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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1348318 times)
judgecrypto
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July 13, 2014, 06:20:44 PM
 #7721

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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chunkyjunkie
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July 13, 2014, 06:22:19 PM
 #7722

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
 #7723

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
 #7724

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.
blade87
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July 13, 2014, 06:26:52 PM
 #7725

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
kpierce77
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July 13, 2014, 06:27:23 PM
 #7726

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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buy4crypto
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July 13, 2014, 06:27:28 PM
 #7727

8 Millions coins at 39k sats is 3112 BTC !

3112 BTC = 1.45 Million Euros!

This is the end for Mintpal.



Surestrike causing FUD to get some more coins cheap, looks like we got peoples attention again. No matter how they "play" it

One thing is for sure, You have a lot of potentially new investors out there, as well as some scared investors. We will see how it plays out. With a good outcome to the Fork, I would be shocked to not see a rally back above 40k by end of day. Especially if the dev's have ANY rabbits left up there sleeves....

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kpierce77
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July 13, 2014, 06:28:01 PM
 #7728

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?

Sorry nevermind.  Just posted my comment before I saw your edit. Cheesy  Thought I was losing it for a second lol

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Fippy
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July 13, 2014, 06:29:03 PM
 #7729

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...

Do yourself a favor and never involve yourself in anything that involves doing math. You suck at it more than my six year old nephew.

judgecrypto
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July 13, 2014, 06:29:32 PM
 #7730

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...

Do yourself a favor and never involve yourself in anything that involves doing math. You suck at it more than my six year old nephew.

Fair comment Smiley
youngmike
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July 13, 2014, 06:29:59 PM
 #7731



Reverse must be done!!! I want my coins back!!!!

kpierce77
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July 13, 2014, 06:31:29 PM
 #7732

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.

"what were 1/3 of the coins doing on a single exchange?"  Hmmm... very interesting indeed!

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July 13, 2014, 06:31:53 PM
 #7733

IMO the primary propose of this attack is that the hacker(s) want Mintpal to shut down their business so that they can control P&D at bittrex much more easily. Vericoin is a victim. Don't believe hackers having ability to hijack Mintpal would have such a small mistake in transferring their money out.
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July 13, 2014, 06:32:13 PM
 #7734

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.

At the time MP was robbed, THEY OWNED the 8M VRC coins. It was in their wallet and they owed these coins to the people who deposited them. 8M MP coins added to the ones that are under the other exchanges responsibility (the ones that agreed with the hardfork) and the ones controlled by the devs are probably more than 51% of the existing VRC coins. It's therefore a legitimate 51% decision. As simple as that.
buy4crypto
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July 13, 2014, 06:32:15 PM
 #7735

Vericoin's statement

http://www.vericoin.info/downloads/Statement.pdf

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July 13, 2014, 06:32:30 PM
 #7736

I left much of my coins on MP and did alright day trading. Needless to say, I'm shitting a brick.

Not sure how this fork thing works. Is it something as simple as a click of a button?
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July 13, 2014, 06:32:43 PM
 #7737

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
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July 13, 2014, 06:32:47 PM
 #7738

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...

Do yourself a favor and never involve yourself in anything that involves doing math. You suck at it more than my six year old nephew.

Wow that's harsh!  Give the guy a break lol

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July 13, 2014, 06:33:10 PM
 #7739

I feel so sorry for the people who are lost all ther vericoin Cry
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July 13, 2014, 06:34:24 PM
 #7740

I do not fud, period.

Mintpal will loose many customers due to this security breach. Anyone who has coins , esp BTC on mintpal is taking a big risk.

Regarding VRC, i was lucky to sell all a few days ago around 41k sats.   I was looking to buy back in over the last few days and today (again i have not fudded anywhere, so stop with that talk). Now i will not be bying back in, due to the fear of this happening again.

Obviously someone wants to take down VRC because it is a big threat to all other alts. But if i still had my 700k VRC right now i would be having a complete nightmare.  

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