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

[CryptoLTD]

Remember, those coins on MP belonged to PEOPLE.. NOT MP.. this is a stand up move. Just dont use that exchange anymore.

[blacky90]

it is what it is... cryptocurrencies allways  remain a risk game

[buy4crypto]

Given that about 30% of total VRC have been stolen and that 51% of staking coins are sufficient to gain control of the blockchain, I would guess that it is a pretty high possibility that use of the stolen coins to fork the chain would be successful. So, I understand why the devs would roll back the chain, as the loss of control would likely be permanent otherwise.

Now, about the viability of BC clone PoS coins, you've just seen a major weakness in an attack that didn't cost a lot with regard to fiat currency spent to accomplish it. Investors should think long and hard about what happened here, this could be a death blow to this type of PoS...

Please read before you make false assumptions.

It was a MINTPAL issue, not a POS.


The hackers never minted a penny from what I seen, you need to mint to get any % attack.

Also, you think, YOU THINK, just maybe they moved them all to 1 wallet to scare you people who lack the thought process to decide something for yourself?

Is a reason they didn't withdraw, the fact that they moved them all to 1 wallet shows they wanted to effect peoples heads more than anything. You have all these people with conspirary theories now coming out of no where. That Mintpal hack may be a team of people, would it suprise you for them to attack the coin now since they couldn't steal any money? Maybe they are mad. You see people here who never posted all of a sudden really excited about FUD'in VRC.

[amesterdamer]

[youngmike]

Remember, those coins on MP belonged to PEOPLE.. NOT MP.. this is a stand up move. Just dont use that exchange anymore.

I think trading other coins is perfectly safe there. We just need a chain rollback... Now I can have all my lost trading money back also  

[buy4crypto]

Congratulations on killing your own coin with a rollback to save a shitty exchange. Kudos on the biggest continued fuck up ever to both of you

Vericoin and mintpal would be dead if they not rollback..
8m vrc is almost 2 milion dolars..
and who will buy a coin that a person owns 1/3 of their supply?
its the rollback or death

Any coin with a team not VRC would crumble at this point.

Sure we might stumble a bit as we regain footing from this. But what doesn't kill the coin, may make it stronger. One thing is for sure, media is going to pick this up big time.

[Yuzu]

This is all very ugly.  Whew.  

[EtherCoin]

Anyone know why the fuck the price of VRC is going down in MintPal down to 35k already? before this attack it was at 40k+

I mean, there is no VRC market atm so in theory cannot be anyone dumping, but if you check in Bitcoinwisdom it keeps going down and down.

The hell?

Eth.

[BitsAndPiecesOfEight]

Anyone who may have been mining at http://pool.vericoin.info/ should probably re-point their miners to a pool that is actually mining since this pool appears to have been brought down as well.  I may have missed the notice that the official Vericoin in-house mining operations that mine other coins and then trade for Vericoin was also going to be shutdown, but some sort of notice would have been nice.

While I understand that new Vericoin payouts from the selling of other mined coins would necessarily be delayed until the Vericoin markets were enabled again and the profits converted to Vericoin, that should not prevent the profitable mining of the non-Vericoin coins thus abandoning the miners using your pool and leaving them mining a big heaping helping of "Jack Squat".

Is MP going to compensate for lost mining time due to their lack of basic security protocols?

How about an official notification that the miners at this pool are currently sucking air!

If you don't know how to setup a failover pool, then you suck at mining.

I am working with a new Raspberry Pi application and I do indeed need to setup a failover,  but thank you for your most helpful response.  You must be such a joy to the people you come into contact with.

[Relaxedsense]

So guys, I only have like 2k VRC on bittrex, which I bought around 4 hours ago. Will i lose my coins?

[yetiripper]

Fucking FUCK fuck fuck

[eatenbyagrue]

If Hard Fork is done VRC will be used as toilet paper................DEVS DONT HAVE FINAL SAY 51% WILL WIN ...............if devs had fork and we dont update wallets them it will not fork

Correct me if I am wrong, but if the thieves control roughly 30% of the wallets, and presumably they will not update, does this mean that for the hard fork to go through, it will take roughly 72% of the remaining wallets to agree to the fork?  This seems like a really high percentage to expect to vote yes on this.

Um, I don't think there's a vote.  I think the dev's already decided that this is what needs to be done.

Developers cannot unilaterally fork a thing unless over half the wallets agree.  30% of the wallets are going to be against the fork already, making the 51% target much harder to reach.  Or am I wrong?

[Gizfreak]

it is what it is... cryptocurrencies allways  remain a risk game

Indeed and let this be a warning to NOT have too much coins in a hot wallet. It's all in the game and I'll wait patiently for the new wallet to be announced.

[blacky90]

m

[effectsToCause]

Read the official Statement on the Mintpal Security breach and VeriCoin: http://www.vericoin.info/downloads/Statement.pdf

[koralon]

If Hard Fork is done VRC will be used as toilet paper................DEVS DONT HAVE FINAL SAY 51% WILL WIN ...............if devs had fork and we dont update wallets them it will not fork

Correct me if I am wrong, but if the thieves control roughly 30% of the wallets, and presumably they will not update, does this mean that for the hard fork to go through, it will take roughly 72% of the remaining wallets to agree to the fork?  This seems like a really high percentage to expect to vote yes on this.

Um, I don't think there's a vote.  I think the dev's already decided that this is what needs to be done.

You vote with your wallet. Don't update it and you stay on the old chain.

[majeis]

Anyone who may have been mining at http://pool.vericoin.info/ should probably re-point their miners to a pool that is actually mining since this pool appears to have been brought down as well.  I may have missed the notice that the official Vericoin in-house mining operations that mine other coins and then trade for Vericoin was also going to be shutdown, but some sort of notice would have been nice.

While I understand that new Vericoin payouts from the selling of other mined coins would necessarily be delayed until the Vericoin markets were enabled again and the profits converted to Vericoin, that should not prevent the profitable mining of the non-Vericoin coins thus abandoning the miners using your pool and leaving them mining a big heaping helping of "Jack Squat".

Is MP going to compensate for lost mining time due to their lack of basic security protocols?

How about an official notification that the miners at this pool are currently sucking air!

If you don't know how to setup a failover pool, then you suck at mining.

I am working with a new Raspberry Pi application and I do indeed need to setup a failover,  but thank you for your most helpful response.  You must be such a joy to the people you come into contact with.

Yes, in fact I am quite the joy. But, I do try to limit myself from coming into contact with people who recommend that businesses give out additional free money on top of compensation. Especially people who can setup and operate a Raspberry Pi, but still want free money for not entering an additional line in their config.

[IntroVert]

Given that about 30% of total VRC have been stolen and that 51% of staking coins are sufficient to gain control of the blockchain, I would guess that it is a pretty high possibility that use of the stolen coins to fork the chain would be successful. So, I understand why the devs would roll back the chain, as the loss of control would likely be permanent otherwise.

Now, about the viability of BC clone PoS coins, you've just seen a major weakness in an attack that didn't cost a lot with regard to fiat currency spent to accomplish it. Investors should think long and hard about what happened here, this could be a death blow to this type of PoS...

Please read before you make false assumptions.

It was a MINTPAL issue, not a POS.


The hackers never minted a penny from what I seen, you need to mint to get any % attack.

Also, you think, YOU THINK, just maybe they moved them all to 1 wallet to scare you people who lack the thought process to decide something for yourself?

Is a reason they didn't withdraw, the fact that they moved them all to 1 wallet shows they wanted to effect peoples heads more than anything. You have all these people with conspirary theories now coming out of no where. That Mintpal hack may be a team of people, would it suprise you for them to attack the coin now since they couldn't steal any money? Maybe they are mad. You see people here who never posted all of a sudden really excited about FUD'in VRC.

I think you might have misinterpreted what I said. The fact that 30% coins moved from a benevolent to a possibly malevolent actor(s) and that PoS is in effect is opening a lot of unwelcomed scenarios in case the devs do not rollback. So I understand why they have decided to do so. However, if PoW or PoW/PoS were in effect instead of pure PoS, the number of unwelcome scenarios would have been much less.

[abercrombie]

Woah, saw the big drop on bitcoinwisdom charts and loaded up Mintpal to buy up cheap.  It's delisted!

Come here to see if fundamentals brought it down, seems all hell is breaking loose.  

[CryptoLTD]

Awsome!