TokenCard ICO Bug: End of the Road for TokenCard? | Hacked: Hacking Finance
Hacked: Hacking Finance

Cybersecurity

TokenCard ICO Bug: End of the Road for TokenCard?

Posted on .

TokenCard ICO Bug: End of the Road for TokenCard?

Introduction

This article was posted on Sunday, 12:43, UTC.

A Hacked member writes:

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Love your service. I was wondering what you thought of the tokencard bug and if you think it will negatively affect the project and it’s token value?

We at Hacked did not previously cover the TokenCard ICO. Looking into it, we have less-than-positive news to report. The TokenCard team seems to be taking the issue of mis-distributed funds lightly, have frozen transactions until they have a resolution, and overall seem to think that downplaying the issue is the best way forward. This is not true at all. For, it was only very recently that Bitcoin Unlimited enjoyed rather large support. Then, a bug in their code gave competing implementations and detractors the opportunity to declare the Bitcoin Unlimited team as incompetent.

TokenCard is only the latest entrant into the world of debit card + cryptocurrency. Already experiencing problems will certainly have an effect on the value of the token. Moreover, the failure to properly address user concerns is a monumental case of operator error on the part of Monolith Studios. Let’s look at what they had to say in their blog post on the subject:

All is fine. We are indeed fully aware of the bug that has occurred and there are indeed a number of solutions. Though it is not a large issue, we are taking this very seriously.

The TKN Creation Event pushed the boundaries of Ethereum crowdsales and with that we deemed it appropriate to explore these possibilities with adequate safety measures put in place. We were prepared for these kinds of possibilities; transfers are frozen until we are satisfied with the results. I want to thank the quality work done by Peter Vessenes and Dennis Peterson (New Alchemy) to be able to mitigate issues like this.

Translation: we’re not worried about this and neither should you be, despite the seriousness of not delivering on our stated promise of how coins would be distributed. Look at how great we are, and how unique. Don’t lose faith, oh no, don’t lose faith. We are awesome!

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Lacking serious novelty – virtually any bank in the world could launch a competing product and fund it without an ICO – would have been enough reason to earn this a low rating as an ICO from the author. But now seeing that they couldn’t even launch properly but still managed to raise $12 million brings great concern for the ultimate fate of that $12 million. Other teams out there who were not even previously considering a debit card play may soon consider it. Anyone who is considering getting one of these Ethereum-based debit cards will surely not have brand loyalty to TokenCard, as well. Perhaps they’ll be considering Uquid, or some other option soon to come.

Mistakes can be forgiven, but accountability and responsibility are the watch word with these things. Will those who invested in the TKN token get their money back from the investment? Maybe. Can this mistake be considered malfeasance? Not necessarily, but certainly the team’s Hollywood-sex-scandal type response to the thing is a major red flag.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

P. H. Madore

P. H. Madore

http://phm.link

P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and is currently nearing the completion of a cryptocurrency exchange in concert with the firm he primarily works for, Vermont Secure Computing Consultancy.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
Weekly Recap Asset Current Value Weekly Change S&P 500 2398…