[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released

[pnosker]

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

Thanks. We are not going to open source it immediately. It's not really useful to audit our code as it's really a service more than coin related. As long as people aren't complaining about it swallowing up their VRC, I don't see a problem with a closed-source app written for the coin. Thanks again, and let me know if you see any other potential exploits and we will send more bug bounties your way.

[virtualfaqs]

VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.

VeriFund doesn't sell to fiat, it just pays bounties. Bittrex takes fees and pays people.

The IRS has not given any guidance whether trading BTC for altcoin is considered "same kind" or "different kind" property. But some people are paying the capital gains on their altcoin trades to be on the safe side. The problem here is if the IRS says, "Altcoin is considered different properties." Now all of a sudden every single BTC purchased by VeriFund is a taxable event. That's what I'm worried about.

I'm curious how Bittrex deals with this. I'll ask them and see how they answer.

[yourstruly]

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

[buy4crypto]

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader?

Don't come here and expect us to believe you care. You could have PM'd the dev off the bat if you cared about the community.

[yourstruly]

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader. 

I don't use twitter and never would >.<

[buy4crypto]

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader.  

I don't use twitter and never would >.<

I quoted wrong person. My fault. Avatar of yours and another look similar.

Just a bit annoyed when people attack this coin, its one of the ones with the right team and the right motivations.


Im going to go cool off, long day of web design and its way to hot here! Please accept my appology.

[sdmathis]

VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.

VeriFund doesn't sell to fiat, it just pays bounties. Bittrex takes fees and pays people.

The IRS has not given any guidance whether trading BTC for altcoin is considered "same kind" or "different kind" property. But some people are paying the capital gains on their altcoin trades to be on the safe side. The problem here is if the IRS says, "Altcoin is considered different properties." Now all of a sudden every single BTC purchased by VeriFund is a taxable event. That's what I'm worried about.

I'm curious how Bittrex deals with this. I'll ask them and see how they answer.

US tax code is unclear in this area. I'm sure that the IRS will interpret the tax code in their favor, but it will remain unclear until the issue comes before a court or the tax code is rewritten.

[bezekal]

that is the most interesting altcoin i saw lately!!

[pnosker]

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

[kleineaap]

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

Hah awesome!

[koralon]

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

ROFL

Come on, let that man feel like a leet hacker for a little while.

[MAD945]

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

Thats going down in the history books for future generations of Vericoin owners 

[Crindon]

Is J Bosch wizrig in charge of PR and marketing?

What are his background and history?

[lootz]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome. 

[Crindon]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome.  

No, the latest item on the Vericoin Twitter was a retweet of him. I am asking because I want to know what his background and history are. I think I read somewhere in this thread something negative about him, but it may have come from IE, so no one really knows if that is legit or not.

[lootz]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome. 

No, the latest item on the Vericoin Twitter was a retweet of him. I am asking because I want to know what his background and history are. I think I read somewhere in this thread something negative about him, but it may have come from IE, so no one really knows how legit that is.

The best PR is us telling people about it via/ twitter, family parties, meetups, etc. In conclusion of any drama the fact is he donated to the devs with nothing asking for nothing in return but their hard work. The devs can cut him at anytime so doing something negative on his part would do nothing positive for him but just tarnish his name so no one will ever listen to him again and/or he would lose his investment. So I will believe in him and the team. Rock on guys lets take down bitcoin !!!!

[patronis]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome. 

No, the latest item on the Vericoin Twitter was a retweet of him. I am asking because I want to know what his background and history are. I think I read somewhere in this thread something negative about him, but it may have come from IE, so no one really knows if that is legit or not.

Tricky,tricky is it a new form of starting FUD , the "shady marketing guy" approach? LOL i can tell you bad or good he did 1000% more for the coin and comunity then you will ever do in your life so stop it the guy is legit.

[onsightit]

9M market cap!  Next major ATH, 72k - psyched.

[Crindon]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome. 

No, the latest item on the Vericoin Twitter was a retweet of him. I am asking because I want to know what his background and history are. I think I read somewhere in this thread something negative about him, but it may have come from IE, so no one really knows if that is legit or not.

Tricky,tricky is it a new form of starting FUD , the "shady marketing guy" approach? LOL i can tell you bad or good he did 1000% more for the coin and comunity then you will ever do in your life so stop it the guy is legit.

Check my post history. The last thing I want to do is FUD Vericoin. What has this thread come to? Anyone who asks any legit questions and you start turning on VRC supporters?

[onsightit]

Is J Bosch wizrig in charge of PR and marketing?

What is his background and history?

Are you asking so people can start an argument lol, I don't blame you I wanna buy more cheap coins also but I cant read through that again it was painful. Just watch the you-tube videos he says all about himself for a very very long time I might add. Or ask him yourself on their next live google chat. They were anwsering my question rite through the posts under the video it was really awesome. 

No, the latest item on the Vericoin Twitter was a retweet of him. I am asking because I want to know what his background and history are. I think I read somewhere in this thread something negative about him, but it may have come from IE, so no one really knows if that is legit or not.

Tricky,tricky is it a new form of starting FUD , the "shady marketing guy" approach? LOL i can tell you bad or good he did 1000% more for the coin and comunity then you will ever do in your life so stop it the guy is legit.

Check my post history. The last thing I want to do is FUD Vericoin. What has this thread come to? Anyone who asks any legit questions and you start turning on VRC supporters?

I understand where you are coming from. If you don't know the guy, you'd like to know if the person behind PR, or anything else, is above board.  Me too.  Since i do not know him either, I have to go with the consensus that he's legit.  One of many things to weigh and sort about this coin...