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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1349966 times)
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July 16, 2014, 07:03:14 AM
 #9961

it is simple.... people will pretend to support a dead coin and when they are telling you to buy, that means they are selling Grin  Cheesy

don't fall for it this coin is dead Tongue



Dead? Check here : http://vrcstake.ticonerd.com/

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July 16, 2014, 07:05:31 AM
 #9962

blah blah blah

BlackCoin is the dead coin. Yet you baghold it.

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July 16, 2014, 07:05:50 AM
 #9963

it is simple.... people will pretend to support a dead coin and when they are telling you to buy, that means they are selling Grin  Cheesy

don't fall for it ,this coin is dead Tongue



DEAD coin ? Dead coin is DOGE and LTC not VRC.

 Grin Grin Grin Grin Grin Grin Grin
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July 16, 2014, 07:09:42 AM
 #9964

Today read coindesks article about Vericoin, and lee's comment on it:



In lite of what happened with Vericoin recently (http://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach/), I just wanted to make this clear. As developers of a decentralized crypto-currency, it is our duty to make sure that the network is secure and that Litecoin functions well as a easy-to-use and efficient currency. It is not in our rights to decide which coins belong to whom. The rules are set forth since the genesis block and cannot be changed. If a theft happens on top of the network, the developers will not fork the coin to reverse any transactions. It is up to the market to decide on how to handle the theft.
That said, Vericoin developers were put in a bad position. Vericoin is a proof of stake coin, so the thief will actually have a lot of stake and can further attack the coin. So the Vericoin devs almost had to do this to prevent future attacks on the coin. This is why I don't believe PoS is a viable alternative to PoW.


Also read comments from the readers of the coindesk article and see majority is against this roolback, I quote a few:

1. Neurorit • a day ago

Appropriately many in this space are starting to refer to VeriCoin as the Paypal of the alts. This actually suites the coin well as every one of its services are centralized and require you to trust the developers to use. They even are talking about rolling out a wallet that allows you to load it directly with fiat. Sounds just like Paypal if you ask me.

If the VeriCoin developers want to employ functionality in this manner then they should do the right thing and incorporate and call themselves a business. Because when they operate in this manner under the pretense of something they're not (a decentralized crypto currency) they're essentially opperating as a scam.

They are not decentralized in most senses. Even their network. Having 30% of the total coin supply on one exchange is infinitely worse than Ghash.Io having more than 50% of the hashing power. People need to wake up about PoS. It's not secure the majority of ways it's being used. We're likely going to see more of this ahead.

One obvious redflag with this entire project is the lack of decentralization accompanied with the overuse and misuse of the word decentralization by the dev team. It's quite the joke when you think about it.




2.Now we see one big problem of new coins is that they have not had the time to be adopted so few hold many making it easier to be centralized. We will see the divide between people who believe forking in this situation is good and those who would never fork no matter what. I feel bad for the devs as it was mintpals fault. The devs are damned if they fork and damned if they dont.




3.This is 1st in crypto currency charge back(roll back )... it was for "greater good" but all small manipulation movements are started from greater good... save children - censor internet... save Wrold attack Iraq they have dangerous weapon... an so on... such situation open door for manipulations on high scale. This event broken unnamed rule transactions are irreversible in crypto... No responsibility for all parties at the and at all...
I know they saved exchange and investments of people but it costed reputtacon of all coins...




4. WTF 1: The hacker used an SQL injection attack to access the database. But only the wallet was affected, not the database. Come again?

WTF 2: “We also didn’t want one individual with the ability to 51% attack”. MintPal was already such an entity. But when it was MintPal it was ok?


5. They only did what any Central bank would have done to protect his money. Oh wait ...!




6. I am so happy that Big Brothers (VRC dev & Mintpal) were there to fix things up...

Doesn't it feel like 1984?

Or was it Lehman Bros and the US gov in 2008?





7. I also feel like a hard-fork to fix it totally invalidates Vericoin completely.

So every time someone does something bad, they will just hit the reset button?





As a conclusion, this is the opinions from community outside the Vericoin, and it seems majority are against the way Vericoin team handled the issue. I don't know what to say, honestly, I am also against the way of handling because the impact is detrimental in the long term, just like what Lee mentioned, however, due to the Vericoin teams' non-through thinking, they chose this bad route, perhaps they want to protect their own money and profit. I hope the Vericoin team can give the cryptocurrency community an explanation.
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July 16, 2014, 07:14:34 AM
 #9965

@nvminer

Yes, as you said, all the comments are from people that do not hold the coin, that do not trade the coin, and do not care about the coin.

Therefore, I personally do not give a royal shit about what their opinion is.

I will keep investing on this coin as far as I see the devs doing good and the coin holding value, no more no less, and the moment of dumping VRC has not even remotely arrived.

Thanks for your post.

Eth.
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July 16, 2014, 07:17:23 AM
 #9966

it is simple.... people will pretend to support a dead coin and when they are telling you to buy, that means they are selling Grin  Cheesy

don't fall for it ,this coin is dead Tongue



DEAD coin ? Dead coin is DOGE and LTC not VRC.

 Grin Grin Grin Grin Grin Grin Grin
Because having a significantly higher market cap and significantly higher daily trading volume means LTC is dead... ya... that makes sense.

I hope the people that read this thread and actually have half a brain clue in to how pathetically self-selving and overtly foolish the VRC supporter's comments are.  Just look at how they attack LTC just because one of the developers expressed his opinion about how a distributed network should remain distributed.

The trolling in this thread by VRC bag holders is just sad.
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July 16, 2014, 07:18:35 AM
 #9967


Vericoin is still in its enfancy and needs to be coddled, and it has a market cap of only 6 million.

Yet everyone is talking about it. Grin

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July 16, 2014, 07:19:55 AM
 #9968

@nvminer

Yes, as you said, all the comments are from people that do not hold the coin, that do not trade the coin, and do not care about the coin.

Therefore, I personally do not give a royal shit about what their opinion is.

I will keep investing on this coin as far as I see the devs doing good and the coin holding value, no more no less, and the moment of dumping VRC has not even remotely arrived.

Thanks for your post.

Eth.
Coblee, the LTC developer, has stated that he holds a not insigificant amount of VRC. Coblee is a VRC investor, but he's also smart enough to understand how poor the VRC developer's choice was to rollback the blockchain.

There are plenty of investors and holders that believe the MintPal bailout was a horrible choice.  Check your facts before spewing nonsense.
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July 16, 2014, 07:20:02 AM
 #9969

@nvminer

Yes, as you said, all the comments are from people that do not hold the coin, that do not trade the coin, and do not care about the coin.

Therefore, I personally do not give a royal shit about what their opinion is.

I will keep investing on this coin as far as I see the devs doing good and the coin holding value, no more no less, and the moment of dumping VRC has not even remotely arrived.

Thanks for your post.

Eth.


you telling  to buy, but i bet that means you are selling  Grin

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July 16, 2014, 07:21:04 AM
 #9970


Vericoin is still in its enfancy and needs to be coddled, and it has a market cap of only 6 million.

Yet everyone is talking about it. Grin


Everyone is talking about how it can't be trusted, and how this clearly demonstates how insecure proof of share blockchains are.
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July 16, 2014, 07:22:44 AM
 #9971

@nvminer

Yes, as you said, all the comments are from people that do not hold the coin, that do not trade the coin, and do not care about the coin.

Therefore, I personally do not give a royal shit about what their opinion is.

I will keep investing on this coin as far as I see the devs doing good and the coin holding value, no more no less, and the moment of dumping VRC has not even remotely arrived.

Thanks for your post.

Eth.


you telling  to buy, but i bet that means you are selling  Grin
Ding ding ding!  Anybody telling you to buy buy buy is most likely a bagholder hoping to get their sell order filled before MintPal resumes and the market tanks.
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July 16, 2014, 07:29:20 AM
 #9972

Coblee, the LTC developer, has stated that he holds a not insigificant amount of VRC. Coblee is a VRC investor, but he's also smart enough to understand how poor the VRC developer's choice was to rollback the blockchain.

There are plenty of investors and holders that believe the MintPal bailout was a horrible choice.  Check your facts before spewing nonsense.

First things first, my post is in response of the comments of the Coindesk article, and anyway, if not an insignificant amount of VRC would have been dumped, the price of the coin would have been damaged way more, therefore even if some guys supposedly holding big bags have whined online, they haven't released their holdings. Why?

It's you who should check the facts a bit further than the first glance, captain obvious.

Eth.
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July 16, 2014, 07:29:36 AM
 #9973

@nvminer

https://www.youtube.com/watch?v=1PkqNcVD0YI

This video is the most detailed info about the situation you can get.
Not sure why people make an account just to come in this one thread.
Not sure why people on here are arguing when we all no we can never change each others minds.
People who dont like it are not going to buy the coin. Everyone else will buy it.
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July 16, 2014, 07:30:01 AM
 #9974

@nvminer

Yes, as you said, all the comments are from people that do not hold the coin, that do not trade the coin, and do not care about the coin.

Therefore, I personally do not give a royal shit about what their opinion is.

I will keep investing on this coin as far as I see the devs doing good and the coin holding value, no more no less, and the moment of dumping VRC has not even remotely arrived.

Thanks for your post.

Eth.


you telling  to buy, but i bet that means you are selling  Grin
Ding ding ding!  Anybody telling you to buy buy buy is most likely a bagholder hoping to get their sell order filled before MintPal resumes and the market tanks.

Bittrex, cryptsy and polo is already open for trading. No need to MintPal for dump. Over 50% coin in stake. http://vrcstake.ticonerd.com/

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July 16, 2014, 07:32:30 AM
 #9975

Everyone is talking about how it can't be trusted, and how this clearly demonstates how insecure proof of share blockchains are.

Then, by that measure, 'everyone' is a misinformed idiot. The Bitcoin blockchain has been rolled back in its early history, too, but people didn't start screaming about teh injustice of it all and that it couldn't be trusted and, as has been pointed out numerous times, VRC is still a decentralised currency, if the majority of wallet holders didn't agree to the rollback then Pat and Mintpal would have found themselves sitting alone on their own little fork.

How does this issue relate to a PoS weakness?

BTW, VRC has value-added services which, at this time, are centralised, it doesn't mean to say that people don't value them or find them extremely useful. This rabid hysteria against VeriBit or VeriSend is absurd considering the naysayers are more than happy to use centralised point-of-sale webs services for transactions involving bitcoin.

WARNING!!! Check your forum URLs carefully and avoid links to phishing sites like 'thebitcointalk' 'bitcointalk.to' and 'BitcointaLLk'
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July 16, 2014, 07:32:59 AM
 #9976

@phzi

Bittrex has about half of the VRC volume that Mintpal had on average, and Bittrex is not tanking, it seems to have bottomed.

Poloniex aswell.

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July 16, 2014, 07:35:08 AM
 #9977

Bittrex, cryptsy and polo is already open for trading. No need to MintPal for dump. Over 50% coin in stake. http://vrcstake.ticonerd.com/

Exactly. Retard FUD without any base is what make my ignore list grow larger every day. If you are going to FUD, do it on style.

Eth.
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July 16, 2014, 07:39:41 AM
 #9978

Q: What other options did the VRC Devs have?  NONE! (it was kill or be killed)

You do not let someone steal 8 mill coins and let them get away with it !
 (all of you who says it was bad to roll back the blockchain are simply supporting the thieves who took the coins from mintpal).

Q: Who is to blame for this?
A: Mintpal and only mintpal, they are the ones that let themselves open to the  hack. NOT  vericoin. Also Mintpal are the only ones who have been as quiet as a mouse over all of this, it was their big mistake, nothing else.
NOTE: When mintpal allows withdrawls, you will see many peopel withdrawing to the new VRC Wallets for staking, not dumping, Vericoin holders are much wiser than your average alt coin bag holder.

Q: Why was Vericoin targeted?
A: Because it is the best coin to arrive in this crypto world since BTC !

So all you saying the coin is dead, you are full of BS, trying to spread as much fear as possible, to pick up the cheap coins yourself.

I do not currently own VRC. But checking the price on bittrex now, 30k region, i am more than happy to buy at 30k and lower. Because the Devs of this coin have proven they  have good intentions and they managed to make crypto history in being the first Devs to roll back a block-chain, thus destroying the stolen coins.

I would STRONGLY advise, anyone holding coins, NOT to sell them at these prices (its suicide) Correct me if i am wrong in a week or so, but i predict in a week to ten days VRC will be holding firm at 40k or more.


Also all these fudders here are most likely Blackcoin bag holders, now if you want to see a dead coin, check that  out!

Long Live Vericoin! Hail to the Kings! (Devs)
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July 16, 2014, 07:44:53 AM
 #9979

Everyone is talking about how it can't be trusted, and how this clearly demonstates how insecure proof of share blockchains are.

Then, by that measure, 'everyone' is a misinformed idiot. The Bitcoin blockchain has been rolled back in its early history, too, but people didn't start screaming about teh injustice of it all and that it couldn't be trusted and, as has been pointed out numerous times, VRC is still a decentralised currency, if the majority of wallet holders didn't agree to the rollback then Pat and Mintpal would have found themselves sitting alone on their own little fork.

How does this issue relate to a PoS weakness?

BTW, VRC has value-added services which, at this time, are centralised, it doesn't mean to say that people don't value them or find them extremely useful. This rabid hysteria against VeriBit or VeriSend is absurd considering the naysayers are more than happy to use centralised point-of-sale webs services for transactions involving bitcoin.
This newb doesn't even know the difference between a hard-fork for technical reasons (flaw in core code allowing unintended block to be created), and a blockchain rollback for external reasons (bailing out an exchange).

The proof of share weakness is that VRC would have been an easy 51% target if the rollback fork had not been pushed.  That can't happen with a proof of share coin.  To 51% attack BTC or LTC, you need to invest in real hardware beyond reasonable means.  To 51% attack a proof of share (aka, proof of nothing) coin like VRC, you simply need steal a wallet.dat.  Therefore, VRC is reliant on internal security, for security - a deeply flawed concept.  Proof of share coins are secure external to the blockchain.
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July 16, 2014, 07:48:45 AM
 #9980

Q: Why was Vericoin targeted?
A: Because it is the best coin to arrive in this crypto world since BTC !)
No... durp... no...

MintPal clearly stated that BTC and LTC were targeted first, but proper cold storage procedures prevented the withdrawal.  VRC was taken because it was the highest marketcap coin on MintPal that the theives could exploit.

(If there even was an exploit against MintPal - I don't believe that, honestly. If there was really a SQL injection attack against MintPal, then the whole database was compromised, yet MintPal clains that's not true. So which is it?  MintPal lie, MintPal scam, or MintPal epic fraud?)
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