Source
r/nanocurrency•
TurnTM

Lets clear some things up about the recent exchange issues

I've been reading an incredible amount of people blaming the devs for the recent exchange problems. People are spreading FUD and Kucoin putting out false statements isn't helping either. Let's remember Nanex, CoinFalcon, BrainBlocks, LuckyNano, the wallets and pretty much every other service is working absolutely fine.

Kucoin's statement "Due to bad XRB (NANO) network conditions we have decided to temporarily close all withdrawals and deposits for XRB." is 100% bullshit. I don't know of any other way to put it. It's bullshit. Nano is doing 1tx/s at the moment and exchanges like Nanex and CoinFalcon are working just fine. Kucoin is using the recent uncertainty to blame Nano and the Nano devs to make sure they themselves don't get any backlash. Beyond dirty if you ask me.

First of all, no, these issues are NOT due to the introduction of universal blocks. The introduction of state blocks is individual for every account which means Kucoin can just continue to use send/receive blocks for as long as they want, even if the funds were sent to the exchanges using state blocks.

People are far exaggerating the complexity of a Nano implementation on exchanges. If you have decent POW servers running and you distribute your funds over multiple accounts, there shouldn't be any issues. All the resources and documentation to do so are out there. The documentation is good and the devs are 24/7 available to exchanges for help and advice. Nanex which is run mainly by one developer, has a perfect Nano implementation while Kucoin with its fancy engineering team can't keep theirs running. It's not that hard to decide wether this is a Nano or a Kucoin problem.

People asking for communication from the devs, what do you expect? "Hey everyone, exchanges with their 'top notch' engineering teams shit the bed again even though we are available 24/7 for help and advice". If the devs had to reach out to every service that had problems to make a statement on their behalf, they would have no time for development. Nothing is wrong with the Nano network, so it's on the exchanges to put out statements on their issues, not on the Nano devs.

Lastly, Nano is an open-source project, not a business. Some people think that by buying Nano, they are somehow priviledged to shit on the Nano devs whenever exchanges shit the bed or when there is a lack of communcation/marketing. The Core team has made it very clear that they will prioritize completing some of the aspects on their roadmap before focusing on marketing and that's good thing. Nano is still a very young project and it getting a lot of attention the last few months doesn't magically increase the development speed. If you can't live with that, you've bought in too early. Your "crypto gains" will not become a priority over the development of one of the most disruptive crypto technologies out there. If you feel like it's not going fast enough, learn c++ and contribute. It's open-source ffs.

Posted Apr 14, 2018, 12:58 PM UTC · edited

5136
chrissyg1http://nanode.site/•

Agreed - people should be ranting on Kucoin's forums / chats / support and not here.

  • Wallets = Beta
  • Nodes = Still under heavy development

People complaining about PR need to understand that marketing an unfinished product is a complete waste of time and money.

People need to collect their shit and either be patient or sell up now, entitled whining is just sad- just let them get on with it and start actually helping them by reporting your node logs, bug reports and feedback on the wallets.

31
identiifiication•

as somebody who is simply perusing this sub, why is it that all exchanges have stopped withdrawal and deposits then? Why the hate on Kucoin when its all exchanges.

‘Due to a network issue related to syncing and bootstrapping, the Nano core team has temporarily requested exchanges halt transactions until the bug is resolved,’

https://www.reddit.com/r/nanocurrency/comments/8c7zxy/developer_update_temporary_closure_of_exchange/

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chrissyg1http://nanode.site/•

I don’t hate Kucoin - I’ve never even used them before - until yesterday it looked like it was just Kucoin and Binance that had a problem, now the devs have announced they are a looking into a network wide issue.

It still seems like Nanex and Coinfalcon are OK but that might just be because they have either less coin going through them or they have a more robust solution in place to handle the transactions (redundancy or better failover mechanisms).

We’re just waiting now for the devs to announce their findings and hopefully patch the problems

1
Bitcoinfriend•

this.

-1†
LekkerSpaceJuice•

"this" is lazy. I never understood why people do that.

5
Bitcoinfriend•

just a more agressive upvote basically

6
LekkerSpaceJuice•

I always thought it was some lazy millennial thing

-1†
JJ630•

This.

1
umnikos_bots•

That.

2
ebliever•

You make a lot of good points, but at the end of it all there is still the question: Why are Kucoin, Binance and other exchanges down? That at least is a fair question. If it was just one exchange that would be one thing, but the scope now deserves some acknowledgement to the community from the development team, IMHO.

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TurnTMOP•

That is indeed pretty weird, but it would make a lot more sense to ask this on Kucoin's and Binance's Twitter and subreddit instead of here. The Core team has offered their help but is not responsible and has no influence on what goes on with the exchanges. The Nano network is working just fine so it's really not up to the Core team to make a statement here.

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noxel•

You are making lots of assumptions. Devs need to just explain the issue

9
TurnTMOP•

Which assumptions? I've tried as much as possible to mainly state facts. Any assumptions are based off of looking at the code and other services. Also, the Nano devs can't make a statement of why exchanges are failing with their Nano implementation. It's not a Nano problem so why would they put out statements of issues that they have barely any influence in. It's on the exchanges to put out statements.

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b3no_coin•

Assumptions like: "Kucoin putting out false statements". Why would they do it? I don't think they care much about NANO, hell NANO is not even 2% of their volume. I don't see why they would want to mislead people and put themself in a tricky legal position. If they get tired of it they will just delist it.

You also mention: "Nanex, CoinFalcon, BrainBlocks, LuckyNano, the wallets and pretty much every other service is working absolutely fine." But who cares about them? Does anyone even use them? 99% of all transactions come and go from big exchanges and not from Nanex. Of course they don't have any issues if they get 1 transaction every 20 minutes. But others apparently can't handle 1 transaction/second, what is the main selling point of NANO (infinite scalability).

I totally understand that the devs can't make any statements while they have a lawsuit going on right now and probably we will not see any updates in the coming moths or even years. But just pointing fingers and saying that Kucoin and Binance are idiots that don't know how to setup a wallet, even they are the biggest exchanges in the world is pretty stupid and full of childish assumptions.

10
shernan1•

Totally agree, and yes this is also about the money and trust. Developers also get very well paid with his own profits if every single shit about nano works properly.

2
TurnTMOP•

Yes, but I base this assumption off of observations of the Nano code and other services and their Nano implementations.

The probable reasons for these troubles are that the exchanges are not having sufficient POW servers or are not making use of enough wallets to generate the POW for. As long as these are properly implemented, Nano should work just as fine as any other exchange. But exchange like to cheap out of these kind of things or use 1 big hot wallet which will slow down deposits/withdrawals tremendously.

Nanex has implemented this very well and that's why even if Nanex would get volumes like Kucoin, they would scale.

I welcome you to prove me wrong though. But please include probable explanations instead of "meh, nano devs should fix their shit".

0
b3no_coin•

Proof of you being wrong: https://www.reddit.com/r/nanocurrency/comments/8c7zxy/developer_update_temporary_closure_of_exchange/. Yes, it was a NANO issue. And yes, nano devs should fix their shit.

5
drumstick2121•

Can we agree that Nano suffers if the exchanges shut down deposits and withdrawals due to poor implementation on the exchanges?

If all exchanges are having issues, isn't it understandable if I am a little concerned as an investor?

Are you upset with the community for being concerned or are you upset with Kucoin for their statement?

Also, feedback is very important. Being able to accept constructive criticism and learn from your mistakes is arguably one of the most important qualities that determines success, both personal and professional. The best mentors in your career will tell you honestly when you've made a mistake. It stings, but you learn. You know what happens when we just agree and complement one another? Confirmation bias and ignorance.

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TurnTMOP•

Can we agree that Nano suffers if the exchanges shut down deposits and withdrawals due to poor implementation on the exchanges?

If all exchanges are having issues, isn't it understandable if I am a little concerned as an investor?

Ofcourse Nano suffers and ofcourse it's understandable that you're concerned. But that doesn't make it right to spread FUD and blame the Devs for this when they have delivered a working product. I know you in particular might not be doing that, but others have and it misconceptions spread very fast.

Are you upset with the community for being concerned or are you upset with Kucoin for their statement?

I'm upset with Kucoin because of there false statement and the way they use the current uncertainty to get out of a tricky position. I'm also upset that people believe these kind of statements without doing any research and just jump on the Core Dev hate train.

Also, feedback is very important. Being able to accept constructive criticism and learn from your mistakes is arguably one of the most important qualities that determines success, both personal and professional. The best mentors in your career will tell you honestly when you've made a mistake. It stings, but you learn. You know what happens when we just agree and complement one another? Confirmation bias and ignorance.

Couldn't agree more, but don't you think this part of your comment should be directed towards Kucoin and Binance instead of the Nano devs? It's Kucoin's and Baninance's implementation that is failing, not the project the Nano devs are working on: the Nano network.

1
drumstick2121•

https://www.reddit.com/r/nanocurrency/comments/8c7zxy/developer_update_temporary_closure_of_exchange/?utm_source=reddit-android

From the devs themselves. Problem with the network.

Edit: seriously... How is this downvoted? This isn't FUD... This is just linking to a Dev post...

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[deleted]•

[deleted]

1
Jhat3k1•

Yes, let's..... Oh, wait.... You're not one of the devs, so you don't know what the hell You're talking about.

5
TurnTMOP•

I can look at the code and I can look at the state of the Network. In this case, that's all that's needed to see what's going on.

2†
africanjesus•

I guess you need to look at code better.

https://www.reddit.com/r/nanocurrency/comments/8c7zxy/developer_update_temporary_closure_of_exchange/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=nanocurrency

3
africanjesus•

People need to relax. Also its a double edge sword when it comes to talking about exchanges for the NANO team. On one side they need to help exchanges implement NANO so it can get more adoption but on the other hand when there is an issue (whether a exchange issue or network issue), they can get blamed for it.

People need to remember that the NANO team can help with implementing NANO and any issues exchanges have but at the end of the day, the exchange is responsible for how they actually implement it.

2
L0di-D0di•

Kucoin is using the recent uncertainty to blame Nano and the Nano devs to make sure they themselves don't get any backlash. Beyond dirty if you ask me.

How come every time there is an issue with Nano, we have to blame the exchanges? What other coin constantly has to seek out exchanges to blame for such issues?

If this affected 1 or 2 exchanges, then fine... maybe it's just a coincidence and we could shift the blame.. But 3, 4 , 5+ exchanges etc? At some point, the finger will have to be pointed elsewhere.

2
dayman713•

IDK, I love Nano but when it's either a Nano issue or incompetence by every single exchange (save for Nanex), when the other coins work fine, it's tough to not blame Nano as being buggy. Also, Nanex has issues sometimes also. It'll get worked out, it always does. Then, at some point, it'll break again probably. :(

2
Test12_•

If the devs had to reach out to every service that had problems to make a statement on their behalf, they would have no time for development.

Even if they are admittingly busy, they don't have to deal with PR issues at all. That's why there are three community managers listed in the sidebar to your right. Not one, but three. All three of them with zero activity. Now guess what a community manager's role is. Really fires up your nodes, doesn't it?

1
TurnTMOP•

But why would Nano devs need to comment on the terrible implementation on exchanges? Don't you think it's on the exchanges to put out statements about THEIR issues?

1
Test12_•

They didn't comment anything at all (until posting this comment they did now). That's what makes it so suspicious. Especially when KuCoins said: "Due to bad XRB (NANO) network conditions we have decided to temporarily close all withdrawals and deposits for XRB.". Unless every single person on both parties is lying or obfuscacting the truth. But there's even more: opening the desktop wallet today and it's unsynced; transactions had scrolled back to weeks ago. The more I wait (this is the only response you'll ever get on this sub) the more I have the feeling that I'm getting royally screwed here. Also, if and when Binance deposits will eventually open up again, expect the biggest dump you have ever seen since Bitconnect, since no exchange with significant volume right now is allowing deposits, so they can't send their coins to sell yet. People will call me a FUD nonetheless.

4
Eman_Elddim_Tsal•

probably right about the dump... that isn't FUD. That is just the way markets work. People will sell based on their own FUD and It's a great chance to pick up more by people who understand that there will be hiccups and don't panic.

1
iguy22•

Blindly accepting nothing could possibly be wrong with the code is bullshit. Yeah it may or may not be true, but to put your blinders up and ignore ALL detrimental events is idiotic.

Maybe the other exchanges don't have issues YET. Or their volumes is not high enough to run into issues. We just don't know. But to immediately call all detrimental events "FUD" is quite pathetic.

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Eman_Elddim_Tsal•

What false statement did KuKoin put out, sorry I'm out of the loop a bit because I have not paid a single moment of attention to FUD.

Edit: Okay I see now they said it was bad network conditions which implies a lot and doesn't offer clarity. Not really a FALSE statement though. Could have been put with more detail "Devs are working on a syncing issue with master nodes" or something.

1
saeedgnu•

Devs have the lowest wall!

"Let's blame the nerds!" is not just in companies anymore, now also in crypto world.

1
brokemac•

Lastly, Nano is an open-source project, not a business.

How is this open source project not a business? They have employees, they have a budget, they have investors...it kind of seems like a business.

0