MyCrypto founder goes blasts FCoin exchange
In a heated monologue, founder and CEO of MyCrypto , an open-source interface for the blockchain that eases the process of storing, sending, and receiving cryptocurrency, Taylor Monahan blasted the new exchange FCoin for ravaging the Ethereum network.
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"
FCoin exchange, which is not recognized by CoinMarketCap supposedly saw over $17 Billion in trading volume over the last 24 hours. With Binance daily volume somewhere around $1.2 Billion this raised red flags immediately.
Founded by Zhang Jian, the former chief technology officer of Huobi, FCoin has a shiny new business model that effectively turns cryptocurrency trading into mining.
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"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!!! Cybil Attack!
The Sybil attack in computer security is an attack wherein a reputation system is subverted by forging identities in peer-to-peer networks. It is named after the subject of the book Sybil, a case study of a woman diagnosed with dissociative identity disorder. The name was suggested in or before 2002 by Brian Zill at Microsoft Research.The term pseudospoofing had previously been coined by L. Detweiler on the Cypherpunks mailing list and used in the literature on peer-to-peer systems for the same class of attacks prior to 2002, but this term did not gain as much influence as "Sybil attack".
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'...
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.
Looks like a lot of people are mad at FCoin, and it shows the vulnerability of the network.