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Topic: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem (Read 376316 times)

ruletheworld

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Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 12, 2018, 11:59:50 PM

#6841

Quote from: Mallyx on July 12, 2018, 07:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

magisterr

Sr. Member

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Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 06:38:32 AM

#6842

Quote from: JanuaryN on July 11, 2018, 10:57:10 AM

Quote from: LuckyBtc on July 11, 2018, 07:51:05 AM

Quote from: magisterr on July 11, 2018, 07:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

JanuaryN

Jr. Member

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Merit: 2

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 06:41:18 AM

#6843

Quote from: ruletheworld on July 12, 2018, 11:59:50 PM

Quote from: Mallyx on July 12, 2018, 07:28:31 AM

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

JanuaryN

Jr. Member

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Merit: 2

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 06:46:08 AM

#6844

Quote from: magisterr on July 13, 2018, 06:38:32 AM

Quote from: JanuaryN on July 11, 2018, 10:57:10 AM

Quote from: LuckyBtc on July 11, 2018, 07:51:05 AM

Quote from: magisterr on July 11, 2018, 07:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

You'll sign in via Telegram, Messenger or SMS and make transactions using a password that you set.

ivaf

Full Member

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Activity: 980
Merit: 109

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 06:56:42 AM

#6845

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

Mallyx

Hero Member

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Activity: 1138
Merit: 574

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 07:35:29 AM

#6846

Quote from: JanuaryN on July 13, 2018, 06:41:18 AM

Quote from: ruletheworld on July 12, 2018, 11:59:50 PM

Quote from: Mallyx on July 12, 2018, 07:28:31 AM

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.

If I was an exchange CEO I wouldn't list a coin with that power.

futureofeth

Member

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Activity: 686
Merit: 10

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 07:41:29 AM

#6847

Quote from: DashingCrypto on July 11, 2018, 09:25:58 PM

Quote from: Vyachel on July 11, 2018, 07:21:09 PM

Quote from: ruletheworld on July 11, 2018, 06:52:30 PM

Quote from: JanuaryN on July 11, 2018, 07:22:08 AM

Quote from: estenity on July 11, 2018, 06:30:36 AM

Quote from: ruletheworld on July 11, 2018, 04:55:17 AM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

That's why many exchanges are closely looking for hackers because every day this stupid hackers will always try to hack the exchanges in order to steal the coins. So exchanges should carefully watch this attempts should not happen in future.

Tarasov1992

Jr. Member

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Activity: 266
Merit: 1

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 12:33:26 PM

#6848

Quote from: ivaf on July 13, 2018, 06:56:42 AM

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

Good stuff, thanks, Ivaf Wink

Tarasov1992

Jr. Member

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Merit: 1

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 12:55:57 PM

#6849

Quote from: Mallyx on July 13, 2018, 07:35:29 AM

Quote from: JanuaryN on July 13, 2018, 06:41:18 AM

Quote from: ruletheworld on July 12, 2018, 11:59:50 PM

Quote from: Mallyx on July 12, 2018, 07:28:31 AM

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

Dvd1989

Sr. Member

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Activity: 616
Merit: 252

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 02:39:13 PM

#6850

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

ruletheworld

Legendary

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Activity: 1400
Merit: 1045

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 04:14:43 PM

#6851

Quote from: Tarasov1992 on July 13, 2018, 12:55:57 PM

Quote from: Mallyx on July 13, 2018, 07:35:29 AM

Quote from: JanuaryN on July 13, 2018, 06:41:18 AM

Quote from: ruletheworld on July 12, 2018, 11:59:50 PM

Quote from: Mallyx on July 12, 2018, 07:28:31 AM

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

Yes, thanks for pointing it out in the code. But the concerns remain. If BNT can arbitrarily be frozen by a single address, no exchange should touch it. Since the ICO raised so much money, many exchanges may have skimped on their due diligence before listing BNT.

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

voteformeg

Legendary

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Activity: 1931
Merit: 1005

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 04:44:51 PM

#6852

did not hear anything before now , but after reading the last two pages i am not sure anymore if it was a good investment , think i still hold them but i will check this thread every day for the coming weeks

easyrimka

Sr. Member

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Activity: 518
Merit: 261

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 04:49:37 PM

#6853

Quote from: Dvd1989 on July 13, 2018, 02:39:13 PM

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

you mark a point, but too many fanboyz here... Bancor is not a good project

bitcircle

Legendary

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Activity: 1540
Merit: 1002

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 05:11:57 PM

#6854

Quote from: voteformeg on July 13, 2018, 04:44:51 PM

It was horrible incident which raised so many question on the credibility of this and what will happen in future. Before people thinking decentralized network are more secure but now situation is totally changed. I also long term holder of this token and will wait what solution dev will bring in coming days.

obsbtc

Member

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Activity: 1330
Merit: 10

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 05:24:26 PM

#6855

Quote from: ruletheworld on July 13, 2018, 04:14:43 PM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

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Mallyx

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Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 08:54:09 PM

#6856

Quote from: obsbtc on July 13, 2018, 05:24:26 PM

Quote from: ruletheworld on July 13, 2018, 04:14:43 PM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

Crypto are made to trust the codes, not the mans.
If 1 key has the control of the blockchain, it's a single point failure that will pop someday.

obsbtc

Member

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Activity: 1330
Merit: 10

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 13, 2018, 09:10:44 PM

#6857

Quote from: Mallyx on July 13, 2018, 08:54:09 PM

Crypto are made to trust the codes, not the mans.
If 1 key has the control of the blockchain, it's a single point failure that will pop someday.

And indeed, Bancor's code is known and trustable. There's no single point of control.

ruletheworld

Legendary

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Activity: 1400
Merit: 1045

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 14, 2018, 02:22:08 AM

#6858

Quote from: obsbtc on July 13, 2018, 05:24:26 PM

Quote from: ruletheworld on July 13, 2018, 04:14:43 PM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

Oh wow so even after the hack, the team doesn't want to decentralize the system, and instead wants to have a single point of failure. Even after that single point of failure was responsible for millions of dollars of loss. Did the team come out and say anything about their intention to change that system at all?

Please stop with the 'only for emergencies' beat - no one who's been in crypto for long believes that for a second. If a government asks the BNT team to freeze an account, will they?

JanuaryN

Jr. Member

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Merit: 2

Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 14, 2018, 05:46:28 AM

#6859

Quote from: ruletheworld on July 14, 2018, 02:22:08 AM

Quote from: obsbtc on July 13, 2018, 05:24:26 PM

Quote from: ruletheworld on July 13, 2018, 04:14:43 PM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

Hello, thanks for your thoughts. Always appreciated.

We don't have too many details yet, as the team has been closely involved in the investigation and in normalizing the network. They have mentioned that this has been a learning process and will continue teaching them new lessons.

Hang tight for further on changes to Bancor's approach to security.

mexi.db

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Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

July 14, 2018, 12:53:45 PM

#6860

Bancor Co-Founders Galia Benartzi and Eyal Herzog speak on CNBC with @cryptomanran about the recent security breach: https://www.youtube.com/watch?v=kxf48BTRdPo&feature=youtu.be&t=789

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