[ANN][SPATA]★Spartacus★[X15]★POW/POS★3.5 days POW★ON BITTREX

[altcoinherald]

As a community we should be stopping these financial rapists from pulling this crap in the first place.

[MUSCLEGIRLS]

Well honestly, Bittrex should seriously consider making right to their customers for this - at the very least for the people who purchased through Bittrex - and STILL had their coins in the exchange.

Refund them out at the value at the time at which the scam was exposed.

There should have only been 1 million coins. The TOTAL supply was 1.5 million after POW - but its only 3/5 of the way complete.

So the fact that they allowed a coin that had a 1.5 million market cap - at which time should have only had 1 million in circulation - to have MORE than 1.5 million in their exchange - I'm sorry I love Bittrex but that is a big oversight on their part.

They are a financial exchange - pure and simple. They should have safe guards in place to prevent these things from happening.

I am also a bit surprised that they don't have some sort of review process when they list a currency. At the very least they take information - how many coins, POW length, Time, Block Size, Total Circulation - and then they do a quick scan of the source file to make sure 1+1 = 2.

If Bittrex is to continue to be a leader in this ever growing, highly competative CryptoWorld, they need to ask themselves what kind of company they plan to be.

If they allow these things to happen someone or group will open an exchange that offers these safe guards, and no doubt they will lose the market share they have worked so hard to obtain.

I think they should ask themselves that question right now.

Strato

Bittrex didn't allow shit to happen. They aren't obligated to review every single line of code (which if you know anything about computer science is literally what needs to be done to prevent these scenarios). I can't gauge how big of an oversight this was (it looks fairly obvious though) so I am not in the position to blame them but the exchanges aren't responsible IMO. In that case, go ahead and blame bitcointalk, the pools, and every other service for enabling you to access the coin.

Totally not the same thing, do you think a bank would allow more Dollars in USD to circulate than the US Treasury actually has accounted for? Think about that for a second.

Edit: and thats disregarding credit by the way

eh, i understand your point but i think its more of the investor's responsibility to research their coins than it is the exchange. the OTC markets don't get blamed for listing pump-n-dump scams and neither should bittrex. if anything, this incident is reflective of the community's knee-jerk eagerness to put their money in anything. hopefully some will smarten up and be more apprehensive about their investments.

[Quantumbud]

Are you guys seriously blaming an exchange because you got scammed?

I agree they should do some checking and perhaps stop listing these crapcoins the moment they are announced but the bottom line is it's everone's fault this shit happens,if people weren't so greedy and eager to jump on every shitcoin announced here without due diligence in the hope for a pump there would be no reason for these so called "devs" to release them.

Supply and demand at work here

[Stratobitz]

Well honestly, Bittrex should seriously consider making right to their customers for this - at the very least for the people who purchased through Bittrex - and STILL had their coins in the exchange.

Refund them out at the value at the time at which the scam was exposed.

There should have only been 1 million coins. The TOTAL supply was 1.5 million after POW - but its only 3/5 of the way complete.

So the fact that they allowed a coin that had a 1.5 million market cap - at which time should have only had 1 million in circulation - to have MORE than 1.5 million in their exchange - I'm sorry I love Bittrex but that is a big oversight on their part.

They are a financial exchange - pure and simple. They should have safe guards in place to prevent these things from happening.

I am also a bit surprised that they don't have some sort of review process when they list a currency. At the very least they take information - how many coins, POW length, Time, Block Size, Total Circulation - and then they do a quick scan of the source file to make sure 1+1 = 2.

If Bittrex is to continue to be a leader in this ever growing, highly competative CryptoWorld, they need to ask themselves what kind of company they plan to be.

If they allow these things to happen someone or group will open an exchange that offers these safe guards, and no doubt they will lose the market share they have worked so hard to obtain.

I think they should ask themselves that question right now.

Strato

Bittrex didn't allow shit to happen. They aren't obligated to review every single line of code (which if you know anything about computer science is literally what needs to be done to prevent these scenarios). I can't gauge how big of an oversight this was (it looks fairly obvious though) so I am not in the position to blame them but the exchanges aren't responsible IMO. In that case, go ahead and blame bitcointalk, the pools, and every other service for enabling you to access the coin.

I am not "blaming" Bittrex.  I am simply saying that we pay a fee to bittrex when we trade - which we should. But part of their job, for that fee, should be at the very least offering some degree of protection - such as source code review. Or perhaps knowing that somethings not right when a coin that only has 1 million in total circulation at the moment - has more than 1.5 million coins in the exchange. Like if WALLET > X NUMBER = BIG PROBLEM.

If they don't do this, another exchange will open that will. Am I alone here in saying that we, as a community, want exchanges that provide oversight, and don't list any and all coins - some of which are likely total scams - literally devices created to steal money right out of the hands of the exchanges customers?

Not assigning blame at all. This is an evolving world (cryptos). We are all learning - even the exchanges. It will continue to change. Bittrex has the chance here to step up and tell everyone loud and clear:

We will not allow, nor tollerate these types of events to occur.  We should have never listed this coin. We are doing right by our customers.  We are implementing new security and review measures for all currencies.  We will be reviewing all currencies to ensure this does not happen again. We apologize and hope you will continue to trade with us because we value you - our customers.

Again, I love Bittex, and I do most of my trading there. This is very unfortunate that this happened, for us and them.

But I think what I wrote in bold above is what everyone wants and needs to hear  - whether or not they were invested in SPATA or not.

If not, I think Bittrex will lose an enormous amount of trust by it's users. Which would be unfortunate.  

Strato

[richiela]

We have verified the premine exists and a portion of it was dumped on the exchange.  I'd like to remind everyone, Bittrex is here to facilitate the trading of one coin for another between parties.  We do NOT police the coins that are listed and trading is your own investment.  We as a community need to work together to identify these types of malicious actors sooner.  I apologize for the FUD, but we will not be issuing refunds.

As of now, we have cancelled all orders on the market.  In the interest of free market, we will re-open the market and leave it to the community to decide the value and fate of the coin.  The wallet will remain open for anyone that wishes to withdrawal their coin.

Thanks,
richie@bittrex

[UGETHIT]

I agree no one should expect Bittrex to pay them back.  People should do their own research.  Oh wait.  No I don't agree.  What the fuck do you think we are paying Bittrex for?  We pay them on every transaction.  We pay them to help safeguard our btc from theft.  Like I said you all ain't getting a refund that's life.  All you can do is start using exchanges that don't let this happen.

[baxto]

I love Bittrex with all my heart i really do, ive never really traded much on any other exchange. And was proud of to see them overtake MP as the number one crypto exchange. But i would hate to see them fall from grace because of this stupid coin. Whether people think they played a role in it or not, some will hold it against them regardless. I think they have to step up here and solidify their legacy. This is a defining moment for them here, i really want to see how they handle this.

[UGETHIT]

I don't blame you Richie keep fucking them every chance you get.  Lets see how long you last.

[baxto]

We have verified the premine exists and a portion of it was dumped on the exchange.  I'd like to remind everyone, Bittrex is here to facilitate the trading of one coin for another between parties.  We do NOT police the coins that are listed and trading is your own investment.  We as a community need to work together to identify these types of malicious actors sooner.  I apologize for the FUD, but we will not be issuing refunds.

As of now, we have cancelled all orders on the market.  In the interest of free market, we will re-open the market and leave it to the community to decide the value and fate of the coin.  The wallet will remain open for anyone that wishes to withdrawal their coin.

Thanks,
richie@bittrex

Ok before you re-open the market what does this mean? Do you guys have control of the extra coins or not. If your going to let free market decide, how many coins remain in circulation on bittrex?

[TetraHect0rCannabinol]

I don't blame you Richie keep fucking them every chance you get.  Lets see how long you last.

I personally do not see this being bittrex's fault here, yes a review process should have been done, but you pay them a fee in order to trade, keep your portfolio safe and to allow them to pay for the bandwidth and servers.

They only add coins that the community wants, if this coin has been vetted before anyone had started mining it then this would not be a problem, but again YOU SHOULD VET THE CODE BEFORE YOU INVEST A SINGLE SATOSHI OR YOUR ELECTRICITY period.
 

[richiela]

We have verified the premine exists and a portion of it was dumped on the exchange.  I'd like to remind everyone, Bittrex is here to facilitate the trading of one coin for another between parties.  We do NOT police the coins that are listed and trading is your own investment.  We as a community need to work together to identify these types of malicious actors sooner.  I apologize for the FUD, but we will not be issuing refunds.

As of now, we have cancelled all orders on the market.  In the interest of free market, we will re-open the market and leave it to the community to decide the value and fate of the coin.  The wallet will remain open for anyone that wishes to withdrawal their coin.

Thanks,
richie@bittrex

Ok before you re-open the market what does this mean? Do you guys have control of the extra coins or not. If your going to let free market decide, how many coins remain in circulation on bittrex?

No we do not have control of any coins.  The current balance is

    "balance" : 1994473.46064016,

But as you are aware, there is a 15M premine.

[UGETHIT]

I don't blame you Richie keep fucking them every chance you get.  Lets see how long you last.

I personally do not see this being bittrex's fault here, yes a review process should have been done, but you pay them a fee in order to trade, keep your portfolio safe and to allow them to pay for the bandwidth and servers.

They only add coins that the community wants, if this coin has been vetted before anyone had started mining it then this would not be a problem, but again YOU SHOULD VET THE CODE BEFORE YOU INVEST A SINGLE SATOSHI OR YOUR ELECTRICITY period.
 

IF the whole community did that no one would ever mine or invest in anything.  They would be too busy researching code you stupid shit.

[TiberiuC]

We have verified the premine exists and a portion of it was dumped on the exchange.  I'd like to remind everyone, Bittrex is here to facilitate the trading of one coin for another between parties.  We do NOT police the coins that are listed and trading is your own investment.  We as a community need to work together to identify these types of malicious actors sooner.  I apologize for the FUD, but we will not be issuing refunds.

As of now, we have cancelled all orders on the market.  In the interest of free market, we will re-open the market and leave it to the community to decide the value and fate of the coin.  The wallet will remain open for anyone that wishes to withdrawal their coin.

Thanks,
richie@bittrex

What do you mean by sooner? You add coins even on their 1st day... It's your choice not to police coins but i think you should, it will give your business and the whole community a better chance to last.
You said "we as a community", do you have any plans to do something about it?

Over the last 1-2 months i've seen big players get in generic coins that later come up with "innovations". This makes it even harder to spot a scam.

[Stratobitz]

I don't blame you Richie keep fucking them every chance you get.  Lets see how long you last.

I personally do not see this being bittrex's fault here, yes a review process should have been done, but you pay them a fee in order to trade, keep your portfolio safe and to allow them to pay for the bandwidth and servers.

They only add coins that the community wants, if this coin has been vetted before anyone had started mining it then this would not be a problem, but again YOU SHOULD VET THE CODE BEFORE YOU INVEST A SINGLE SATOSHI OR YOUR ELECTRICITY period.
 

I suppose that the NYSE (New York Stock Exchange) should also have the same approach.  

And tomorrow - I'll IPO my new company from my Mom's basement Apartment - Optimum Enterprises - and list it - and sell shares.

Oversight is part of the an exchanges JOB. It's the REASON I can't do what I've just noted above.

[Crypto_Shark]

MARKET IS OPEN

[UGETHIT]

This isn't the first time bittrex dropped the ball in the last month.  Remember ninjacoin?

[TetraHect0rCannabinol]

I don't blame you Richie keep fucking them every chance you get.  Lets see how long you last.

I personally do not see this being bittrex's fault here, yes a review process should have been done, but you pay them a fee in order to trade, keep your portfolio safe and to allow them to pay for the bandwidth and servers.

They only add coins that the community wants, if this coin has been vetted before anyone had started mining it then this would not be a problem, but again YOU SHOULD VET THE CODE BEFORE YOU INVEST A SINGLE SATOSHI OR YOUR ELECTRICITY period.
 

IF the whole community did that no one would ever mine or invest in anything.  They would be too busy researching code you stupid shit.

are you serious here ? please re-read back your comment, how is that not a good thing ? IF they checked the code, people would not invest, thus they would not get fucking burned.

this tells me you're a not willing to take advice or even look at a piece of logic and actually get the point, I see how you got burnt "you stupid shit".

[baxto]

Well i would say you guys may be losing alot of loyal customers. You could have played this out a little better. But your knee jerk reaction to re-enable the market will cost everyone. Im not saying you shuld have refunded us but you could have planned the out a little better so everyone is not dumping all at once.

[altcoinherald]

This is one of the Primary Dangers of Altcoin Trading - http://altcoinherald.com/primary-dangers-altcoin-trading/

Total instant loss due to Dev malfeasance.

[richiela]

We will not allow, nor tollerate these types of events to occur.  We should have never listed this coin. We are doing right by our customers.  We are implementing new security and review measures for all currencies.  We will be reviewing all currencies to ensure this does not happen again. We apologize and hope you will continue to trade with us because we value you - our customers.

Again, I love Bittex, and I do most of my trading there. This is very unfortunate that this happened, for us and them.

But I think what I wrote in bold above is what everyone wants and needs to hear  - whether or not they were invested in SPATA or not.

If not, I think Bittrex will lose an enormous amount of trust by it's users. Which would be unfortunate.  

Strato

If anyone wants to have a further discussion on security, I'm more than happy to do it on IRC... You can always find us in freenode at #bittrex.


That said, I do want to address Strato because your post was extremely thoughtful, and I agree with you 100%.  However, I don't think you understand the technical complexities of what you are describing.  

1) It is not practical to review all source code looking for premines or other malicious activity.  Pen test companies take months to review this many lines of code.  Additionally, this would make us liable if we missed something.  This is not a position Bittrex wants to be in.  We are an escrow company.  We make sure that you get x coin for y coin.  

2) The service we provide for our fee is this safe transaction.  We protect you from people running off with your coin without receiving theirs.  We do not charge a fee to make sure everything we list is safe.

3) It is impossible to programmatically protect against source code.  Adding balance checks here wouldn't have saved everyone.  It might have stopped one or two transactions from going through, but it's not complete.  Additionally, once we have that in, there are other things developers can do to hide coins.  It becomes a cat and mouse game.

There was almost 3 days of source access and 10+ pools running the code.  There was ample time for multiple people to catch this activity.  It is unfortunate that it slipped by everyone.

With all that said,  we postmortem every event like this to try to provide holistic security controls to protect our customers and ourselves from these situations.  

Thanks,
richie@bittrex