BitShares Forum

Main => General Discussion => Topic started by: futurist on February 10, 2015, 05:02:41 pm

Title: MyCoin and other fraudcoins?
Post by: futurist on February 10, 2015, 05:02:41 pm

The news today is that MyCoin supposedly went under and that funds were "lost."  I'm not familiar with it and still trying to understand several facets of the blockchain, but was this problem attributed to an exchange? Like Mt. Gox? Or was this a client-based problem? Decentralization helps prevent fraud, but how does the Bitshares model compare? What methods are utilized now that prevent this scenario from happening? Thanks. Also, I understand that all of these new developments have risk, but I am interested in learning more about what is being done to curb that.

Title: Re: MyCoin and other fraudcoins?
Post by: btswildpig on February 10, 2015, 05:05:01 pm

mycoin is a centralized scam . The owner keeps all the money .

Bitshares is a decentralized solution . Your funds in the system are pegged to the fiat price they pegged to and no one can touch it without private key .