It's the reason I've never Vested particularly heavy in any one Hive-Engine token, demonstrated by an intentional attack by an account called @shagroedd...
That account managed to render Hive-Engine to a virtual halt by spamming masses of txs into a small amount of blocks....
Then the fix....
This basically involved sufficient witnesses getting together and running code in tandem to remove the bad transactions.
NB note how swift and easy this was, relatively speaking, within two days HE is back up and running again with those bad txs removed and a limit to the number of txs per block to prevent this happening again in the future.
The Pros...
I mean I've had a great time on Hive-Engine over the years, it's been profitable, it still is in some of those pools with nice percentage gains.
And it's nice to stack a few side-chain coins, and support new projects that intend to be more than just side-chains.
Basically Hive-Engine is a fun side of Hive!
The cons...
I mean need I spell it out.... if a dozen people (or thereabouts) can get together and cease a bunch of transactions within two days, that's how secure your HE funds are, right there.
They are as secure as what those dozen people think.
Or actually it's worse, I mean seriously, how many people could 'fork' Hive-Engine if the two or three (if that) people who really know how it works decided to just quit the whole thing altogether?
HE may give you the impression it's decentralised with hundreds of shit coins springing up all the time out of nowhere, but that's an illusion....
Just a few techies that know how it works choosing to stop it, for whatever reason, can bring the whole thing to its knees.
I mean that's any blockchain, although apparently I may be being kind to call HE a blockchain, it's more a load of spreadsheets I'm told, but whatever, they are only as secure as the main miners/ witnesses whatever they are called, but with HE, that's a precious few people, it's close enough with HIVE, with HE, even closer!
In short, there's no security in decentralisation.
Final thoughts...
It's why I never go too hard on HE tokens!
Could also explain why LEO is dumping so hard, people are finally realising what an extreme risk that is!
Having said that I'm trusting enough of the system for now, for now!
Posted Using INLEO
A dozen genuinely independent witnesses is better than the vast majority of blockchains out there.
"Temporarily halting" spam transactions is not the same as taking funds or adjusting account balances. Neither technically and certainly in getting all the witnesses to agree.
Hive is also controlled by 20 witnesses and if all got together to steal funds they could do so as Justin Sun managed with his attack.
But this is extremely unlikely because it would destroy the value of the HIVE token in which the witnesses are heavily invested.
Only BTC is truely secure for very large amounts of value, but HIVE and Hive Engine are plenty secure enough for the values they handle and much more.
Yes fair points all round - this applies to any chain where a handful of actors control the stake! And granted about self interest keeping people honest!
I had invested a good chunk of money into Steem engine. Creating Lago Coin, with creating a social media specific to visitors of my hotel and lake Atitlan.
It was my onboarding plan to give hotel discounts by signing up to steem.
Like a classic butt, I was doing this just pre Covid and the hardfork of hive.
Gut punch.
So I was butt hurt and could never bring myself to even play on hive engine.
lol, live and learn.
Learn and get hacked.
Perfect circle
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Ouch that is bad timing! I guess that's more Covid though- you cld have transferred over to HE!
Yeah, I don’t blame Steem engine or hive engine.
Didn’t change the bad taste in my mouth though.
That time period around Covid was such a spiral. My conclusion for many things during that time was that fighting/trying didn’t get anywhere. Disengagement was the only thing that gave any sense of control
Sometimes you just need some downtime!
Just wondering, isn't the same for Hive , instead of Dozen there will be 2 and a half dozen people.
With token on multiple chain, I expect it to be more utility and more price. Not investigating its dump but I guess it was sold heavily in geyser pool.
The same is probably true of Hive - it's quite centralised! There's plenty other reasons people cld be dumping Leo too.
Is H-E decentralised? I've always assumed it wasn't and any tokens created on there certainly aren't. SPI and EDSI holders took a healthy interest in this, as you might imagine. Here's the full SP.
Good explanation on that article - right attitude to those tokens methinks! Foogazi!
It is a big risk I think - but accessible - you just have to way that up!
Not good that is for sure !GIFU
Defo not safe!
HE does seem to have some vulnerabilities and it was not too hard for someone to mess it up. That has knock-on effects as I know some games were affected. I don't have a massive amount in there, but I get some nice gains from it. I would hope that it will keep evolving to be more robust. In this case it did not take too long to recover, but there are glitches fairly often.
I've probably got way too much in there!
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@stickupboys wants to share GiFu with you! so I just sent 20.0 SWAP.GIFU@revisesociology! to your account on behalf of @stickupboys.