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

[buy4crypto]

With that said, we will not be doing this again.

What's to stop you from hardforking again if another 8m coins were stolen?

Utter bullshit...

You wont be able to steal the money again, so don't worry about that.

[smoothie]

The fork is complete. I would like to say that we did what we thought is right. We saved the $5M+ invested in VeriCoin by folks like you from becoming worth nothing when the hacker either dumped all of his coin or 51% attacked it.

With that said, we will not be doing this again. It is imperative that you keep your coins off exchanges and safe. We did not do this to "bail out" MintPal but to prevent the coin from being destroyed in an instant.

We have created a bootstrap file which everyone must use until the network is stable. It is located at http://vericoin.info/downloads/bootstrap.dat. We also have changed the p2port from 58684 to 58685. Please adjust your settings as necessary.

We are compiling new windows/mac wallets and will post them when they are complete. The exchanges have the updated code (which is also available on our Github: http://github.com/vericoin/master) and are patching their own stuff and going to be fixing their databases.

Let's hope the rest of the process goes smoothly. Thanks for being patient. I hope we never encounter anything like this again. Please, stake your coins locally on your own wallet so we don't risk having 30% of the coin stolen in a single hack.

This is BULLSHIT.

Now future scams and hacks involving VRC don't get the same treatment? Double standard much? Hypocrite?

Now your trust has gone out the window.

[pnosker]

The fork is complete. I would like to say that we did what we thought is right. We saved the $5M+ invested in VeriCoin by folks like you from becoming worth nothing when the hacker either dumped all of his coin or 51% attacked it.

With that said, we will not be doing this again. It is imperative that you keep your coins off exchanges and safe. We did not do this to "bail out" MintPal but to prevent the coin from being destroyed in an instant.

We have created a bootstrap file which everyone must use until the network is stable. It is located at http://vericoin.info/downloads/bootstrap.dat. We also have changed the p2port from 58684 to 58685. Please adjust your settings as necessary.

We are compiling new windows/mac wallets and will post them when they are complete. The exchanges have the updated code (which is also available on our Github: http://github.com/vericoin/master) and are patching their own stuff and going to be fixing their databases.

Let's hope the rest of the process goes smoothly. Thanks for being patient. I hope we never encounter anything like this again. Please, stake your coins locally on your own wallet so we don't risk having 30% of the coin stolen in a single hack.

This is BULLSHIT.

Now future scams and hacks involving VRC don't get the same treatment? Double standard much? Hypocrite?

Now your trust has gone out the window.

Don't buy the coin then.

[InvestorPerson]

You wont be able to steal the money again, so don't worry about that.

really. did you just a cast magic spell on the cryptoworld, preventing all kind of malicious activities in future? you sir are awesome

[bitrap]

Big risk the devs have made here. The media can take this either way: Positive spin: the rollback was done to save the coin from theft and probable destruction, negative spin: there's no such thing as decentralization and chargeback prevention in crypto as the devs can rollback at anytime.

[RW-Stott]

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 

Do you want a thief with 30% of coins unloading on your community, I imagine that the bitcoin loss, though monetarily more, it was not as big of a % of the total network.

Its about the integrity of the blockchain. Who decides whether Mintpal was actually hacked or not? Apparently a mail from MintpalJason to a developer is enough today. Also note that this has nothing to do with this community. Mintpal probably has enough BTC to refund the VRC losses anyway, and they either would refund or die, since it is their fault.

What happens here is saving the fundings of an exchange (not community) at the expense of the blockchain integrity.

This ^ Mintpal has the burden of proof that they were in fact hacked and NOT just claim they were hacked. How do we know they didn't steal the coins and convert some to BTC?

^ this.  the lack of transparency is suspect.  mintpal has provided no proof of hack, for all we know, it could be a VRC issue / inside job.  

yet VRC moves forward with hardfork in light of absolutely no transparency.  i am shocked, to say the least.  this entire situation is shady.

[ofp]

Millions in BTC were seized by law enforcement agencies because they resulted from criminal acts. Some of these coins were auctioned few days ago. People cheered it and it got lots of positive PR.

A crime should never prevail, especially when thousands of wallets are stolen simultaneously. This is what will get to the people in general. Developers acting to protect the community. This is a very positive outcome in the real world, despite being so painful from the purists point of view.

[buy4crypto]

You wont be able to steal the money again, so don't worry about that.

really. did you just a cast magic spell on the cryptoworld, preventing all kind of malicious activities in future? you sir are awesome

I find it interesting no denial. pls go back to your BC community, you offer us nothing to solve any issues, you only give your community further distance with us as you and all the lackeys keep on the attack.

[smoothie]

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.

It isn't decentralized if one developer can make changes and have them pushed to the community. That is a modern version of Bankster Bail outs. This is the first CRYPTO BANK BAIL OUT. I'm calling it.

lol

[nvminer]

I am a senior member in this bitcointalk forum, but I want to remain anonymous.
I noticed Vericoin discussion when go to Altcoin ANN, and here is some of my insight:

First, a few questions:

1. Did mintpal really lost Vericoin, because of being hacked?
After reading their official announcement, the information is rather vague. Is there a possibility that coins are withdrawn by some big bagholders? Is there possibility that coins are sold by Mintpal (or its personnel) to other people and then they want to reverse the transaction while not paying the money back?

2. Vericoin was hacked, while other coins, including Bitcoin, was intact. Is it because the problem of Vericoin blockchain, or because of the safety hazard in Mintpal?

3. Vericoin group decided to roll-back the blockchain, is this a result after a deliberate consideration, or not?

4. If a small Altcoin-Bitcoin exchange site get compromised, will the Vericoin team do the same thing to roll back?

Then a few insights:

Cryptocurrency is created to be de-centralized. By reversing some transactions through the intervention of development team, it goes against its initial objective.

Cryptocurrency is created to be not regulated by authorities, such as countries. What happened to Vericoin today goes against this objective, because it is controlled by an exchange site. Suppose someday a country authority send request to the Vericoin development team about some Vericoin is held by some bad guys and the authority request a hard fork to remove those Vericoins, or send those coins to the country authority, based on what happened, I doubt the team will say no.

my two satoshi

[buy4crypto]

Millions in BTC were seized by law enforcement agencies because they resulted from criminal acts. Some of these coins were auctioned few days ago. People cheered it and it got lots of positive PR.

A crime should never prevail, especially when thousands of wallets are stolen simultaneously. This is what will get to the people in general. Developers acting to protect the community. This is a very positive outcome in the real world, despite being so painful from the purists point of view.

Exactly, and its the market that vericoin actually wants. It might start as a trickle, but as we get this in the news the floodgates will open. It will just take some patience and a steady hand to ride the waves once trade opens.

[smoothie]

It's a lose the most - lose the lesser scenario, if the devs won't rollback the coins stolen then the thief will have 1/3 of the coin supply and be essentially god of vericoins which will make people lose trust to the coin being controlled by a thief and eventually kill the coin. They did rollback and probably some small transactions are affected but won't kill the coin that quick, it is up to these guys to do the right thing and follow the original transaction. Though this is mintpal's fault to be honest.

Yup and that is just how the crypto world works. Now that the VRC devs have decided to roll back the block chain...this will remove their credibility from here on out. Trust in VRC is broken as any future scams and hacks will expect the same treatment from victims.

Mintpal should cover the cost or go out of business as they were idiotic enough to not be able to secure their customer's VRC.

[InvestorPerson]

pls go back to your BC community

eh they don't like me really   because i'm pointing out all flaws BC has, and now i'm doing it here. and surprise surprise, you feel attacked.

it's ok, you got your agenda, guess you invested time and money into VRC, but this incident opened up a can of worms, don't deny that. it has its cons and its pros, but you want to sell me everything as 100% good

[smoothie]

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.

This is what Vericoin relies on...

Developers of VRC to fork the chain when a catastrophic event happens. Pathetic.

[pnosker]

By the way: If you don't like the hard fork, feel free to keep your client on the current one. Nobody is stopping you. We can't make that fork go away. But if you ever want to spend that VRC... you probably should follow.

The same goes for BTC/LTC/etc.

If all the exchanges move over to another fork, good luck staying on your current one. We get to tell people to move onto the new fork but nobody makes you.

[freedomno1]

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.

This is what Vericoin relies on...

Developers of VRC to fork the chain when a catastrophic event happens. Pathetic.

I am kind of amused though that with all the coins on there they went with Vericoin
Wonder if the security mechanisms per coin on mintpal vary

[smoothie]

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.

Let's go over it one more time.

They are DEVELOPERS...not central planners who can print more funny munny when a business/bank/exchange fucks up. It isn't there place to do this but obviously they think so.

They are playing with fire by doing this. As far as I am aware I will never use VRC and will always point to this thread for future interested parties in crypto thinking about using VRC.

People need to know that this type of actions can't take place in an honest environment (i.e. non-double-standard).

[buy4crypto]

How is every BC / DRK / XC person that coming here feeling right now, knowing you are all fighting so hard to take down a crypto with 6 million valuation. Are you all THAT threatened? Upset by thieves being stopped? Like, why do you all stay in this thread without anything to add to the conversation about how to make it better?

Constructive criticism could go a long way in crypto, helping out brothers and sisters in need instead of rubbing salt in the wound. VeriCoin has never as a whole attacked any coin.

We have been attacked from every angle with FUD, and now its an exchange attack with a heavy FUD campaign. They want in on the future of where vericoin is going, people are not stupid. This is so big for blockchain technology being a proven asset to money transfer!


Any bank compromised of 2 million USD that was discovered hours later would not be resolved as easy. This is BIG news for the financial industry, and probably annoying to the technology purists who want you to care about there next anon feature, or the paranoid banker people.

This is what a coin will need to break the mold, and current stigmas and go mainstream. I bet on it

[ofp]

Cryptocurrency is created to be not regulated by authorities, such as countries. What happened to Vericoin today goes against this objective, because it is controlled by an exchange site. Suppose someday a country authority send request to the Vericoin development team about some Vericoin is held by some bad guys and the authority request a hard fork to remove those Vericoins, or send those coins to the country authority, based on what happened, I doubt the team will say no.

Question is not whether devs do it or not.
Question is CAN THEY DO IT?
And the answer is obviously YES, for every single cryptocurrency, IF they get backed by the majority of their miners.
So, all the crypto community will have to deal with this reality.
You should all help to get the right spin in terms of PR.

[blade87]

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.

This is what Vericoin relies on...

Developers of VRC to fork the chain when a catastrophic event happens. Pathetic.

They're forking it to save their own. This isn't about MP or the smaller investors. It's about the money that was tied up by a certain few big investors (hence MP having so many coins on the exchange to begin with), which makes the whole scenario even worse.

We're all taking high risks here in crypto. All of our investments could go to nothing overnight, and we know that, but choose to ignore it. But when you have whales that can go into a coin, pump it, and then have their high risk investment go completely south with no consequence, can it get any more rigged than that?

I certainly want my future bailouts on anything I have collapse in crypto.