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

[buy4crypto]

If you think about it, doesn't a coin that protects its community sound good to you?

Over bitcoin which was so disorganized it had to let the large thefts happen? Something to think about, I trust VRC

Maybe this has a positive outcome and the media picks this up?

It would be sick if this was a good thing and not a bad thing in the end as it will surely be publicized in every crypto magazine and news article?

Something to think about. Barring a horrible outcome to this wallet fix and rollback. Could the media push and outcome cause more demand? I really think so. I have faith enough smart people are out there it won't be dumped for a issue specific to an exchange. not a individual coin, VeriCoin just happens to be the target of the attack. You only attack a good coin where you can get your money out because it has a strong demand to soak up supply. This is why BTC / LTC / VRC may have been the targets on Mintpal.

[kpierce77]

I think some information is missing in the discussion:
1) As stated by MP, VARIOUS exchanges have halted trading with VRC. The robbed coins can't be traded at this time
2) It is therefore a community decision to halt trading until devs come up with a solution. It's not a single and isolated devs move
3) The problem was related to the withdrawal door at MP and there was a single transaction moving the 8M coins. This means that the coins were transferred to a single wallet and can be perfectly and easily followed up
4) The hardfork that will be created by devs will most likely isolate that single transaction and all the transaction subtree that followed. But it will probably leave intact all other transactions, whether they happened before of after the theft
5) The exchanges will reimburse people who lost money transacting with the thieves (if there was any transaction at all)
6) As a result, the whole community will be secured and the single transaction that will suffer is the one where the coins are stolen
I believe VRC is going stronger after this.

Pretty dumb of the thieves to move 8M coins with a single transaction.  It's like seriously?  Did they not think that would cause some red flags? lol

[EtherCoin]

btw, the rollback doesn't even affect the hackers. They probably already dumped the VRCs after they read about whats going to happen in order to switch the blockchain. The people who are affected by this rollback are the holders in the community and only the holders in the community. And the only one who benefits from the rollback is MintPal.

Patrick, I urge you to not do that. Please don't let an exchange decide about things like this. And I am not only saying this because I am losing money I have in VRC.

Not enough volume to dump, and if you listen to the devs, the money never moved or was sold. This makes it a easy rollback

So you're saying the hackers now sit on that VRC and wait until their attack becomes worthless? Sounds weird to me.

I don't think the coins were the real (final) target of the attackers, therefore is not relevant if they keep them or not, the wound is already done, if the devs do not hardfork the burglars get a lot of money AND control of the coin with such a massive amount, if the devs do fork, the burglars, their associated people and all those that hate VRC for different reasons will permaFUD like it was their last day on earth and try to damage VRC image and bring it down.

So both ways means damaging the coin. Difference is, that most of investors (the ones with a significant piece on grey matter at least) will understand the situation and timing at life of the coin, a hardfork in this situation is not that bad since the coin is just an infant. It set a precedent and blablabla... Not wrong also, and it goes a bit against the spirit of crypto but at this precise point... is not that bad of an option.

Dumped coins will be bought for cheap and the prices will skyrocket, not just because of the collateral-promotion of this happening, but also because the attackers themselves probably caused this so they can get dumped cheap coins.

If you think about it, the attackers get benefit no matter what is the result.

Sad but true, and gotta admit, smart.

Eth.

[SeDz]

how is there people that are selling vrc now in mintpal?

[judgecrypto]

While I have the utmost respect for Mintpal, I would never fork my coin for one party's loss.

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

The coins that were stolen were under the control of the exchange.  They are the ultimate responsible parties.  I find it hard to believe that Mintapal is not a multi million dollar entity that can absorb 312 bitcoins.
It sounds like they are passing the damage to the community.  This sets a bad precedent for all altcoins.  Once you change the ledger trust is lost.  Even if it is for good.

Mintpal should put aside a 312 Bitcoin BUY order across multiple sites at the last known trade price.  This would floor the price and Mintpal would then pay back the people who lost their coins.

Judge Crypto

EDIT: It is 312,000 BTC or about 2 Million Dollars...

[kpierce77]

Can't you see the opportunity ? THIS ATTACK WILL BRING VRC TO THE MEDIA ATTENTION = ITS UNIQUE = ALL NEWSPAPERS , CRYPTO-MAGAZINES , TELEVISION , FORUMS , BLOGS , RADIOS ,  EVERYBODY IN THE CRYPTO-WORLD  WILL TALK ABOUT VERICOIN . IT WILL BE THE NEXT BTC

Sorry, but it probably won't bring that much media attention.  There will be some articles definitely, but remember that Cryptorush lost a whole bunch of BC back in March (granted not 8M coins).  There were a couple articles about it, but after that nothing.  And that was almost right after the Mt. Gox debacle.  I really hope VRC will become the next BTC, but that probably won't happen because of this event.  Who knows though we shall see.

[blade87]

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

You left out a decimal. It's actually closer to $2m. This is the type of attack that would lead to either Mintpal shutting down, whales going broke, or a combination of both. And because of that figure, it is obvious to see why both sides are so cooperative to rollback the chain. While this may save holders their money (if this coin doesn't crash immediately upon trading again), this sets a very, very bad precedent in crypto. Because this isn't to save small VRC holders their money, but to save the PnD whales that were involved with this coin (what were 1/3 of the coins doing on a single exchange?). MP just happened to be the exchange caught in the middle.

[surestrike]

8 Millions coins at 39k sats is 3112 BTC !

3112 BTC = 1.45 Million Euros!

This is the end for Mintpal.

[judgecrypto]

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

You left out a decimal. It's actually closer to $2m. This is the type of attack that would lead to either Mintpal shutting down, whales going broke, or a combination of both.

Your right

[chunkyjunkie]

8millions....

comon guys its over! vrc is dead it will take a long time until vrc recovered


fuck mintpal

Lol you don't understand do you?  Chain being reverted ( hackers sol, go look at their wallets ), mp covering any losses.  End of story, but good try.

[judgecrypto]

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

You left out a decimal. It's actually closer to $2m. This is the type of attack that would lead to either Mintpal shutting down, whales going broke, or a combination of both. And because of that figure, it is obvious to see why both sides are so cooperative to rollback the chain. While this may save holders their money (if this coin doesn't crash immediately upon trading again), this sets a very, very bad precedent in crypto.

Didn't Poloniex do a similar type of repayment for stolen BTC and ended up fully repaying everyone?

[eatenbyagrue]

8millions....

comon guys its over! vrc is dead it will take a long time until vrc recovered


fuck mintpal

Lol you don't understand do you?  Chain being reverted ( hackers sol, go look at their wallets ), mp covering any losses.  End of story, but good try.

This is far from a done deal, so do not talk about it like it is fact.

[blade87]

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

You left out a decimal. It's actually closer to $2m. This is the type of attack that would lead to either Mintpal shutting down, whales going broke, or a combination of both. And because of that figure, it is obvious to see why both sides are so cooperative to rollback the chain. While this may save holders their money (if this coin doesn't crash immediately upon trading again), this sets a very, very bad precedent in crypto.

Didn't Poloniex do a similar type of repayment for stolen BTC and ended up fully repaying everyone?

Polo did, but I don't think their loss was anywhere near as significant as this one. I saw numbers of $50,000 in relation to POLO, similar in amount to the 1.5 million BC that were stolen from CR (5000-7000 sat at the time), that caused CR to be shut down. Those two were quite small compared to 8 million VRC at 40,000 satoshi...

So the Polo and CR incidents were $50,000 or less, where as this one is around $2 million.

[kpierce77]

While I have the utmost respect for Mintpal, I would never fork my coin for one party's loss.

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

The coins that were stolen were under the control of the exchange.  They are the ultimate responsible parties.  I find it hard to believe that Mintapal is not a multi million dollar entity that can absorb 312 bitcoins.
It sounds like they are passing the damage to the community.  This sets a bad precedent for all altcoins.  Once you change the ledger trust is lost.  Even if it is for good.

Mintpal should put aside a 312 Bitcoin BUY order across multiple sites at the last known trade price.  This would floor the price and Mintpal would then pay back the people who lost their coins.

Judge Crypto

EDIT: It is 312,000 BTC or about 2 Million Dollars...

Maybe I'm doing my math wrong, but right now coinmarketcap's saying that the total supply of VRC is about 26,000,000 coins with a total value of about $6.4 million.  If these people stole 8M coins, that's close to a third of the total coin supply, which would be about a third of $6.4 million, which is about $2 million worth of VRC stolen.  Am I missing something?

[buy4crypto]

8 Millions coins at 39k sats is 3112 BTC !

3112 BTC = 1.45 Million Euros!

This is the end for Mintpal.

Surestrike causing FUD to get some more coins cheap, looks like we got peoples attention again. No matter how they "play" it

One thing is for sure, You have a lot of potentially new investors out there, as well as some scared investors. We will see how it plays out. With a good outcome to the Fork, I would be shocked to not see a rally back above 40k by end of day. Especially if the dev's have ANY rabbits left up there sleeves....

[kpierce77]

While I have the utmost respect for Mintpal, I would never fork my coin for one party's loss.

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

The coins that were stolen were under the control of the exchange.  They are the ultimate responsible parties.  I find it hard to believe that Mintapal is not a multi million dollar entity that can absorb 312 bitcoins.
It sounds like they are passing the damage to the community.  This sets a bad precedent for all altcoins.  Once you change the ledger trust is lost.  Even if it is for good.

Mintpal should put aside a 312 Bitcoin BUY order across multiple sites at the last known trade price.  This would floor the price and Mintpal would then pay back the people who lost their coins.

Judge Crypto

EDIT: It is 312,000 BTC or about 2 Million Dollars...

Maybe I'm doing my math wrong, but right now coinmarketcap's saying that the total supply of VRC is about 26,000,000 coins with a total value of about $6.4 million.  If these people stole 8M coins, that's close to a third of the total coin supply, which would be about a third of $6.4 million, which is about $2 million worth of VRC stolen.  Am I missing something?

Sorry nevermind.  Just posted my comment before I saw your edit.   Thought I was losing it for a second lol

[Fippy]

While I have the utmost respect for Mintpal, I would never fork my coin for one party's loss.

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

The coins that were stolen were under the control of the exchange.  They are the ultimate responsible parties.  I find it hard to believe that Mintapal is not a multi million dollar entity that can absorb 312 bitcoins.
It sounds like they are passing the damage to the community.  This sets a bad precedent for all altcoins.  Once you change the ledger trust is lost.  Even if it is for good.

Mintpal should put aside a 312 Bitcoin BUY order across multiple sites at the last known trade price.  This would floor the price and Mintpal would then pay back the people who lost their coins.

Judge Crypto

EDIT: It is 312,000 BTC or about 2 Million Dollars...

Do yourself a favor and never involve yourself in anything that involves doing math. You suck at it more than my six year old nephew.

[judgecrypto]

While I have the utmost respect for Mintpal, I would never fork my coin for one party's loss.

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

The coins that were stolen were under the control of the exchange.  They are the ultimate responsible parties.  I find it hard to believe that Mintapal is not a multi million dollar entity that can absorb 312 bitcoins.
It sounds like they are passing the damage to the community.  This sets a bad precedent for all altcoins.  Once you change the ledger trust is lost.  Even if it is for good.

Mintpal should put aside a 312 Bitcoin BUY order across multiple sites at the last known trade price.  This would floor the price and Mintpal would then pay back the people who lost their coins.

Judge Crypto

EDIT: It is 312,000 BTC or about 2 Million Dollars...

Do yourself a favor and never involve yourself in anything that involves doing math. You suck at it more than my six year old nephew.

Fair comment

[youngmike]

Reverse must be done!!! I want my coins back!!!!

[kpierce77]

The total loss of 8 Million coins at 39,000 Satoshi is about 312 Bitcoin or about $200,000.

You left out a decimal. It's actually closer to $2m. This is the type of attack that would lead to either Mintpal shutting down, whales going broke, or a combination of both. And because of that figure, it is obvious to see why both sides are so cooperative to rollback the chain. While this may save holders their money (if this coin doesn't crash immediately upon trading again), this sets a very, very bad precedent in crypto. Because this isn't to save small VRC holders their money, but to save the PnD whales that were involved with this coin (what were 1/3 of the coins doing on a single exchange?). MP just happened to be the exchange caught in the middle.

"what were 1/3 of the coins doing on a single exchange?"  Hmmm... very interesting indeed!