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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1351020 times)
jrich76
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July 16, 2014, 01:43:05 AM
 #9901

I love how these so called Crypto Purists are coming here telling VRC investors what is wrong / right about them getting their coins back.

Get one thing straight, It is not only VeriCoin that was just attacked. This was an attack on Minpal which by the way everyone who day trade has various coins on there at any given moment. This whole " but...but..you should not have that much coins on there " debate is nonsensical.

- People can buy whatever coin they want, in this case VeriCoin, some buy for long term, some just want to flip for daily profit it is their choice.  

- Yes Mintpal to a lot of degree messed up. Massive security flaw. if you wish to leave your coins there it is up to you. as for me.. no thanks

 - The attack on VeriCoin had this intention : Steal something valuable, Wreck something valuable that poses a threat to competing coin(s), last but not least.. Kill VeriCoin. For the past few weeks, VeriCoin led Mintpal in terms of daily volume. Hence all the fud/hate to bring it down.

As for the reversal, the dev did what they could and helped out the investors, Mintpal and salvaged the coin.

Now here come people ( most who are NOT even VRC investors ) claiming, Oh you should have let it die !! yea ok.. view previous outline...is it not what you want ?

For Crypto or any business model to go forward and become mainstream theft will not be tolerated, it is not bad enough all this fuckery of P&D goes on daily..which tarnishes crypto as whole, then people have the damm nerves to come here and tell us what is right and what is wrong.




Its just other coins communities or just pure jealousy or just like the Joker, some men just want to watch the world burn.

A community makes a decision, as a community, but because the 3 developers are required to do the technical part, to undo a mistake made by a criminally greedy exchange, somehow that is centralization?Huh

It's not and we know it, but the FUD'ers want cheap coins, can you blame them? This thing is going to 500K short term. I'd want cheap coins too.
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July 16, 2014, 01:44:10 AM
 #9902

The coins age makes something bad like this possible. With more time it gets more adopted and gaining this control becomes less of a concern. Also who is not to say that most of these alts dont have 50% or 60% of their coins on one exchange. The problem is we dont yet have a decentralized exchange and they have given vericoin a cause that if they are willing to accept and succeed at creating one, would solve most of these issues.
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July 16, 2014, 01:45:25 AM
 #9903


Alphi, the quantity of coins in not changing (what changes is the conversion rate to btc or usd)...
So, the coins are always "owned" by someone and therefore staking in someone's wallet.
Staked doesn't necessarily mean hoarded. Huge difference!

ok you lost me.. if I stake coins I don't get paid more coins for staking them? and those coins are not created from new blocks?


front page says 26,751,452.35 total coins created in PoW phase. the block explorer says 26,791,093.04 coins exist as of today. so it sure looks to me like coins are being created through staking.

anyways I was speaking generally about PoS... where staking rewards are usually the case.


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criptix
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July 16, 2014, 01:56:52 AM
 #9904

hangout with the devs starting soon

[03:50] <@pnosker> http://youtu.be/1PkqNcVD0YI


dont miss it!

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ofp
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July 16, 2014, 02:04:41 AM
 #9905


Alphi, the quantity of coins in not changing (what changes is the conversion rate to btc or usd)...
So, the coins are always "owned" by someone and therefore staking in someone's wallet.
Staked doesn't necessarily mean hoarded. Huge difference!

ok you lost me.. if I stake coins I don't get paid more coins for staking them? and those coins are not created from new blocks?


front page says 26,751,452.35 total coins created in PoW phase. the block explorer says 26,791,093.04 coins exist as of today. so it sure looks to me like coins are being created through staking.

anyways I was speaking generally about PoS... where staking rewards are usually the case.



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
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July 16, 2014, 02:04:47 AM
 #9906

The coins age makes something bad like this possible. With more time it gets more adopted and gaining this control becomes less of a concern. Also who is not to say that most of these alts dont have 50% or 60% of their coins on one exchange. The problem is we dont yet have a decentralized exchange and they have given vericoin a cause that if they are willing to accept and succeed at creating one, would solve most of these issues.

vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.

KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
Alphi
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July 16, 2014, 02:08:19 AM
 #9907



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.


you can call it inflation, interest whatever you want.. its still a small incentive for people to collect and hold i.e. hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply.

KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
stormia
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July 16, 2014, 02:09:53 AM
 #9908



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.


you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply.

It is incentive to secure the network
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July 16, 2014, 02:14:01 AM
 #9909



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.


you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply.

It is incentive to secure the network

wow its people really like arguing semantics today...

you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily...

how much more explaining do you need?

 a coin that pays out 2.5% PA is obviously not going to encouraging hoarding as much as one that pays out 10% per year (like some other PoS coins) . and obviously some people thought they could get more money trading the coins on mint pal hence why so many coins where held on there. but any kind of reward for holding will encourage some amount of centralization.



KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
BitcoinPorn
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July 16, 2014, 02:19:14 AM
 #9910

vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.

At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal.   This is not an issue just with Vericoin, all coins should take notice on who they are dealing with.  If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them.

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July 16, 2014, 02:23:27 AM
 #9911



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.


you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply.

It is incentive to secure the network

wow its people really like arguing semantics today...

you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily...

how much more explaining do you need?




i dont agree, you are right now talking about being a curreny (spending them) or a store of value (hodling).
i think both fits for crypto.

as long as the amount of coins that exist is divided so that no entity have more then 50% of the amount of coins that is always staked it is all good.
/edit
in the way its the same why bitcoiners dont want a entity to have more then 50% hashing power of the bitcoin network.

/edit2
hangout started btw!

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Shinraven
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July 16, 2014, 02:26:21 AM
 #9912

Dev hang out is live

http://youtu.be/1PkqNcVD0YI

EtherCoin
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July 16, 2014, 02:28:04 AM
 #9913

vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.

At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal.   This is not an issue just with Vericoin, all coins should take notice on who they are dealing with.  If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them.


Considering MintPal's way to handling this, the lack of communication and the delay on restoring VRC market combined with the obvious slowdown in general volume, are making their life-threatening condition even worst.

They didnt even say shit about refunding to the victims (back when they got attacked and froze all accounts, VRC was at 42k, now at 32k, who will compensate that losses?)

As much as I liked them, I also planning on migrating.

So the question is, where are all the VRC holders gonna play trading at? (Dont say IN THE WALLET lol).

Whats the general consensum?

Eth.
cryptoholic11
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July 16, 2014, 02:32:57 AM
 #9914

Bittrex is the new #1 exchange imo. Cryptsy is also a viable option, but theres a reason why the community calls it Craptsy.

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July 16, 2014, 02:40:18 AM
 #9915

So the question is, where are all the VRC holders gonna play trading at? (Dont say IN THE WALLET lol).

Keep them in your wallet first and foremost, then when you do want to exchange, go to..

https://www.cryptsy.com/markets/view/209

https://bter.com/trade/VRC_BTC

https://poloniex.com/exchange/btc_vrc

https://bittrex.com/Market/Index?MarketName=BTC-VRC

https://www.icurrex.com/market/18 (0% fees for VRC)

https://c-cex.com/?p=vrc-btc

https://www.bitonyx.com/market/trade/VRC-BTC

https://www.europex.eu/#!coin/btc/vrc

https://coinnext.com/trade/VRC/BTC


(From the above I only have experience with Bittrex and Cryptsy, and while I have personally never had issues with Cryptsy, I have read many many accounts of issues with them and missing coins)

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July 16, 2014, 02:47:46 AM
 #9916

Allcrypt is another good exchange that had VRC listed, though I don't know if its been re-enabled yet.

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July 16, 2014, 02:55:08 AM
 #9917

vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.

At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal.   This is not an issue just with Vericoin, all coins should take notice on who they are dealing with.  If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them.


Agreed. This is why I only use the only exchange that is mandated by law to be audited by a 3rd party & that is www.cryptsy.com They are the only FINCen licensed us exchange ( that I am aware of )
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July 16, 2014, 02:57:23 AM
 #9918



Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.


you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply.

It is incentive to secure the network

wow its people really like arguing semantics today...

you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily...

how much more explaining do you need?




i dont agree, you are right now talking about being a curreny (spending them) or a store of value (hodling).
i think both fits for crypto.

as long as the amount of coins that exist is divided so that no entity have more then 50% of the amount of coins that is always staked it is all good.
/edit
in the way its the same why bitcoiners dont want a entity to have more then 50% hashing power of the bitcoin network.

/edit2
hangout started btw!

hope your listening to it.. they explained pretty much a lot of what I have been saying this past couple of days. (even the big difference between 51% PoW and 51% PoS attacks)

the only thing I don't agree with is that people had a choice to accept the rollback or not......

yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.

everything else they said I pretty much agree with.


KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
EtherCoin
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July 16, 2014, 03:03:23 AM
 #9919

hope your listening to it.. they explained pretty much a lot of what I have been saying this past couple of days. (even the big difference between 51% PoW and 51% PoS attacks)

the only thing I don't agree with is that people had a choice to accept the rollback or not......

yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.

everything else they said I pretty much agree with.



Agreed 100%, even with the

the only thing I don't agree with is that people had a choice to accept the rollback or not......

yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.

bit.

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July 16, 2014, 03:04:00 AM
 #9920

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