Post
Topic
Board Announcements (Altcoins)
Re: [ANN] Terracoin 1.0 (TRC)
by
jolskeboll
on 04/03/2016, 07:27:48 UTC
An important question. If the wallet is updated for TRC and vircurex does not update it, will we still be able to withdraw our coins to the updated wallet?

The new wallet will be a hard fork, which means that there will basically be a popularity contest.  We will need to get 51% of everyone switched to the new wallet for the coins used on the new wallet to be legitimate.  Once we are in the testing phase of the new wallet we will be aggressively warning everyone that a new wallet is going to appear and that they need to update their wallet when it comes out.

If for some reason Vircurex absolutely refuses to update their wallet and we get 51% of everyone else to update theirs then TRC on Vircurex will no longer be valid.  The coins on there will not be any coin.  I seriously doubt that will happen though.  So far everyone I have talked with eagerly welcome a new wallet.

Two things here:

1) The vircurex staff is quite slow when it comes to performing actions. For example, the whole wallet service was down for a month until it was noticed (maybe staff was on holiday). However, they DO work on things, it's just that it feels like they are not responding to mails. Have you got any response from them lately?

2) How would it in practice work to switch to a newer wallet? Assuming vircurex would not update their wallet, is the only option to withdraw to an OWN wallet of the older version (probably downloadable somewhere) and then update that one? What about Cryptopia now, if they add TRC, I presume it'll be the old wallet(?) - if that's the case, then withdrawing from vircurex straight to Cryptipia while they are still on the old wallet would be the easiest solution, right? And lastly, why would any coins be lost in the process as you could at any point use the old own wallet to withdraw to and update it if needed? I'm a bit confused about these things