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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1341752 times)
Fippy
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July 13, 2014, 04:33:49 PM
 #7641

You all can FUD about this all you want, I don't care.

Assuming the devs successfully defend the integrity of VRC with this, then there will be no question as to the long term success of VeriCoin. And on that note, once the exchanges are back all up and running on the same page, I'm going on a buying spree.

You'll think 40k was cheap by the time this is done.
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sdmathis
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July 13, 2014, 04:35:30 PM
 #7642

So looks like BTC and LTC was also attempted on the mp security flaw.  Anyone confirm  that yet?

Pat confirmed it a little while ago.

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July 13, 2014, 04:36:14 PM
 #7643

Time to chill out and quit crypto for today, returning tomorrow when everything will be fine  Wink
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July 13, 2014, 04:37:01 PM
 #7644

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.


WHAT??

No. I'm sorry. No. Their security is breached and they are going to hard fork the coin to cover their asses?

Wow. That's... Wow. I had nothing but praise for mintpal before, but this is stunning.

I admit I haven't read past the post I just quoted, but it shocked me enough I had to post this. That's the most absurd thing I have ever heard.

Either that or let the coin die.

Also if they caught it within minutes (even hours) is stupid not to rollback.

Mintpal will pay whatever "damage" was taken in between.
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July 13, 2014, 04:37:04 PM
 #7645

So, shouldn't everyone dump their VRC to BTC now? Then wouldn't they get all their previously sold coins back after the fork?

And the buyers will lose both their BTC and vericoin after the fork, it's cool, isnt it ?

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July 13, 2014, 04:38:12 PM
 #7646

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.

+10
But thing about it widely:

1) Conclusion is that VRC is valuable to 8m /27 *100%  = 30% attacks...not 51%

2) Big hit into decentralization image of VRC "rolbacks" - shows that crypto is not decentralized coin...
So fork BTC before MtGox that way...


51% of staking coins is all that is necessary to attack. Not 51% of all coins.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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July 13, 2014, 04:39:09 PM
 #7647

So looks like BTC and LTC was also attempted on the mp security flaw.  Anyone confirm  that yet?

Pat confirmed it a little while ago.

Confirmation must come from those who manage these funds (announcement on Mintpal website, or announcement from someone of their staff). Did I miss any piece of news from them?
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July 13, 2014, 04:39:43 PM
 #7648

The MtGox situation was, allegedly, a theft that occurred over many months, there would have been no way to hard fork to recover the funds and, let's be honest, we've yet to see evidence that what Karpeles claims happened is actually the case anyway.

According to Mintpal this attack happened a few hours ago and because VRC is still in its relative infancy it is feasible for hard fork to stop the thieves getting away with the coins.

It's not great, but it is a fix and one that had to be done. It is not a weakness in VRC, it is an issue with Mintpal.


Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
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July 13, 2014, 04:40:14 PM
 #7649

So looks like BTC and LTC was also attempted on the mp security flaw.  Anyone confirm  that yet?

Pat confirmed it a little while ago.

Confirmation must come from those who manage these funds (announcement on Mintpal website, or announcement from someone of their staff). Did I miss any piece of news from them?

You don't think that the devs are in contact with Mintpal? Pat's word is good enough.

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July 13, 2014, 04:40:29 PM
 #7650

You all can FUD about this all you want, I don't care.

Assuming the devs successfully defend the integrity of VRC with this, then there will be no question as to the long term success of VeriCoin. And on that note, once the exchanges are back all up and running on the same page, I'm going on a buying spree.

You'll think 40k was cheap by the time this is done.

Stupid price talk, this is why people consider these projects here as ponzi schemes ... what happens here is a technical and philosophical issue. Nobody puts in question that pnosker and the others are great developers and good people. I would also assume that they have good motivations with this roll back move. But it will be in the history of VRC, forever. Something like this is was credit cards do, on a daily basis, and nobody cares because they are centralized.

But if one guy can trigger the roll back of a blockchain because there is a transaction that some other guy doesn't like, then this is a serious problem. I am confident that Patrick didn't think about that for 5 minutes only, so he will have good reasons to do it and, besides some people here, he has a very good understanding what consequences this has and might have.
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July 13, 2014, 04:40:55 PM
 #7651

Too bad about the hack.  But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now.  Too bad, so sad.

I believe that this can be summed up as.....NOT.

Is Bitcoin dead because of Mt Gox? It was an exchange. The exchange was weak. Bitcoin was solid. Take note!

The main difference being that Bitcoin did not try to roll back the blockchain to avoid the damage, they took it and moved on.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
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July 13, 2014, 04:42:07 PM
 #7652

Vericoin was probably targeted because it can be spent where bitcoin is accepted. Well thats what twitter is talking about. Free advertising Smiley

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July 13, 2014, 04:42:12 PM
 #7653

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

you need to think a bit more:

not only the "robber" is punished, but everyone else who bought coins for BTC/FIAT between the hack/whatever and the time of the rollback, and everybody who sold will still have their coins +  BTC/FIAT.
If you call that a good situation you should not be allowed to handle money at all.

This is without a question a terrible solution, and should not be done.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
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July 13, 2014, 04:42:37 PM
 #7654

LOLOLOL All you dumb FUDsters and Panic Sellers are gonna feed me TONS of cheap VRC as soon as the exchanges unfreeze, I think I may retire with the amount of VRC I'll be able to snatch up, oh and THINK for a min if the hackers targeted VRC there was a REASON, either 1) They know VRC is solid and is going places, 2) They are associated with some other bullshit coin and terrified of VRC and trying to crash it (but the wont) or 3) All of the above.  All I can say to the hackers is haha you stupid bastard nice try better luck next time. and to everyone else TRY NOT TO DUMP HODL AND PRICE WILL REMAIN STABLE DUR DUR DUR I FOR ONE WILL BE BUYING THE HELL OUTTA VRC ONCE ABLE TO!!!!!
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July 13, 2014, 04:44:46 PM
 #7655

Too bad about the hack.  But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now.  Too bad, so sad.

I believe that this can be summed up as.....NOT.

Is Bitcoin dead because of Mt Gox? It was an exchange. The exchange was weak. Bitcoin was solid. Take note!

The main difference being that Bitcoin did not try to roll back the blockchain to avoid the damage, they took it and moved on.


Are you really that fucking stupid? Bitcoin didn't have as many coins jacked as VRC did, seriously all your fucktarded efforts to FUD are getting annoying and nobody here gives a flying fuck about what you have to say because you constantly just talk shit.
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July 13, 2014, 04:44:55 PM
 #7656

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

you need to think a bit more:

not only the "robber" is punished, but everyone else who bought coins for BTC/FIAT between the hack/whatever and the time of the rollback, and everybody who sold will still have their coins +  BTC/FIAT.
If you call that a good situation you should not be allowed to handle money at all.

This is without a question a terrible solution, and should not be done.

There are no good solutions. The devs had to choose the lesser of two evils.

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July 13, 2014, 04:45:04 PM
 #7657

Vericoin was probably targeted because it can be spent where bitcoin is accepted. Well thats what twitter is talking about. Free advertising Smiley

Then why not target BTC directly? Also there are many other coins that can be spent where BTC is spent, using Holy Transaction or BcBit or a ton of other services.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
yourstruly
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July 13, 2014, 04:46:20 PM
 #7658

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

you need to think a bit more:

not only the "robber" is punished, but everyone else who bought coins for BTC/FIAT between the hack/whatever and the time of the rollback, and everybody who sold will still have their coins +  BTC/FIAT.
If you call that a good situation you should not be allowed to handle money at all.

This is without a question a terrible solution, and should not be done.

There are no good solutions. The devs had to choose the lesser of two evils.

No they picked the worse of two evils, they just proved this coin is completely centralized crypto and it will screw over countless innocent people.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
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July 13, 2014, 04:49:28 PM
 #7659

Vericoin was probably targeted because it can be spent where bitcoin is accepted. Well thats what twitter is talking about. Free advertising Smiley
Vericoin was targeted because no other coin with some volume has that many coins at exchanges, percentage wise.
Which actually shows (together with the few active full nodes) that no one wants to hold VRC or even use fancy wallet and stuff, its all about short term speculation Tongue

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July 13, 2014, 04:50:58 PM
 #7660

unfortunately it will be dumped when it return.. i just want it can recovery fast

Maybe, but everyone likes something that spreads well. No matter what you choose that thing to be.

Not sure it'll necessarily be dumped though.  I mean this was really an attack on Mintpal and Mintpal's fault (for now anyway), and not the fault of the coin itself as far as any vulnerability that we know of.

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