There are 3 reasons why I believe BitGrail is terrible news for Nano in general:

There are 3 reasons why I believe BitGrail is terrible news for Nano in general:

>This controversial issue will define the Nano community for months, if not years of the vital time that Nano is seeking to gain market share. All BitGrail related updates will bring all the bad feeling out of the woodwork and it won't be resolved any time soon.

>Many early adopters are now completely disenfranchised, especially given the community reaction of blaming those who lost funds when full withdrawal was impossible for many. These are the people who would have helped to drive a large amount of growth and adoption.

>Institutional investment and adoption will suffer. When companies and organizations look for which technology to adopt they will see the mess that's occurred and how 12% of the circulating supply was stolen. How it happened and the resulting consequences will be a stain on Nano's reputation for years to come.

I see people comparing thid to MtGox, but there are important dissimilarities: MtGox was far less than 10% of circulating supply, and it happened in a different time when the market was less mature and BTC had very few alternatives.

For the reasons above I believe this could be a devastating event for the entire currency. This is my analysis, and I have no solutions to offer. I know holders will downvote and cry FUD but I'd much rather see the substance of what I've written disputed in a thoughtful and intellectually honest way.

Other urls found in this thread:

reddit.com/r/nanocurrency/comments/7wu9g1/the_penny_spend_attack_why_its_a_very_real_issue/
reddit.com/r/nanocurrency/comments/7wvfkx/a_perspective_from_the_creator_of_nanex_there_is/
twitter.com/AnonBabble

wow user. you figured out nano was fucked for good?

You know that the 12% of the coins 'hacked' are already distributed between everyone right?
The hackers run away on monero or bitcoin, so the coins are already circulating, everything is the same with the exception for those that were using bitgrail.

you're right, just like mt gox has killed bitcoin (proof is bitcoin's true intrinsic value is $0) bitgrail will kill nano, already sold all

Lol weak arguments. The ‘stolen/hacked’ xrb was done months ago and it’s already priced in. If you check the price it’s been stabilised cuz no one is even selling. There’s a golden rule which has always been spammed everywhere. Don’t invest more than you are willing to lose. I’m an early adopter and I’m not even worried. You are a dumbass because this is an unregulated free market and you have to understand the risks of playing this game. Don’t come crying if an exchange exit scams, Everyone knew the risks of crypto. If you can’t handle it Go back to buying stocks and bonds simple as that

>downvote

This is not plebbit mate

It's not the same as Mt Gox for the simple reason that all of the exchanges are working with Nano core to share data and freeze accounts. There's nothing centralized about a non-privacy crypto when *every single exchange* shares data. Every single wallet is linked to emails, kyc documents, ips, phone numbers, you name it. They've already figured out where some of it is. Give this 30 days and we'll know exactly where it all went.

Says btc has no intrinsic value yet btc is trading at 8-9k atm.. are you fucking retarded? And there is intrinsic value. It costs 4,000 usd of electricity to mine 1 bitcoin. It also costs money to build a mining rig. Try backing up your arguments with some actual facts you dumb fuck

Firano is literally retarded, this issue is way out of his 89IQ. The dev team is our only hope now

How the fuck did they run away on Monero if Mercatox only has a 3000USD daily volume? They'd need a year and half to siphon that amount through Monero. BTC doesn't have that much volume either.

They didn't. It hasn't been distributed yet. There is an easy 6m XRB identified in wallets that can't possibly belong to users because of withdrawal limits at the time it was taken out. Mercatox cooperating this coming week should give us the rest. Not sure how long it will take to analyze all of the transactions and timestamps, but I'm guessing someone good at this can tear it up pretty quick.

he's right about the community. All of us that got our coin's stolen, do you think we are going to re-buy?

I would have considered it, but I was actually banned from the nano telegram for mentioning another coin with free transactions.

No thanks

> says nano will die

Xrb has 10 times more buyers than sellers on binance order book. xrb is trending with highest 24h volume... ok retard

Do tell us. Pascal?

ive lost over 1000xrbs on this scam. With lightning network coming up i will never buy i single nano ever again

Because 4 months ago this coin was worth 0,1 cents maybe?
dunno pal

U can’t speak for everyone else and say nobody else will rebuy. There are also new players entering the market and see cheap xrb. There’s millions of ppl who will happily buy on Binance and Okex

Go ahead. Fuck off. We don’t need ppl like you in the nano community. You are blaming it on nano when you should be blaming it on bitgrail. If you used kucoin or binance you would have been fine. This is an unregulated free market and exchanges aren’t licensed or insured. You knew the risks of crypto and using untrusted exchanges so dont cry about it and blame it on nano. The nano team has already proven its competence and you don’t deserve to own any nano if you are going to whine. Good riddance

Right, that reduces the time to 5/10/20/30 days depending on how you're trying to cash out. Would Mercatox be able to see volume trades of XRB from the same account in gigantic proportions?

Same problem showed up at Kucoin, though. If it has something to do with the way nodes are set-up that might explain why it's draining XRB from the wallet.

People have stolen bitcoin I dont see hoe this is any different. Is it because its an altcoin?

Where did you see that information?

“Downvote”

Delicious reddit copypasta

>nope.jpeg

There are a few posts in /r/cryptocurrency and /r/nanocurrency that are gilded that have done a lot of analysis. The part about mercatox was from core in discord.

This is one of the most retarded arguments I hear from btc cucks.

>It costs thousands in electricity to verify
>Therefore it has instrict value

Sorry user but this shit doesnt work like that. I ate 3k dollar caviar and shat it therefore my shit has instrict value because of it. You ate 3$ burger so yours is pretty much just an ordinary shit.

Kek

Agreed. Nano holders will do everything to convince themselves otherwise.

Full disclosure - I loved this coin. I shilled it hard on reddit and biz. I'm from Austin, TX (where Colin, the lead dev is also from) so it had a special place in my heart.

But alas, I still sold my entire amount of Nano on Bitgrail when the insolvency news broke.

There is absolutely NO WAY you can spin this as positive for Nano. Whether the Nano tech itself was at fault (probably not, but even that is in question at the moment) - this much negativity surrounding a coin who only exists to transfer value will be a huge mountain to overcome. Potential investors, merchants and and big corps will likely be turned away from ever adopting this on a mainstream basis due to its ugly past - and unfortunately adoption is the one thing this coin needed to make it big.

Crypto is a fickle market that is simply too speculative and volatile to allow something like this to persist and succeed after all of this bullshit - especially with many other viable alternatives.

Fuck I'm a dumbass, I sold it on Binance not Bitgrail, obviously. Freduian slip.

>If you used kucoin or binance you would have been fine
I bought them in december, those exchanges did not have xrb listing yet
>You knew the risks of crypto and using untrusted exchanges so dont cry about it and blame it on nano
Yeah, nigger, i sure didn't expect all my money to be stolen if i placed them on an exchange that the dev team themselves recommended. I'm not trying to blame this leak on them, what i'm just saying is that this + the fact that LN will virtually make this coin useless is not an incentive to make me buy a single coin ever again
also
>nano community
is incredible how people are retarded enough to be coin cheerleaders, these are just tools, means of exchange and nothing to be proud about

Go ahead sell your xrb. You’ll be crying when it’s $200 EOY. I remember when I sold several btc after the Mt gox incident with btc when it was $300-400 for months. 300 dollar btc.. so go ahead sell now while it’s cheap

I still sold for a profit. I've owned it since early December, so I'm happy with the profits I ended up taking. In my opinion, things like this with a hurricane of bad news just aren't worth the risk of holding in a market like this. I am an early adopter of crypto in general, and I have a decent wagecuck job, so I can live without those theoretical, but unlikely future profits, user.

I bought mine from bitgrail in late December as well with all my friends. I withdrew right away and it was fine. Let me guess .. you left it on the exchange like a dumbass. Never leave your coins on an exchange I don’t get how you still haven’t learn this after all the hacks and exit scams u dumb fuck. And the nano community is better than any other community. Go to bitcoin cash’s community and see what a shitty community is like

>~10% of total supply lost
>this is terrible news for Nano
great job user

Btc had the mt gox. ether had the Dao hack. Nano has bitgrail. At the end of the day people forget and the technology still works fine. I’d rather hold my few thousand xrb that will get me to 7 figures than sell it all for cheap now for a few thousand. If you have a job you will regret selling xrb this cheap. Trust me I live everyday knowing I sold btc at 400 dollars so don’t think I don’t know what I’m talkkng about. Just warning you

>Never leave your coins on an exchange I don’t get how you still haven’t learn this after all the hacks and exit scams u dumb fuck
Why would i get my coins out of an exchange when i'm still using it to trade, you stupid piece of shit brainlet underage nigger? Also, theft is theft, when someone fucking steals your coin is a fucking crime, but when you let them on exchange is not, how hard is to see that?
>And the nano community is better than any other community
Who gives a shit? that's entirely not the point. You just showed how retarded you are by stating this.

I too sold btc early on. I learned to take profits when its appropriate for you and not worry about theoretical future profits that may or may not happen.

I don't beat myself up over profits that I never technically had. Again, I am financially stable and have made good money off of crypto in last 3 years - namely Ethereum, Ant Shares and Bitcoin, good enough for me to not care to take a risk on a coin that was likely pumped in price by criminals on shitty exchanges so they could exit scam. Something like Nano -deeply- depends on adoption from big businesses and word of mouth. I don't want to hold the amount I had for a few years on the off chance it moons in the distant future beyond when I started selling.

Your denial is very clear and strong, and it's ok to be a bagholder of Nano still. But I will return your warning, and hope you can accept that this may end up moving mostly sideways or down for a long time.

Fuck Nano. I was early(ish) adopter and kept coins on shitgrail in part because devs vouched for them. After this disaster, all devs can say is 'tough shit'. Maybe, but i wont play a role in advancing their product.

Of note: there were few alternative places to dump my xrb at the time. When they emerged, shitgrail NEVER allowed me to transfer.

>I bought mine December as well with all my friends

1. at it's peak mercatox reached even as high as 10m of raiblock volume
2. when the raiblocks were stolen it was only worth $0.1 each so unloading such large bags wasn't really that hard

also forgot 3. they could sell to btc on mercatox and then trade btc to monero on different exchange, pretty simple

Honestly I don't know shit about the tech behind the coin but just from reading about this shitshow it seems like this was a massive scam with both Bitgrail and the nano devs I think bomber seems to be taking too much of the blame. The devs knew what a fucking train wreck Bitgrail was. They knew this would happen. Me as a complete outsider knew how this was going to end. You're telling me the team didn't know?

They knew. Why didn't they do anything? Because this coin is crappy tech full of exploits and holes that is barely functioning, and Bitgrail was the only exchange shady enough to bother listing it. They created hype and a cult following by manipulating the price on a ghost exchange and always disabling withdraws. It was able to give the illusion of fast speeds because nobody is fucking sending this coin anywhere because you can never withdraw the tokens from any exchanges. If this had 1/20th of the transactions of ETH the entire network would collapse (assuming it's ever functioning properly to begin with). Binance took so long to list XRB because after it won the vote they must have done research into the coin and realized what a mess it was, but due to the mass cult following it gained on plebbit they couldn't risk alienating such a large portion of the crypto userbase by backing out of the listing. I bet adding it to their poll is one of their biggest regrets and they had no idea what they were getting themselves in to.

Nano was the most obvious scam since Bitconnect and the fact that it got so popular and so many people still believe in it just proves how dumb a lot of people in this community are. And the whole Binance being down for two days coinciding during the exact timing of this exit scam so I wonder if their funds were impacted too but everyone is keeping it hush hush to save the Binance/crypto reputation. Imagine if it came out Binanace got hacked and lost major user funds the faith of the crypto community would be shaken.

Which coin

Which reminds me I need to get my shit off Binance ASAP. Been trying to decide when I should sell my EOS for ETH but my hand seems forced now.

I applaud you for your attempted FUD but please stop. You’re embarrassing yourself. You are comparing bitconnect, a madoff Ponzi scheme with youtubers shilling the fuck out of their affiliate codes to nano, a working product that’s new and revolutionary. Just stop man. Garry tan one of the early investors of coinbase invested a large amount into xrb. I don’t think he would invest in a scam if he has invested in several multi million start up companies. Just stop

>he invested in one thing that made it big, anything he touches is surely legitimate! His decision making is infallible!

Current value of Nano is, ironically, a ponzi scheme.

Regardless, you faggots are going to have bigger issues at hand in the future.

reddit.com/r/nanocurrency/comments/7wu9g1/the_penny_spend_attack_why_its_a_very_real_issue/

Notice how none of the retards plebbits tackled the issue? This is going to be next behemoth Nano will face in coming months.

>"You can trust him goy!"
>"Yesss trusta meee"

reddit.com/r/nanocurrency/comments/7wvfkx/a_perspective_from_the_creator_of_nanex_there_is/

Poorfag normie here bought 100 NANO at these low prices

kek. someone said nano will crash yday. where is the crash? looks like more buy orders ATM. also XRB is making big headlines due to the exchange 'hack'. we are getting lots of buzz and press. making it on front page of reddit and yahoo finance... get the fuck in

You are straight retarded if you think those posts are positive. How's NEM doing? And their folk got made whole