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OhOhCrpto
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| Number of Posts: | 7 |
| Registered on: | 10/29/2021 |
| Online Status: | Not Online |
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Have you ever reviewed bitmart? Literally one of the worst reputations for an exchange. It's like the Hotel California, you can deposit, but good luck getting money out.
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re: GME (Gamecoin)
Posted by OhOhCrpto on 11/7/21 at 12:49 am to Rust Cohle
I stated the audit finding # and applied common sense comments/questions directly related to the audit findings.
"Certik is hired to do a security audit on behalf of the actual crypto company, not as a watchdog or guardian of the customers, albeit the report serves as one and the same purpose.
Concern #11 regarding centralization is of course major. A major issue due to potential hacking and or malfeasance of controlling owners. Acknowledge but no action taken.
Concern #16 While deemed informational, it's of course critical. Sandwich attacks allow for the simplest of bots to exploit, especially since this crypto uses a market making liquidity pool with 12% slippage. The higher the slippage the more leeway to front run and crush and one could speculate makes this a very lucrative target. If it can happen on leveraged btc futures contracts, it for sure can happen here.
Concern #19 Shazam. Initial token distribution. On it's face it is a reflection of the actual transparency of the owners. Reading into variables and tying it back to the first concerns, makes it ripe to say "F me I was hacked, you're all broke".
Think of it this way: A truly decentralized coin has a plethora of stakeholders, thus critical mass in a hack is hard to obtain. That's not the case here. When one bag has a controlling share of coins, it can be hacked and cause the entire ecosystem to collapse."
It's not like Certik didn't give a literal roadmap as to what was to come. Pointed out, but "acknowledge and no action taken"
Makes you wonder why you consult someone to help you know what you don't know, then ignore their advice.
re: GME (Gamecoin)
Posted by OhOhCrpto on 11/3/21 at 2:31 pm to okietiger13
Certik is hired to do a security audit on behalf of the actual crypto company, not as a watchdog or guardian of the customers, albeit the report serves as one and the same purpose.
Concern #11 regarding centralization is of course major. A major issue due to potential hacking and or malfeasance of controlling owners. Acknowledge but no action taken.
Concern #16 While deemed informational, it's of course critical. Sandwich attacks allow for the simplest of bots to exploit, especially since this crypto uses a market making liquidity pool with 12% slippage. The higher the slippage the more leeway to front run and crush and one could speculate makes this a very lucrative target. If it can happen on leveraged btc futures contracts, it for sure can happen here.
Concern #19 Shazam. Initial token distribution. On it's face it is a reflection of the actual transparency of the owners. Reading into variables and tying it back to the first concerns, makes it ripe to say "F me I was hacked, you're all broke".
Think of it this way: A truly decentralized coin has a plethora of stakeholders, thus critical mass in a hack is hard to obtain. That's not the case here. When one bag has a controlling share of coins, it can be hacked and cause the entire ecosystem to collapse.
re: GME (Gamecoin)
Posted by OhOhCrpto on 11/2/21 at 1:47 pm to TigerTatorTots
It's all moot. Even if under your scenario the coins should have been properly locked, it wouldn't stop them from cashing out. Liquidity pools are more often associated with stable coin products, not high volatility coins. Built in is the ability for developers to do what's called a "flash loan" whereby they can literally take the entire liquidity pool if they so choose.
re: GME (Gamecoin)
Posted by OhOhCrpto on 11/2/21 at 11:29 am to SundayLeger
Ahhh, so the two business owners just dug into their rich pockets and gave it away, along with the cool million to the American Cancer Society.
Two owners, one whom is a local jack of all trades guy who formerly had grass cutting/maintenance business, and the other owner works for a portable toilet company.
Wait, I thought they personally couldn't sell any of their tokens at all for two years? Where is this cash coming from that they are giving away and gifting to other coin holders?
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