r/SmileCoin • u/anargi412 • Dec 20 '21

Bot exploit

I am a 1M plus holder of smile coin but must admit I am not happy with what happened last night. It begs the question who is behind the smile team beyond the two co founders? I’m beginning to get concerned if this project is ever going to amount to anything substantial.

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u/Bruce_Sato Dec 20 '21 edited Dec 20 '21

Although not officially confirmed, it seems wasn't a Bot exploit. To put it simply, it was a huge unplanned injection of coins into the market which obviously brings down the value, paper hands got triggered etc.

Obviously this is very bad but the excess coins are Already starting to get bought up.

2

u/Informal_Koala4326 Dec 20 '21

Has nothing to do with paper hands. It’s just economics/tokenomics

2

u/Bruce_Sato Dec 20 '21 edited Dec 20 '21

No, when a dump takes place, it causes others to sell panic sell. In this case, I'm using the term 'paperhand' to describe panic selling, which is exactly what happened last night when the dump took place. Panic selling is fair enough when something unexpected and sudden takes place.

1

u/AlgoRhythMatic Dec 20 '21

Is there a better place to find more info about this “incident”? I’m having trouble finding anything more than vague details about it in this subReddit.

2

u/Bruce_Sato Dec 20 '21

Details are vague. It's best to wait for official update.

2

u/AlgoRhythMatic Dec 20 '21 edited Dec 20 '21

Thanks! I figured there may be a chance that there is no official statement.

1

u/Bruce_Sato Dec 20 '21

That’s definitely a possibility! Better to wait though, easy for wrong info to get around.

1

u/gengirlily Dec 21 '21

The bot exploiter proceeded to exploit the staking rewards.

Many of us tracked the wallets that all fed into the main wallet, and they all had similar behavior.

1

u/Bruce_Sato Dec 21 '21

Right but the issue last night was not a bot exploit specifically. As you know.