Being Smart with SMART: The Difficulty Monster
You may recall I started off by describing why Large Auto-switching Mining Pools (LAMPs) are not smart. Well... SmartCash is a prime example of how LAMPs can destabilize a coin's network.
Not only is the difficulty way too damned high, but the crazy spikes and dips (some of which are off to the left of the graph) centralize large portions of the coin into a very small number of hands. Sure, a LAMP may rent you hash power on a specific coin... But with SmartCash, you are going to get less SMART with your rented hash power than you would spend buying it on an exchange. Mostly because one LAMP in particular--who coincidentally was recently suspiciously hacked for what $78,000,000 worth of BTC recently--has pointed 5x the amount of hash power that previously existed at the network on the coin.
Today, a DDoS attack has been launched against SmartCash... The official mining pools are down. The block explorer is down. The dev team is working on hardening the network and improving DDoS protection. Sucks to have to be reactive rather than proactive there but it is what it is... Crypto is the wild-west after-all.
I am not going to ever find out who is behind this DDoS attack and the recent coin-stealing hack using an old Zerocoin exploit that caused an unplanned hard-fork. I am also not ever going to find out who hacked Niceha--I mean that un-named LAMP--or if it's the same hacker or if it's emanating from inside this LAMP and their $78M hack was an inside job.
So being smart with SMART? Maybe let things settle before you trade a lot or try mine a lot while difficulty is sky high or start setting up a node. View the recent price settling as a very good thing, returning a sane and stable price to the coin. Wait for Cryptopia to fix their stuff and open and stop hounding them. Hodl, then hodl some more.
And who doesn't love a meme that's way past its prime?
It means that SmartCash hater is desperate seeing the coin mooning... this is a good sign, atleast at its very young age all hole get patch. Makes it more strong and reliable.
i agree, though I'm not certain of anything right now... with exchanges being down / not able to handle desposits or withdrawals / inconsistent prices between different pairs and exchanges who knows what the price really is.
Personally I see the strength of the opposition against #smartcash as a clear indication we are on to a winners. Projects that pose no threat will not face any opposition or covet resistance. I will not let opposition deter me. I will take advantage of the situation to increase my position as others sell at what they presume to be 'all time high'
DDoS attack? maybe. However, I think bitconnect used the DDoS attack excuse, to buy a few days of time to sort their investments before BCC crashed almost 90%
someone in the smartcash discord made a good point though, only 5% of the SMART block reward goes to miners. 10% is split between masternode operators and 15% goes to smartrewards, 70% to the community fund which is governed by a blockchain based voting system and hive teams which run the coin. it really is a great concept.
@smartbot tip @mindminer 10
Σ$$$ Tipped @mindminer
Σ10 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.721 USDperSMART. Current value of the tip is$7.21 USD. To find out more about SmartCash, please visit https://smartcash.cc.