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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1349962 times)
J9901
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July 13, 2014, 06:09:05 PM
 #7701

I think I can honestly say I've read up on all relevant information on the current situation and I've come to one solid conclusion:



Once this is resolved, see you guys on the moon.  Cool Cool Cool

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July 13, 2014, 06:09:40 PM
 #7702

Devs dont have the final say it takes 51% ............
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July 13, 2014, 06:11:04 PM
 #7703

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.

Its just a thought, but wouldn't it be cheeky evil genius-ish to perpetrate that assault in Cryptorush.in just to cause that exact reaction? People moving the BCs to the wallets and therefore making them slower to react to the big-ass-dump so the dumpers can do it at will and without loosing money in the way down?

Uh..

Eth.

That WOULD be evil genius, however probably evil genius on the part of the dumpers to take advantage of the opportunity of such an event.  In other words, I doubt the dumpers in April were in on that hack of Cryptorush in March just so they could cause people to keep their coins in their wallets, all for the purpose of a month later to dump on everybody on Mintpal while people are rendered helpless by their staking coins.  Although, money talks.  It would be very easy to bribe someone at Cryptorush to announce that all their BC had mysteriously disappeared due to a hack, thereby inciting fear, and causing what you suggested.  Cryptorush has a reputation for being quite shady from what I hear.  If that was "their" grand plan, then it worked.  However, the problem with this conspiracy is that as far as I know it hasn't been tried again, unless that's what's happening right now with VRC.  First rule of making shady money is even if you make it by deceiving people, keep doing it over and over again until the deception's exposed, then move onto something else.  No other coin that I know of since March has been stolen from an exchange in order to incite fear, cause people to move their coins to their wallets to stake, thereby rendering them helpless during a dump later on.  I mean, there are some really smart people in crypto.  Really smart.  I doubt Iconic Expert's that smart lol

















































Soul_eater_123
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July 13, 2014, 06:11:13 PM
 #7704

Quote
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

That's a bullshit definition of a community decision.  It was decided by Mintpal and dictated to the VRC development team.  The other exchanges had little choice but to follow.  The community had zero choice.

Quote
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

Yes

Quote
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
No that's not how it works unless they go in and completely alter the blockchain which is even more disturbing.

Quote
5) The exchanges will reimburse people who lost money transacting with the thieves (if there was any transaction at all)

You mean Mintpal? No they won't - we wouldn't need a hardfork if they did this.

Quote
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.

Keep sticking your tongue up Mintpal's arse.  This is a case of destroying Vericoin to save Mintpal and nothing less.  Stop being a mindless shill.

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tigerwood0432
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July 13, 2014, 06:11:32 PM
 #7705

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 Smiley


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professorY
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July 13, 2014, 06:12:55 PM
 #7706

Guys it is suicide to roll back because of Mintpal.  Mintpal should be made to pay for the losses.  No exchange should have the ability to force a hardfork in a coin because of their failure.  This will ruin the credibility of Vericoin purely to save Mintpal.  Mintpal is a vicious cancer to the community and this just proves it.

This.

If this rollback is done to cover MintPal's fuck up, the devs lose all credibility and are simply paid code monkeys for the exchanges.

Is that really what the community wants from a coin that had so much potential?

This is make or break time. The decisions made now will either cement VRC as a solid force in crypto or doom it to a slow and painful death.

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buy4crypto
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July 13, 2014, 06:13:50 PM
 #7707

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.

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kpierce77
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July 13, 2014, 06:13:55 PM
 #7708

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
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July 13, 2014, 06:14:02 PM
 #7709

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.
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July 13, 2014, 06:15:08 PM
 #7710

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

judgecrypto
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July 13, 2014, 06:15:58 PM
 #7711

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...
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July 13, 2014, 06:17:27 PM
 #7712

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 Smiley

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.

















































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July 13, 2014, 06:18:46 PM
 #7713

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.
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July 13, 2014, 06:20:26 PM
 #7714

8 Millions coins at 39k sats is 3112 BTC !

3112 BTC = 1.45 Million Euros!

This is the end for Mintpal.

judgecrypto
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July 13, 2014, 06:20:44 PM
 #7715

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 Smiley
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July 13, 2014, 06:22:19 PM
 #7716

8millions....

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


fuck mintpal Angry


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.

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judgecrypto
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July 13, 2014, 06:22:24 PM
 #7717

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?
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July 13, 2014, 06:24:41 PM
 #7718

8millions....

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


fuck mintpal Angry


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.
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July 13, 2014, 06:26:52 PM
 #7719

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. Lips sealed
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July 13, 2014, 06:27:23 PM
 #7720

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?

















































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