We should be going POS by Thursday so we might need to think about:
Wallet app
Multipool
Moolah
Website update
Front page update
Staking video guide
I probably missed something . We might need to sort some bounties out.
Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 244. (Read 901828 times)
July 14, 2014, 05:17:26 AM
July 14, 2014, 04:48:25 AM
Be smart. Be safe. Get all NAUT off MintPal now. And everything else. Not worth the risk.
I'm moved some off.. but I think it's an overreaction to take everything off. There's many fear pedlars in the forums and twitter who have a blatant anti-mintpal agenda. The twitter crypto crew who attempt to behave like helpful traders are really a bunch of loosely coordinated scammers.
+1 aint that the truth... the last week has been one helluva eyeopener!!
July 14, 2014, 03:47:34 AM
Be smart. Be safe. Get all NAUT off MintPal now. And everything else. Not worth the risk.
I'm moved some off.. but I think it's an overreaction to take everything off. There's many fear pedlars in the forums and twitter who have a blatant anti-mintpal agenda. The twitter crypto crew who attempt to behave like helpful traders are really a bunch of loosely coordinated scammers.
All you need to do is read MintPals own release:
https://support.mintpal.com/index.php?module=announce&sec=view&id=18
"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."
"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."
Per their statement this was a Mintpal issue. Further they failed to properly use cold storage. Basic common sense: You should not be trusting them right now for any coin. If you have been around crypto for any length of time you should know that about exchanges by now.
Be safe, remove all coins. It's not worth the risk. They have not earned trust. No exchange has.
July 14, 2014, 03:32:57 AM
Be smart. Be safe. Get all NAUT off MintPal now. And everything else. Not worth the risk.
I'm moved some off.. but I think it's an overreaction to take everything off. There's many fear pedlars in the forums and twitter who have a blatant anti-mintpal agenda. The twitter crypto crew who attempt to behave like helpful traders are really a bunch of loosely coordinated scammers.
July 14, 2014, 01:30:53 AM
Be smart. Be safe. Get all NAUT off MintPal now. And everything else. Not worth the risk.
July 13, 2014, 07:17:39 PM
PoS Update
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
Thanks for the update BK
Don't forget to donate to the Facebook advertisement campaign (by hardcoreprime a.k.a. hcp)
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July 13, 2014, 06:58:33 PM
PoS Update
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
So Julian isnt the dev? Who is?
Digibyte team?
July 13, 2014, 06:47:36 PM
POS is finally happening. 
July 13, 2014, 06:39:53 PM
PoS Update
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
So Julian isnt the dev? Who is?
July 13, 2014, 06:31:43 PM
PoS Update
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
Good news BK! thanks for the update.
July 13, 2014, 06:29:37 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
The bigger problem in all this is the "rollback", or the ability to do so. Crypto has a real world trust issue and this makes it 100 times worse. If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.
M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go. Also, they are already entrenched where crypto is just getting a foothold.
Fungibility is extremely important. Trust is extremely important. Confidence is extremely important. This is not a Vericoin problem. This is a digital currency problem. This affects the entire cryptosphere. This is now our problem.
I am converting all my holdings to BTC and hoping that it will weather the storm. If it begins to take a hit back to fiat I go. It sucks but the bed has been made now. Not being chicken little here, just being objective and safe with my investments.
This sounds like a bullet to the head of veripay. Knew it would cause problems...
Quote
How about modifying the core code to prevent rollbacks?
Is that possible and would that render the blockchain kind of ineffective?
I'n not sure. I hadn't considered the implications.
July 13, 2014, 06:23:45 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
The bigger problem in all this is the "rollback", or the ability to do so. Crypto has a real world trust issue and this makes it 100 times worse. If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.
M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go. Also, they are already entrenched where crypto is just getting a foothold.
Fungibility is extremely important. Trust is extremely important. Confidence is extremely important. This is not a Vericoin problem. This is a digital currency problem. This affects the entire cryptosphere. This is now our problem.
I am converting all my holdings to BTC and hoping that it will weather the storm. If it begins to take a hit back to fiat I go. It sucks but the bed has been made now. Not being chicken little here, just being objective and safe with my investments.
This sounds like a bullet to the head of veripay. Knew it would cause problems...
Quote
How about modifying the core code to prevent rollbacks?
Is that possible and would that render the blockchain kind of ineffective?
July 13, 2014, 06:20:05 PM
PoS Update
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
We are in the process of making sure the code is stable, we do not want to release anything that is unstable or not secure. I apologize for the long delay, but implementing PoS into an existing PoW chain is quite complicated.
I will give a loose date of Thursday for the code to be complete and beta testing to begin. I will also send the code to Julian to have it audited.
Thanks for sticking with NAUT and I hope to surprise everyone on time!!!
-BK
July 13, 2014, 05:59:36 PM
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
How about modifying the core code to prevent rollbacks?
July 13, 2014, 05:36:10 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
The bigger problem in all this is the "rollback", or the ability to do so. Crypto has a real world trust issue and this makes it 100 times worse. If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.
M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go. Also, they are already entrenched where crypto is just getting a foothold.
Fungibility is extremely important. Trust is extremely important. Confidence is extremely important. This is not a Vericoin problem. This is a digital currency problem. This affects the entire cryptosphere. This is now our problem.
I am converting all my holdings to BTC and hoping that it will weather the storm. If it begins to take a hit back to fiat I go. It sucks but the bed has been made now. Not being chicken little here, just being objective and safe with my investments.
July 13, 2014, 05:19:34 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
This is a huge relief to know this is how you feel. The altcoin scene has been horrible as of late mainly due to FUD/scams. That is why NAUT should get attention in a big way soon. There is no reason to think you are scamming and it will be near impossible to FUD NAUT when its creator can confirm on national TV haha.
That being said this PoS delay is hurting NAUT. We need a good network. The dev is getting near taking too long, I have watched a few teams do a PoS switch and this feels long. What is the status on the update?
July 13, 2014, 05:14:22 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
I withdrew my NAUT and they're in my wallet now. It's reassuring mintpal didn't hold up withdrawals but I'm going to see how this plays out.
Did they have all those VRC in a hot wallet and if so why? They're still my favorite exchange and they appear to be solvent but this is a disappointment.
I'm still not sure if the real target was VRC or mintpal.
Yes something doesn't equate. Why just VRC? what happened to the cold storage?
When NAUT goes POS I guess there will be a lot less of us leaving our stash on the exchanges.
Which leads me to....... any update on POS?
July 13, 2014, 05:09:17 PM
Mintpal/Vericoin
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.
It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.
FWIW, I have the NSF in several wallets, most of which are offline most of the time.
My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.
This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.
To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.
On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.
In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'
-BK
I withdrew my NAUT and they're in my wallet now. It's reassuring mintpal didn't hold up withdrawals but I'm going to see how this plays out.
Did they have all those VRC in a hot wallet and if so why? They're still my favorite exchange and they appear to be solvent but this is a disappointment.
I'm still not sure if the real target was VRC or mintpal.
July 13, 2014, 05:04:49 PM
Today is a big deal for the coinsphere. Mintpal have been 'bailed out' to protect themselves and the whales (no matter what BS VRC devs just said in their public statement about protecting the users). On the surface their decision may seem morally right but personally I think the actions of Mintpal/VRC today go against the concept of crypto. It reminds me of the banks. Too big too fail. There should be risk involved in everything that makes you money. Obviously mintpal/vrc don't understand the concept of loss. I'm not sure how I'd feel if this happened to NAUT and I was a bagholder, but I'd definitely be blaming myself for leaving coins on an exchange that I knew little about, rather than demanding a hard fork to compensate me for my losses.
July 13, 2014, 04:47:25 PM
as someone still figuring out this world, finding good solid information on anything, much less the mintpal hack seems almost impossible. Competing Devs, pumpers, naive fanboys. There are so many competing interests that it seems impossible to determine which information sources have the least biased information. Frustrating.
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