CoinDash’s ICO Website Has Been Hacked • Hacker News Board

Re: CoinDash’s ICO Website Has Been Hacked

#171

Post by vinceguidry » Mon, Jul 17, 2017, 4:35 PM UTC

root_axis wrote: post #160

kcanini wrote: post #147

Earlier quoted context omitted.

I can think of at least two real-world uses where cryptocurrency is a better choice than fiat: (1) sending money overseas with very low transaction fee, and (2) transacting on the black market.

> sending money overseas with very low transaction fee Except that fluctuations in the conversion rate make this very touchy, especially if you're talking about a significant sum of money. Also, sending crypto anywhere outside of a handful of developed nations is fraught with difficulty because recipients need to be able to convert bitcoin into spendable money which often involves risky in-person meetups and gigantic…

These are market problems that are especially suited for developing nations to be able to solve themselves. I am forever impressed by the ability of local populations to work out collective solutions to scaling and trust problems.

Also, having options is better than not having them. Sure, there's the international wire system, but it wouldn't hurt to give it some competition.

Re: CoinDash’s ICO Website Has Been Hacked

#172

Post by greenshackle2 » Mon, Jul 17, 2017, 4:35 PM UTC

dullgiulio wrote: post #61

dvcc wrote: post #7

'Hacked' - or just stolen. Who could ever know in crypto-land? I am sure the ICO contract had something about lost coins in it as well.

Neither. They hacked the webpage and wrote a different address to send money to. Similar to me sending you a letter that I am Oxfam, please send me money. If only the crypto-currency world had laws and the institution of justice...

I think he means CoinDash themselves could have altered the address and claimed it's a hack - which would make it straightforward theft, not a real hack.

Re: CoinDash’s ICO Website Has Been Hacked

#173

Post by buryat » Mon, Jul 17, 2017, 4:35 PM UTC

I tend to believe that it was a scam because they refused to disclose the contract beforehand and there were some people claiming that it's a scam few months before [1].

[1] https://bitcointalk.org/index.php?topic=1905500.0

Re: CoinDash’s ICO Website Has Been Hacked

#174

Post by MicroBerto » Mon, Jul 17, 2017, 4:36 PM UTC

davnicwil wrote: post #41

nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

Just to pick up on this one small point: as I understand it, the cashback you get with a credit card is more or less taken straight from the card processing fee charged to the vendor, which of course, raises prices overall and is therefore not really cashback at all. Without the fee, you would likely have just paid a lower price in the first place. The only party benefitting from the cashback scheme is, of course, th…

But at nearly every store, the price has been increased for everyone, even cash customers. So why not get my cash back if that's how it's going to be?

Re: CoinDash’s ICO Website Has Been Hacked

#175

Post by dboreham » Mon, Jul 17, 2017, 4:36 PM UTC

criddell wrote: post #117

root_axis wrote: post #107

Earlier quoted context omitted.

The majority of purchases inside the store were cash because we required a $5 dollar minimum purchase for accepting cards. Most card purchases were used for gas which was already a loss leader most months out of the year, so it made more sense to keep posted prices competitive with stations in the area in order to bring people into the store rather than charge a few more cents in order to offset the cost of cards.

I thought minimum purchase requirements were against the terms of service for most credit cards. I've bought plenty of < $1 items with my credit card. I try to use it for everything to "earn" the rewards.

I seem to remember such TOS being ruled illegal many years ago.

Re: CoinDash’s ICO Website Has Been Hacked

#176

Post by joosters » Mon, Jul 17, 2017, 4:37 PM UTC

discombobulate wrote: post #135

joosters wrote: post #127

Earlier quoted context omitted.

The 'tip' can be summarised to just 'avoid token sales, you mug'

Can it? I understood it as more nuanced.

IMO, not Vitalik's

Re: CoinDash’s ICO Website Has Been Hacked

#177

Post by [deleted] » Mon, Jul 17, 2017, 4:38 PM UTC

nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

[deleted]

Re: CoinDash’s ICO Website Has Been Hacked

#178

Post by dboreham » Mon, Jul 17, 2017, 4:40 PM UTC

usaphp wrote: post #132

nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

From my understanding a lot of people use it to transfer money between countries, you buy some bitcoins, then transfer them to your bank account in a different country, and you won't have to explain to the bank where you got the money and where you are transferring them because you could just say that you mined those coins and now cashing out. Correct me if there is a flaw in my logic

Flaw will be realized when you arrive for first day in prison.

Re: CoinDash’s ICO Website Has Been Hacked

#179

Post by trophycase » Mon, Jul 17, 2017, 4:44 PM UTC

fokinsean wrote: post #15

That's a bummer since Coindash appears to have an MVP and a reasonable funding cap of $12MM. I wouldn't wish this on anyone, but it's unfortunate it didn't happen to one of the scammy ICO's instead. On a side note showcasing the ridiculousness of some of these ICOs, [1]"Useless Ether Token" (UET) raised around $45k and literally doesn't do anything. [1]: https://coinmarketcap.com/assets/useless-ethereum-token/ https:…

You do realize that everyone knows UET is a joke right?

Re: CoinDash’s ICO Website Has Been Hacked

#180

Post by jamespitts » Mon, Jul 17, 2017, 4:45 PM UTC

Important information related to this incident:

1. CoinDash did not publish the address of the contract in advance of the ICO:

https://www.reddit.com/r/ethereum/comments/6nsy6x/coindash_w...

2. Allegedly, CoinDash ignored issues brought up by a software contractor / code reviewer:

https://www.reddit.com/r/ethtrader/comments/6nrxk5/never_mis...

> In reviewing their crowdsale code, I found multiple bugs and many errors. I've been ignored since I brought up the problems with the CoinDash team three days ago.