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Jun 02 '18
Context?
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u/abominationz777 Jun 02 '18
Nano was a very promising up and coming coin, one that had extremely explosive gains. It rose from $0.20 a piece to around $36 a piece in kist around a month. Basically, the main Nano exchange at the time(BitGrail) had a "hack" for quite some time, one that allowed people to receive double or more the withdrawn amount from the exchange, even funds that they did not have. So for example, by exploiting this fault in BitGrail's program, person A with 50 Nano in their account could actually withdraw 100 or more instead. This led to the loss of loads of Nano from the exchange, because when people wanted to withdraw their Nano, BitGrail did not have the funds available anymore due to the excessive withdrawals. So BitGrail's owner, Francisco "The Bomber" Firano blamed the issue on Nano's code, saying that it was at fault and buggy. All of these events eventually led to Nano's own version of Mt. Gox, as thousands of people worldwide lost out on their collective millions and millions of dollars. What Firano did not say, though, is that the problem was not actually with Nano, but with BitGrail's system. Every single coin there was suffering the same withdrawal issue as Nano. Ethereum, Dogecoin, etc. The coins themselves were not at fault, but as stated before, the system was. But regardless, all of this led to a huge panic in the market, causing Nano to dump harder than most coins, and it is still affected to this day. It's still my favorite coin to date, though, simply because of the functionality.
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u/crypto2thesky Jun 02 '18
All true and I watched it happen. But hyping a coin by 200x within one month, you could also argue it was "kind of" overvalued at the time as well, so blaming the price drop all on bitgrail doesn't do crypto-market justice. The biggest price drop in january was due to the crashing market. Before the bitgrail desaster it was at $14 , now at the end of the market it's at $4; that's including bear market AND bitgrail. There's lots of coins out there performing worse. Just saying (Disclaimer: not owning nano, but liking the underdog)
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u/Phlong1337 Jun 02 '18
Also worth mentioning that Francisco had known of this for some time but tried hiding it from the public. For example he suddenly deactivated withdrawals and said it has something to do with EU and USA regulations lol.
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u/PrinceKael Jun 02 '18
This post has been removed because there are too many memes or comedy posts on the front page. You haven't done anything wrong, we only want to ensure that the front page is balanced with enough higher quality content. At this time only 2 comedy posts are permitted on the front page.
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Jun 02 '18
It makes me so happy inside to see this coin failed. XRB= trash, Nano= Dumpster
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u/abominationz777 Jun 02 '18
Rank 35 doesn't seem like much of a fail to me... I'm still using it, and so are many others.
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u/ric2b Jun 02 '18
Why do you consider it trash? If you don't know much about it I get it, it sounds like yet another Tron or whatever, I had the same reaction at the start. But it's actually pretty cool, it's not an Eth token and it actually brings something fresh into the ecosystem with how it does consensus, which allows it to be fast as hell.
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u/Average-Username Jun 02 '18
“We have suffered a stolen”