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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1341757 times)
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July 14, 2014, 03:44:41 AM
 #8241


Cool, thanks for your opinion, gnite

m'lady, it was an honour

whoever sells below 29k now must be a complete retard....
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July 14, 2014, 03:45:01 AM
 #8242


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.

Always, they can do it, as long as they make ppl support their new fork.
The question is, DO THEY DO IT OR NOT? DO THEY GIVE IN TO THE AUTHORITY OR THEY OBEY THEIR INITIAL AIM FOR A CRYPTOCURRENCY: NOT REGULATED BY AUTHORITIES.
(don't want to use caps, but obviously you don't get my insight)

If they are regulated by authorities, what is the difference between it and centralized banks?

p.s. til now, my questions are not answered.

The difference is a mass audience ready to invest in something that breaks away from the current crypto mold of fraud and theft. They are waiting for a coin like VeriCoin that prevents theft using the technology, rather than being held hostage by the minority of purists.

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July 14, 2014, 03:45:13 AM
 #8243

I've just caught up with the forum threads and not sure that an average person/investor would have the time to go through all the arguments of the hard fork posted here.

If in any case, they would be reading up the official statements from the Vericoin Developers here:
http://www.vericoin.info/downloads/Statement.pdf

And the official statements from the Mintpal Exchange here:
https://support.mintpal.com/index.php?module=announce&sec=view&id=17

What an average person would probably pick up from this would be:
1. Mintpal's security has been breached and hacked, hence less trust & extra caution to use them in the future
2. Vericoin's developers have stepped up to help protect the coin as well as it's community and investors
3. Rules are made to be broken, and it's up to whether you would prefer Batman (one who breaks rules and steps up to do the right thing) or the Cold Ruthless Law that states that there is nothing that can be done against a theft as it is against all principles of how a crypto should be.

Common sense with the right morals > Cold-hard principles/rules

Just my sharing.
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July 14, 2014, 03:45:53 AM
 #8244

MintPal fucked up... it's not the VRC community's responsibility to fix this.  MintPal needs to cover the lost coins out of their own pocket - PERIOD.

If the VRC devs try to push a roll back, this coin is worse then dead in the water.  Obviously, if a rollback like this is possible, the blockchain cannot be relied upon as a fixed ledger, and therefore the coin is useless.

There were so many hacks with LTC and BTC exchanges yet never once did those developers resort to such actions. This shows the true colors of the VRC devs.

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July 14, 2014, 03:46:38 AM
 #8245

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.


My prediction: VRC and its devs' trust will be tarnished for a very long time.




So you are here just to open people eyes?
You are losing your time to help us?

hahahahahahaha

Fuck off dude, you want cheap VRC Smiley
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July 14, 2014, 03:46:55 AM
 #8246

MintPal fucked up... it's not the VRC community's responsibility to fix this.  MintPal needs to cover the lost coins out of their own pocket - PERIOD.

If the VRC devs try to push a roll back, this coin is worse then dead in the water.  Obviously, if a rollback like this is possible, the blockchain cannot be relied upon as a fixed ledger, and therefore the coin is useless.

I'm willing to bet some of you are the same person, so I'll pose this question to more than one of you since I doubt none of you will give an appropriate answer:

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

Please explain why.

The way the free market works is that failed businesses go out of business...not get bail outs or roll backs. That is why.

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July 14, 2014, 03:47:45 AM
 #8247

Try do the same with decentralized  BTC...
Check-and-mate, ignoramus.

BTC has hard forked previously. You, sir, are merely insistent on baring your ignorance to the world.

BTC fork didn't roll back transactions this is difference...
Anyway here is hard decision to make and no winners at the and because of fail coin build mostly.
Don't get me wrong all types of coins have their problems.

The BTC hard forks did not involve rolling back anything due to a hack on an exchange. That should be made perfectly clear.

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July 14, 2014, 03:47:56 AM
 #8248

The way the free market works is that failed businesses go out of business...not get bail outs or roll backs. That is why.

chargebacks. let's stick to the right terminology  Cheesy

whoever sells below 29k now must be a complete retard....
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July 14, 2014, 03:48:20 AM
 #8249

Devs, are you going to pre-announce when the new wallet will be released?
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July 14, 2014, 03:48:27 AM
 #8250

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.

+1 here. Time will tell but I agree with this.

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July 14, 2014, 03:49:19 AM
 #8251


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.

Always, they can do it, as long as they make ppl support their new fork.
The question is, DO THEY DO IT OR NOT? DO THEY GIVE IN TO THE AUTHORITY OR THEY OBEY THEIR INITIAL AIM FOR A CRYPTOCURRENCY: NOT REGULATED BY AUTHORITIES.
(don't want to use caps, but obviously you don't get my insight)

If they are regulated by authorities, what is the difference between it and centralized banks?

p.s. til now, my questions are not answered.

Not a single developer will accept to face jail for not attending a legal order. Just face the truth.
The whole world now knows for sure that it is technically possible for EVERY SINGLE CRYPTOCURRENCY, including BTC.
So, crypto will be better served by getting the right PR spin on this story. Simple as that.
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July 14, 2014, 03:49:35 AM
 #8252

MintPal fucked up... it's not the VRC community's responsibility to fix this.  MintPal needs to cover the lost coins out of their own pocket - PERIOD.

If the VRC devs try to push a roll back, this coin is worse then dead in the water.  Obviously, if a rollback like this is possible, the blockchain cannot be relied upon as a fixed ledger, and therefore the coin is useless.

I'm willing to bet some of you are the same person, so I'll pose this question to more than one of you since I doubt none of you will give an appropriate answer:

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

Please explain why.

The way the free market works is that failed businesses go out of business...not get bail outs or roll backs. That is why.

We get it, its not for you, move on. Is this the new precedent? We picked up every hardcore NERD thats mad vericoin used the technology to prevent theft, and no other coin took the responsibility to break the mold? GREAT!

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July 14, 2014, 03:50:56 AM
 #8253

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.

So what happens in the future when say another person gets hacked big time for a ton of VRC or another exchange hack comes around?

Double standard I presume will be in effect from the VRC devs.

I disagree. VRC will take a huge hit in terms of trust.

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chunkyjunkie
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July 14, 2014, 03:51:10 AM
 #8254

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.

Another crypto stalker infatuated with vrc that thinks it has nothing going for it.  Move on.. your constant posting clearly shows how desperate you are to buy cheap, although of course you will deny it. Your actions betray your motives.  Again vrc dead?  Vrc didn't make the right decisions?  Move on, nobody will miss your rant.

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July 14, 2014, 03:51:22 AM
 #8255


% is not an argument. The fact that a business fucked up in their security of their customers' VRC is not the devs problem. But obviously the devs want to make it their problem.

VRC hacks and scams will come with expectations now in the future. "Hey someone hacked my personal VRC wallet...can you VRC devs roll back and hard fork the blockchain so I can get my coins back?"

Utter BS.

the hack wasn't the devs problem but the fact that thieves controlled 30% of the coin supply became the devs problem.

what if the thieves do not dump but simply stake their coins.
nobody would invest in a currency that is 30% controlled by thieves knowing that potentially 30% of all new coins for eternity could be going back to the thieves pockets.

I believe this is the dilemma faced by the dev team and why they took action.
they didn't do it to save Mintpal they did it to save vericoin.

stolen money that can generate clean money which can then be spent easily without raising an eyebrow.. this is the very definition of money laundering.

rolling back the block chain is fundamentally wrong but it is the lesser of two evils for this particular situation.

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InvestorPerson
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July 14, 2014, 03:52:29 AM
 #8256

We get it, its not for you, move on. Is this the new precedent? We picked up every hardcore NERD thats mad vericoin used the technology to prevent theft, and no other coin took the responsibility to break the mold? GREAT!

you didn't prevent it. you just caused a chargeback. and you won't be able to prevent it in the future

now it has been stated that this chargeback won't ever happen again. let's see what happens when the next theft rolls over you. it can happen, or do you wanna tell me there's 100% security

whoever sells below 29k now must be a complete retard....
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July 14, 2014, 03:52:38 AM
 #8257

I will just say it, anyone who thinks @mintpal should cover 3039 btc and let some group of elitist have 8 million VRC to dump and crash the coin is an idiot this is the best alt coin ever made and the only potential 2nd to this alt is vertcoin, gj vrc dev I am proud you kept the value of my VRC alive.  



--Minaphure, Respect.

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July 14, 2014, 03:52:44 AM
 #8258

Devs dont have the final say it takes 51% ............

Anyone who chooses not to update their client will get an instant "FUCK YOU" from Mintpal as they will be running a different version of the client and will be on a different chain.

What happens to people who are mining on the wrong chain? Right see there you go...it isn't a simple fix as "ROLL BACK and bail out mint pal".


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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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July 14, 2014, 03:54:26 AM
 #8259

Devs dont have the final say it takes 51% ............

Anyone who chooses not to update their client will get an instant "FUCK YOU" from Mintpal as they will be running a different version of the client and will be on a different chain.

What happens to people who are mining on the wrong chain? Right see there you go...it isn't a simple fix as "ROLL BACK and bail out mint pal".



I don't think this guy can stop, hes gone mad.

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July 14, 2014, 03:55:06 AM
 #8260

Devs dont have the final say it takes 51% ............

Anyone who chooses not to update their client will get an instant "FUCK YOU" from Mintpal as they will be running a different version of the client and will be on a different chain.

What happens to people who are mining on the wrong chain? Right see there you go...it isn't a simple fix as "ROLL BACK and bail out mint pal".



Mining occurs in 1 pool as this is POS, if you looked at this coin for more than 5 mins before you decided to attack it you would know this. Its not a POW coin buddy

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