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

[smoothie]

MintPal / VRC Update
https://support.mintpal.com/index.php?module=announce&sec=view&id=18


Since we made our first announcement on the MintPal / VRC situation a few hours ago many of you have come forward with a number of questions.

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.

Was my personal information taken?
No. We have absolutely no reason to believe that any of your personal information was taken. We would also like to add that we store your passwords & secret question answers encrypted with a static & random salt.

How did the attack happen?
The malicious user was able to inject a withdrawal request directly into our database bypassing the risk control measures that we have in place. We have found no evidence that our server infrastructure was directly accessed in the attack.

Has the issue been fixed?
We have worked to secure the withdrawals process to ensure that a similar situation cannot occur again. As an added precaution we are manually processing withdrawals until we are 110% confident the issue has been resolved.

Were you staking your VRC?
No. With the exception of Coin2.1 (by developers request) we do not stake any PoS coin. The staking process is CPU intensive on a large wallet and makes for an accounting nightmare. All of our wallets are started with the staking=0 flag set in the configuration.

Why was only VRC taken?
We're not exactly sure why VRC was the only coin taken, however we can confirm that BTC and LTC were targeted, but those withdraw attempts were unsuccessful owing to far more stringent COLD storage methods on those wallets.

What about COLD storage?
This is perhaps the most important question we have been asked. We did have COLD storage setup for VRC, however in this instance, due to an error for which only we can be accountable, we had transferred far fewer coins than was required, resulting in a large proportion of coins being left in the HOT wallet.

Why did trades take place after the market was suspended?
Once the hard fork was announced by the VRC developers we suspended trading on the VRC/BTC market via our usual process, however, not long after the market was suspended we were alerted to a number of trades being executed on the market. Investigation has shown that due to an error on our part users who had not refreshed the page since the market was suspended were still able to enter orders successfully. We immediately worked to patch the issue to prevent further trades and have reversed the trades that occurred.

What happens to my VRC deposits since the time of the attack?
Any deposits that you have made since the time of the attack will be removed and any pending deposits will be cancelled. Once you update to the new wallet version, you will pick up where you left off before the attack. If you deposited directly from a different exchange, please contact them directly.

How do I get a refund?
The biggest implication of the rollback is to the various exchanges who have accepted customer deposits and then had trades executed on those deposits. We have committed to our customers and to all exchanges that we will cover any losses faced as a result of the rollback. If you are a MintPal customer you will be able to withdraw your full VRC and BTC balance. If you are a customer of another exchange you will need to contact them directly for exact information.

So basically you (mintpal) fucked up and can't own up to it by paying for your faults? Resort to having the devs roll back the blockchain to correct and save your exchange from closing up shop because of this massive fuck up.

[balu2]

why is this coin called vericoin to begin with?
What comes to my mind:
http://en.wikipedia.org/wiki/VeriChip

So this whole thing is just a testrun. You are the sheep.

http://vimeo.com/16231795

go upvote your own chipping with your money

drop it like its hot.

[smoothie]

Makes you realise how much volume goes through mintpal...

They really should be making sure though their procs on cold storage are rock solid and that probably

DRK, XC, VRC, BC etc etc (ie the big boys) are subjesct to regular manual checks that the hot wallet is at the right level...

Hopefully they will do this going forward.

What's the point in putting anymore effort into security? If something goes wrong then just roll back the blockchain.

What is to stop them from doing it again in the future?

Answer: There is nothing to stop them.

[Bobsurplus]

Fact of the matter is that this solution will have less of a detrimental effect on the market than if the thief was allowed to keep the coins.  Good job on the Devs in how they handled this.

It's amazing how these trolls don't give a fuck about the 8 Million worth of peoples coins that went missing, they'd rather nothing be done and the coin get flushed down the toilet.  This is the nature of immoral humans though.  They love to see people suffer to make themselves feel better.

+1 truer words have never been said.

So wrong.. This are false words. What would have been good is if mintpal bit the bullet and paid out the losses. The thief should keep his money as he pointed out a vulnerable exploit on the exchange. He should be paid for that.  Rolling back these coins is the death of vericoin.

What happens when the lead devs says he was hacked for major coins and now wants a rollback?

You cant just keep rolling back every time someone gets robbed.

This coin is going to be the laughing matter of the day in the press today.

Get ready for some massive selloffs.

[balu2]

so i make a summary:

-could be social experiment
-named after human implantable RFID-chip
-exchange in the City of London fucks up causing:
-transactions are reversed

WTF people?

[Casu]

Fact of the matter is that this solution will have less of a detrimental effect on the market than if the thief was allowed to keep the coins.  Good job on the Devs in how they handled this.

It's amazing how these trolls don't give a fuck about the 8 Million worth of peoples coins that went missing, they'd rather nothing be done and the coin get flushed down the toilet.  This is the nature of immoral humans though.  They love to see people suffer to make themselves feel better.

+1 truer words have never been said.

So wrong.. This are false words. What would have been good is if mintpal bit the bullet and paid out the losses. The thief should keep his money as he pointed out a vulnerable exploit on the exchange. He should be paid for that.  Rolling back these coins is the death of vericoin.

What happens when the lead devs says he was hacked for major coins and now wants a rollback?

You cant just keep rolling back every time someone gets robbed.

This coin is going to be the laughing matter of the day in the press today.

Get ready for some massive selloffs.

Exactly. Where is the line drawn? Something like 30% were stolen so the chain was rolled back. What if it was 25%, what if it was 10%? Who gets to decide where the cutoff point is? And what if it was 30% of all coins but stolen from a private wallet rather than an exchange? Would the chain still be rolled back then?

[YoyodyneSystems]

I am a Cloakcoin Shill.

If you go past the literally 80+ posts Bob made today under VRC thread you get to his Cloak coin posts.
This is the only reason he is here. Cloak is down 50% and he is angry that VRC price is not dropping.

[fairglu]

Explorer wallet resynchronizing now.

Meanwhile you can check VeriCoin wallet versions spread there
http://chainz.cryptoid.info/vrc/#!network

[TenaciousC]

Fact of the matter is that this solution will have less of a detrimental effect on the market than if the thief was allowed to keep the coins.  Good job on the Devs in how they handled this.

It's amazing how these trolls don't give a fuck about the 8 Million worth of peoples coins that went missing, they'd rather nothing be done and the coin get flushed down the toilet.  This is the nature of immoral humans though.  They love to see people suffer to make themselves feel better.

+1 truer words have never been said.

So wrong.. This are false words. What would have been good is if mintpal bit the bullet and paid out the losses. The thief should keep his money as he pointed out a vulnerable exploit on the exchange. He should be paid for that.  Rolling back these coins is the death of vericoin.

What happens when the lead devs says he was hacked for major coins and now wants a rollback?

You cant just keep rolling back every time someone gets robbed.

This coin is going to be the laughing matter of the day in the press today.

Get ready for some massive selloffs.

Exactly. Where is the line drawn? Something like 30% were stolen so the chain was rolled back. What if it was 25%, what if it was 10%? Who gets to decide where the cutoff point is? And what if it was 30% of all coins but stolen from a private wallet rather than an exchange? Would the chain still be rolled back then?

These are some very valid questions!

I find it very hard to decide in this matter if the rollback is a good or a bad thing... The fact ot the metter is that this hack will hurt VRC big time. Sadly VRC did not make any mistakes and their brilliant work is now destroyed by some lame hacker who's prolly sitting in his mom's basement jerking of on GILF pron.

If VRC team did nothing people would say it's bad too, their was no perfect solution for this.

[monsanto]

As a news agency we will write about this un-fair method for all VeriCoin users . And this is not a right decision to be made , it ruins the trust in cryptocurrencieseven more if people start doing reverses on their coin when stuff aren't happning the way they want . Also it looks exactly like what most people runned from : " Goverment bailing Banks fuck ups " now we are here and see " Cryptocurrencies bailout Exchanges Fuck Ups "

these aren't mature currencies, they're months old speculative investment/technologies.  Nobody has ever heard of any of these coins and hardly anybody is doing real transactions outside of exchanges with them.  Far more trust is lost when speculators money is hacked, since speculators are the only people paying for this shit. 

If people are so into free markets then let the free market decide if it is the wrong decision.  I think the market may have a different opinion than you have.

[kehtolo]

WHo get's to decide??
I think if you look at thow this played out.. MP realised they got hacked.. and immediately contacted the DEv's...

So.. my friend.. the decision was taken by< the Dev's.. and it was the right one!!

Mintpal fucked up? Yes!

Was it caught in time? Yes!

Did the rolback affect many people or leave them out of pocket? No!

Who was left out of pocket? the Theif!!

I don't see ANY problem here.. this is cryptocurreny.. it is programable money.. it does what it is supposed to do...

Problem - fixed!

Will you trust MP less? makes no difference to me, i will trust them the same as i always have.. i.e. 2FA and no big balances on my trading account.

If you are only finding out risks in this game now, then you're about a few years late.

[cryptoholic11]

You fudding idiots, letting the hackers keep the 8m coins wouldve been much worse. It would have created a massive sell off, either from the hackers or the investors anticipating a sell off from the hackers. You guys really have nothing better to do but just keep on repeating the same nonesense for hours? Hey bobby, doesnt it kind of suck for other coins that the hackers stole VRC instead of any other coin? Obviously VRC is an established giant for that to happen. And its not going anywhere.

[BadAss.Sx]

it will be roll backed if it benefits the community and it's development behind it. This has nothing to do with covering faults or errors etc. but simply because Mintpal fucked it up and a whole community gets it on their plate. Sometimes you have to do things of which most of the people are not happy with, but eventually it creates a new base for trust. Maybe not the old school crypto traders which only did it for one purpose, but it could attract new people when they hear about the possibilities in this.

Stop defending hacks and attacks. Defend the coin it self, but most of them here who are screaming harder then hard doesn't even own a single Vericoin, but are here to insult a community in the benefit for their own shitcoin.

[Bobsurplus]

I am a Cloakcoin Shill.

If you go past the literally 80+ posts Bob made today under VRC thread you get to his Cloak coin posts.
This is the only reason he is here. Cloak is down 50% and he is angry that VRC price is not dropping.

Are you joking, I been buying cloak since 15K sat... look back and you'll see..as I type its at 75K sat. I'm all   smiles.

VRC is a joke and the press will show the world.

give it a few hours.

[smoothie]

Fact of the matter is that this solution will have less of a detrimental effect on the market than if the thief was allowed to keep the coins.  Good job on the Devs in how they handled this.

It's amazing how these trolls don't give a fuck about the 8 Million worth of peoples coins that went missing, they'd rather nothing be done and the coin get flushed down the toilet.  This is the nature of immoral humans though.  They love to see people suffer to make themselves feel better.

+1 truer words have never been said.

So wrong.. This are false words. What would have been good is if mintpal bit the bullet and paid out the losses. The thief should keep his money as he pointed out a vulnerable exploit on the exchange. He should be paid for that.  Rolling back these coins is the death of vericoin.

What happens when the lead devs says he was hacked for major coins and now wants a rollback?

You cant just keep rolling back every time someone gets robbed.

This coin is going to be the laughing matter of the day in the press today.

Get ready for some massive selloffs.

Exactly. Where is the line drawn? Something like 30% were stolen so the chain was rolled back. What if it was 25%, what if it was 10%? Who gets to decide where the cutoff point is? And what if it was 30% of all coins but stolen from a private wallet rather than an exchange? Would the chain still be rolled back then?

These are all questions I doubt we are going to get the answer from the VRC devs on. Important questions nonetheless.

[Bobsurplus]

You fudding idiots, letting the hackers keep the 8m coins wouldve been much worse. It would have created a massive sell off, either from the hackers or the investors anticipating a sell off from the hackers. You guys really have nothing better to do but just keep on repeating the same nonesense for hours? Hey bobby, doesnt it kind of suck for other coins that the hackers stole VRC instead of any other coin? Obviously VRC is an established giant for that to happen. And its not going anywhere.

They took vrc because mintpal had weak security measures in place for vrc. The attackers tried to get btc and ltc but we denied as that security is beefeeer then vrc.

[toknormal]

yeah, promote exchange hacks and support hackers. You are crying about bank fuck ups, but you are attacking VRC. Stupid dick.

The "Stupid dick" is you.

If the blockchain is forked because of an exchange hack, this coin's dead. End of story.

It goes from being a viable, fungible currency to a developer toy.

I can't believe any responsible developer would ever do that but maybe they thought they didn't have a choice - that the exchange hack was going to "kill" the coin anyway and this was just damage limitation.

Whatever the case, if they go through with it, you can forget this coin having credibility as a currency ever again.

[kehtolo]

Fact of the matter is that this solution will have less of a detrimental effect on the market than if the thief was allowed to keep the coins.  Good job on the Devs in how they handled this.

It's amazing how these trolls don't give a fuck about the 8 Million worth of peoples coins that went missing, they'd rather nothing be done and the coin get flushed down the toilet.  This is the nature of immoral humans though.  They love to see people suffer to make themselves feel better.

+1 truer words have never been said.

So wrong.. This are false words. What would have been good is if mintpal bit the bullet and paid out the losses. The thief should keep his money as he pointed out a vulnerable exploit on the exchange. He should be paid for that.  Rolling back these coins is the death of vericoin.

What happens when the lead devs says he was hacked for major coins and now wants a rollback?

You cant just keep rolling back every time someone gets robbed.

This coin is going to be the laughing matter of the day in the press today.

Get ready for some massive selloffs.

Exactly. Where is the line drawn? Something like 30% were stolen so the chain was rolled back. What if it was 25%, what if it was 10%? Who gets to decide where the cutoff point is? And what if it was 30% of all coins but stolen from a private wallet rather than an exchange? Would the chain still be rolled back then?

These are all questions I doubt we are going to get the answer from the VRC devs on. Important questions nonetheless.

I doubt they'll answer.. or i bet the answer is it doesn't happen again. Mintpal dropped the ball, not them.. SO.. nothing got to do with them really.. they agreed to the fork, but it was the best decision.


"WHo get's to decide??
I think if you look at thow this played out.. MP realised they got hacked.. and immediately contacted the DEv's...

So.. my friend.. the decision was taken by< the Dev's.. and it was the right one!!

Mintpal fucked up? Yes!

Was it caught in time? Yes!

Did the rolback affect many people or leave them out of pocket? No!

Who was left out of pocket? the Theif!!

I don't see ANY problem here.. this is cryptocurreny.. it is programable money.. it does what it is supposed to do...

Problem - fixed!

Will you trust MP less? makes no difference to me, i will trust them the same as i always have.. i.e. 2FA and no big balances on my trading account.

If you are only finding out risks in this game now, then you're about a few years late."

[Bobsurplus]

yeah, promote exchange hacks and support hackers. You are crying about bank fuck ups, but you are attacking VRC. Stupid dick.

The "Stupid dick" is you.

If the blockchain is forked because of an exchange hack, this coin's dead. End of story.

It goes from being a viable, fungible currency to a developer toy.

I can't believe any responsible developer would ever do that but maybe they thought they didn't have a choice - that the exchange hack was going to "kill" the coin anyway and this was just damage limitation.

Whatever the case, if they go through with it, you can forget this coin having credibility as a currency ever again.

It's already been done! Wait till the press gets word!

[Casu]

it will be roll backed if it benefits the community and it's development behind it

How is crypto ever going to be taken seriously if this kind of arbitrary judgment is used for things like this. You think Amazon would accept VRC if there was a danger all their payments would be rolled back because "it benefits the community and it's development behind it"?