[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 580.

sdmathis

hero member

Activity: 546

Merit: 500

AKA The Rubber Monkey

Quote from: unamis76 on July 13, 2014, 11:39:09 AM

Quote from: sdmathis on July 13, 2014, 11:35:30 AM

Quote from: chunkyjunkie on July 13, 2014, 11:30:55 AM

So looks like BTC and LTC was also attempted on the mp security flaw. Anyone confirm that yet?

Pat confirmed it a little while ago.

Confirmation must come from those who manage these funds (announcement on Mintpal website, or announcement from someone of their staff). Did I miss any piece of news from them?

You don't think that the devs are in contact with Mintpal? Pat's word is good enough.

cryptodevil

legendary

Activity: 2240

Merit: 1254

Thread-puller extraordinaire

The MtGox situation was, allegedly, a theft that occurred over many months, there would have been no way to hard fork to recover the funds and, let's be honest, we've yet to see evidence that what Karpeles claims happened is actually the case anyway.

According to Mintpal this attack happened a few hours ago and because VRC is still in its relative infancy it is feasible for hard fork to stop the thieves getting away with the coins.

It's not great, but it is a fix and one that had to be done. It is not a weakness in VRC, it is an issue with Mintpal.

unamis76

legendary

Activity: 1512

Merit: 1012

Quote from: sdmathis on July 13, 2014, 11:35:30 AM

Quote from: chunkyjunkie on July 13, 2014, 11:30:55 AM

So looks like BTC and LTC was also attempted on the mp security flaw. Anyone confirm that yet?

Pat confirmed it a little while ago.

Confirmation must come from those who manage these funds (announcement on Mintpal website, or announcement from someone of their staff). Did I miss any piece of news from them?

pnosker

sr. member

Activity: 504

Merit: 250

Quote from: XbladeX on July 13, 2014, 11:15:52 AM

Quote from: ?? on ??

Quote from: Fippy on July 13, 2014, 10:48:07 AM

People should take note of this. Not because of the hack, but because of the immediate step-up of the developers to defend the integrity of the coin.

Ladies and gentlemen, I do believe the bar has effectively been raised.

+10

But thing about it widely:

1) Conclusion is that VRC is valuable to 8m /27 *100% = 30% attacks...not 51%

2) Big hit into decentralization image of VRC "rolbacks" - shows that crypto is not decentralized coin...
So fork BTC before MtGox that way...

51% of staking coins is all that is necessary to attack. Not 51% of all coins.

arieq

sr. member

Activity: 364

Merit: 256

Quote from: LeroyJenkens on July 13, 2014, 11:29:02 AM

So, shouldn't everyone dump their VRC to BTC now? Then wouldn't they get all their previously sold coins back after the fork?

And the buyers will lose both their BTC and vericoin after the fork, it's cool, isnt it ?

Profetu

full member

Activity: 204

Merit: 100

Quote from: allcrypt on July 13, 2014, 11:28:36 AM

Quote from: Amalgamus on July 13, 2014, 10:27:27 AM

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

WHAT??

No. I'm sorry. No. Their security is breached and they are going to hard fork the coin to cover their asses?

Wow. That's... Wow. I had nothing but praise for mintpal before, but this is stunning.

I admit I haven't read past the post I just quoted, but it shocked me enough I had to post this. That's the most absurd thing I have ever heard.

Either that or let the coin die.

Also if they caught it within minutes (even hours) is stupid not to rollback.

Mintpal will pay whatever "damage" was taken in between.

alwa1

full member

Activity: 182

Merit: 100

Time to chill out and quit crypto for today, returning tomorrow when everything will be fine Wink

sdmathis

hero member

Activity: 546

Merit: 500

AKA The Rubber Monkey

Quote from: chunkyjunkie on July 13, 2014, 11:30:55 AM

So looks like BTC and LTC was also attempted on the mp security flaw. Anyone confirm that yet?

Pat confirmed it a little while ago.

Fippy

full member

Activity: 252

Merit: 100

UNCLOAK™ - Cyber Threat Detection Powered by EOS™

You all can FUD about this all you want, I don't care.

Assuming the devs successfully defend the integrity of VRC with this, then there will be no question as to the long term success of VeriCoin. And on that note, once the exchanges are back all up and running on the same page, I'm going on a buying spree.

You'll think 40k was cheap by the time this is done.

SkyValeey

hero member

Activity: 560

Merit: 500

Quote from: Jeff Jefferson on July 13, 2014, 11:14:42 AM

so what are we supposed to do? update the wallet? backup the wallet?

get high or get drunk or both Wink

chunkyjunkie

hero member

Activity: 494

Merit: 500

So looks like BTC and LTC was also attempted on the mp security flaw. Anyone confirm that yet?

Subtuppel

hero member

Activity: 700

Merit: 500

Quote from: Rekatan on July 13, 2014, 11:21:06 AM

I personally am very excited by this. I know this may be a scary time for the people who currently have VRC missing, but think of the precedent this is setting!

Never in the history of money has there been the ability to just "Rollback" to a point prior to a theft. This is like if bank robbers got away with 2 million dollars, and the next day the money was back in their vault, while the robbers are now magically holding worthless monopoly money.

This really has the potential to change the way that the world sees crypto - it is a tangible benefit that fiat money will never be able to provide. If it goes off smoothly I have no doubt we'll see this in Forbes at the minimum, since they already are fairly crypto-friendly.

you need to think a bit more:

not only the "robber" is punished, but everyone else who bought coins for BTC/FIAT between the hack/whatever and the time of the rollback, and everybody who sold will still have their coins + BTC/FIAT.
If you call that a good situation you should not be allowed to handle money at all.

Killiz

hero member

Activity: 750

Merit: 503

Quote from: phzi on July 13, 2014, 11:26:49 AM

Too bad about the hack. But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now. Too bad, so sad.

I believe that this can be summed up as.....NOT.

Is Bitcoin dead because of Mt Gox? It was an exchange. The exchange was weak. Bitcoin was solid. Take note!

LeroyJenkens

newbie

Activity: 6

Merit: 0

So, shouldn't everyone dump their VRC to BTC now? Then wouldn't they get all their previously sold coins back after the fork?

allcrypt

sr. member

Activity: 350

Merit: 250

Quote from: Amalgamus on July 13, 2014, 10:27:27 AM

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

WHAT??

No. I'm sorry. No. Their security is breached and they are going to hard fork the coin to cover their asses?

Wow. That's... Wow. I had nothing but praise for mintpal before, but this is stunning.

I admit I haven't read past the post I just quoted, but it shocked me enough I had to post this. That's the most absurd thing I have ever heard.

s1ng

legendary

Activity: 1218

Merit: 1001

Quote from: irlandescoin on July 13, 2014, 10:51:53 AM

Update from MintPal
13/07/2014 4:19 PM Announcements
Please read the entirety of this post.

A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe.

this is freak me out. Never heard something like this before for exchange as MINTPAL level.
The Hacker must be from inner employee or he/she is highly intellegence hacker

unamis76

legendary

Activity: 1512

Merit: 1012

Quote from: pnosker on July 13, 2014, 10:52:14 AM

Quote from: chunkyjunkie on July 13, 2014, 10:48:47 AM

Can any dev answer why mp would only have an issue with vrc and the attackers did not take btc or higher valued coins? If what mp said was true and only vrc was hit, but had nothing to do with vrc?

Just looking for an answer, if there is a good explanation, then great! would instill confidence!

The attacker targeted BTC, LTC, and VRC.

Mintpal says only VRC was attacked, do you have any way to confirm that info? If it's true, then it's terrible news...

phzi

hero member

Activity: 700

Merit: 500

Too bad about the hack. But a rollback will do nothing but cause a loss of faith in this coin.

If the developers can start a rollback, then the blockchain's history is obviously worth nothing...

Dead coin now. Too bad, so sad.

noerc

sr. member

Activity: 248

Merit: 250

Quote from: buy4crypto on July 13, 2014, 11:20:06 AM

Quote from: noerc on July 13, 2014, 11:18:57 AM

Wait, a hard fork because an exchange was hacked? I hope you spend some time making this decision, because if the devs simply hard fork to reset the blockchain to a state that they prefer the trust in this decentralized currency will suffer from that.

Note that Gox could have been solved the very same way, but there was no hard fork of BTC, and that had a reason.

But good for Mintpal, nice to hear that these poor guys don't have too much losses Huh

Do you want a thief with 30% of coins unloading on your community, I imagine that the bitcoin loss, though monetarily more, it was not as big of a % of the total network.

Its about the integrity of the blockchain. Who decides whether Mintpal was actually hacked or not? Apparently a mail from MintpalJason to a developer is enough today. Also note that this has nothing to do with this community. Mintpal probably has enough BTC to refund the VRC losses anyway, and they either would refund or die, since it is their fault.

What happens here is saving the fundings of an exchange (not community) at the expense of the blockchain integrity.

Killiz

hero member

Activity: 750

Merit: 503

Quote from: buy4crypto on July 13, 2014, 11:17:08 AM

Quote from: Jeff Jefferson on July 13, 2014, 11:14:42 AM

so what are we supposed to do? update the wallet? backup the wallet?

We will have instructions soon.

Someone wants to cause VRC problems due to the fact its not just some other shit coin, but a real coin, with real, capable developers.

We the community take on the responsibility of Mintpals lack of common sense. So the smart people will be buying this dip, seeing the actions of the developers, dedicated and quick to take action. While some people panic sell, in the end, the person who hacked gets what they want for a short period of time, once cool heads prevail and the team gets it straight I wouldn't be suprised to see large demand.

+1

What will happen will be a hard fork, that is, the blockchain will re-commence from before the attack took place. If everyone keeps their coins immobile then there will be much less vulnerability that this will affect each persons balances which were confirmed before the attack took place.

If you have coins on mintpal. It is now mintpals responsibility to secure and reimburse those coins for every individual involved with the attack, as it is their wrong doing and not the Vericoin networks fault. Only Mintpals secury.

I urge everyone making transactions outside of Mintpal, to stop this activity and wait for a Vericoin Developers response to the current situation.

Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 580. (Read 1356163 times)