and his money...", so to speak.
 
My point is: Be wise. Take your time to research the company before investing.
 
Is their information public on WHOIS?
When they give an address, is it verifiable?
Do you pick up the phone and call?
Can they actually produce a verifiable business license?
 
These steps may take a couple of days, but will be well worth it in the long run.
 
In closing, to everyone on Cryptostocks:  If it sounds like a "get rich quick" type of posting, step back, take a moment and ask yourself: Am I willing to lose what I put in?  If yes, then proceed with caution.  If no, do your due diligence.
 
Sincerely,
Steven Swanson,
President/CEO
Quinto BTC
thy
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March 05, 2014, 12:54:21 PM
 #39

Foremost, I am the President/CEO of PM Poker, SA, which owns Quinto BTC.

Seeking investors for a Bitcoin business is extremely difficult, given the bad press on Bitcoin.  So it seems the most logical solution would be to seek investors from the Bitcoin community; Bitcoin holders who are already aware of the digital currency and its present value. After reading favorable articles, I elected to use Cryptostocks to seek investors for my own company, Quinto BTC.  I would note though, that none of the articles I read mentioned anything about "Bitcoin mining".

As for all these claims of hacking and losing shares, ironic that it is only the mining stocks that have these issues.  When investors are sending funds to companies on Cryptostocks, they are doing so at their own risk, especially since Cryptostocks does not verify anyone's identity.  In my opinion, this should be an integral and mandatory process for every company seeking investors on Cryptostocks.  It would add some layer of protection for the investor, and would benefit Cryptostocks as well.

Security is critical, if accounts at Cryptostocks have 2FA, then reset password also requires this level of security.  Cryptostocks, please change this policy as soon as possible.

A little due diligence can still be done, so the investor can have more confidence that their investment is being used as publicized.  We've all seen/heard of the scammers who publicize an investment in a company, only to see that "company" spend 1BTC, then earn 90BTC, then disappear.  This is why due diligence is a must.  It's tempting to try the "get rich quick" scheme when investing, but you also have to understand that there are shady people ready and waiting to take those Bitcoin from you, and will employ every technique at their disposal.  "A fool and his money...", so to speak.
 
My point is: Be wise. Take your time to research the company before investing.
 
Is their information public on WHOIS?
When they give an address, is it verifiable?
Do you pick up the phone and call?
Can they actually produce a verifiable business license? 
 
These steps may take a couple of days, but will be well worth it in the long run.
 
In closing, to everyone on Cryptostocks:  If it sounds like a "get rich quick" type of posting, step back, take a moment and ask yourself: Am I willing to lose what I put in?  If yes, then proceed with caution.  If no, do your due diligence.
 
Sincerely,
Steven Swanson, 
President/CEO
Quinto BTC
So how come that you don't live by your own principles then, your stock have been listed on Cryptostocks for 23 days and Quinto/you still have "none" as verification level. You did write the same thing about the verification the 24 feb in an announcement on your share on Cryptostocks so when will Quinto/you have "Advanced" verification on Cryptostocks ?

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March 05, 2014, 01:09:11 PM
Last edit: March 05, 2014, 01:43:02 PM by QuintoBTC
 #40

So how come that you don't live by your own principles then, your stock have been listed on Cryptostocks for 23 days and Quinto/you still have "none" as verification level. You did write the same thing about the verification the 24 feb in an announcement on your share on Cryptostocks so when will Quinto/you have "Advanced" verification on Cryptostocks ?

We do live by what we say.  

We have sent everything into Cryptostocks that they required, beyond that, it's in their hands.  Once we get the added information from them, we are sure things will get updated.

Yes, we re-posted, felt it needed to be said again.


*********************
Thy:

Would you not agree that most (if not all) mining stocks are scams?
It's unbelievable that hundreds of BTC BTC are getting tossed into these.

All we wanted to point out is more due diligence need to be taken.



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