Post
Topic
Board Announcements (Altcoins)
Re: [ANN][VRC] | VeriCoin | POS - NSDI | VeriBit | VeriSend | VeriSMS
by
Dadams
on 14/07/2014, 04:07:45 UTC
As stated before, there are 3 choices here.

1. Do nothing and let it play out as it plays out.
Vericoin could die. Price could crash if hacker sells and then rebound. Hacker could keep the coin and stake or attempt a majority attack.
Mintpal could die. Customers will expect to be reimbursed.
If either survives it will be because they deserve to.

2. Fork the blockchain to block the stolen coins and effectively destroy them.
Vericoin will survive. Hacker has no coins. No threat to system. Coin amount reduced, value goes up.
Mintpal customers lose, this is Mintpal and the hackers fault. Mintpal needs to reimburse.
Mintpal could die.

3. Roll back the blockchain to before the theft.
This seems to be the plan at the moment.
Mintpal bailed out. Customers happy in the short term.
Long term consequences? This is effectively a charge back and a bailout of a central authority that messed up.
It is not their fault they got hacked but just like it is never your fault if you get robbed. It is the criminals fault.
But if you are an exchange that advertises security and deals with other peoples money then you are accountable.



I personally would prefer option 1 even though I will lose money.
As soon as you mess with this you set a precedent.
I can imagine devs don't want to take this chance with something they have spent a lot of money and time on.
It is also not their fault. Fault here lies with customers who left so much on exchanges to day trade (mostly from greed).
Fault is with Mintpal for lax security. Fault is with the hacker for being a criminal and a cancer on society.

If option 1 is unthinkable for dev, then option number 2 makes way more sense to me.
They lose nothing. Community who did not keep all their money on Mintpal lose nothing.
Mintpal loses, hacker loses.

Option nr 3 concerns me and I think a lot of people in cryptocurrency.
If you consider it in contrast to option 2, it is obviously a move to save Mintpal more than anything else.
It puts the legitimacy of the currency in question to save a single business entity.