Can’t forget that around May 12th the coin was still rising and hit 10 cents. Not sure but it appeared the early adopters that we needed to hold to make this work didn’t. They made money and moved on causing a steep decline quick. We won’t know if the lock was necessary until we recover. On the other hand every single person is valuable that’s involved in this coin. If we lost a big percent of supporters due to the lock then maybe that wasn’t worth it either
I think maybe the autohodl period was too long. While autohodling did succeed in removing the strip miners and the pools(temporarily), it may have discouraged too many miners. Maybe a 60 days enforced hodling period would have been better.
Anyway, now that Yobit appears to have gone offline, I think now would be a good time to prepare a fork, as the potential problem with Yobit has already occurred.
I’ll suggest an offer to HOdlers – I’ll volunteer to develop the fork if the Nutocracy authorizes me to reduce the required autohodl period, but not remove it. I think removing the autohodl entirely would see the return of strip miners who simply mine and dump, removing all value created in the coin. While I know the autohodl feature has not been popular in many quarters, I think we’ll find all those who have mined with autohodl are likely to be long term hodlers, more invested in the coin than strip miners or speculators.
As Coinbase talks of adding LTC buying to its platform, Litecoin and Ethereum are positioning to be the next go-to digital currencies after bitcoin in Africa.
Cointelegraph.com News 26 French Companies, Five Banks Complete Blockchain-Based KYC Trial Based on R3’s Corda 26 French companies, along with five major banks, have successfully completed a blockchain-enabled KYC trial with the R3 consortium more […]
South Korean exchange Youbit announced on today that it is closing down after a hack early Tuesday, December 19, 2017, that resulted in the loss of 17 percent of its assets.
The exchange, previously known as Yapizon, did not indicate how many bitcoins or other cryptocurrencies were stolen or what the total fiat value of the attack amounted to, but it was enough to lead to bankruptcy.
This was the second hack the exchange suffered this year. A 2017, resulted in the loss of 3,816 bitcoins, worth around $5 million at the time.
Youbit said hackers broke into its hot wallet, the online account used to pay out cryptocurrencies instantly. While hot wallets offer greater convenience, they also put funds at greater risk because they are connected to the internet.
The remaining coins were kept offline in a cold wallet, the exchange said, resulting in no additional losses. The exchange indicated that customers could withdraw up to 75 percent of their balances, and the rest would be tallied out after the final settlement.
Korea Internet & Security Agency (KISA), the state agency that responds to cyberattacks, is investigating the incident, . KISA that North Korean hackers were behind the first hack.
Chris Doman, threat engineer at software security company , told bitcoin Magazine, he suspects BlueNoroff, a subgroup of North Korea’s cyber crime group is responsible for the second Youbit attack. Lazarus is known for the November 2014 hack on , one of the biggest corporate breaches in history.
While attacks by Lazarus have mainly been aimed at social disruption, the group is increasingly going after money. With the value of bitcoin surging to all-time highs,
“The first time I saw them target a bitcoin company was in May this year — the same month they unleashed ,” Doman said in a statement shared with bitcoin Magazine.
The exchange that Doman was refering to is South Korean bitcoin exchange . Around that same time, WannaCry ransomware attacks were encrypting user’s computers and offering to de-encrypt them in exchange for bitcoin. Analysis of the techniques used in the WannaCry attacks .
Doman added, “They’ve also used related malware to opportunistically mine Monero coins on compromised servers. Clearly they have a large interest in cryptocurrencies as an easy method for economic gain, as well as an opportunity to economically weaken their enemies.”
Although Youbit is one of the smaller bitcoin exchanges, the hack underscores the risk involved in leaving funds on an exchange, where control of those funds is handed over to a third party and is only as safe as whatever security measures that exchange chooses to use.
Throughout the history of bitcoin, hacks have amounted to painful losses. When bitcoin exchange Mt. Gox began liquidation proceedings in April 2014, the company announced that approximately 850,000 bitcoins were missing, an amount valued at more than $450 million at the time. In August 2016, the bitcoin exchange Bitfinex announced BTC, worth $72 million at the time.
