SHIFT

Anyone see what just happened with Shift? Any thoughts? Fat finger/whale dump?

seriously, is anyone watching this? ask is going down like 10% from last sale

absolute bloodbath. i'm buying personally. hope there's no news behind it.

I've been watching it for a little while. Not sure why I haven't bought yet. Probably going to climb back up to where it was at least.

fuck it i just bought in

It's because the team fucked up big time. Three whales got their wallets hacked from their own negligence and the team, for some bizarre reason, decided to pay them back out of their own wallet. Now that they want their wallet topped back up they're adding an extra million coins to the market and increasing the inflation rate by 10% (although the inflation rate hike is likely not connected to the coin supply increase).

Right now it's all on paper though - it goes to a delegate vote and they're all pissed. I expect backpedalling from the devs very soon.

I should add that the hack happened around four months ago, so the Shift the team gave away was worth a LOT less than it is at today's prices. Doesn't help with sentiment.

But yeah. I expect the devs to quickly go back on this announcement in the morning.

On the plus side, Phantom is coming along well.

You're retarded. The coin just got terrible news and its price fell.

buy high and sell low :^)

AAAAAAUUUUGGGH I SHOULDA BOUGHT THE TIP!!

it has clearly fallen by too much if the only news is . looking at the chart i would have expected that the lead dev dropped out or something

It is the only news, yeah. It's also oversold.

Unfortunately, the whole 'hey guys, we're going to dilute you to give this money to our whale friends who don't know how to turn on 2FA!' has damaged sentiment and caused the drop.

No change in actual project fundamentals. They look great.

where are you reading all this user? would be great to have access to this information

Bought at 70k or so, pretty happy about it.

It's in their monthly newsletter.

thank you

thanks for posting the info

Thanks for the scoop. I literally just opened the chart at work the second the dip happened and was stunned. I have been holding for a few months. Was considering selling and moving into something else. Probably going to b
ut if they backtrack I'll keep holding

>started dropping 3 hours ago

gonna be a long night

any thoughts/predictions? is it gonna keep going down, or start recovering? is waiting for the devs to back up/confirm statement in a few hours the right choice? is everybody gonna keep panic selling without taking the news into consideration?

You're welcome anons.

I think this is just a drop in the ocean in the long term. Hopefully the team find a better way to deal with this situation...I guess the main question is why they bailed out the whales in the first place? I guess we'll find out eventually.

hey i just made some nice money off the rebound, neat

I just read the newsletter. I don't think this has much effect in the long term. If the delegates deny it even better. I don't see how it's anyone's responsibility if you get hacked. I don't know details. Was it a coding issue that caused the hack or user error?

It fell 35% in 3 hours. That seems like a wild overreaction to me, and I'm delighted that I could get in at the low.

Op here btw. Thanks again. I caught some extra coins at the almost bottom of dip because I thought it was a flash crash or something. Then it went down a bit more and I was shocked.

Yea seems like a really big overreaction.

Whales are probably genesis friends or whatever. Still interested to see how this plays out. Coin is still solid imo

It's oversold based on the facts that we know.

The hacking is apparently because the whales didn't put a second passphrase on their Shift wallets (which, until the latest update, cost 5 Shift, so no reason not to have it). Some are suggesting it was allowed through a fault in the Lisk coding, which the devs blamed themselves for so patched it and coughed up what was lost. I'm not so sure.

Denying it could be the worst possible thing for the long term. It could mean the team has to work 'for free' and they could just abandon the project outright if they wanted.

No problem. Hopefully this is the recovery and not a dead cat bounce.

Wow. Really well thought out answers. What board are we on??? Lol

Different perspective than mine but makes a lot of sense.

Should I shift my shift to the bean????!!!!!!

I sold at 67k, rip

y tho

Selling the dip.... smart move.

ah the ancient art of Veeky Forums
i bought in at your sell point and sold at 77 which it just hit... why did you do that user?

Source? I cant find anything on this

so anyone else here just riding these waves?

Go to the shift website and read the last bullett in the June newsletter