Mintpal hacked (VeriCoin) - page 6. | Bitcointalksearch.org

adhitthana

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Quote from: smoothie on July 14, 2014, 03:22:31 AM

Quote from: adhitthana on July 14, 2014, 02:22:04 AM

Quote from: smoothie on July 14, 2014, 12:20:02 AM

Rolling back would be the same thing as producing money out of thin air...moving it magically from one wallet to another.

Except that no new coins were created.

That's not the point. The point is the old coins were put back where they came from. Essentially a bank bail out. The first one in crypto history.

But that's not what happened in the bail out or in a bailout. In a bail out new coins (dollars) are created and these are given to the banks. The dollars or coins that were lost continue to exist and the new coins/dollars also exist.
A bail out (if we want to make it like the recent bank bailouts) would mean the total coin supply was adjusted and the new coins would replace the stolen ones at the exchange, whilst the stolen coins also exist.

XbladeX

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Quote from: superresistant on July 14, 2014, 03:50:56 AM

Why don't Vericoin community use the decentralized Nxt asset exchange ?

Probaly for same reason that they keep 1/3 of all coins in one place for convenience and laziness.
They use exchange like online wallet.

Anyway i think that p2p solutions are future of crypto Assent exchange is ok , Counterparty exchange too, bithalo + nighttrader (more solution we have then better for crypto )
at some point people will atop and realize that centralized exchange give more damage that profit for us all.

Quote from: Evilish on July 14, 2014, 03:56:02 AM

And what will happen to all the transactions that took place after the hack, they will also be void if I'm not wrong? I don't own any VeriCoins but just concerned about the people who bought coins after this incident took place.

transaction will be rejected...
merchants and other exchanges will lose BTC because of that hack this is side effect of roll back.
they are talking that there was no too many trades so they can reverse all - all depends how much BTC attacked has stolen already...
before those BTC/VRC was stole from exchange now coins will be stolen from merchants and individual traders who were trading with thief.

Evilish

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Bitcoin to the moon!

And what will happen to all the transactions that took place after the hack, they will also be void if I'm not wrong? I don't own any VeriCoins but just concerned about the people who bought coins after this incident took place.

superresistant

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Why don't Vericoin community use the decentralized Nxt asset exchange ?

freedomno1

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Learning the troll avoidance button :)

Quote from: Whatzhub on July 14, 2014, 12:26:15 AM

I've just caught up with the forum threads and not sure that an average person/investor would have the time to go through all the arguments of the hard fork posted here.

If in any case, they would be reading up the official statements from the Vericoin Developers here:
http://www.vericoin.info/downloads/Statement.pdf

And the official statements from the Mintpal Exchange here:
https://support.mintpal.com/index.php?module=announce&sec=view&id=17

What an average person would probably pick up from this would be:
1. Mintpal's security has been breached and hacked, hence less trust & extra caution to use them in the future
2. Vericoin's developers have stepped up to help protect the coin as well as it's community and investors
3. Rules are made to be broken, and it's up to whether you would prefer Batman (one who breaks rules and steps up to do the right thing) or the Cold Ruthless Law that states that there is nothing that can be done against a theft as it is against all principles of how a crypto should be.

Common sense with the right morals/survival mindset > Cold-hard principles/rules

Just my sharing.

Was looking for this in the main thread

Neat so its to prevent total collapse although central coinage in one address is not uncommon in crypto even Bitcoin still has it fairly centralized in a sense to who owns the most coins.

But anyways first chargeback in a sense guess it can still be done in the early stages in the future this would destabilize it's functionality severely.
Off to observe how this turns out.

XbladeX

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Quote from: adhitthana on July 14, 2014, 02:22:04 AM

Quote from: smoothie on July 14, 2014, 12:20:02 AM

Rolling back would be the same thing as producing money out of thin air...moving it magically from one wallet to another.

Except that no new coins were created.

Anyway VRC broke here "unbreakable" rule crypto is not paypal you can not charge back... many coins were hacked before and recovered ?...
I know many coins who were damaged by thief BTC - GOX, LTC BTC-e, Doge - online wallet,DRK - Poloniex 300k , BC - crypto rush... and much more coins but general rule here was simple
crypto you can't charge back that was main point of crypto no one can stop it: government, stake holders,thiefs...
BTC and alts all the time learn other how important it to not keep all money on any exchange...

Whole situation is shady because mostly save only big exchange...
POS system is secure as they stakeholders are when VRC community decided keep 1/3 of all supply in one place
they provoked such situation...

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: adhitthana on July 14, 2014, 02:22:04 AM

Quote from: smoothie on July 14, 2014, 12:20:02 AM

Rolling back would be the same thing as producing money out of thin air...moving it magically from one wallet to another.

Except that no new coins were created.

That's not the point. The point is the old coins were put back where they came from. Essentially a bank bail out. The first one in crypto history.

Amph

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so now the password are compromised?

adhitthana

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With any crypto currency there is always the risk that parties will co-operate to change things. Though I stand to be corrected on this.
Certain parties co-operated to change some transactions. That is fair enough I think. That risk will always be possible with crypto coins.
I think the whole thing is good because it demonstrates what coins really are.
Without community the whole experiment can't work anyway.

adhitthana

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Quote from: smoothie on July 14, 2014, 12:20:02 AM

Rolling back would be the same thing as producing money out of thin air...moving it magically from one wallet to another.

Except that no new coins were created.

Spoetnik

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FUD Philanthropist™

Quote from: Kuttingcorners on July 13, 2014, 09:54:05 PM

I think ANYWAY to get money out of scammers hands is the way to go. i wish i knew who the guy who scammed me was, i would fly down to his shitwater town and smack him with a frying pan

hey tough guy you know what NO Regulation means ?

It means what you said is a real crime in pretty much any part of the world vs exploiting a coin is not.
So you see how the concept of law works ?

The coin scammer would be laughing at you as your hauled away to jail
and he could probably even file a civil lawsuit against you as he keeps 100% of the coins, legally.

Smarten up.. and quit being little anti-regulation crypto idiots people.
you can't have your cake and eat it too !
If a thief steals your coins too fuckin' bad cry babies.. suck it up !
Or get your ass in gear and ask for regulation.. one or the other.

really sick of all your hypocrites spouting off endlessly Roll Eyes

Spoetnik

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FUD Philanthropist™

Quote from: cinnamon_carter on July 13, 2014, 09:29:08 PM

strange days indeedd

the bank robberies of the 21st century

many are inside jobs.. still considered a bank robbery or just plain greed & corruption ?

Spoetnik

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FUD Philanthropist™

Quote from: Petr1fied on July 13, 2014, 08:58:44 PM

Quote from: InvestorPerson on July 13, 2014, 08:54:39 PM

job well done verifunnycoin and mintpal. that's gonna help the whole crypto world

sadly the sheep will jump right back at verifunnycoin and put more money in it

I think it's more likely that the value of VRC will crash to the floor as a result of this.

I'd also expect many people will pull all their coins out of MintPal too, by failing to accept financial responsibility for their incompetence they're going to lose a lot of customers.

correct again.

Spoetnik

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FUD Philanthropist™

Quote from: Petr1fied on July 13, 2014, 08:07:05 PM

The whole idea of rolling back a blockchain because an exchange lost coins is ridiculous. Mintpal should make good on the losses out of their own pocket for their sheer incompetence. Even if it means the death of their exchange and the collapse of the market value of VRC.

If they can't secure their customers coins and aren't prepared to pay for their own mistakes in the event of a security breach then they don't deserve to be in business.

correct.

smoothie

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Quote from: KrLos on July 14, 2014, 01:41:33 AM

This is sad...

I was thinking in invest in this Coin, but with this Fork in the BlockChain I will never invest on it.

Good call. It is obvious that anyone who knows how the trust part of cryptos works that is if you remove that trust and do what you want that it will tarnish the coin forever.

KrLos

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This is sad...

I was thinking in invest in this Coin, but with this Fork in the BlockChain I will never invest on it.

CLains

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I think these hackers are always out to get my most successful altcoin investments, first blackcoin and now vericoin. fml

Whatzhub

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I've just caught up with the forum threads and not sure that an average person/investor would have the time to go through all the arguments of the hard fork posted here.

If in any case, they would be reading up the official statements from the Vericoin Developers here:
http://www.vericoin.info/downloads/Statement.pdf

And the official statements from the Mintpal Exchange here:
https://support.mintpal.com/index.php?module=announce&sec=view&id=17

What an average person would probably pick up from this would be:
1. Mintpal's security has been breached and hacked, hence less trust & extra caution to use them in the future
2. Vericoin's developers have stepped up to help protect the coin as well as it's community and investors
3. Rules are made to be broken, and it's up to whether you would prefer Batman (one who breaks rules and steps up to do the right thing) or the Cold Ruthless Law that states that there is nothing that can be done against a theft as it is against all principles of how a crypto should be.

Common sense with the right morals/survival mindset > Cold-hard principles/rules

Just my sharing.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: adhitthana on July 13, 2014, 11:46:32 PM

Quote from: smoothie on July 13, 2014, 10:35:31 PM

Quote from: Petr1fied on July 13, 2014, 08:07:05 PM

The whole idea of rolling back a blockchain because an exchange lost coins is ridiculous. Mintpal should make good on the losses out of their own pocket for their sheer incompetence. Even if it means the death of their exchange and the collapse of the market value of VRC.
If they can't secure their customers coins and aren't prepared to pay for their own mistakes in the event of a security breach then they don't deserve to be in business.

A roll-back and hard fork would be the equivalent to BAIL OUTS of the big banks in 2008.
Fucking retarded.

Except with the bail out, money was produced out of thin air to bail out the banks.

I wonder though if there is a way to trade coins without having to reply on an exchange?
Is that what blackhalo does in some way.

I'd be pretty concerned if this was due to MP trying to stake the coins and thus leaving them online.
Maybe we need exchanges to be more transparent

Rolling back would be the same thing as producing money out of thin air...moving it magically from one wallet to another.

nwfella

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Well hello there!

Vericoin...to big to fail!! :p

Topic: Mintpal hacked (VeriCoin) - page 6. (Read 11030 times)