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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1346489 times)
DARKANGEL6415
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July 13, 2014, 03:27:44 PM
 #7581

...snip...

Verisend simply cannot be trusted as it is closed source and relies on a centralized mixer on a windows server, Vericoin foundation will likely see major legal issues involving money laundering in the future if they maintain this service and Vericoin does reach ever mainstream use. If services like Lavabit/Twitter/Google/etc can have their records seized by the US government without being allowed report it, it certainly can happen to Verisend.

...snip...

Actually, as someone who has a long standing background in the financial world and has personally worked extensively with FinCEN, Vericoin's features in that regard are under very low risk. What is at very high risk of catching unwanted attention is the recent batch of alts that have anonymity woven into them.

By centralizing certain aspects of Verisend, they technically have the ability to comply with US Federal regulations. Coins that have built in decentralized anonymity quite literally have a target painted on their collective asses, and will be the first hammered into the dirt by the Feds should they ever start looking in that general direction.

Sorry to drop in and disturb your interesting discussion, but here I was thinking that the whole point of anonymous transactions is that you don't have to follow anybody's rules. You move money, nobody knows about, and that's it. And so what if the Feds (by the way, the whole world does not equate Northern America, and not everybody has/needs to comply with your US federal regulations) get interested and start looking in that general direction ?  What will they do, what can they do? Will the "feds" shut down the internet, or make it illegal to use p2p networks...in the whole world? Come on. It's not hard to decipher, that decentralized anonymous transactions are just what many people really want...and will have... regardless of you, the US, the "feds" or Santa Claus.

Just my food for thoughts, nothing personal or offensive.


First of all, while I tend to toss around terms like 'Feds' being an American myself, it applies throughout the world governments that some similar entity exists, please don't read too much into that particular word.

Strictly speaking, yes, the point of anonymity is to be anonymous. The question is twofold however.

First of all, while the whole world does not 'have' to comply with US regulations, the US Financial system (for all it's faults) is still capable through the Federal Reserve and US government of applying an absurd amount of pressure to entities based outside of the US. Most money laundering laws are international as well (since every government worldwide pretty much wants to have their hand in the cookie jar), so very little reach is even required. Because something truly anonymous could be used extensively for funding terrorism as well, they could come after it from that vector too. Long story short, until you are living in a non-extradition country and banking with an institution that is not reliant in any way on US or US ally based financial institutions, you might want to rethink how much you can blow off. Its scary how much economic leverage can be applied to anyone to get them to step to the beat. Sad, but true, plain and simple.

And the second facet to this is that any anonymous currency ostracized by the global financial system will probably be very hard to acquire, or cash out. Now while it is in it's own way a currency (obviously), it is only as useful as it can be spent. If you had one million dollars (or equivalent in whichever national currency you prefer) in "AnonymousCOINX" (pulling something random outta my ass as to not offend anyone), you wouldd have to either spend it with merchants who would give you something of value for it, or sell it on an exchange for fiat in order to actually have that value. But if companies wont accept it for fear of being ostracized, and if your local banks wont accept funds from an exchange that trades it for the fear of being ostracized, then what do you really have?

The essential point is that untraceable electronic transfers would be a haven for illicit activity, not just people who feel they have the right to privacy. Because of this, it's would come under what would probably be an almost unsurvivable amount of scrutiny by any and every world government.

Kind of a case of the rotten apples spoiling the whole bushel. While I know a lot of honest folks have interest in the anon aspects of crypto, it is in my personal opinion going to be hammered too much by legal authorities worldwide who are going to be way too fearful of it's illicit use.
 that read so true look at all the americans hidding money in swiss bank accounts to avoid taxes and the swiss took pride in hiding those accounts. In the end they now have open book for the IRS to know what is held in the worlds most secretive banking system.


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July 13, 2014, 03:27:50 PM
 #7582

vericoin attacked on mintpal :O
DARKANGEL6415
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July 13, 2014, 03:30:06 PM
 #7583






Bought another 39 610 vrc and will stake it on my wallet , with all the news coming this week = i will triple my investment = want to spend wy hollydays in Bora-bora island (french polynesia Smiley , so Happy Smiley







BORA BORA









that looks like such a nice place maybe someday me and the family will get to go there


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July 13, 2014, 03:30:13 PM
 #7584

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold  Cheesy

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July 13, 2014, 03:31:34 PM
 #7585

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.



Just read this also, hopefully everyone for the most part had their coins staking and not on the exchange.   Sad
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July 13, 2014, 03:31:56 PM
 #7586

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange.

https://support.mintpal.com/index.php?module=announce&sec=view&id=17
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July 13, 2014, 03:33:11 PM
 #7587

That's not VRC devs fault.. Mintpal got attacked
it only show us how much vrc is getting big.. they attacked mintpal only to disturb vrc

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July 13, 2014, 03:34:21 PM
 #7588

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold    Cheesy

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July 13, 2014, 03:36:12 PM
 #7589

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold    Cheesy

Maybe if VRC would actually make their services decentralized... but instead if one flaw is found the entire network is affected. And of course the exchanges are going to be the targets given they are the ones holding the most VRC.
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July 13, 2014, 03:36:30 PM
 #7590

VeriCoin will hard fork to a checkpoint a few hours ago just before the attack on MintPal. MintPal has agreed to cover losses relating to the hack.

VeriCoin is fine, there are no vulnerabilities. We had to decide between hard forking prior to the attack or letting MintPal fall and the thief keeping the 8 million VRC that was stolen. We chose the option that we thought would be best for the coin.

We will be releasing a new wallet with a fix shortly.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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July 13, 2014, 03:37:35 PM
 #7591

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold    Cheesy

Maybe if VRC would actually make their services decentralized... but instead if one flaw is found the entire network is affected. And of course the exchanges are going to be the targets given they are the ones holding the most VRC.

VeriCoin's centralized services do not hold much coin in them. An attacker would be disappointed with proceeds gained.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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July 13, 2014, 03:38:15 PM
 #7592

Funny think when they hack mint pal and see that all of our coins are staking lol Wink vrc long live it!!!!
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July 13, 2014, 03:40:43 PM
 #7593

VeriCoin will hard fork to a checkpoint a few hours ago just before the attack on MintPal. MintPal has agreed to cover losses relating to the hack.

VeriCoin is fine, there are no vulnerabilities. We had to decide between hard forking prior to the attack or letting MintPal fall and the thief keeping the 8 million VRC that was stolen. We chose the option that we thought would be best for the coin.

We will be releasing a new wallet with a fix shortly.

Good going pnosker!! Very quick response to a very serious attack on an exchange. Good work!

Only thing is? When exactly did this attack happen? As I know all transaction after the last block before the attack will be nulled.

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July 13, 2014, 03:41:44 PM
 #7594

the person would be dead if I got my hand on him or them... mess with my money you mess with your life..

Vericoins Here = VXCBhfbtwJDxnnQQRpUcpKKMwcsVGsT1AJ
LetsTalkBitcoin: http://ecoinincome.com.au/LetsTalkBitCoin.php
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July 13, 2014, 03:44:14 PM
 #7595

sucks! it's going to be a mess

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July 13, 2014, 03:44:37 PM
 #7596

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold    Cheesy

Maybe if VRC would actually make their services decentralized... but instead if one flaw is found the entire network is affected. And of course the exchanges are going to be the targets given they are the ones holding the most VRC.

that doesnt make sense what you say, vulnerability was on mintpals side.

im sorry that you missed the train  Roll Eyes

/edit

btw, if that 8 million vrc were lost.... damn i woulda been a rich man with my amount  Grin

PECULIUM                [  PRIVATE SALE ~$2M PLEDGED ]
First Saving System in CryptoCurrency Driven by Artificial Intelligence     / WHITEPAPER / ANN / BOUNTY / TELEGRAM /

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Killiz
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July 13, 2014, 03:45:06 PM
 #7597

Don't move your Vericoins guys! Don't send from anywhere until you have updated to the newest client, soon to be released!!! Stay tuned for Dev team response!


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July 13, 2014, 03:48:07 PM
 #7598

People should take note of this. Not because of the hack, but because of the immediate step-up of the developers to defend the integrity of the coin.

Ladies and gentlemen, I do believe the bar has effectively been raised.
chunkyjunkie
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July 13, 2014, 03:48:47 PM
 #7599

Can any dev answer why mp would only have an issue with vrc and the attackers did not take btc or higher valued coins?  If what mp said was true and only vrc was hit, but had nothing to do with vrc?

Just looking for an answer, if there is a good explanation, then great! would instill confidence!

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Killiz
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July 13, 2014, 03:51:10 PM
 #7600

Can any dev answer why mp would only have an issue with vrc and the attackers did not take btc or higher valued coins?  If what mp said was true and only vrc was hit, but had nothing to do with vrc?

Just looking for an answer, if there is a good explanation, then great! would instill confidence!


I would suggest it was an attack on the security of mintpals wallets. Obviously not very bulletproof. As we all know cryptos are bulletproof, else we would have billions of the bloody bastards running around.  Grin

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