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TinEye (OP)
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October 03, 2014, 04:13:24 PM |
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Very impressive the current marketcap considering that it is severely flawed. New coins were created and they are now accepted by the chain. He claims it is fixed but there might be more. Yes, laddies and gentlemen, the BTSX supply is over 2 billion as a result of multiple bugs identified and fixed weeks ago. The surplus supply will be burned from our own funds to return it to the proper supply. We didn't want to spook people until we had the burn operation implemented so that we could correct it.
So where did this extra supply end up going?
1) Mostly to the delegates... our calculation of delegate pay was off and thus we miscalculated the running supply. We stated earlier our intent to compensate delegates for the extra hard work they were doing, this particular bug just helped us do what we were planning on anyway. Delegates running at a discount didn't have their pay burned like it was supposed to be.
2) Some white hat individuals who identified bugs and reported them to us privately after they exploited them. We were able to fix the bugs without much being created.
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TinEye (OP)
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October 03, 2014, 04:16:09 PM |
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This was never mentioned in all their threads here, which are also curiously silent now.
Volumes have dropped and it won't surprise me if they are using the funds to prop up the price. They have already mentioned earlier they are using investor funds to buy.
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newuser01
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October 03, 2014, 04:17:33 PM |
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u really believe Bitshares is backed by $62 000 000?
no it is not..
dump will happen and it will be brutal.
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lucky88888
Sr. Member
 Offline
Activity: 404
Merit: 250
https://nxtforum.org/
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October 03, 2014, 04:30:18 PM |
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everyone is in btsx only because of the dev funds backing it up for quick profit.
it was a nice concept but the dev funds backing it ruined it as people are all greedy and will take advantage of any possible profit. even if the intention from the devs were good.
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Fuck Mt.Gox! Fuck Mintpal! Fuck Bter! FUCK kyc! Protect yourself use MGW! SUPERNET! Recommended ASSET ->InstantDex : Lead Dev Jl777 (decentralized multi currency instant exchange) Recommended ASSET -> Jinn : Lead Dev Come-from-Beyond (ternary processors!) https://nxtforum.org/news-and-announcements/(ann)-jinn/ |
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Sebastien256
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October 03, 2014, 06:00:29 PM |
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ho wow, is that true? sad story.
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TaunSew
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October 03, 2014, 06:05:35 PM |
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Likely was an inside job. It's a coin ran by Communists in China. Redistribution of wealth to the most esteemed Proletarian delegates!
BitsharesX was always very suspicious in that all the volume just came from a few places in China.
The NxT free world versus BitsharesX Communist.
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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Sebastien256
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October 03, 2014, 06:05:39 PM |
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Likely was an inside job. BitsharesX was created by Communists in China and most of their volume came from Communists.
The NxT free world versus BitsharesX Communist.
god damn, you always online TaunSew.... |
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ShroomsKit_Disgrace
Legendary
Offline
Activity: 952
Merit: 1000
Yeah! I hate ShroomsKit!
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October 03, 2014, 06:14:27 PM |
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Nobody notices this before!?!  |
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TaunSew
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October 03, 2014, 06:14:52 PM |
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Likely was an inside job. BitsharesX was created by Communists in China and most of their volume came from Communists.
The NxT free world versus BitsharesX Communist.
god damn, you always online TaunSew....  |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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brekyrself
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October 03, 2014, 06:20:04 PM |
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Likely was an inside job. It's a coin ran by Communists in China. Redistribution of wealth to the most esteemed Proletarian delegates!
BitsharesX was always very suspicious in that all the volume just came from a few places in China.
The NxT free world versus BitsharesX Communist.
This problem was solved a long time ago... It's also funny if you were not biased you would have saw a few posts down the supply was right back to normal! https://bitsharestalk.org/index.php?topic=9214.msg119275#msg119275All their dev's are not hiding behind any forum handles and more importantly Dan Larimer is actually one of the keynote speakers at Inside Bitcoins right next to Patrick M. Byrne of OVERSTOCK.com. https://bitsharestalk.org/index.php?topic=8767.0http://insidebitcoins.com/las-vegasDid you think for a second that the volume is coming from bter and btc38 exchanges? I guess all people using those exchanges are from China. |
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testz
Legendary
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Activity: 1764
Merit: 1018
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October 03, 2014, 07:26:55 PM |
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Did you think for a second that the volume is coming from bter and btc38 exchanges? I guess all people using those exchanges are from China. I'm not from China but using bter and btc38 for more than a 1.5 years, what I'm doing wrong?  |
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thevampireskilledit
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October 03, 2014, 07:28:08 PM |
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Did you think for a second that the volume is coming from bter and btc38 exchanges? I guess all people using those exchanges are from China. I'm not from China but using bter and btc38 for more than a 1.5 years, what I'm doing wrong? same here. bought lots of btsx through bter. I understand the potential. Volume is too low to bother with bittrex or poloniex. |
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nomoreheroes7
Sr. Member
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Activity: 326
Merit: 250
King of all the land
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October 03, 2014, 07:57:02 PM |
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I too bought all my BTSX through BTER. People here are just upset to see a worthy competitor arising and are looking for any possible FUD they can to rain on the parade. As brekyrself said, this problem was patched up almost immediately, no harm done. Is this really the best trolls can come up with? In that case, I'm even more happy with my investment decision.  ...also, hacks? When the hell were there ever any hacks? Outright lie. |
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StanLarimer
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October 03, 2014, 08:09:19 PM |
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The OP issue was detected and corrected within 48 hours by burning our own shares to get back down to the 2B cap. The BitShares Trust purchased about 600 BTC worth of BTSX in August and announced it publicly as a move to diversify a small percentage of the BTC donations it holds. No such purchases occurred in September at all although the Trust may chose to do more small purchases at some point in the future. The purchases in August accounted for about 5% of the inflow of cash to BitShares X during that period and therefore did not have a significant impact on the market. Since it was not enough to impact the market, it can only be viewed as an expression of confidence in the future value of BTSX relative to BTC. |
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ThomasVeil
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October 03, 2014, 09:03:08 PM |
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The OP issue was detected and corrected within 48 hours by burning our own shares to get back down to the 2B cap. [...] As a disclaimer I'll say first that I don't own Bitshares, and maybe I have some big information deficit. But do I get this about right: You guys just accidentally created yourself some coins. Nobody but some internal group even noticed (wha?!). Then you don't tell, and just change the code so that it's fixed. And I'm about the only one stunned? If you say that you fixed the bug, so all is well, then I would say you miss the problem. Which info am I missing when I think any other coin would be destroyed if it would work like that? |
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CoinHoarder
Legendary
Offline
Activity: 1484
Merit: 1026
In Cryptocoins I Trust
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October 03, 2014, 09:07:00 PM
Last edit: October 03, 2014, 09:18:50 PM by CoinHoarder |
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The OP issue was detected and corrected within 48 hours by burning our own shares to get back down to the 2B cap. [...] As a disclaimer I'll say first that I don't own Bitshares, and maybe I have some big information deficit. But do I get this about right: You guys just accidentally created yourself some coins. Nobody but some internal group even noticed (wha?!). Then you don't tell, and just change the code so that it's fixed. And I'm about the only one stunned? If you say that you fixed the bug, so all is well, then I would say you miss the problem. Which info am I missing when I think any other coin would be destroyed if it would work like that? This was addressed on the Bitshares forums, just not Bitcointalk. There is a lot that happens in the Bitshares community that doesn't get mentioned over here. We are not like Monero where we feel the need to spam everyone on Bitcointalk about every time Bitshares takes a breath. We have our own very active forum in which most Bitshares discussion takes place. There was no attempt to hide this. It was noticed by the community, brought up in public. The Devs admitted there was a bug in the delegate pay rate and burning of fees. They fixed the problem and burned their own shares to make up for it. I don't see the big deal, as the developers ate the cost of the bug themselves. The title (and possibly the intent) of this OP/thread is misleading as there was no hacking involved, it was a bug. Along with the empty claims of which Tineye has no proof AGS funds are being used to prop up the price.. just baseless speculation which makes me think the OP has some sort of ulterior motive to want the price to go down. Judging from the OPs previous posts, he stated he sold when the price was high and would buy back into BTSX came back down... maybe just maybe he isn't happy the price isn't collapsing like he thought it would and he is trying to make that happen one way or another. |
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EvilDave
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October 04, 2014, 12:05:02 AM |
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I too bought all my BTSX through BTER. People here are just upset to see a worthy competitor arising and are looking for any possible FUD they can to rain on the parade. As brekyrself said, this problem was patched up almost immediately, no harm done. Is this really the best trolls can come up with? In that case, I'm even more happy with my investment decision. ...also, hacks? When the hell were there ever any hacks? Outright lie. Welcome to my world, mate.  NXT has been taking this kind of FUD since day one, the best advice I can offer is to be honest and open, and to keep on calmly telling the truth. Oh, yeah. sarcasm is good as well, makes the trolls a bit confused. |
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Magic8Ball
Legendary
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Activity: 1050
Merit: 1000
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October 06, 2014, 08:57:55 PM |
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Its not going to cross, not so soon. In a year, maybe, but then we have to see what new thing turns up by then. |
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tmpxeroc
Newbie
Offline
Activity: 20
Merit: 0
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October 09, 2014, 11:08:41 AM |
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1) The bug was fixed and the 'extra BTSX' have been burned by the devs (paying from their own funds) 2) you can see the burned funds here: https://bitsharestalk.org/index.php?topic=6572.msg127684#msg1276843) the supply is back to normal 4) we are talking 187,350 BTSX which is worth "a few bucks" 5) BTSX is NOT backed by anything and noone every told so .. it's bitUSD that is backed by BTSX 2x (you can start and figure out how USD and GLD are backed in real life!) 6) there's a whole thread over at OUR forum: https://bitsharestalk.org/index.php?topic=9214.0;allquote from the dev: Yes, laddies and gentlemen, the BTSX supply is over 2 billion as a result of multiple bugs identified and fixed weeks ago. The surplus supply will be burned from our own funds to return it to the proper supply. We didn't want to spook people until we had the burn operation implemented so that we could correct it.
So where did this extra supply end up going?
1) Mostly to the delegates... our calculation of delegate pay was off and thus we miscalculated the running supply. We stated earlier our intent to compensate delegates for the extra hard work they were doing, this particular bug just helped us do what we were planning on anyway. Delegates running at a discount didn't have their pay burned like it was supposed to be.
2) Some white hat individuals who identified bugs and reported them to us privately after they exploited them. We were able to fix the bugs without much being created.
My finally comment: Basically I don't give much about what people talk over here .. I just want to post the facts for people that are a little more 'open minded' |
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