0/ Why the Network is So Clogged: A Thread
(warning: strong language and anger-inducing behavior inside) 😠
(warning: strong language and anger-inducing behavior inside) 😠
1/ As we've been looking into the recent network congestion / high gas prices, one of the more interesting things to come to light involves a random exchange (whom we will not name as this is likely part of their "PR strategy")
2/ This exchange apparently has come up with a mind-numbingly despicable voting mechanism that, quite literally, incentivizes Sybil attacks. 🤯
en.wikipedia.org/wiki/Sybil_att…
en.wikipedia.org/wiki/Sybil_att…
3/ Basically, they want their users to "vote" for tokens to be listed. Instead of a traditional voting mechanism (like, I dunno, a fucking poll on their fucking exchange?!) they have decided to vote via "cumulative deposit number ranking"
4/ Yup....you heard that right. 🤦♀️
Not one vote via poll = one vote.
Not one person = one vote.
Not one token = one vote.
One deposit = one vote.
You'll never believe what happens next!!!1!
Not one vote via poll = one vote.
Not one person = one vote.
Not one token = one vote.
One deposit = one vote.
You'll never believe what happens next!!!1!
5/ Unsurprisingly, people who are financially incentivized to get a shit-token listed on a shit-exchange are sending these tokens en masse to separate accounts on the blockchain and then to separate accounts on the 'exchange-who-must-not-be-named'...
6/ …and thus resulting partially (or entirely?) in the network congestion & high transaction fees that we've experienced these past few days. 😱
But wait! There's more!
But wait! There's more!
7/ One of the tokens that was listed is not a legitimate token. I don't mean that it's a shit-token (that's expected).
The token is literally a scam-token capitalizing on the symbol of a real, highly-anticipated token that recently ICO'd but hasn't distributed yet.
The token is literally a scam-token capitalizing on the symbol of a real, highly-anticipated token that recently ICO'd but hasn't distributed yet.
8/ In summation:
Fuck exchanges, projects, or tokens that incentivize bad behavior, like Sybil attacks. Do not fall for their shit. 😡
Instead, reward those who are building remarkable tools & communities responsibly. 💖
Fuck exchanges, projects, or tokens that incentivize bad behavior, like Sybil attacks. Do not fall for their shit. 😡
Instead, reward those who are building remarkable tools & communities responsibly. 💖
PS: We apologize if any of the above is inaccurate or incomplete. The distributed communication channels & languages make things quite convoluted and research difficult. If you know more than us, share with us!
Thanks for reading. 💙
/ END RANT
Thanks for reading. 💙
/ END RANT
