Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 583. (Read 1356163 times)

Time to Buy!! Nothing to do with Vericoin security, but rather an attack on mintpal itself. Catch those falling nuggets of gold   

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.

Bought another 39 610 vrc and will stake it on my wallet , with all the news coming this week = i will triple my investment = want to spend wy hollydays in Bora-bora island (french polynesia , so Happy

First of all, while I tend to toss around terms like 'Feds' being an American myself, it applies throughout the world governments that some similar entity exists, please don't read too much into that particular word.

Strictly speaking, yes, the point of anonymity is to be anonymous. The question is twofold however.

First of all, while the whole world does not 'have' to comply with US regulations, the US Financial system (for all it's faults) is still capable through the Federal Reserve and US government of applying an absurd amount of pressure to entities based outside of the US. Most money laundering laws are international as well (since every government worldwide pretty much wants to have their hand in the cookie jar), so very little reach is even required. Because something truly anonymous could be used extensively for funding terrorism as well, they could come after it from that vector too. Long story short, until you are living in a non-extradition country and banking with an institution that is not reliant in any way on US or US ally based financial institutions, you might want to rethink how much you can blow off. Its scary how much economic leverage can be applied to anyone to get them to step to the beat. Sad, but true, plain and simple.

And the second facet to this is that any anonymous currency ostracized by the global financial system will probably be very hard to acquire, or cash out. Now while it is in it's own way a currency (obviously), it is only as useful as it can be spent. If you had one million dollars (or equivalent in whichever national currency you prefer) in "AnonymousCOINX" (pulling something random outta my ass as to not offend anyone), you wouldd have to either spend it with merchants who would give you something of value for it, or sell it on an exchange for fiat in order to actually have that value. But if companies wont accept it for fear of being ostracized, and if your local banks wont accept funds from an exchange that trades it for the fear of being ostracized, then what do you really have?

The essential point is that untraceable electronic transfers would be a haven for illicit activity, not just people who feel they have the right to privacy. Because of this, it's would come under what would probably be an almost unsurvivable amount of scrutiny by any and every world government.

Kind of a case of the rotten apples spoiling the whole bushel. While I know a lot of honest folks have interest in the anon aspects of crypto, it is in my personal opinion going to be hammered too much by legal authorities worldwide who are going to be way too fearful of it's illicit use.

One more thing I just gotta point out before I head out for a bit.

For anyone left with doubts of the quality and intent of the VRC dev's

Doug put a big VeriCoin QR code on his car to promote VeriCoin today! He just posted the pic on twitter. Those guys are smart, and dedicated for sure. You don't promote a scam on your personal car.

By all measures, these guys have good intentions and seem dedicated to making crypto accessible to the masses. Will be a pleasure to work with everyone in the community to keep growing this coin payment solution.

How do you get into the radio website chat room, doesn't work for me..It just says connecting and hangs. Can hear them doing giveaways, but I cant even get in ;(

not just Bittrex, also Mintpal
I am sure we all want to know the reason behind this.

This happens often to coins that are on Bittrex, nothing to worry about 

Don't think so, that was the case with roxcoin.

no new and nothing. this wouldn't happen to a professional coin or business. we want to know something.

someone said dev asked for the pause on bittrex