Bitcoin, Crypto currency, Blockchain

The 5 biggest Kryptofails

In the following article we want to introduce to you a TOP 5 of the largest Kryptofails.

Course #5: Walton chain is of no value

Trust is hard to built and slightly playful. This also had to learn the Walton chain-project at the beginning of the year is painful, as you have self-congratulated overshoot to Win your own Valenti tags raffle and in order your Coin directly 20% Negative sent.

This incident was for some the proof that it is not only the competition, but Walton chain itself was a fraud. Whether fraud or not, the action of a: it was definitely Embarrassing.

The official opinion of Walton chain: Someone from the Walton chain Team have won and forget to log out. In the future, be Team-members to prohibit on their own in sweepstakes.

This Statement, however, could not contain the gloating about the incident. Just because of the exuberant Smiley-use is raised since then, Walton chain with the incident.

Course #4: the user of the Ledger Nano-S a fool of myself

It is a very good decision for a Hardware Wallet, such as, for example, the Ledger Nano S, want to buy this but current is one of the safest ways to store his Coins.

Came confusion, it is, nevertheless, again and again, as a user, have not understood how to Wallets in the Ledger have risen to work. The Ledger Nano is used to create a Secure Design Element to the operations of the Wallets safe. This Secure Design Element, however, is produced only up to a maximum size of 1 MB. 1 MB is relatively fast, with the result that often only 4-5 Apps (interfaces for various Coinarten) fit on a Ledger.

This fact often leads to Aufregern. So the Reddit User MrPotatoeman, for example, wrote “Only 4 Apps on the Ledger Nano-S??!? What the f*ck is that supposed to bring? [..] I just got 100$ + shipping paid […] and he can only use 4 Apps? Can I have my money back“

Only 4 apps on the Ledger Nano-S??!? What the f*ck is the point? from Ledger wallet

However, anyone who has understood the function of a wallet, understands that it is not the App keeps the Coins, but the private Key itself. You should have the private Key, then you can uninstall at any time without the risk of Apps, and thus the space for other Apps without the Coins falling into the danger of being lost. Thus, one can manage with a Ledger Nano S effectively far more than 4 projects. Also, it’s happened before that people have bought several of the Ledger, because they had the courage not to uninstall your Apps again. A the matter deal can save real money. 😉

Course #3: Prodeum makes his Exit Scam

Why it makes sense for the head to turn on before you show invested in an ICO on the inimitable manner of the stylish Exit Scam of the ICOs Prodeum.

Prodeum promised to track the fruit and vegetables on the Blockchain. The advertising campaign for the ICO was primarily pictures of women, upload, what, have “written Prodeum” on the body. So what could possibly go wrong? But instead of unimaginable wealth by the force of radish Tracking behind Prodeum let investors only the following jewelry pieces:

How much money was stolen at the end of the day, this Scam really is not clear. It is clear, however, that every Euro is a Euro is too much. The Alleged fraudsters behind Prodeum reported later. According to Bloomberg, he asked for forgiveness and added that “anyway, all ICOs are scams (or are)”.

Ranked #2: destroyed Private Key

As a Bitcoin 2013 is still in its infancy, the technology magazine discovered the new Internet currency. You wrote an article in which they tried a Mining device. Because at that time, the Total hash rate was not as high, were mined in a very short time 13 Bitcoin. This 13 Bitcoin at the time, although at least 8.000$ value, but Wired decided at the time the private Key to destroy. In retrospect, it has turned out to be a very expensive sacrifice for journalism. At the Peak of the bull market in 2017, the Bitcoins were 260.000$ value. But no private Key – no possession. Therefore, these Bitcoins are probably pulled out of the traffic.

After all was not alone in her fate.

#1: novice programmers destroyed millions of

Every person has to learn a different way of programming. Some, for example, write “Happy World”, others read like books on programming.

Too boring for the Github User “Ghost”. This opened in November 2017 a new bug report for the smart contract-based Ethereum-multi-signature Wallet “Parity”. Short and concise, he noted

“I accidentally killed it.“

in English: “I finished the contract.”

The novice programmer was not aware of the consequences of his action. “I’m going to have to go to jail now? I am an Ethereum-a beginner… I just… I have kill() and destroy() to any addresses (for testing) sent“ he asked depressed to Slack.

The Kill () function of the Smart Contracts could actually be called only by the owner of the Smart Contracts, and was therefore not accessible for normal User. However, the owner was not initialized, and the beginners could thus even as the owner. A fatal Bug in the Parity Code.

The sequence of programming a beginner hits the gaping security hole that led to the Smart Contract has been completed and all Funds were secured by a Parity-Wallet (probably) forever frozen. It was at that time a value of $ 160 million.

For a long time Ethereum Fork was as the last measure in the conversation. After that, it does not appear, however, in the meantime. The money is frozen forever.

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