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

[eatenbyagrue]

If Hard Fork is done VRC will be used as toilet paper................DEVS DONT HAVE FINAL SAY 51% WILL WIN ...............if devs had fork and we dont update wallets them it will not fork

Correct me if I am wrong, but if the thieves control roughly 30% of the wallets, and presumably they will not update, does this mean that for the hard fork to go through, it will take roughly 72% of the remaining wallets to agree to the fork?  This seems like a really high percentage to expect to vote yes on this.

Um, I don't think there's a vote.  I think the dev's already decided that this is what needs to be done.

Developers cannot unilaterally fork a thing unless over half the wallets agree.  30% of the wallets are going to be against the fork already, making the 51% target much harder to reach.  Or am I wrong?

[Gizfreak]

it is what it is... cryptocurrencies allways  remain a risk game

Indeed and let this be a warning to NOT have too much coins in a hot wallet. It's all in the game and I'll wait patiently for the new wallet to be announced.

[blacky90]

m

[effectsToCause]

Read the official Statement on the Mintpal Security breach and VeriCoin: http://www.vericoin.info/downloads/Statement.pdf

[koralon]

If Hard Fork is done VRC will be used as toilet paper................DEVS DONT HAVE FINAL SAY 51% WILL WIN ...............if devs had fork and we dont update wallets them it will not fork

Correct me if I am wrong, but if the thieves control roughly 30% of the wallets, and presumably they will not update, does this mean that for the hard fork to go through, it will take roughly 72% of the remaining wallets to agree to the fork?  This seems like a really high percentage to expect to vote yes on this.

Um, I don't think there's a vote.  I think the dev's already decided that this is what needs to be done.

You vote with your wallet. Don't update it and you stay on the old chain.

[majeis]

Anyone who may have been mining at http://pool.vericoin.info/ should probably re-point their miners to a pool that is actually mining since this pool appears to have been brought down as well.  I may have missed the notice that the official Vericoin in-house mining operations that mine other coins and then trade for Vericoin was also going to be shutdown, but some sort of notice would have been nice.

While I understand that new Vericoin payouts from the selling of other mined coins would necessarily be delayed until the Vericoin markets were enabled again and the profits converted to Vericoin, that should not prevent the profitable mining of the non-Vericoin coins thus abandoning the miners using your pool and leaving them mining a big heaping helping of "Jack Squat".

Is MP going to compensate for lost mining time due to their lack of basic security protocols?

How about an official notification that the miners at this pool are currently sucking air!

If you don't know how to setup a failover pool, then you suck at mining.

I am working with a new Raspberry Pi application and I do indeed need to setup a failover,  but thank you for your most helpful response.  You must be such a joy to the people you come into contact with.

Yes, in fact I am quite the joy. But, I do try to limit myself from coming into contact with people who recommend that businesses give out additional free money on top of compensation. Especially people who can setup and operate a Raspberry Pi, but still want free money for not entering an additional line in their config.

[IntroVert]

Given that about 30% of total VRC have been stolen and that 51% of staking coins are sufficient to gain control of the blockchain, I would guess that it is a pretty high possibility that use of the stolen coins to fork the chain would be successful. So, I understand why the devs would roll back the chain, as the loss of control would likely be permanent otherwise.

Now, about the viability of BC clone PoS coins, you've just seen a major weakness in an attack that didn't cost a lot with regard to fiat currency spent to accomplish it. Investors should think long and hard about what happened here, this could be a death blow to this type of PoS...

Please read before you make false assumptions.

It was a MINTPAL issue, not a POS.


The hackers never minted a penny from what I seen, you need to mint to get any % attack.

Also, you think, YOU THINK, just maybe they moved them all to 1 wallet to scare you people who lack the thought process to decide something for yourself?

Is a reason they didn't withdraw, the fact that they moved them all to 1 wallet shows they wanted to effect peoples heads more than anything. You have all these people with conspirary theories now coming out of no where. That Mintpal hack may be a team of people, would it suprise you for them to attack the coin now since they couldn't steal any money? Maybe they are mad. You see people here who never posted all of a sudden really excited about FUD'in VRC.

I think you might have misinterpreted what I said. The fact that 30% coins moved from a benevolent to a possibly malevolent actor(s) and that PoS is in effect is opening a lot of unwelcomed scenarios in case the devs do not rollback. So I understand why they have decided to do so. However, if PoW or PoW/PoS were in effect instead of pure PoS, the number of unwelcome scenarios would have been much less.

[abercrombie]

Woah, saw the big drop on bitcoinwisdom charts and loaded up Mintpal to buy up cheap.  It's delisted!

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

[CryptoLTD]

Awsome!

[mr_random]

Woah, saw the big drop on bitcoinwisdom charts and loaded up Mintpal to buy up cheap.  It's delisted!

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

I normally hate FUDders. But this was a pretty funny one I have to admit.

[gustav]

i don't buy mintpals story at all

[Gizfreak]

Woah, saw the big drop on bitcoinwisdom charts and loaded up Mintpal to buy up cheap.  It's delisted!

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

Boring animated gif. Think of something new to decorate your fud :S

[majeis]

[stupid train image posted by abercrombie for the fifth time]

Hate to bump this stupid train image  

Yeah, I'm totally sure you hate bumping that.

[threecats]

really sad to see people from other coins coming in here and gloating. so childish, so unnecessary. y'all from vericoin have taken a big hit, i don't even own any but i wish ya luck.

[stormia]

Woah, saw the big drop on bitcoinwisdom charts and loaded up Mintpal to buy up cheap.  It's delisted!

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

SOMEBODY DIED IN THAT TRAIN CRASH U KNOW!? HAVE SOME RESPECT

[blade87]

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

Yes, today we learned that centralized services, centralized ownership (1/3 being hot in Mintpal alone says everything) and centralized authority (rollback to save $2m worth of VRC that were most likely owned by VRC whales) just doesn't work in crypto. Decentralized is what makes crypto secure and VRC has absolutely none of that in any way shape or form.

[Rekatan]

This has the potential to ruin the coin or result in it coming back stronger than ever. We still hold the remaining 70% so as long as vericoin holders continue to be so active, we're just fine here. Also keep in mind that exchanges will definitely update to the new wallet, and quite a bit was being held in exchanges, so it's not quite as difficult as it appears to reach 51%.

[stormia]

Sooo this kind of bad news to wake up to... Wish I hadn't bought more last night before going to bed, or I wish I had at least withdrawn them

[dandruff1138]

really sad to see people from other coins coming in here and gloating. so childish, so unnecessary. y'all from vericoin have taken a big hit, i don't even own any but i wish ya luck.

I do not own any Vericoin, but many coins I have been involved in have taken hits. Especially when I went all in on Silkcoin. So on that note, best of luck to everyone here.

[stormia]

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

Yes, today we learned that centralized services, centralized ownership (1/3 being hot in Mintpal alone says everything) and centralized authority (rollback to save $2m worth of VRC that were most likely owned by VRC whales) just doesn't work in crypto. Decentralized is what makes crypto secure and VRC has absolutely none of that in any way shape or form.

blade87 stop being a dick, a lot of people here lost money. I remember when BC was stolen from cryptorush- I don't recall you being quite as dramatic when that happened...

VRC is just as decentralized as any other PoS coin.