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

[phzi]

 The intent is then to essentially 51% attack the coin so that the rollback branch becomes a longer chain, therefore orphaning all the original blocks.

A hardfork is when you create a branch of the network that is not compatible with the other branch - that's not happening here.  

So you are saying that they are NOT creating a branch of network that is incompatible with the other branch?

Dafuq?

Correct - they are NOT creating a branch that is incompatible.  It's fully compatible on a protocol level.  There is no hard-fork.  They are rolling back the blockchain.

VeriCoin will hard fork to a checkpoint a few hours ago just before the attack on MintPal. MintPal has agreed to cover losses relating to the hack.

VeriCoin is fine, there are no vulnerabilities. We had to decide between hard forking prior to the attack or letting MintPal fall and the thief keeping the 8 million VRC that was stolen. We chose the option that we thought would be best for the coin.

We will be releasing a new wallet with a fix shortly.

If they are going to cover losses related to the hack why would Vericoin need to hard fork?

The hard fork you mentioned is a huge mistake. I, as a user, would never use Vericoin again because what is to stop the devs from doing this again in the future especially if someone sent coins from one party to another...that were supposedly irreversible? You have a big fucking problem on your hands.

I suggest you stay out of it and let everything play as it lay. Don't interject yourself into trying to fix a negligence on an exchange's part as now you would look scammy as well.

EXACTLY.

[defier]

In your logic there should be no hardfork ever, because it is always a bailout.

If bitcoin hardforks for whatever reason, they do it to protect their coin. It is a centralized decision and they are bailing out themselves. If they would not hardfork, the coin would die. You are advocating this, so please demand it from the BTC-DEVs and the foundation.

You have a horrid sense of logic or understanding of crypto if that was your conclusion.  Hardforks are perfectly valid, specifically when a coin is developing - for security reason, or feature development.  But they should be very very carefully considered.

The key is that this VRC move isn't a hardfork, it is a blockchain rollback for external purposes that are totally unrelated to coin development.

And the BTC fork for that 184 million exploited coins was for development?  Yes I know you previously try to explain how that wasn't the same.  Facts are, someone illicitly grabbed a bunch of coins, and the community reacted to negate it.  No two scenarios are the same and must be resolved differently.  

Mr. Strawman, I hope you're not one of the thieves.   Butthurt because the community isn't going to let you become a millionaire and destroy the coin at the same time?  There's very little doubt the thieves, are here watching.  And I imagine their posts sound exactly like yours.
Regardless we will see if the fork really spells doom for vrc or crypto like you say.  Then everyone can join together and sing, Bye Bye, Miss American Pie.

I do own a few hundred vrc.  But its meh to me if I lost it.  This is a warning call for POS and especially Mintpal security(lucky bastiges).  But I'm enjoying, to the point of being giddy, that the crime was thwarted.  If this fork didn't work, I'd prefer they drop and delist the coin everywhere.  Rather than give the scumbags 1 satoshi.


"Hope and Change"  The infomercial slogan, that fooled a nation...  Twice

[Fippy]

The future of crypto is not in the people that currently hold it. It's in the ones who will come and make it mainstream.

They will not see this as a taint upon the coin, but rather a disaster averted where other coins, including Bitcoin itself, left it's holders high and dry in the face of such odds.

This is the day that cryptocurrency starts to look 'safe' in the eyes of the masses. And it is the opinion of the masses yet to come, not the fudsters and 'purists' in this thread, that will be the driving force in the months and years to come.

You have witnessed something special today folks, mark my words.

And to the devs, congrats on a job well done.

[tigerwood0432]

I'm sorry to the guys who lost coins, but you lost them because of Mintpal and they should reimburse you not the entire blockchain being forked. If Mintpal can't pay then the community shouldn't have trusted so many coins with one exchange. Isn't this a decentralized crypto coin? You can't become centralized when it's convenient to bail out an exchange because it's convenient.

Why not be Visa coin and allow chargebacks, and while you're at it have a Vericoin bank and offer Verinsurance

This coin is forever tainted, and this is a sad day for all alt coins. Mintpal is NOT too big to fail. Maybe we should fork the Bitcoin blockchain to bail out Mt. Gox and Mark Karplees  

+1, sad but true.

The point is theft could be prevented and was. If I told you there was a better way then letting someone steal confidence from the whole crypto system would you believe it?


It was done. The money will be returned and no thieves will be able to steal money from hundreds of individuals crypto accounts.

Its a matter of time before news picks up that a new crypto currency PREVENTED fraud and returned money to hundreds, if not thousands of investors with NO LOSS. and within 1 day? WHAT? I can't believe it! Oh, yeah I can, its Bitcoin? Wait, NOOOO its that new kid VERICOIN!!!

+1 vericoin attack will go viral = already spread on twitter + facebbok = no one can ignore vrc now  . + tomorow all medias worldwide will relay the infos . TV , radio , newspaper , business magazines ...........etc VRC will be the new BTC So happy

[eiskalt]

Then go and learn and read my and other´s previous posts. I am tired to repeat myself over and over again.

And I am annoyed to see people using buzzwords to distract readers. Maybe you should better try this centralization thing again.

What buzzwords?  It's a blockchain rollback.  It is not a hardfork...  I don't think anybody except you is trying to distract users.

A hardfork is when you create a branch of the network that is not compatible with the other branch - that's not happening here.  

VRC is proposing to roll back the blockchain and create a soft-fork starting at a previous block height.  The intent is then to essentially 51% attack the coin so that the rollback branch becomes a longer chain, therefore orphaning all the original blocks.

Having scrolled through your post history, I see nothing I can possibly learn from you.

Do this fork, and you have successfully 51% double spent your own network.

Try harder, every hardfork can be described as a 51% attack on the competing chain. But only someone who wants to distract people will describe it the way you do it.

And now you are speaking of a softfork?

Don´t know what your quote is all about

[buy4crypto]

The future of crypto is not in the people that currently hold it. It's in the ones who will come and make it mainstream.

They will not see this as a taint upon the coin, but rather a disaster averted where other coins, including Bitcoin itself, left it's holders high and dry in the face of such odds.

This is the day that cryptocurrency starts to look 'safe' in the eyes of the masses. And it is the opinion of the masses yet to come, not the fudsters and 'purists' in this thread, that will be the driving force in the months and years to come.

You have witnessed something special today folks, mark my words.

And to the devs, congrats on a job well done.

I am with you. Just a few more minutes, and once everything is smooth for a couple hours I am going to copy / paste a nice essay to as many news stations, bloggers as it takes to get this viral, I promise.

This is the day crypto will get more people who think its safe now, from the wild wild west of bitcoin where thieves win. NOT ANYMORE.

[phzi]

And the BTC fork for that 184 million exploited coins was for development?  Yes I know you previously try to explain how that wasn't the same.  Facts are, someone illicitly grabbed a bunch of coins, and the community reacted to negate it.  No two scenarios are the same and must be resolved differently.  

Nobody grabbed illicit coins... someone exploited a flaw to generate more coins then they should while mining a block.  It was a protocol level flaw in bitcoin that was fixed.  Yes, that was a development mistake, and a hardfork was necessary (the fix made the new blockchain incompatible with the old blockchain, and that 184million coin block was orphaned as a result).  The VRC action is totally different.  VRC IS NOT SUGGESTING A HARDFORK - the devs aren't fixing anything.  They are acting for benefit of an exchange and third party to the protocol.

Rolling-back a blockchain is unbelievably contrary to a decentralized ledger.  That, is the key.

A bookkeeper who "fudges" the books, has no place being trusted to keep the public ledger. Pressure is moot.

[BitcoinPorn]

In other news....

Not directly VeriCoin specific, but on Crypto Coins in general, watch what sites you are reading your news from...

Trustworthy -
Coin Fire — http://coinfire.cf/
CoinDesk — http://www.coindesk.com/
The Crypto Crimson — http://cryptocrimson.com/

Probably Trustworthy - (marks sponsored articles)
CryptoCoinsNews — http://www.cryptocoinsnews.com/

Untrustworthy -
99bitcoins.com — http://99bitcoins.com/
CryptoArticles — http://www.cryptoarticles.com/
The Bitcoin News — http://TheBitcoinNews.co.uk
Crypto Articles — http://www.CryptoArticles.com
Bitcoin Views — http://BitcoinViews.com
Crypto Biz Magazine — http://CryptoBizMagazine.com
Coin Speaker — http://www.CoinSpeaker.com
Bitcoin Warrior — http://BitcoinWarrior.net
Bitcoinist — http://Bitcoinist.net
Coin Report — http://CoinReport.net


Full article @ Bitcoin News Sites & Dishonesty - The Chris Hansen Style Sting https://medium.com/@TomOnBTC/bitcoin-news-sites-dishonesty-29fee9d6e367

[btcsnippers]

The future of crypto is not in the people that currently hold it. It's in the ones who will come and make it mainstream.

They will not see this as a taint upon the coin, but rather a disaster averted where other coins, including Bitcoin itself, left it's holders high and dry in the face of such odds.

This is the day that cryptocurrency starts to look 'safe' in the eyes of the masses. And it is the opinion of the masses yet to come, not the fudsters and 'purists' in this thread, that will be the driving force in the months and years to come.

You have witnessed something special today folks, mark my words.

And to the devs, congrats on a job well done.

I am with you. Just a few more minutes, and once everything is smooth for a couple hours I am going to copy / paste a nice essay to as many news stations, bloggers as it takes to get this viral, I promise.

This is the day crypto will get more people who think its safe now, from the wild wild west of bitcoin where thieves win. NOT ANYMORE.

2 mln heist "rolled back" that might make some news channels.

[hero18688]

Be sure to move your coins to Bittrex if you day trade. I would say get 2-3 exchanges going with some volume but that'll never happen so lets just stick with Bittrex.

Or don't keep coins on an exchange. Have you not learned anything by this?

+1 Don't keep your coin on any exchange , put in your wallet , and save your wallet 20 times in different places . Send to exchanges only when needed . It was a good lesson

Sometimes when you saw a good price to sell.But you have to wait for it transfered from wallet.When it is done.The price gone.

[buy4crypto]

The future of crypto is not in the people that currently hold it. It's in the ones who will come and make it mainstream.

They will not see this as a taint upon the coin, but rather a disaster averted where other coins, including Bitcoin itself, left it's holders high and dry in the face of such odds.

This is the day that cryptocurrency starts to look 'safe' in the eyes of the masses. And it is the opinion of the masses yet to come, not the fudsters and 'purists' in this thread, that will be the driving force in the months and years to come.

You have witnessed something special today folks, mark my words.

And to the devs, congrats on a job well done.

I am with you. Just a few more minutes, and once everything is smooth for a couple hours I am going to copy / paste a nice essay to as many news stations, bloggers as it takes to get this viral, I promise.

This is the day crypto will get more people who think its safe now, from the wild wild west of bitcoin where thieves win. NOT ANYMORE.

2 mln heist "rolled back" that might make some news channels.

It was a better outcome than past outcomes, and criminals get 0. Its really big headlines for finance, not crypto, FINANCE!

I am skipping crypto when I go promote this story, Im going to the big news and start from there, work my way down

[loges]

I'm sorry to the guys who lost coins, but you lost them because of Mintpal and they should reimburse you not the entire blockchain being forked. If Mintpal can't pay then the community shouldn't have trusted so many coins with one exchange. Isn't this a decentralized crypto coin? You can't become centralized when it's convenient to bail out an exchange because it's convenient.

Why not be Visa coin and allow chargebacks, and while you're at it have a Vericoin bank and offer Verinsurance

This coin is forever tainted, and this is a sad day for all alt coins. Mintpal is NOT too big to fail. Maybe we should fork the Bitcoin blockchain to bail out Mt. Gox and Mark Karplees  

+1, sad but true.

The point is theft could be prevented and was. If I told you there was a better way then letting someone steal confidence from the whole crypto system would you believe it?


It was done. The money will be returned and no thieves will be able to steal money from hundreds of individuals crypto accounts.

Its a matter of time before news picks up that a new crypto currency PREVENTED fraud and returned money to hundreds, if not thousands of investors with NO LOSS. and within 1 day? WHAT? I can't believe it! Oh, yeah I can, its Bitcoin? Wait, NOOOO its that new kid VERICOIN!!!

+1 vericoin attack will go viral = already spread on twitter + facebbok = no one can ignore vrc now  . + tomorow all medias worldwide will relay the infos . TV , radio , newspaper , business magazines ...........etc VRC will be the new BTC So happy

TV, radio, newspapers? This is getting better than the uro thread the other day.

[buy4crypto]

I'm sorry to the guys who lost coins, but you lost them because of Mintpal and they should reimburse you not the entire blockchain being forked. If Mintpal can't pay then the community shouldn't have trusted so many coins with one exchange. Isn't this a decentralized crypto coin? You can't become centralized when it's convenient to bail out an exchange because it's convenient.

Why not be Visa coin and allow chargebacks, and while you're at it have a Vericoin bank and offer Verinsurance

This coin is forever tainted, and this is a sad day for all alt coins. Mintpal is NOT too big to fail. Maybe we should fork the Bitcoin blockchain to bail out Mt. Gox and Mark Karplees  

+1, sad but true.

The point is theft could be prevented and was. If I told you there was a better way then letting someone steal confidence from the whole crypto system would you believe it?


It was done. The money will be returned and no thieves will be able to steal money from hundreds of individuals crypto accounts.

Its a matter of time before news picks up that a new crypto currency PREVENTED fraud and returned money to hundreds, if not thousands of investors with NO LOSS. and within 1 day? WHAT? I can't believe it! Oh, yeah I can, its Bitcoin? Wait, NOOOO its that new kid VERICOIN!!!

+1 vericoin attack will go viral = already spread on twitter + facebbok = no one can ignore vrc now  . + tomorow all medias worldwide will relay the infos . TV , radio , newspaper , business magazines ...........etc VRC will be the new BTC So happy

TV, radio, newspapers? This is getting better than the uro thread the other day.

You see gox on the news ever? You don't think this is bigger news? Every other exchange story is, EXCHANGE HACKED, EVERYONE LOST MONEY.

Whats different about this one? Its a pretty big deal.

[btminer8]

I'm sorry to the guys who lost coins, but you lost them because of Mintpal and they should reimburse you not the entire blockchain being forked. If Mintpal can't pay then the community shouldn't have trusted so many coins with one exchange. Isn't this a decentralized crypto coin? You can't become centralized when it's convenient to bail out an exchange because it's convenient.

Why not be Visa coin and allow chargebacks, and while you're at it have a Vericoin bank and offer Verinsurance

This coin is forever tainted, and this is a sad day for all alt coins. Mintpal is NOT too big to fail. Maybe we should fork the Bitcoin blockchain to bail out Mt. Gox and Mark Karplees  

+1, sad but true.

Mtgox only admits they had lost almost 750,000 (7% of supply) 2 weeks after they stopped withdrawal. It is already too late for them to do anything.

7% is insignificant compare to 30%. Bitcoin had much more infrastructures (eg exchanges, merchants) then vericoin now. No one can convince 50% of the network to roll back blockchain. Bitcoin network is just too decentralized.

Vericoin now at most is only a speculative investment; I highly doubt anyone would use Vericoin/Verbit for everyday transaction. Vericoin developers and big 4 exchanges were quick to understand the situation to devise a plan allows them to minimize damage to the network integrity.

I hope everyone learns a lesson here and move on. Fud-ing without any constructive argument is not in our best interest for the whole crypto currency communities. What about discussing the solution to today problem?

[buy4crypto]

I'm sorry to the guys who lost coins, but you lost them because of Mintpal and they should reimburse you not the entire blockchain being forked. If Mintpal can't pay then the community shouldn't have trusted so many coins with one exchange. Isn't this a decentralized crypto coin? You can't become centralized when it's convenient to bail out an exchange because it's convenient.

Why not be Visa coin and allow chargebacks, and while you're at it have a Vericoin bank and offer Verinsurance

This coin is forever tainted, and this is a sad day for all alt coins. Mintpal is NOT too big to fail. Maybe we should fork the Bitcoin blockchain to bail out Mt. Gox and Mark Karplees  

+1, sad but true.

Mtgox only admits they had lost almost 750,000 (7% of supply) 2 weeks after they stopped withdrawal. It is already too late for them to do anything.

7% is insignificant compare to 30%. Bitcoin had much more infrastructures (eg exchanges, merchants) then vericoin now. No one can convince 50% of the network to roll back blockchain. Bitcoin network is just too decentralized.

Vericoin now at most is only a speculative investment; I highly doubt anyone would use Vericoin/Verbit for everyday transaction. Vericoin developers and big 4 exchanges were quick to understand the situation to devise a plan allows them to minimize damage to the network integrity.

I hope everyone learns a lesson here and move on. Fud-ing without any constructive argument is not in our best interest for the whole crypto currency communities. What about discussing the solution to today problem?

This is something we should get focused on. Its is very hard with all the FUD attempts. But we must try to refocus in the midst of all the tension.

[opsguy]

They said the fork is going to happen and that's probably the best course of action for the coin. My concern is that in the rush to get the fork done there will not be sufficient communications from the dev team and key stakeholders. I run several public VRC nodes with lots of connections. What can I be doing to make sure the fork is successful? Should I shut my nodes down now or leave them running? Do I just need to download/compile/restart when the new code becomes available? Is there anything else I can do to help the network converge onto the correct chain? I hope this doesn't turn into a DRK style fork where the key people think everything is fine but everyone else is seeing random forks all over the place. Some clear communication from the key people would be great, I'm ready to help--just let me know how.

Send me an email, pnosker@vericoin.info. You will need to reclone/compile.

All hail the protection of the middlemen.
God protect our bankers.
God protect our exchangers and money lenders.
God protect our daytraders and manipulators.

I don't follow you. I'm no banker, lender, or exchanger. I've done some trading as I'm sure many of us have. So what? Crypto is an interesting hobby I've been into for a while. I work in the tech industry and running some public nodes seemed like a fun thing to do. I always figured that spending a bit of my money and time to keep some nodes updated and functional was helpful.

When I saw this emergency fork was going to take place I remembered the fiasco with the DRK forks. No offense against the DRK team, I think they've done some cool stuff. But those masternode forks were a mess by any measure. So with this VRC emergency fork happening I decided to post a message asking for direction. I just want to get my nodes updated properly and make sure they are on the right fork. I also wanted to extend an offer to help if there was anything I could do. I was pretty impressed that Patrick replied back right away.

Meanwhile I get this reply about manipulators and middleman which doesn't make a lot of sense. I scroll through the messages looking for relevant info and all I see are these types of rants. They're all so negative and unhelpful. I understand people are upset about the decision to roll back transactions. Everybody is entitled to their opinion. But jeez, some of this is a little over the top. I suspect that at least some of these rants are an attempt to fuel panic selling when the markets finally open back up. Which would make *those* folks the manipulators, not me.

[smoothie]

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...

Are you mad that the developers of VRC took the proper action, while bitcoin let there community lose?

VeriCoin will take the lead in due time. Its got to many people that care.

Any business that is incompetent to handle customer funds and property should be held liable without a "bail out" in the form of a hard fork through the VRC devs. This will set a precedent for things to come. Watch the next exchange that gets hacked or person will cry foul and expect the VRC devs to roll back the block chain and if they don't they will be then hypocrites.

[InvestorPerson]

rollback? how about calling it a chargeback

a thing that shouldn't be possible in cryptos, but you guys are now trying to sell me this as something positive

some funny PR guys here

[buy4crypto]

Can someone with better writing skills, or a few people make me up something well written about the headlines of today? English isn't my first language (im sure you all can tell by now)

I will spend hours a day through social media and emails until this goes viral.

So if someone doesn't mind helping me out, something quick and easy for a news outlet to view and want to learn more about the story.

[smoothie]

Wait, a hard fork because an exchange was hacked? I hope you spend some time making this decision, because if the devs simply hard fork to reset the blockchain to a state that they prefer the trust in this decentralized currency will suffer from that.

Note that Gox could have been solved the very same way, but there was no hard fork of BTC, and that had a reason.

But good for Mintpal, nice to hear that these poor guys don't have too much losses 

This is exactly what I am talking about. The trust factor will go down the toilet.

The VRC devs obviously are willing to take on a business's inadequacy to secure their users VRC on their exchange. Let's wait for the next VRC hack or scam that happens...watch as the rumbles of hypocrisy take shape.

Bad decision by the devs. Their credibility went out the door.