Quote from: Doging on July 13, 2014, 09:09:17 PM

Quote from: BK_PHI on July 13, 2014, 08:35:53 PM

Mintpal/Vericoin

Since I don't have all the information I cannot respond fully to the situation. I am reading all I can about what occurred - if anyone has information that I should read please let me know. Rest assured, if it is possible to protect against an attack we will do everything we can to prevent it.

It seems to me that the exchanges are the weak link of the digital currency world. In reality they are no different than the money center banks that operate in the centralized financial system we currently use -TO BE CLEAR WE NEED EXCHANGES. Bitcoin/altcoins remove a good portion of the middlemen from financial services but as long as exchanges represent a single point of weakness they will continue to be hacked. As of now they represent the only entry and exit into the digital currency ecosystem.

FWIW, I have the NSF in several wallets, most of which are offline most of the time.

My suggestion is to keep as few coins at exchanges as possible - we need a place for buyers and sellers to meet, therefore exchanges are in integral part of the digital currency ecosystem. At this point in time, without the exchanges the digital currency ecosystem will fail.

This breach highlights why I do not want to be the biggest miner on the NAUT network, since I represent a single point of failure.

To reduce the single points of failure I will make it part of the NAUT 'manifesto' to be the coin that continually strives to be decentralized. Anything we can implement to decentralize operations will be considered.

On a related note: the current scams that are occurring should put everyone on notice that the blockchain solves a lot of problems, but cannot do away with human greed.

In the words of Sgt Esterhaus of Hill Street Blues - 'Let's be careful out there'

-BK

I withdrew my NAUT and they're in my wallet now. It's reassuring mintpal didn't hold up withdrawals but I'm going to see how this plays out.

Did they have all those VRC in a hot wallet and if so why? They're still my favorite exchange and they appear to be solvent but this is a disappointment.

I'm still not sure if the real target was VRC or mintpal.

Yes something doesn't equate. Why just VRC? what happened to the cold storage?

When NAUT goes POS I guess there will be a lot less of us leaving our stash on the exchanges.

Which leads me to....... any update on POS? Grin