Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 449. (Read 1356146 times)

Chargeback. More commonly known to those outside the industry as a 'dispute'. Credit cards are weighted in the consumers' favor by a substantial margin, and having a transaction reversed is pretty commonplace.

Selling goods or services for an agreed amount and then having the transaction reversed is pretty much a standard cost of business for any merchant, and occurs far more often than a rollback.

Hell, more counterfeit currency is accepted daily than the total dollar amount of the transactions effected by the rollback.

In other words, why should a merchant be afraid of a loss in a transaction when they already assume far greater risk of loss every day?

And anyways, Nosker called the 4 merchants who deal with Vericoin, and they didn't make a transaction for goods during the 12 hours. That's why the devs felt like the rollback was the best option. The coin is still young and didn't reverberate that much.

OMG, people are still talking about this scam coin. So sad.

Where's Ben Bernanke in all this. IS the dev even on the thread?

HAAH

Awesome at least we agree on something.

It is my opinion that users should make sure they understand the risks of investing into a particular crypto (i.e. VRC) and using unregulated exchanges like Mintpal.

And that they should not invest more than they can afford to lose.

As harsh as it sounds...mintpal should go out of business and users who got coins lost due to the hack should suffer the loss or at least attempt to get what they can recover from mint pal without the Ben Bernanke move the VRC developers made.

This is not what has happened but it has set a precedent for the future. Be aware that the next time a large theft occurs there will be huge implications for the developers who created the path you are all on.

This is just my personal opinion and not financial advice.

Good luck to you all in your VRC development and investments.

I believe i have answered most of the questions in my own perspective and i dont have to repeat them again.

Thank you for sharing your thoughts & criticisms. Everyone is entitled to their own opinion.

Ultimately it is the investor own responsibility to do their own research and judgement before putting money into something.

Again you're officially dim. You have no idea what your subconscious is doing.

The success of Vericoin will take buyers away from your coins. That's why you're here, and you don't even know it. It's like you live in a state of phantasmagoria where you don't know where you come from or where you're going.

What risk are you talking about exactly?

Good at least we can agree to disagree.

And no you don't see who I am as you already had your own perspective of me before you got to know me. Remember the "where I am and want to be speech you gave me"?

BTW you didn't answer any of my questions. But that is okay.

Please ignore me. You're not the first nor the last.

Aloha

Hit the nail right in the head.... Best case scenario, though...

Because I own 0 VRC I am technically a neutral party giving my outside perspective.

Take it for what it is worth, or you can cry about it. The choice is your.

Mahalo,

Smoothie 

I agree with nothing you said.

So you sympathize with the criminal, thats all I needed to know. I see who you are. g'day sir. I will be putting you on ignore now. The first, and only one.


*edit oh wow, you can't see that annoying long ass signature anymore when a user is ignored , double bonus!

Spare me the psycho analysis BS please.

1. If users were dumb enough to store their VRC on an exchange thus centralizing a large amount of the currently total supply...that is the user's fault. They should lose their coins.

2. If users were dumb enough to not do more risk analysis of where to keep their coins should a security flaw exist in the exchange they are using...that is the user's fault. They should lose their coins and the exchange should go out of business because of it if they can't pay back their users with the funds they have. This is how markets should work. Bad businesses and crypto should live or die on their own merits not on outside forces building a time machine and going back to where things were before the catastrophy. That is the essence of life as well. (as far as I know) There is no way to go back in time and undo your mistakes in your normal life (not virtually). But if you want to play God/central planner then perhaps your developers who have done this should add this to their resume and change professions as that is exactly what they have done.

3. If a hacker found the exploit in said exchange's security, they have in a weird way shown the huge hole in the exchange's security while at the same time proving the flaw in PoS in how centralized exchanges can be a target for an attack should the coins be stolen or used by the same exchange to perform a 51% attack. Some may say that the hacker is justified in keeping the coins because they found an exploit.

The rules of VRC were set forth at day 1 just like any other crypto currency. For the rules to change (due to the developers actions to execute it) is their way of telling people they are going to play the role of a central planner much like the Federal Reserve system or the chargebacks in PayPal.

If VRC is such a great tool yet it operates just like the federal reserve system or paypal at its core ....why even use VRC?

There really is no argument that I would accept that would make me think differently of what has happened.

One of your developers said that they believe they only had two options. I disagree. The 3rd option was to let things play as they lie and not try to fix an incompetent businesses or save risk-illiterate users who lost their coins due to that scenario that played out.

Essentially if you think about it wouldn't it be a better idea not to have a PoS only coin in the first place given what has happened?

I see it as the investment that users make is not the developer's responsibility, as with any investment users should know the risks and make that call based on what possible outcomes exist.

Instead of tarnishing their rep (as developers) I personally think they should have let things play out and then if they need to start over...do so as that is what the rules of the VRC chain started with. (I do not believe there was a rule that said...if such and such happens to business X that developer Y can do Z to undo their epic fail).

I do not own any VRC, nor do I plan on it, but I have to commend the community here, after that whole issue the price never wavered... I kept on waiting for a dump when the market went live but it just stayed up! Keep that and use it, don;t let the poison of uncertainty get to you, amazing job VRC people, amazing job!

Please explain to me how this is different from the risk every credit card accepting merchant faces every day.

A 6 month pump?! Buy you idiot!

Please smoothie, If you can explain to me how you view this situation it would clarify a lot of things. Can you PLEASE respond to this. If you do. I will instantly respect you if you take the time to respond honestly.

Take a real world financial scenario that can be related to this event.


For this situation there is a theft at a bank. In our case in crypto, an exchange.



A robber in the case of the bank, or hacker in case of an exchange, penetrates security, with a gun, or in the case of mintpals claim, a SQL injection. As the thief is getting the money the bank is able to sound the alarm to its security team. As the criminal is loading up his money and about to leave with everything security arrives and detains the man (VeriCoin) Now, regardless of your personal beleif. What would society expect to have done? Who would you say is to blame for this incident?


A. It is the banks fault? For leaving its doors open to the public? (Mintpal)

B. Is it securities fault? For detaining the criminal? (vericoin)

C. Is it the criminals fault? For commiting the crime?

I suspect those who did...will be able to in the future.

Visit this post in 6 months from now.

Many transferred their VRC to other exchanges and sold them at a loss and now can't buy back in cheaper.
 

In the future a merchant could take payment in VRC and a huge hack comes along...rollback...oops VRC gone from your wallet even thought you sold goods.