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

[alwa1]

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 

Actually It's not sure that mtgox was attacked by a hacker.

[buy4crypto]

Are the people involved in the hack going to show up on this forum to cause FUD? I don't doubt it.

Someone hates VRC, because it is going to be big. I hope you all realize this. They didn't attack blackcoin, or those other coins that claim superiority, they attacked the coin with a future.

[Rekatan]

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

[FryguyUK]

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 

They couldn't react anywhere near fast enough for gox and considering the scale of which BTC was used at the time the rollback was probably too far buried. Just my theory here, but 100s of thousands of bitcoin could have been sent in between places while mtgox went under, meaning a roll back gains the exchanges money back but kills others BTC globally in the meantime?

Anyways I love the quick response, very solid. I think I'm starting to get a gut feeling about who is truly the mule behind this coin but it's probably wishful thinking.

[ljm81]

Notice that the hacker dint go for darkcoin or uno lol.
I had a feeling VRC was gonna be huge but now im sure of it

[Killiz]

so what are we supposed to do? update the wallet? backup the wallet?

We will have instructions soon.

Someone wants to cause VRC problems due to the fact its not just some other shit coin, but a real coin, with real, capable developers.

We the community take on the responsibility of Mintpals lack of common sense. So the smart people will be buying this dip, seeing the actions of the developers, dedicated and quick to take action. While some people panic sell, in the end, the person who hacked gets what they want for a short period of time, once cool heads prevail and the team gets it straight I wouldn't be suprised to see large demand.

+1

What will happen will be a hard fork, that is, the blockchain will re-commence from before the attack took place. If everyone keeps their coins immobile then there will be much less vulnerability that this will affect each persons balances which were confirmed before the attack took place.

If you have coins on mintpal. It is now mintpals responsibility to secure and reimburse those coins for every individual involved with the attack, as it is their wrong doing and not the Vericoin networks fault. Only Mintpals secury.

I urge everyone making transactions outside of Mintpal, to stop this activity and wait for a Vericoin Developers response to the current situation.

[noerc]

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.

[phzi]

Too bad about the hack.  But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now.  Too bad, so sad.

[unamis76]

Can any dev answer why mp would only have an issue with vrc and the attackers did not take btc or higher valued coins?  If what mp said was true and only vrc was hit, but had nothing to do with vrc?

Just looking for an answer, if there is a good explanation, then great! would instill confidence!

The attacker targeted BTC, LTC, and VRC.

Mintpal says only VRC was attacked, do you have any way to confirm that info? If it's true, then it's terrible news...

[s1ng]

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

this is freak me out. Never heard something like this before for exchange as MINTPAL level.
The Hacker must be from inner employee or he/she is highly intellegence hacker

[allcrypt]

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

WHAT??

No. I'm sorry. No. Their security is breached and they are going to hard fork the coin to cover their asses?

Wow. That's... Wow. I had nothing but praise for mintpal before, but this is stunning.

I admit I haven't read past the post I just quoted, but it shocked me enough I had to post this. That's the most absurd thing I have ever heard.

[LeroyJenkens]

So, shouldn't everyone dump their VRC to BTC now? Then wouldn't they get all their previously sold coins back after the fork?

[Killiz]

Too bad about the hack.  But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now.  Too bad, so sad.

I believe that this can be summed up as.....NOT.

Is Bitcoin dead because of Mt Gox? It was an exchange. The exchange was weak. Bitcoin was solid. Take note!

[Subtuppel]

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

you need to think a bit more:

not only the "robber" is punished, but everyone else who bought coins for BTC/FIAT between the hack/whatever and the time of the rollback, and everybody who sold will still have their coins +  BTC/FIAT.
If you call that a good situation you should not be allowed to handle money at all.

[chunkyjunkie]

So looks like BTC and LTC was also attempted on the mp security flaw.  Anyone confirm  that yet?

[SkyValeey]

so what are we supposed to do? update the wallet? backup the wallet?

get high or get drunk or both  

[Fippy]

You all can FUD about this all you want, I don't care.

Assuming the devs successfully defend the integrity of VRC with this, then there will be no question as to the long term success of VeriCoin. And on that note, once the exchanges are back all up and running on the same page, I'm going on a buying spree.

You'll think 40k was cheap by the time this is done.

[sdmathis]

So looks like BTC and LTC was also attempted on the mp security flaw.  Anyone confirm  that yet?

Pat confirmed it a little while ago.

[alwa1]

Time to chill out and quit crypto for today, returning tomorrow when everything will be fine  

[Profetu]

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

WHAT??

No. I'm sorry. No. Their security is breached and they are going to hard fork the coin to cover their asses?

Wow. That's... Wow. I had nothing but praise for mintpal before, but this is stunning.

I admit I haven't read past the post I just quoted, but it shocked me enough I had to post this. That's the most absurd thing I have ever heard.

Either that or let the coin die.

Also if they caught it within minutes (even hours) is stupid not to rollback.

Mintpal will pay whatever "damage" was taken in between.