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Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 471. (Read 1356149 times)

legendary
Activity: 1162
Merit: 1000
The problem is not related individually to Mintpal. The whole exchange business is a problem. Making some math you end up understanding that an exchange like MP stores and handles several million dollars while their monthly revenues are limited to some 60-90 thousand dollars. We should support and migrate to P2P exchanges and technologies instead.

And exactly how would that work? You and me agree, through chat or e-mail, that I will transfer you 1,000 VRC for whatever amount in BTC (or other coins, fiat included). Do we use an escrow service? or is the buyer forced to trust the seller will send the coins once the irreversible transfer of payment is done?

Take a glance at the following link: https://bitcointalksearch.org/topic/p2p-exchange-for-bitcoin-172705

The idea sounds quite attractive... although there would be fees involved, therefore not so advantageous in that regard.

Problem is that I for one -and I believe billions of people around the world- would trust such an enterprise about 2 minutes AFTER Hell freezes over, so why waste energy -much less resources- on something bound to fail miserably when the solution is already in place many decades ago, in the real world?

No matter how much we want to jerk off around the bushes, the solution to most crypto problems, including mass mainstream adoption, passes by REGULATION. When it does arrive -and arrive it will, at least in the US and Europe-, it will be many years too late... even if it were to be imposed tomorrow.
sr. member
Activity: 434
Merit: 250
freecrypto.top
....
Let's make some math:
- Mintpal's daily volume was around BTC 2.5K, some BTC 5 daily revenues or US$ 2500 (based on 0.2% transaction fee)
- VRC 8M were valued at some US$1.65M
- This means some 660 days of MintPal's revenues
- Let's assume some VRC 12K coins as an average position
- This means some 660 people were holding their coins at MP

Conclusions:
1) MP would never be able to pay and would go bankrupt
2) As an immediate consequence, all 660 VRC holders would loose their money
3) With 30% of VRC coins out there available for further attacks, VRC would crash and all people holding it would loose their money

So, please, let not fool ourselves: It was not about saving MintPal. It was about saving the coin and the investors' money.

Image damage was done on all POS coins from PPC Nova..BC...XC...to VRC will surfer
and with rollback you give all POW coins golden bullet to shot in POS...
Right direction would be improve POS security to 90% resistance like NXT - not magic rollbacks.

And whole black marketing has started like that one:
http://www.reddit.com/r/litecoin/comments/2apsj7/litecoin_developers_will_never_fork_litecoin_to/ciycbhd

Coblee just shot himself in the foot potentially. Does he think saying he won't fork will seperate him from any of the other crypto that are in the game right now? Not even under circumstances that would benefit his community. I wonder how many people will sell out of LTC and move funds here after hearing that. I certainly don't want my money with a "idealist" instead of someone more practical. Not when crypto needs a team more practical to go mainstream.

You are telling me. If the developer is capable, and the whole community votes for it, he won't allow to stop the fraud??

WOW I WILL NEVER BUY LITECOIN!
ofp
member
Activity: 70
Merit: 10
The problem is not related individually to Mintpal. The whole exchange business is a problem. Making some math you end up understanding that an exchange like MP stores and handles several million dollars while their monthly revenues are limited to some 60-90 thousand dollars. We should support and migrate to P2P exchanges and technologies instead.

And exactly how would that work? You and me agree, through chat or e-mail, that I will transfer you 1,000 VRC for whatever amount in BTC (or other coins, fiat included). Do we use an escrow service? or is the buyer forced to trust the seller will send the coins once the irreversible transfer of payment is done?

Take a glance at the following link: https://bitcointalksearch.org/topic/p2p-exchange-for-bitcoin-172705
legendary
Activity: 1302
Merit: 1002
....
Let's make some math:
- Mintpal's daily volume was around BTC 2.5K, some BTC 5 daily revenues or US$ 2500 (based on 0.2% transaction fee)
- VRC 8M were valued at some US$1.65M
- This means some 660 days of MintPal's revenues
- Let's assume some VRC 12K coins as an average position
- This means some 660 people were holding their coins at MP

Conclusions:
1) MP would never be able to pay and would go bankrupt
2) As an immediate consequence, all 660 VRC holders would loose their money
3) With 30% of VRC coins out there available for further attacks, VRC would crash and all people holding it would loose their money

So, please, let not fool ourselves: It was not about saving MintPal. It was about saving the coin and the investors' money.

Image damage was done on all POS coins from PPC Nova..BC...XC...to VRC will surfer
and with rollback you give all POW coins golden bullet to shot in POS...
Right direction would be improve POS security to 90% resistance like NXT - not magic rollbacks.

And whole black marketing has started like that one:
http://www.reddit.com/r/litecoin/comments/2apsj7/litecoin_developers_will_never_fork_litecoin_to/ciycbhd
member
Activity: 84
Merit: 10
Just wanted to say the rollback because of the Mintpal hack was one of the greatest dev moves I've seen! This coin and the devs can be trusted to care about their community! Respect!  Wink
Thief got Robin Hooded. Cheesy

That is a precedent.
sr. member
Activity: 336
Merit: 250
Verigood!

Could we then agree about VRC/FIAT in the wallet is needed more than ever now?


No, not their voting system. Im talking about their latest ninja listings like ISIS and TorCoin, while their were much better choices, both volume and coin wise.


I don't think the new coins were voted in with paid votes. They announced about a week ago that they will start listing more brand new coins. It's part of their attempt to stop their volume from bleeding away.

legendary
Activity: 1162
Merit: 1000
The problem is not related individually to Mintpal. The whole exchange business is a problem. Making some math you end up understanding that an exchange like MP stores and handles several million dollars while their monthly revenues are limited to some 60-90 thousand dollars. We should support and migrate to P2P exchanges and technologies instead.

And exactly how would that work? You and me agree, through chat or e-mail, that I will transfer you 1,000 VRC for whatever amount in BTC (or other coins, fiat included). Do we use an escrow service? or is the buyer forced to trust the seller will send the coins once the irreversible transfer of payment is done?
newbie
Activity: 32
Merit: 0
Just wanted to say the rollback because of the Mintpal hack was one of the greatest dev moves I've seen! This coin and the devs can be trusted to care about their community! Respect!  Wink
hero member
Activity: 546
Merit: 500
AKA The Rubber Monkey
so will MintPal re-list VRC again?

Do you think they will not list it again, because of all the recent FUD? VRC was one of their biggest markets before
the hack, if not the biggest.

They would be quite stupid not to list it again.



I dont know what to think anymore about MintPal. Have you seen their last few listings when there were other much better coins they could have listed? So stupidity for them wouldnt be far out of the question.

I suppose that is because of their voting system, which can easily be exploited. If some PnD-coin wants to be listed, the only thing they need to do is handing them over around 20 BTC. That is enough to be on top of the voting list.

It is a bad system now, but they announced to change it and stop payment votes. So maybe it will get better in the future.

EDIT: I do not want to defend mintpal here. I have withdrawn all of my VRC from there, since a hack always raises red flags. Mintpal has a lot of work to do, to restore trust.

I don't think the new coins were voted in with paid votes. They announced about a week ago that they will start listing more brand new coins. It's part of their attempt to stop their volume from bleeding away.
ofp
member
Activity: 70
Merit: 10
The problem is not related individually to Mintpal. The whole exchange business is a problem. Making some math you end up understanding that an exchange like MP stores and handles several million dollars while their monthly revenues are limited to some 60-90 thousand dollars. We should support and migrate to P2P exchanges and technologies instead.
hero member
Activity: 560
Merit: 500


I suppose that is because of their voting system, which can easily be exploited. If some PnD-coin wants to be listed, the only thing they need to do is handing them over around 20 BTC. That is enough to be on top of the voting list.

It is a bad system now, but they announced to change it and stop payment votes. So maybe it will get better in the future.

No, not their voting system. Im talking about their latest ninja listings like ISIS and TorCoin, while their were much better choices, both volume and coin wise.
sr. member
Activity: 336
Merit: 250
so will MintPal re-list VRC again?

Do you think they will not list it again, because of all the recent FUD? VRC was one of their biggest markets before
the hack, if not the biggest.

They would be quite stupid not to list it again.



I dont know what to think anymore about MintPal. Have you seen their last few listings when there were other much better coins they could have listed? So stupidity for them wouldnt be far out of the question.

I suppose that is because of their voting system, which can easily be exploited. If some PnD-coin wants to be listed, the only thing they need to do is handing them over around 20 BTC. That is enough to be on top of the voting list.

It is a bad system now, but they announced to change it and stop payment votes. So maybe it will get better in the future.

EDIT: I do not want to defend mintpal here. I have withdrawn all of my VRC from there, since a hack always raises red flags. Mintpal has a lot of work to do, to restore trust.
hero member
Activity: 546
Merit: 500
AKA The Rubber Monkey
so will MintPal re-list VRC again?

Do you think they will not list it again, because of all the recent FUD? VRC was one of their biggest markets before
the hack, if not the biggest.

They would be quite stupid not to list it again.



I dont know what to think anymore about MintPal. Have you seen their last few listings when there were other much better coins they could have listed? So stupidity for them wouldnt be far out of the question.

MintPal has been losing volume lately and has been getting desperate. I suppose that they will be even more desperate now.
hero member
Activity: 560
Merit: 500
so will MintPal re-list VRC again?

Do you think they will not list it again, because of all the recent FUD? VRC was one of their biggest markets before
the hack, if not the biggest.

They would be quite stupid not to list it again.



I dont know what to think anymore about MintPal. Have you seen their last few listings when there were other much better coins they could have listed? So stupidity for them wouldnt be far out of the question.
sr. member
Activity: 336
Merit: 250
so will MintPal re-list VRC again?

Do you think they will not list it again, because of all the recent FUD? VRC was one of their biggest markets before
the hack, if not the biggest.

They would be quite stupid not to list it again.

hero member
Activity: 560
Merit: 500
so will MintPal re-list VRC again?
sr. member
Activity: 336
Merit: 250
someone can quickly update me about mintpal...any news?

Withdrawals being processed...no plans to open VRC/BTC market
Can I Withdrawal my VRC from MP to my wallet then?

I withdrew my vericoins today. So yes, worked for me too.

EDIT: I have also withdrawn the vrc that I bought from bittrex - worked also very well and fast.
full member
Activity: 157
Merit: 100
CryptoCalc.org - Altcoin Profit/Loss Calculator
Get your Veri own VeriCoin T-shirts and hats here!

https://shop.moolah.io/VRClothes

hero member
Activity: 546
Merit: 500
AKA The Rubber Monkey
someone can quickly update me about mintpal...any news?

Withdrawals being processed...no plans to open VRC/BTC market
Can I Withdrawal my VRC from MP to my wallet then?

Yes. I withdrew mine yesterday.
sr. member
Activity: 336
Merit: 250
From here forward I will use 'we' as in 'crypto'

We have the ability, to undo unjust massive criminal actions.
We have the ability to stand up and fight for the rights of people.
We have the ability to make ground breaking decisions for the positive side of things finally.
We have the ability to CHOOSE if we do not like something and move on.
We have the ability to let the people determine the fate of when an exchange when they ever so blatantly disregards their own statements regarding security, by choosing to not use them.
We have the ability to not let a thief become a centralized , determining factor of a project.
We do not have to take a beating from others lacking judgement when so many could/would have been affected.
We do NOT have to mimic and or follow in the footsteps of others every move , just because 'they' would or wouldn't because they were the 1st to create an idea or movement. (yes I am implying BTC here)

We are in a revolution, and revolutionary progress, is not simply not following an old path, it requires leadership , that make fast, appropriate and responsive decisions that would affect masses, both good & bad.

I for one am proud, that the team involved with VRC, had the moral capability to step outside the box that 'some' seem trapped in, to make a difficult decision.

Walking behind others will never lead you down a new path where evolution is detrimental to success.

Everyone, enjoy your day.

that makes my day, thank you.

Maybe FUDers get it now.
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