[ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield

[FlyingMongoose]

Whatever happens to VRC, their situation is not great. A rollback of the blockchain is going to cause trouble among all those who traded BTC/Fiat for VRC, beacuse as far as I understand it they will lose their vrc but not get btc/fiat back. Shows how much the decentralized money concept is worth, when the developers can just rollback the blockchain. They pretty much have no choice though, or the coin is dead.

What we should learn from this is to not treat exchanges like a bank.

Mintpals security gives me headaches. Just a few weeks ago coin2 was attacked (doublespend) and their "security meassures" triggered when more than 30% of the total money supply was dumped within 48 hours, which is pretty much a joke. Even I could see that something fishy was going on and now this.

If your comfortable holding significantly long term, gold wallets are your friend.


Don't forget to donate to the Facebook advertisement campaign (by hardcoreprime a.k.a. hcp)
NftgUJjAWDcbCHNpEQD2ASGG5PhP36yVuk

Don't forget to vote
http://www.btc38.com/trade/vote_for_trade.html
https://bter.com/voting
https://hitbtc.com/vote
https://www.swaphole.com/#!voting
http://www.betbycoin.com/coinvotes/

[whatdidshedo]

got half of my naut out of mp just in case, but my wallet is behind 1 hour so they are showing as unconfirmed, i assume i shouldn't be worried about it but to ask in case cause i always keep all my coins on exchanges and i transferred it to original wallet i had on my pc since launch, so i'm asking was there a wallet update or it's just slow network for my coins i withdrew from mp to show up as confirmed? thanks

It's just the network being slow again.

thanks, i was worried cause if they aren't confirmed i can't send them back in case some pump starts

Edit:withdrawing the rest, i guess better safe than sorry, all my naut withdrawn but pending in wallet(i'm aware of slow network) this a complete change for me since i keep all on exchanges for day trading, i guess i believe in naut enough to keep in wallet encrypted off course with 2 additional copies on external drives(good reminder for new people encrypt and backup wallet.dat)

Edit2: naut i withdrew after btc went trough but btc still not processed(i bet a lot of people are withdrawing btc)

[BTCrawl]

David just tweeted out a new article that's partly about Naut:
http://voin.co/nautiluscoins-whirlwind-of-activity-torcoin-skyrockets-mintpal-attacked/

Good stuff as always I really hope we'll get somewhere with the PoS switch this week. There have been so many scams, and now this hack, in these past few days that I think releasing something now would be very good timing.

[PilotofBTC]

moment like this i would love to be able to just eat that 37 btc (i think it's suppression as well cause POS is just around the corner) , c'mon people let's eat that 37btc(lol i wish)

Edit: if thios was any other coin you would see people dumping like crazy but it's staying pretty strong

I don't think it's a bad thing It means that someone is trying to control the price before a push, or someone is giving whales an opportunity to eat the whole wall and enter the market at a good price. Either way that wall is coming down quickly once the train starts rolling, regardless if it's pulled or eaten.

I think you're right. That wall won't last long, nobody is selling.

Question remains....Why is somebody selling 36BTC worth @23500 sat?

Just for the record, this was not me selling...in fact I just bought some at 2400 SAT on MintPal

Don't you wish. I assume you mean 24,000 Sat.

[BK_PHI]

moment like this i would love to be able to just eat that 37 btc (i think it's suppression as well cause POS is just around the corner) , c'mon people let's eat that 37btc(lol i wish)

Edit: if thios was any other coin you would see people dumping like crazy but it's staying pretty strong

I don't think it's a bad thing It means that someone is trying to control the price before a push, or someone is giving whales an opportunity to eat the whole wall and enter the market at a good price. Either way that wall is coming down quickly once the train starts rolling, regardless if it's pulled or eaten.

I think you're right. That wall won't last long, nobody is selling.

Question remains....Why is somebody selling 36BTC worth @23500 sat?

Just for the record, this was not me selling...in fact I just bought some at 2400 SAT on MintPal

Don't you wish. I assume you mean 24,000 Sat.

Ha! yes 24,000 SAT...wishful thinking.

[BK_PHI]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

[lostlibra]

as someone still figuring out this world, finding good solid information on anything, much less the mintpal hack seems almost impossible. Competing Devs, pumpers, naive fanboys. There are so many competing interests that it seems impossible to determine which information sources have the least biased information. Frustrating.

[scrypto]

Today is a big deal for the coinsphere.   Mintpal have been 'bailed out'  to protect themselves and the whales (no matter what BS VRC devs just said in their public statement about protecting the users).  On the surface their decision may seem morally right but personally I think the actions of Mintpal/VRC today go against the concept of crypto.  It reminds me of the banks.  Too big too fail.  There should be risk involved in everything that makes you money.  Obviously mintpal/vrc don't understand the concept of loss.  I'm not sure how I'd feel if this happened to NAUT and I was a bagholder, but I'd definitely be blaming myself for leaving coins on an exchange that I knew little about, rather than demanding a hard fork to compensate me for my losses.




 

[Doging]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

I withdrew my NAUT and they're in my wallet now. It's reassuring mintpal didn't hold up withdrawals but I'm going to see how this plays out.

Did they have all those VRC in a hot wallet and if so why? They're still my favorite exchange and they appear to be solvent but this is a disappointment.

I'm still not sure if the real target was VRC or mintpal.

[scrypto]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

I withdrew my NAUT and they're in my wallet now. It's reassuring mintpal didn't hold up withdrawals but I'm going to see how this plays out.

Did they have all those VRC in a hot wallet and if so why? They're still my favorite exchange and they appear to be solvent but this is a disappointment.

I'm still not sure if the real target was VRC or mintpal.

Yes something doesn't equate.   Why just VRC?  what happened to the cold storage? 

When NAUT goes POS I guess there will be a lot less of us leaving our stash on the exchanges.

Which leads me to....... any update on POS? 

[chocobo]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

This is a huge relief to know this is how you feel. The altcoin scene has been horrible as of late mainly due to FUD/scams. That is why NAUT should get attention in a big way soon. There is no reason to think you are scamming and it will be near impossible to FUD NAUT when its creator can confirm on national TV haha.

That being said this PoS delay is hurting NAUT. We need a good network. The dev is getting near taking too long, I have watched a few teams do a PoS switch and this feels long. What is the status on the update?

[BigDaddyWooWoo]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

The bigger problem in all this is the "rollback", or the ability to do so.  Crypto has a real world trust issue and this makes it 100 times worse.  If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.

M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go.  Also, they are already entrenched where crypto is just getting a foothold. 

Fungibility is extremely important.  Trust is extremely important.  Confidence is extremely important.  This is not a Vericoin problem.  This is a digital currency problem.  This affects the entire cryptosphere. This is now our problem. 

I am converting all my holdings to BTC and hoping that it will weather the storm.  If it begins to take a hit back to fiat I go.  It sucks but the bed has been made now.  Not being chicken little here, just being objective and safe with my investments.

[scrypto]

 
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

How about modifying the core code to prevent rollbacks?

[BK_PHI]

PoS Update


We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure.  I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.

I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.

Thanks for sticking with NAUT and I hope to surprise everyone on time!!!

-BK

[Doging]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

The bigger problem in all this is the "rollback", or the ability to do so.  Crypto has a real world trust issue and this makes it 100 times worse.  If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.

M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go.  Also, they are already entrenched where crypto is just getting a foothold. 

Fungibility is extremely important.  Trust is extremely important.  Confidence is extremely important.  This is not a Vericoin problem.  This is a digital currency problem.  This affects the entire cryptosphere. This is now our problem. 

I am converting all my holdings to BTC and hoping that it will weather the storm.  If it begins to take a hit back to fiat I go.  It sucks but the bed has been made now.  Not being chicken little here, just being objective and safe with my investments.

This sounds like a bullet to the head of veripay. Knew it would cause problems...

How about modifying the core code to prevent rollbacks?

Is that possible and would that render the blockchain kind of ineffective?

[scrypto]

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation.  I am reading all I can about what occurred - if anyone has information that I should read please let me know.  Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES.  Bitcoin/altcoins remove a good portion of the middlemen from financial services but  as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time. 

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail. 

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure. 

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized.  Anything we can implement to decentralize operations will be considered. 

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

The bigger problem in all this is the "rollback", or the ability to do so.  Crypto has a real world trust issue and this makes it 100 times worse.  If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.

M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go.  Also, they are already entrenched where crypto is just getting a foothold. 

Fungibility is extremely important.  Trust is extremely important.  Confidence is extremely important.  This is not a Vericoin problem.  This is a digital currency problem.  This affects the entire cryptosphere. This is now our problem. 

I am converting all my holdings to BTC and hoping that it will weather the storm.  If it begins to take a hit back to fiat I go.  It sucks but the bed has been made now.  Not being chicken little here, just being objective and safe with my investments.

This sounds like a bullet to the head of veripay. Knew it would cause problems...

How about modifying the core code to prevent rollbacks?

Is that possible and would that render the blockchain kind of ineffective?

I'n not sure.  I hadn't considered the implications.   

[scrypto]

PoS Update


We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure.  I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.

I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.

Thanks for sticking with NAUT and I hope to surprise everyone on time!!!

-BK

Good news BK!  thanks for the update.

[chocobo]

PoS Update


We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure.  I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.

I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.

Thanks for sticking with NAUT and I hope to surprise everyone on time!!!

-BK

So Julian isnt the dev? Who is?

[Doging]

POS is finally happening. 

[scrypto]

PoS Update


We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure.  I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.

I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.

Thanks for sticking with NAUT and I hope to surprise everyone on time!!!

-BK

So Julian isnt the dev? Who is?

Digibyte team?