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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1349954 times)
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July 13, 2014, 05:02:13 PM
 #7661

The hacker must not of wanted my coins ON mintpal cuz there still there, i feel left out

Leave em there till the dust settles, and a fork is created. any coin movement from after the attack untíl the client update will be erased.

I got some coins in limbo sent to mintpal got comfirmations but never appeared what should i do ?




Do nothing! We know nothing of when the attack exactly took place. Any transaction after the attack may be on the chain which the coins were stolen on, which will then be invalid. Do nothing, and assess the situation after the development team responds to the situation.

This is most unfortunate, but if everyone stays calm, and does not transact any coins the less effect it will have on the network and community and the easier things will be put right.

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July 13, 2014, 05:02:49 PM
 #7662

I think we need to wait for a technical explanation of what went wrong before we can draw any conclusions. VRC is still very new and enough coins were stolen to greatly affect the community, so the developer was stuck between a rock and a hard place on this one.

The problem is that VRC will now always be associated with this hard fork. The developers need to be clear going forward on what their response will be in the event of future hacks on Mintpal.

The roadmap of this coin still looks great compared to other alts and I think this will be remembered as a minor setback. I am hoping the coin gets dumped so I can purchase more.
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July 13, 2014, 05:03:11 PM
 #7663

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.

Dev's are obviously in contact with exchanges: otherwise this situation wouldn't have been handled so nicely and so quickly. The thing here is Mintpal only talked about VRC being hacked, and they mentioned that the target was only VRC. A Dev saying that not only VRC was the target is a pretty big deal, and things get really serious when these targets are BTC and LTC. More news clarifying this situation are needed ASAP.

Mintpal is saying very little publicly.

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July 13, 2014, 05:04:56 PM
 #7664

Why are people blaming Vericoin for this? This is 100% Mintpals fault. What really pisses me off is the Vericoin Devs have to fork to save the coin because clearly Mintpal will not cover the losses. FUCK MINTPAL.

What are Mintpal going to do? Buy back every one of the 8M coins off the attackers and give them back to everyone. as long as there were no big movements by mintpal involving these 8M coins then they should be back in the majority of peoples accounts after the update.

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July 13, 2014, 05:05:20 PM
 #7665

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.


And here is, in my opinion, where the problem lays: A few days back we learned that there's a wallet, NOT an exchange wallet -which in itself is not safeguard either-, that has in excess of 4.5 million Vericoins. That is, obviously -or at least in my estimation-, more than 51% of all staking VCR. Therefore, the attack happened. And was successful because if you have 51% the success is guaranteed. Mind you, the attack could have happened with much less VRC, even 35-38% and it would still have a great probability of success although not guaranteed.

Also, I don't believe a hard fork -that I consider the best current option, by the way-, presents a real solution for, indeed, the attacks can -and WILL- continue. The problem is, precisely, the one aforementioned: Someone (or a group, such as The Black Hand, who we know now operates fully in VRC), owning an amount of coins that adds up to 51% or more of all staking coins. This is serious stuff to think since we also know that The Black Hand has the money resources to have hoarded those 4.5 million coins and, in fact, take effective control of VRC away from the devs for they can do anything they want no matter what the devs choose to do.

I am not implying the Black Hand has perpetrated this attack -although that would be my guess-, I am stating the fact that apart from this attack, the situation is unsustainable with someone controlling 1/4+ of all coins. I don't know either how to prevent such situation for even if measures are taken to limit ownership, there's no way to prevent the same exact thing happening... only spreading the ownership through several wallets. It doesn't take a genius to figure out what is going on.

Or, for that matter, why someone is willing to "generously" write "five figures checks..."
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July 13, 2014, 05:06:12 PM
 #7666

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.

How do you figure that a theft of VRC from an exchange is evidence of VRC being centralised? It was stolen from an exchange, not from a VRC services.

VRC is still a decentralised currency. If this had occurred from a service provided by VRC then you'd have a point but it is nothing to do with VRC and everything to do with, again, trading-exchange weaknesses.



Because one guy can rollback coin... this is evidence
try do the same with BTC... eg. MtGox... BTC-e hacks and much more
people lost 500m+ $ and no fork this is decentralization.

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July 13, 2014, 05:06:50 PM
 #7667

So are the coins stolen being rolled back or every transaction up to the hard fork being rolled back?

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July 13, 2014, 05:09:15 PM
 #7668

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!!!!!
despite of how it was worded lol totally agree with you

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July 13, 2014, 05:13:53 PM
 #7669

Because one guy can rollback coin... this is evidence

You need to learn a little more of the concept of what a hard fork is. If 'one guy' attempted a hard fork and the rest of the coin's community did not accept it, do you know what happens? Nothing. No fork takes place.

We have been told why a fork needs to occur, but it requires the majority to accept it. So, no, it is not 'one guy' performing a hard fork, it is the community.

Decentralised.

Check-and-mate, ignoramus.

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July 13, 2014, 05:14:00 PM
 #7670

Here is the cold truth, you want to know why people keep their coins on exchanges instead of staking them?

Because they are paralyzed with fear that people like Iconic Expert or Bryce Weiner will dump any moment when the time is right and they want to be able to exit quickly to not lose their shirts.

So Bryce can go stuff it with his talks of blockchain security, he helps to create the most insecure and paranoid market in the world.
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July 13, 2014, 05:15:25 PM
 #7671

Wait a minute...let me get this straight. (Please dont answer if you're not sure yourself)

Are you telling me that those who sold after the start of the attack (the past few hrs) will get to keep both their BTC (earned from selling) and VRC amount (prior to selling) Huh Please verify

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July 13, 2014, 05:16:38 PM
 #7672

Simple mp f'd up.  The hot wallet had too many vrc in it.

Claiming the devs should not help the community by bailing out mp is a very questionable statement.

Almost as if you were one of the people on the receiving end of a successful attack?  hmm...


VRC will come out of this a lot stronger and in the spotlight imo.  Complete backfire by the hackers. Pretty funny.

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July 13, 2014, 05:17:25 PM
 #7673

So are the coins stolen being rolled back or every transaction up to the hard fork being rolled back?

Everything as/and after the coins were stolen, this is why all wallets on effected exchanges have been suspended until the updated client is released.


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July 13, 2014, 05:19:08 PM
 #7674

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.
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July 13, 2014, 05:20:38 PM
 #7675

Wait a minute...let me get this straight. (Please dont answer if you're not sure yourself)

Are you telling me that those who sold after the start of the attack (the past few hrs) will get to keep both their BTC (earned from selling) and VRC amount (prior to selling) Huh Please verify

Not really, the exchange may perform trades within its own software. It is only when coins are sent to/and from the exchange that they are broadcast to the network.

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July 13, 2014, 05:21:28 PM
 #7676

Wow, people think VRC is worth stealing!

You can't ask for a better endorsement than that!

 Grin Grin Grin Grin
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July 13, 2014, 05:21:40 PM
 #7677

Wait a minute...let me get this straight. (Please dont answer if you're not sure yourself)

Are you telling me that those who sold after the start of the attack (the past few hrs) will get to keep both their BTC (earned from selling) and VRC amount (prior to selling) Huh Please verify

Not really, the exchange may perform trades within its own software. It is only when coins are sent to/and from the exchange that they are broadcast to the network.

Oh ok. Good

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July 13, 2014, 05:21:47 PM
 #7678

Here is the cold truth, you want to know why people keep their coins on exchanges instead of staking them?

Because they are paralyzed with fear that people like Iconic Expert or Bryce Weiner will dump any moment when the time is right and they want to be able to exit quickly to not lose their shirts.

So Bryce can go stuff it with his talks of blockchain security, he helps to create the most insecure and paranoid market in the world.

You sir... are correct.  Unfortunately, I had all my BC in my wallet on my laptop back in April during the BC crash from 94000 satoshi allll the way down to 14000.  I wish I had my BC on Mintpal at the time because I could've sold during that crash.  I lost $5,200 of profit because of that.  Here's the thing though: I didn't have my BC on Mintpal at that time because of what happened with BC on Cryptorush.in back in March when they lost everyone's BC on that exchange, so I figured keeping them in my own wallet was safer.  It's safer, but yes you can't panic sell when your coins aren't on an exchange.  Since then I've kept my coins on exchanges.  Not sure I'm going to anymore after this.

















































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July 13, 2014, 05:29:06 PM
 #7679

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.

Really? You saw 3-8 million+ dumped? What imaginary chart did you see this on?

Oh, you didn't?

So you think a guaranteed ongoing 51% attack or an insta-dump is a better alternative?

Please explain why.


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July 13, 2014, 05:30:55 PM
 #7680

Here is the cold truth, you want to know why people keep their coins on exchanges instead of staking them?

Because they are paralyzed with fear that people like Iconic Expert or Bryce Weiner will dump any moment when the time is right and they want to be able to exit quickly to not lose their shirts.

So Bryce can go stuff it with his talks of blockchain security, he helps to create the most insecure and paranoid market in the world.

You sir... are correct.  Unfortunately, I had all my BC in my wallet on my laptop back in April during the BC crash from 94000 satoshi allll the way down to 14000.  I wish I had my BC on Mintpal at the time because I could've sold during that crash.  I lost $5,200 of profit because of that.  Here's the thing though: I didn't have my BC on Mintpal at that time because of what happened with BC on Cryptorush.in back in March when they lost everyone's BC on that exchange, so I figured keeping them in my own wallet was safer.  It's safer, but yes you can't panic sell when your coins aren't on an exchange.  Since then I've kept my coins on exchanges.  Not sure I'm going to anymore after this.
invest in coins that have good devs is what i think should be done after this
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