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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1346458 times)
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July 14, 2014, 05:03:47 AM
 #8381

Also love the fact that the FUD posters ignore the simple reason why it was not a choice but a necessity to fork to protect the community.

1 entity controlling 8 million coins that decided to stake them all would have had well over the 51% needed of the STAKING coins.

They will continue to ignore it.

Just so I understand correctly:
Are you saying that Mintpal (forgetting about the hack at the moment) already had the power to do a majority attack against the VRC network?
How is it different from the hacker owning the coin or Mintpal owning it?
Isn't the whole problem that it is just one entity owning the coin and able to attack the system?
If it isn't dangerous if Mintpal holds it, how is it suddenly dangerous now?



Mintpal I doubt would jeopardize their arguably decent business for vrc a coin you are trying to say is worthless.

I am 100% sure mintpal will not allow this to happen again.  Also the community will not let it happen.  No way will they trust a 3rd party entity that keeps 8 million in a hot wallet.

Um.. what do you mean? Mintpal is a 3d party that kept 8mil in one hotwallet.
Hence our problem here.


Edit for clarity:
If 8mil belonging to one person is too dangerous, then Mintpal with or without the hack is dangerous.
A kindof ghash.io situation isn't it?


This is a very good point indeed and the risk will only disappear if and when more people will stake the coins in their own wallet. This is exactly what we heard from devs tonight.
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July 14, 2014, 05:04:20 AM
 #8382

Was hard to catch up in this thread since I went out to the soccer game. I can understand that having 30% of the coins under the control of a single person is dangerous in a coin-age principle PoS system - especially when this person got them for free. Still I can not support this roll back.

First, as mentioned in a post before, what if someone bought goods for VRC a couple of hours ago? From what I see you can currently take advantage of the fact that the upcoming rollback is not known to everyone and purchase things on the current blockchain which soon will be obsolete. Who is responsible for these losses?

Secondly, I don't see why a full rollback is necessary. You could also just remove these coin outputs through a mandatory client update, effectively reducing the supply of VRC but keeping all transactions that use other coin outputs valid. This way the integrity of the blockchain would remain to some extend, but the coins stolen would be worthless.

Of course, Mintpal would not like this solution, but the community should prefer it and the 51% attack would be avoided.  

The fact that someone could have traded a shit load of VRC for other coins and now will get the VRC back AND get to keep the coins they traded for is ridiculous.

Stolen coins has not moved or sold on exchanges.

Its not just about trading to other coins and not about the stolen coins directly. What if I purchased something with my legally owned coins 4 hours ago and the counterparty didn't know about the upcoming rollback? I would get my coins back and the guy I bought from will have nothing.

So why did pnosker decide to roll back the complete blockchain? You could also remove the stolen coins, its a bit more tricky to implement but he can code. This would be by far the better solution for the community.
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July 14, 2014, 05:04:25 AM
 #8383

Hi Everybody new wallet is up!

Thanks for hanging in there with us through this, quite a day.  We successfully thwarted the theft of coins and prevented an attack on the blockchain.  Go here to download the new wallet: www.vericoin.info

Backup your wallet.dat first before proceeding, it's location is listed below for your system.

Windows:
We recommend deleting everything but wallet.dat in your username\appdata\roaming\VeriCoin folder and running the default installer settings.  This will load up the full block and you will be on the splash screen for 10-15 minutes while it loads at the blockchain data.

Mac:
We recommend deleting everything but wallet.dat from user/library/applicationsupport/vericoin and putting these two files in this directory as well: http://www.vericoin.info/downloads/vericoin.conf http://www.vericoin.info/downloads/bootstrap.dat
You will sit at the splash screen for 10-15 minutes while the whole blockchain loads up.
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July 14, 2014, 05:04:36 AM
 #8384

Finally some OFFICIAL statements from MP concerning our VRC (for those who had VRC in Mintpal)

Quote
"What will happen to my VRC?
The VeriCoin that you hold on the MintPal exchange will be unaffected thanks to the VeriCoin developers. As we previously announced, the VRC developers have worked tirelessly to perform something never before done by a cryptocurrency and rollback the blockchain in order to reverse the two malicious transactions. This was not done out of a desire to save MintPal, but rather a desire to save your coins. Once the updated wallet has been distributed and the new fork is active we will re-open our VRC wallet to facilitate withdrawals.

How can I get my VRC?
As soon as we re-open our wallet your VRC balances will be available for withdraw. All market orders on the VRC/BTC market have been cancelled. We will be manually processing withdrawals to ensure the process works as expected."

More at: https://support.mintpal.com/index.php?module=announce&sec=view&id=18

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July 14, 2014, 05:06:06 AM
 #8385

This is a very good point indeed and the risk will only disappear if and when more people will stake the coins in their own wallet. This is exactly what we heard from devs tonight.
Yet this will never happen, because the devs have made it clear that MintPal's mistake is perfectly fine.


Thanks for hanging in there with us through this, quite a day.  We successfully thwarted the theft of coins and prevented an attack on the blockchain.  Go here to download the new wallet:
What a complete load of crap - is everyone else reading this complete bullshit?  "prevented an attack on the blockchain"... wow... just wow.

YOU have facilitated an attack on the blockchain!  YOU are altering the ledger.  YOU are being deceptive and dishonest.  2 wrongs don't make a right, as they say, and you're as much in the wrong as whoever exploited mintpal (if anyone even did exploit mintpal... who knows - maybe mintpal just lost their private keys!).

That's actually a solid possibility here, considering the coins haven't moved since they were apparently withdrawn.  What do you want to bet MintPal screwed up themselves and sent their coins to addresses that they lost the private keys to?  Would make more sense then them being stupid enough to have that many coins in a hot wallet.

Finally some OFFICIAL statements from MP concerning our VRC (for those who had VRC in Mintpal)

Quote
"What will happen to my VRC?
The VeriCoin that you hold on the MintPal exchange will be unaffected thanks to the VeriCoin developers. As we previously announced, the VRC developers have worked tirelessly to perform something never before done by a cryptocurrency and rollback the blockchain in order to reverse the two malicious transactions. This was not done out of a desire to save MintPal, but rather a desire to save your coins. Once the updated wallet has been distributed and the new fork is active we will re-open our VRC wallet to facilitate withdrawals.

How can I get my VRC?
As soon as we re-open our wallet your VRC balances will be available for withdraw. All market orders on the VRC/BTC market have been cancelled. We will be manually processing withdrawals to ensure the process works as expected."

More at: https://support.mintpal.com/index.php?module=announce&sec=view&id=18
Glad to see they are saying "Rollback the blockchain" - whoever was shouting at me before for making clear that this isn't a hardfork, it's a rollback, can go eat their hat.
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July 14, 2014, 05:06:32 AM
 #8386

This is one big scam!! I feel really bad for the dude who stole the coins. He's getting truly fucked here!
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July 14, 2014, 05:06:41 AM
 #8387

Rollback will be the death of the scammers dreams of making out with 2 million dollars, thats about it.

I love people getting mad that criminals will not be getting paid this evening!

to bad, so sad. Poor criminals.



And you want to know what makes it worse for the criminals, and they know this. Is this could backfire on those hoping for a drop, after a initial panic (or maybe not depending on outcome) I bet you see the price rise as MEDIA will take this over.

For everybody in crypto some like this some don't, lets say half like it, half don't. Well, with all this media, we may be getting after this. I bet you the half that don't like it will be drowned out with the new wave of investors, just a thought. Those BC scammers aren't happy about this.


Not mad at all. Please don't put words in my mouth since you want to put "everybody" into this category.

I just like calling out the BS that is going on.

Good luck with VRC as now it will be tarnished (in my view) on the trust aspect. VRC devs made a huge mistake here. This is called damage control but it will not change the inevitable.

Time will tell.

Yes we have heard this now a dozen fucking times from you. It's past the point of disagreement you are trolling. Leave, oh and you are ignored.
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July 14, 2014, 05:11:04 AM
 #8388

About 5 crypto stalkers posting 20 times a minute that think vrc is worthless.  Funny how a worthless coin attracts so much attention from people who want to buy it, no matter how much they deny.

You can't blame them either vrc devs have shown they can deliver.  They have further proven they are here to stay even when a 3rd party f's up in the most negligent of ways.

What are you even blabbing about?

1. This is my first day posting on a VRC thread.

2. I don't want to touch a coin that can be rolled back on a moment's notice.

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.

4. They have only proven that they will do damage control. What happens the next time there is a huge hack or scam? Roll back? Or double standard?


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July 14, 2014, 05:12:58 AM
 #8389

About 5 crypto stalkers posting 20 times a minute that think vrc is worthless.  Funny how a worthless coin attracts so much attention from people who want to buy it, no matter how much they deny.

You can't blame them either vrc devs have shown they can deliver.  They have further proven they are here to stay even when a 3rd party f's up in the most negligent of ways.

What are you even blabbing about?

1. This is my first day posting on a VRC thread.

2. I don't want to touch a coin that can be rolled back on a moment's notice.

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.

4. They have only proven that they will do damage control. What happens the next time there is a huge hack or scam? Roll back? Or double standard?



Dude So why the fuck are you here?

You are here the last 2 hours...

You want to make money and you making FUD to drop the price.

Only idiots will believe in you
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July 14, 2014, 05:13:11 AM
 #8390

Dont mind me, I FUD other coins that might threaten my (Cloak) investments



@smoothie...if you dont want to touch VRC, then why have you wasted your entire day typing shit storm after shit storm. wouldnt be a wiser decision to gtfo and find a coin you would like to touch, so you can make some money?

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July 14, 2014, 05:13:28 AM
 #8391

Rollback will be the death of the scammers dreams of making out with 2 million dollars, thats about it.

I love people getting mad that criminals will not be getting paid this evening!

to bad, so sad. Poor criminals.



And you want to know what makes it worse for the criminals, and they know this. Is this could backfire on those hoping for a drop, after a initial panic (or maybe not depending on outcome) I bet you see the price rise as MEDIA will take this over.

For everybody in crypto some like this some don't, lets say half like it, half don't. Well, with all this media, we may be getting after this. I bet you the half that don't like it will be drowned out with the new wave of investors, just a thought. Those BC scammers aren't happy about this.


Not mad at all. Please don't put words in my mouth since you want to put "everybody" into this category.

I just like calling out the BS that is going on.

Good luck with VRC as now it will be tarnished (in my view) on the trust aspect. VRC devs made a huge mistake here. This is called damage control but it will not change the inevitable.

Time will tell.

Yes we have heard this now a dozen fucking times from you. It's past the point of disagreement you are trolling. Leave, oh and you are ignored.

Another one bites the dust and presses the pussy ignore button.  Cheesy

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July 14, 2014, 05:14:37 AM
 #8392

Dont mind me, I FUD other coins that might threaten my (Cloak) investments



@smoothie...if you dont want to touch VRC, then why have you wasted your entire day typing shit storm after shit storm. wouldnt be a wiser decision to gtfo and find a coin you would like to touch, so you can make some money?

"Entire day" =/= 2 to 3 hours

 my day wasnt a waste to me. Full of entertainment I'd say.

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July 14, 2014, 05:14:47 AM
 #8393

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.
It seems increasingly likely that there possibly never was even an attack on mintpal.  Seems more likely to me that MintPal somehow lost the coins or private keys, and the VRC devs are helping them recover their lost coins.

These question need to be answered before anyone should ever considering trusting the VRC devs:

The next time this happens - there is a large theft of VRC - what will happen?
How big of a theft must occur to warrant a blockchain rollback?
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July 14, 2014, 05:15:29 AM
 #8394

A VRC RollBack is the same as bailing out the big banks!



@smoothie...if you dont want to touch VRC, then why have you wasted your entire day typing shit storm after shit storm. wouldnt be a wiser decision to gtfo and find a coin you would like to touch, so you can make some money?

LMAO.. VRC is nowhere close to being what Cloak is and will be!

Thanks for the laughs.

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July 14, 2014, 05:15:42 AM
 #8395

@smoothie...if you dont want to touch VRC, then why have you wasted your entire day typing shit storm after shit storm. wouldnt be a wiser decision to gtfo and find a coin you would like to touch, so you can make some money?
"Entire day" =/= 2 to 3 hours
Honestly, I'd say Smoothie is doing a public service.
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July 14, 2014, 05:15:55 AM
 #8396


Another one bites the dust and presses the pussy ignore button.  Cheesy

name calling...real mature.  Cheesy


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July 14, 2014, 05:16:23 AM
 #8397

bobsurplus you are an idiot.. please stop

name calling...real mature.  Cheesy

Say it with me now POS.

Are you listening, or do you just speak? Or...

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smoothie
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July 14, 2014, 05:17:05 AM
 #8398

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.
It seems increasingly likely that there possibly never was even an attack on mintpal.  Seems more likely to me that MintPal somehow lost the coins or private keys, and the VRC devs are helping them recover their lost coins.

These question need to be answered before anyone should ever considering trusting the VRC devs:

The next time this happens - there is a large theft of VRC - what will happen?
How big of a theft must occur to warrant a blockchain rollback?


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buy4crypto
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July 14, 2014, 05:17:16 AM
 #8399

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.
It seems increasingly likely that there possibly never was even an attack on mintpal.  Seems more likely to me that MintPal somehow lost the coins or private keys, and the VRC devs are helping them recover their lost coins.

These question need to be answered before anyone should ever considering trusting the VRC devs:

The next time this happens - there is a large theft of VRC - what will happen?
How big of a theft must occur to warrant a blockchain rollback?

Looks like the scammers are mad that crypto is being cleaned up from thievery. Just a thought. Hard to make money if you know the technology not only can, BUT WILL be used to stop theft. To good. And some people think this is bad. Go invest in bitcoin if you think its bad, If you think its good, Well you got VeriCoin, I got a feeling more than 6 million dollars approves the vericoin devs. You all just making VeriCoin more popular, almost 50 pages today. That should make people take not at this rate.

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bigc1984
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July 14, 2014, 05:17:44 AM
 #8400

3. VRC devs can deliver a roll back that helps mintpal and all users on that exchange but ignores any miners who are mining VRC and have not updated to the new client. And anyone who has received VRC in that time frame of the rollback.
It seems increasingly likely that there possibly never was even an attack on mintpal.  Seems more likely to me that MintPal somehow lost the coins or private keys, and the VRC devs are helping them recover their lost coins.

These question need to be answered before anyone should ever considering trusting the VRC devs:

The next time this happens - there is a large theft of VRC - what will happen?
How big of a theft must occur to warrant a blockchain rollback?

I think this is more plausible.. their story just doesn't make sense.
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