Exchanges Halt Transactions for GRC while Mandatory Update roles out
Mandatory Releases
As many of you that run Gridcoin wallets have noticed, or hopefully will see now, there was a mandatory update rolled out on the 22nd of August. Since then there has been another Mandatory Update Released. We are now at the latest mandatory release of 3.6.0.2.
You can find a Release note and the source code on the Gridcoin GitHub Repository.
Exchanges halting during this process
An update for exchanges requires at least two weeks’ notice. On August 21st, the day before the new Mandatory was released, all exchanges and services were notified of this. During the process of updating the wallets and rolling out the new mandatory version, most exchanges have halted their wallets.
We’ve had confirmations of the following exchanges or services:
- Cointopay
- C-CEX
- Coinpayments
- Cryptogames
- OpenLedger
- HolyTransactions
Notified exchanges or services without confirmation responses
- Bittrex
- Poloniex
- Coinomi
- Eobot
Block 1010001 – On 1st of September
At block 1010001 the Gridcoin wallets will require the latest mandatory version. On this date, all exchanges and services can guarantee that there is no old client on the network and start their transaction wallets once again.
If the production of blocks continues at the current rate of 900 blocks per day, we can expect this to occur on 1st of September around 2-4 PM UTC.
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So, exchanges have halted deposits and withdrawals now and won't reestablish them until block 1010001. Is that correct or I have misunderstood something?
That is correct. Due to the severity of the issue arose before the mandatory was released exchanges where contacted and recommended to halt all transactions until the new mandatory has taken affect.
@Techish, see @erkan's post on Polo: https://steemit.com/gridcoin/@erkan/poloniex-has-disabled-deposits-and-withdrawals-for-grc
Thanks for the aclaration.
neither Poloniex nor Bittrex halted deposit and withdrawals, I just initiated a transfer from Polo to Bittrex and explore is not showing my address and then I saw this post. What is gonna happen with my funds ?
Good explanation ! Thanks alot for the info more knowledge is always helpful ;)
Poloniex + bittrex have like >99% of the GRC trading volume
When those both exchanges halt, then I assume all others who did not halt so far, will follow their example
There are more services than trading, and this post is about notifying all of you who use Gridcoin for whatever you may use it for.
I find it most concerning however, that the two biggest exchanges are so ignorant that they don't even respond to either Tweets, Support tickets or e-mail regarding the updates. The halting of transactions was recommended due to the few issues the old client had, that is now fixed in the new.
A response from the exchange is positive, and halting means they are ready for the update or has already done it and are just waiting for the mandatory confirmation block.
A massive outcry was made when security researchers did contact the gridcoin community last fall, where a response was left out due to it was sent just to Rob, who missed the whole thing.
Now we are talking exchanges that are holding massive amounts of peoples money, and you say it's a good thing that they aren't shutting down?
If they are so ignorant and that they miss the window in 5 days (they already had 6 days prior!) time, their trading will be halted no matter what since their wallets will be outside of the main chain. WHICH IS A BAD THING.
So no, this is not good.
me too
where did I say that ?
I took your following as you found it as a good thing, maybe I misunderstood it.
It's good that you also find it concerning.
You two seem in full agreement in this entire post tree. =P
Great post!
Also, voted for you as witness.
Thanks for posting!
Thanks for the vote in confidence
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I feel like we should try and support C-CEX more. They were the first to adopt and are again demonstrating to be on point with updates, while we are waiting on the bigger ones like Polo and Bittrex.
I tried to use C-CEX for a while (like a couple months): it's a catch-22: the volume is just so low it's difficult. I really do like their USD-GRC exchange though.
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