Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 245. (Read 901828 times)

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

Ha! yes 24,000 SAT...wishful thinking.

Don't you wish. I assume you mean 24,000 Sat.

David just tweeted out a new article that's partly about Naut:
http://voin.co/nautiluscoins-whirlwind-of-activity-torcoin-skyrockets-mintpal-attacked/

Good stuff as always I really hope we'll get somewhere with the PoS switch this week. There have been so many scams, and now this hack, in these past few days that I think releasing something now would be very good timing.

thanks, i was worried cause if they aren't confirmed i can't send them back in case some pump starts

Edit:withdrawing the rest, i guess better safe than sorry, all my naut withdrawn but pending in wallet(i'm aware of slow network) this a complete change for me since i keep all on exchanges for day trading, i guess i believe in naut enough to keep in wallet encrypted off course with 2 additional copies on external drives(good reminder for new people encrypt and backup wallet.dat)

Edit2: naut i withdrew after btc went trough but btc still not processed(i bet a lot of people are withdrawing btc)

If your comfortable holding significantly long term, gold wallets are your friend.

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Whatever happens to VRC, their situation is not great. A rollback of the blockchain is going to cause trouble among all those who traded BTC/Fiat for VRC, beacuse as far as I understand it they will lose their vrc but not get btc/fiat back. Shows how much the decentralized money concept is worth, when the developers can just rollback the blockchain. They pretty much have no choice though, or the coin is dead.

What we should learn from this is to not treat exchanges like a bank.

Mintpals security gives me headaches. Just a few weeks ago coin2 was attacked (doublespend) and their "security meassures" triggered when more than 30% of the total money supply was dumped within 48 hours, which is pretty much a joke. Even I could see that something fishy was going on and now this.

It's just the network being slow again.

got half of my naut out of mp just in case, but my wallet is behind 1 hour so they are showing as unconfirmed, i assume i shouldn't be worried about it but to ask in case cause i always keep all my coins on exchanges and i transferred it to original wallet i had on my pc since launch, so i'm asking was there a wallet update or it's just slow network for my coins i withdrew from mp to show up as confirmed? thanks

In my experience exchanges usually freeze btc if there's a real problem. I'll give mintpal a pass on this as poloniex hack was a pain and cryptsy double spend cost me too.

I'll definitely be keeping my NAUT off exchange from now on though.

Great to hear. Yes, this hack was apparently targeted directly at Vericoin for some reason. We'll have to wait for more details on exactly how it happened I'm afraid.

I can also confirm NAUT deposits and withdrawls are working OK on Mintpal.

edit: the 8K naut I just sent back to Mintpal are confirmed.

Seems like Mintpal has it under control.

Really good stuff Will! Thanks for sharing

The problem here isn't really that someone owns a lot of Vericoins - it's how they got them. If you steal a lot of PoS coins, and might have a difficult time selling them, you might decide to attack the network for shits and giggles by forking it if you have more than 51% of the staking coins. If someone would instead buy the same amount it's not that much of a problem, because no they would destroy their own investment (about 2 million $ in this case).

The two most important things to do when we switch to PoS is to:
1. Stake your wallet to help secure the network.
2. Make sure that no one exchange controls a significant amount of Naut.

In our case we're a little better off thanks to the NSF, which if at least in part is kept off an exchange will greatly help secure the network by contributing a large % of staked coins.

I think this MP hack should evermore incentivize the holders of a POS coin to keep their coins off of exchanges unless actively exchanging.

Centralized exchanges are not really suitable for decentralized currencies so until that aspect is fixed (decentralized) people need to keep there coins out of them.

Sadly I'm sure this won't end the careless behavior but also, I feel, does not propose an immediate threat to POS coins generally.

Do your part, and stake your POS coins. Learn where to keep your cash.

I just tested withdrawal which seems fine.



Update:

Coins showing up in my wallet already so NAUT withdrawals confirmed working.

Sounds great, Welcome Will

BK and NAUT devs - please review the implications of the 8 million VRC hacked from MintPal on NAUT's move to PoS. The VRC devs are moving to hardfork as the 8 million VRC could constitute 51% of the staking coins and compromise the network. What would protect NAUT from such a scenario?

Hello.

My name is Will and I'm a musician/youtube content creator (http://youtube.com/luckycriminalmusic) and a NautilusCoin enthusiast.


Wanted to introduce myself to the community as I have just created youtube.com/nautiluscoin and will be making some videos including step by step procedures regarding: Getting, Keeping and Using NautilusCoin. What is NautilusCoin? NAUT News - maybe?


As soon as POS is implemented I would like to get to it, and my current schedule should allow me to put the required hours in.


I also have a close friend who is a graphic designer/animator (http://www.brainfingermedia.com/) so we're covered visually as well.


While we await POS I would like to share this song/video: http://youtu.be/GyeEkVN68yY as I feel it expresses the current sentiments of the NautilusCoin/cryptocurrency community.


Thank you

- Will

Ok, thanks man!  Just making sure I'm in the right place.