When the new wallet is released... What is the risk of someone using the old wallet. Will the old wallet stop working?
The risk is that the original developer may try to transfer his premined coins to another address, which will result in a fork. Those then with the new wallet are protected as their network/blockchain will not accept any transactions of those coins, but those with the old wallet may accept the other fork of the blockchain. Basically the same risk that exists with all forks for all coins. If that happens, they will need to take their wallet.dat, upgrade to the new wallet, and redownload the blockchain (it's not the end of the world, just an inconvinience).In 2 months, when we decrease the PoS rate from 100% to 80%, the old wallets will continue at their 100% staking, so there will be a mandatory fork then, and the old wallets will become totally incapable of being on the right network. pretty big risk. we already know these fucktards dont like risk and loss. how they gonna deal with this disaster when it happens. plus we really dont trust the fucking asiacoin scam dev do we? what if he just read this and plans on doing this? deadcoin/shitcoin/scamcoin/zombiecoin this is the first four in one shitcoin in the history of alts. all these guys are laughingstocks after this one. Please read the rest. Your question is answered in the text you quoted. It's not a big risk, just that it forces people who haven't upgraded, to upgrade to the new wallet and redownload the blockchain. Inconvenience, not a disaster. |
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Nothing is lost so there's no need to recover. Only update to the wallet version 2.0 when we release it  Looking forward to the relaunch. About when will the updated wallet be available for download? They are ready (ahead of plan), we are waiting for exchanges to upgrade to the new wallet before we release them. |
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When the new wallet is released... What is the risk of someone using the old wallet. Will the old wallet stop working?
The risk is that the original developer may try to transfer his premined coins to another address, which will result in a fork. Those then with the new wallet are protected as their network/blockchain will not accept any transactions of those coins, but those with the old wallet may accept the other fork of the blockchain. Basically the same risk that exists with all forks for all coins. If that happens, they will need to take their wallet.dat, upgrade to the new wallet, and redownload the blockchain (it's not the end of the world, just an inconvinience). In 2 months, when we decrease the PoS rate from 100% to 80%, the old wallets will continue at their 100% staking, so there will be a mandatory fork then, and the old wallets will become totally incapable of being on the right network. |
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I'm sure this has been asked a 100 times already, but I have a real job and no way to read 43 pages to find it. How do I recover my 100k coins? They are still in the old wallet that has been running nonstop.
Nothing is lost so there's no need to recover. Only update to the wallet version 2.0 when we release it |
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Someone contact these guys and make sure they have new wallet update. I contacted them that second. Waiting for their response. |
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What would happen if you took the source modified out the fixes, created 2 different wallet without the fix. You then send the money from the premine account through the modded wallet, to the wallet of the other account with the modded wallet. What would that do? Would that effectively transfer the coins from the premine to another account, thus it would be valid from there right?
Or do the nodes reject it? The nodes reject right?
Maestro1 says on page 37: Only transactions from the wallets of the original developer (which holds the premined coins) are voided in the new wallet. All other transactions will remain valid regardless. However, people must upgrade to the new wallet when we release it to make sure that they are on the right network/blockchain if the original developer decided to mess around. But he can send the alls coins to the order addresss, to the other pc with the old version wallet, and he can change the original address...... its very easy.... I dont know... I think its not the solutions. The new wallet invalidates all transactions from his address (including what he sends to his own other addresses). If he sends coins with the old wallet, anyone running the new wallet (including the exchanges) will not accept the transaction. Anyone running the old wallet will still accept it (a fork occurs), but once they want to send it to anyone with a new wallet, the forked block containing any transaction from his old address (in the history of the coins) will be invalidated, therefore he won't be able to spend them anywhere. |
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Great news:
I have received word from Bter.com that they reviewed our code, are happy with our solution and have upgraded their wallets. Trades and deposits are still suspended until we confirm that it is safe to do so (after the new wallets are released and marketed to the community) and the new wallets are widely tested, which should be in around a week.
Hopefully more exchanges will follow soon.
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What would happen if you took the source modified out the fixes, created 2 different wallet without the fix. You then send the money from the premine account through the modded wallet, to the wallet of the other account with the modded wallet. What would that do? Would that effectively transfer the coins from the premine to another account, thus it would be valid from there right?
Or do the nodes reject it? The nodes reject right?
Adding to what Maxikosw quoted from me: That's why need to make sure that exchanges have the correct wallet, and that everyone updates to the new version so that they will not accept any coins sent from the banned address of the original developer. This way whoever remains in the old wallet could be sent those invalid coins (this creates a fork), but the network that people who use the updated wallet and exchanges are on will not accept any blocks that there is a transaction from the banned address, therefore we're safe. It's the same for any other cryptocurrency, you can take the source and ban any address but it will not matter as the places that matter (exchanges and pools in the case of PoW coins) are on the correct blockchain running the correct wallet. |
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The block explorer (that mullick has put up for us), has been up and down continuesly. I have contacted cryptexplorer.com and altexplorer.net to see if they are able to put up a block explorer (I believe the block explorer should be a by a third party, not us).
If anyone is interested in helping out with block explorer, please PM me.
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To be clear, It's not only a two-month-old account, as our lead developer (who actually led the coding of the fix and has been very active on this thread) is micryon, who has a pretty trustworthy profile here, and mullick from Cryptsy has been involved in every single step of the development. Can some1 go through all the codes, just to be on the safe side... I mean we cannot know if the devs are in fact all the same as the original dev.
I think you can assume that micryon and mullick are not the original developers. I also invite everyone to go through the codes (links are on the first post and on our website), to both confirm that line by line there's nothing hidden there, and also to check that the code does what we claim it does (invalidating the premined coins in the original developer's wallet). Actually when we contacted the exchanges, they can confirm, this is what we asked them to do: We believe it is absolutely crucial for all exchanges to thoroughly review the source code for two reasons: (1) to be confident about our work and indentions here and (2) to inform us if indeed there is something missed or a bug somewhere
I hope this helps. |
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VertCoin will explode in the coming months.
what we said months ago? lol Looks like someone really wants to keep the price down right now. It's just some new coins that are out there that temp people to stay away or sell out. I was predicting a fall/flat months ago, after the hype of the whole ASIC resistance thing. When ASICs come out, VTC would really be what the hype at the time thought it would be. I explained this in an earlier post this week: Let me tell you what will happen when ASICs are mainstream:
ASICs will rule the Scrypt mining ecosystem, the same way that they do on BTC now.
The difficulty of the Scrypt coins will increase, whereas the number of people who mine them will decrease.
Those GPU miners will leave Scrypt for the **ASIC Resistant** coins, such as VTC, UTC, EXE.
The difficulty on those ASIC Resistant coins will increase, so does the number of people who mine them.
As demand for Scrypt coins goes down, the price also goes down, because even though difficulty is high, it's still **really** low per the number of people who mine them.
Multipools will dump Scrypt coins to buy ASIC Resistant coins or PoS coins, but in the meantime, the difficulty of those ASIC Resistant coins is high with a high number of miners, this would derive their price high.
=> Investing in ASICs = Buying expensive hardware to mine cheap coins, in order to swap them with expensive coins. Bad investment. I think GPU mining will NEVER be more profitable than when ASICs come out.
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First Post updated (minor).
If people bought the premine are the coins still valid or will they disappear with the new wallet. They will be valid. Only the premined coins that were the original developer's wallet are invalidated (which is all the coins that he hadn't sold). I will update first post to clearify this as it is asked multiple times (edit: done). |
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Many thanks for covering our progress. |
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First Post updated (minor).
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Do I need to download a new wallet then? Where from if so.
My current wallet was downloaded the day of the original launch.
I mined 50K I'm not to worried about, but bought about 60K the day of and day before the trading was stopped.
thanks,
Yes you need to download a new wallet (keep your wallet.dat backup). We will release the new wallet once the exchanges confirm that they have upgraded to the fix that we shared with them, as it is crucial for the security of the network. what's the plan?
dev
Explained in detail on the first post, and on the website.  Need a mac wallet. We are arranging someone to create a Mac and Android wallet but it could take some time. |
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So far we have shared the new wallet source with the following exchanges:
Mintpal
Cryptsy
Bittrex
Poloniex
Bter.com
C-Cex
Coin-Swap
CryptoALTeX
Atomic-Trade
If you know another exchange who previously listed Asia Coin, please let me know. Our priority is to share the source to the exchanges that previously listed Asia Coin, but if any new exchanges are interested, please contact me and I will send you the details.
you forgot swaphole. best of luck to all you guys. thanks for the revival Thanks I contacted Swaphole as well. |
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Wondering what's going on. Ive been out for a week and came back to see no more staking in my wallet.
Then I saw over 100 pages of new content with the mention of scam going on?
Ive spent over an hour trying to catch-up, but was wondering if there is a quick summary somewhere?
What are my options for my existing AC in my wallet?
the race for dumping the coins is supposed to start today. keep an eye on the forum and the exchanges. there will be a modified wallet. better try to run in it a secured environment because nobody really knows these "devs" that are now jumping in to "save" the coin. not sure if there will be any buy orders on the exchanges but if there are some you have to be fast because everybody will try to get out of this scam and whatever these unknown dev are planning for the second round of scamming. your only chance is that some of the "masterminds" behind the scam will first enter some buy orders to fake demand and pump the price before dumping their coins. it's also unknown how many of the billions of premined coins the original dev managed to move to other accounts. he for sure will do everything to convert his scam coins into other coins. so, being fast is key in this operation. unfortunately, the unknown devs have direct contact with the greedy exchanges and somehow managed to convince them that normal users like you can't get any coin in or out while they were still allowed to trade their scam coins into other currencies. to be honest, it doesn't look good for small investors like you. too many players in this game that have the means and the chutzpa to make a profit of you. When you state your opinion, it's fine. When you state facts, you need to be sure (people are entitled to their own opinions, people are not entitled to their own facts). The bold part is factually incorrect. It is clear how many coins the original developer moved around as we can track every single transaction. In the release that we shared with the exchanges, all of his coins are invalidated, meaning that he cannot do what you claim he will do. We invite everyone to look into the source code on how this is done and verify it in the blockchain. |
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So far we have shared the new wallet source with the following exchanges:
Mintpal
Cryptsy
Bittrex
Poloniex
Bter.com
C-Cex
Coin-Swap
CryptoALTeX
Atomic-Trade
If you know another exchange who previously listed Asia Coin, please let me know. Our priority is to share the source to the exchanges that previously listed Asia Coin, but if any new exchanges are interested, please contact me and I will send you the details.
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When a new wallet will be available to all?
Our ETA is tonight but only if we receive confirmation from exchanges that they have upgraded their wallets (all of them have been informed). The work on the fix is finished, but we can't release it to the public while exchanges could still be on the old wallet, that could cause big problems. |
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