TDLR Summary:
- There is an bug in SmartCash 1.1 code that has not been fixed for over 3 months
- Someone is actively exploiting the bug to steal hundreds of thousands to millions of SmartCash from mining rewards.
- SmartCash moderators censor and ban members that speak of the exploit.
- SmartCash community members do not have power to vote on SmartCash development. They can only vote on proposals.
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SmartCash Warning: Censorship - Centralization - Lack of Transparency - Community can not vote on code changes
5 months ago I posted here on Steemit, an article titled: "All humans should be excited for SmartCash!"
Due to my own recent investigation into SmartCash, though, I feel responsible to share my findings and warn potential investors about SmartCash.
Janurary 10th 2018: Release of SmartNodes
Feburary 1st 2018: Members of Reddit & Discord are banned after reporting SmartNode payout issues.
There is currently a bug in the SmartNode code that someone is actively exploiting to receive hundreds of thousands to millions of SmartCash coins. They are using these coins to set up more SmartNodes and receive exponentially more SmartNode payouts. This is causing a single person/group to own more SmartNodes & SmartCash coins than anyone else.
The SmartCash team is aware of this exploit but has not made a formal announcement. Many investors are finding out about this issue AFTER they buy their 10,000 SmartCash coins. These investors are rightfully angered that this information is not easily found without combing through SmartCash's social media pages.
The community began to report this manipulation on Reddit & Discord 2 months ago. These members were banned from Reddit and Discord and called names by the moderators. I myself posted on Reddit with my findings and was also banned from Reddit and called a "sock puppet" by moderators:
Visit: https://snew.github.io/r/smartcash to see posts that were deleted from reddit.com/r/smartcash (Deleted posts are highlighted in red)
Most of the deleted post relate to the SmartNode bug exploit. See some of these posts below:
~~~ embed:smartcash/comments/7zi200/scam_manipulated_mn_payments_blackouts_and_bans/ reddit metadata:fHNtYXJ0Y2FzaHxodHRwczovL3d3dy5yZWRkaXQuY29tL3Ivc21hcnRjYXNoL2NvbW1lbnRzLzd6aTIwMC9zY2FtX21hbmlwdWxhdGVkX21uX3BheW1lbnRzX2JsYWNrb3V0c19hbmRfYmFucy98 ~~~
~~~ embed:smartcash/comments/81fgso/node_payments_are_still_broken_after_the_update/ reddit metadata:fHNtYXJ0Y2FzaHxodHRwczovL3d3dy5yZWRkaXQuY29tL3Ivc21hcnRjYXNoL2NvbW1lbnRzLzgxZmdzby9ub2RlX3BheW1lbnRzX2FyZV9zdGlsbF9icm9rZW5fYWZ0ZXJfdGhlX3VwZGF0ZS98 ~~~
~~~ embed:smartcash/comments/82ku92/potential_smartcash_investor_concerned_about/ reddit metadata:fHNtYXJ0Y2FzaHxodHRwczovL3d3dy5yZWRkaXQuY29tL3Ivc21hcnRjYXNoL2NvbW1lbnRzLzgya3U5Mi9wb3RlbnRpYWxfc21hcnRjYXNoX2ludmVzdG9yX2NvbmNlcm5lZF9hYm91dC98 ~~~
SmartCash investors/holders are unable to vote on code changes.
SmartCash gives the impression that this coin is a community coin where the holders decide on the future of the coin. However, holders do not have the ability to vote on code changes or submit proposals for code changes. This was evident when SmartCash permanently disabled the zerocoin protocol without taking a vote from the community.
To confirm this, I asked some members of the SmartCash team and they confirmed this fact.
Why you should be cautious about investing in SmartCash
- Unpatched bugs in SmartNode code are resulting in centralization. This causes honest holders to receive less SmartRewards, less SmartNode payments and have less voting power for proposals.
- Censorship, banning, unprofessionalism and lack of transparency from SmartCash team
- Holders are not allowed to submit code change proposals or vote on direction of the code
This article was posted to give potential investors an honest look at the current issues facing SmartCash that can not easily be found on SmartCash.cc website or their other social media outlets. Thanks for checking out my article, safe investing!!
Smartcash is a shitcoin knock off of pivx. Don’t waste your time
I've sold 90% of my SmartCash holdings. Honestly would like to see this coin succeed but the leadership of the coin has me now worried.
Been in smart from sub 1 penny. Sold all of it when it hit $1 and never looked back.
What people don’t realize is that pivx has a very difficult code to fork. And it. It careful you will get rekt
I'm in love with PivX especially since they added zerocoin. I'm looking forward to the successful implementation of fulltime zerocoin.
Thanks for your feedback on the matter. Oh and congrats on your awesome trade with SmartCash!
SmartCash has nothing to do with PIVX and if something is a knock off than PIVX from ZCOIN bc they were the first that implemented this ZEROCOIN crap.
😂😂😂 you do realize smart cash is a direct fork of pivx. The main dev use to work for pivx as well. So please before making yourself look any more stupid just sit down.
Also you do realize that Zcoin implemented the Zerocoin protocol into their coin.
Zerocoin was not invented by Zcoin instead they are a team that have been making the most advancements to the protocol. So no pivx did not knock of it Zcoin they just used the same open source code.
Smart Cash is similar to Dash. Master Nodes can revoke Developers salary if enough holders voted to. Since proposals are control by the Smart Cash holders when they vote.
Cheers for investigating this...i had no idea as I don't have a node...very dodgy
Thank you for your comment I am glad someone is finding this information useful.
Oh wow
This is a very serious issue I knew nothing about. Thanks for the heads up @toon!!
We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!