Call to action on Gamecredits to prevent coin split
Posted: Thu Mar 15, 2018 10:14 am
This post is a call to action about impending significant negative effects on the Gamecredits network.
There have been times where Prohashing has been responsible for mining up to 25% of Gamecredits blocks. Until now, we had a lot of faith in Gamecredits as one of the most stable, useful, and reliable scrypt coins. We withdrew all hashrate and stopped allowing customers to earn Gamecredits yesterday and do not plan to re-enable them until this situation is resolved, if it ever is. Since other pools have or are likely to withdraw hashrate from Gamecredits as well, the network is at risk for what happened to Yocoin and Bitconnectcoin, where blocks started getting reversed from huge surges of hashrate and those networks became unusable. The Gamecredits project is in jeopardy of imminent attack and few people seem to recognize this fact.
But even if the network is not attacked, we lost $50,000 in this debacle already, and there are tens of support tickets coming in every day from customers demanding their money. The tickets range from "why has the money not shown up in my exchange" (usually it's because the wallet is "locked") to "my online wallet service doesn't show the balance you paid me" to "I changed my payout address and the coins don't show up in this new wallet." Within the next few days, we are going to have to answer to these customers.
Given that no blocks have occurred since 1:40am (https://prohashing.com/explorer/GameCredit/), it appears to me that this fork has failed, and that is not acceptable to us. The developers submitted a support ticket to us and asked us to upgrade, and we did so upon their advice, expecting them to support this new fork. In my opinion, given how long it has been since the last block, the developers have not done enough work to keep this promise.
Should the developers allow any exchanges to select the old fork, our solution will have to be to provide payouts in both Gamecredits and in "Gamecredits Improved," to pay exchanges to get the new fork listed in addition to the old fork, and to mine both. If Gamecredits Improved can achieve 20% of Gamecredits' value, then we can at least recover $10000 of our own revenue and much more of customers' revenue. In my opinion, this is not a desirable outcome to this situation, but we don't have a choice because we owe customers money on the new blockchain.
I implore the Gamecredits developers to take strong action to get this fork resolved immediately. You started this process and need to follow through to finish it. Work with wallet providers to determine the chain you want them to use. Get exchanges to unlock their wallets. Start an advertising campaign notifying people to download the right client. Take action right now, as a coin split is not in the best interest of anyone.
There have been times where Prohashing has been responsible for mining up to 25% of Gamecredits blocks. Until now, we had a lot of faith in Gamecredits as one of the most stable, useful, and reliable scrypt coins. We withdrew all hashrate and stopped allowing customers to earn Gamecredits yesterday and do not plan to re-enable them until this situation is resolved, if it ever is. Since other pools have or are likely to withdraw hashrate from Gamecredits as well, the network is at risk for what happened to Yocoin and Bitconnectcoin, where blocks started getting reversed from huge surges of hashrate and those networks became unusable. The Gamecredits project is in jeopardy of imminent attack and few people seem to recognize this fact.
But even if the network is not attacked, we lost $50,000 in this debacle already, and there are tens of support tickets coming in every day from customers demanding their money. The tickets range from "why has the money not shown up in my exchange" (usually it's because the wallet is "locked") to "my online wallet service doesn't show the balance you paid me" to "I changed my payout address and the coins don't show up in this new wallet." Within the next few days, we are going to have to answer to these customers.
Given that no blocks have occurred since 1:40am (https://prohashing.com/explorer/GameCredit/), it appears to me that this fork has failed, and that is not acceptable to us. The developers submitted a support ticket to us and asked us to upgrade, and we did so upon their advice, expecting them to support this new fork. In my opinion, given how long it has been since the last block, the developers have not done enough work to keep this promise.
Should the developers allow any exchanges to select the old fork, our solution will have to be to provide payouts in both Gamecredits and in "Gamecredits Improved," to pay exchanges to get the new fork listed in addition to the old fork, and to mine both. If Gamecredits Improved can achieve 20% of Gamecredits' value, then we can at least recover $10000 of our own revenue and much more of customers' revenue. In my opinion, this is not a desirable outcome to this situation, but we don't have a choice because we owe customers money on the new blockchain.
I implore the Gamecredits developers to take strong action to get this fork resolved immediately. You started this process and need to follow through to finish it. Work with wallet providers to determine the chain you want them to use. Get exchanges to unlock their wallets. Start an advertising campaign notifying people to download the right client. Take action right now, as a coin split is not in the best interest of anyone.
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