The bigger problem in all this is the "rollback", or the ability to do so. Crypto has a real world trust issue and this makes it 100 times worse. If I am a merchant there is no way in hell now that I would accept digital currency as now I have no idea if I get to keep my money. If the ledger can be rolled back on a whim then decentralized currencies are dead.
M/C and Visa have this issue to an extent but they cannot roll back an entire public ledger for as far back as they want to go. Also, they are already entrenched where crypto is just getting a foothold.
Fungibility is extremely important. Trust is extremely important. Confidence is extremely important. This is not a Vericoin problem. This is a digital currency problem. This affects the entire cryptosphere. This is now our problem.
I am converting all my holdings to BTC and hoping that it will weather the storm. If it begins to take a hit back to fiat I go. It sucks but the bed has been made now. Not being chicken little here, just being objective and safe with my investments.
Exactly !!!!++++++
Nothing more to add
I could not agree more with this! This is a 51% attack and completely invalidates the decentralized nature of digital currencies. The blockchain is sacred, without its integrity digital currencies are nothing more than a couple thousand lines of code.
I will make this pledge right now:
I will never change the blockchain. If digital currencies are to succeed the blockchain must be sacred.
Scrypto asked if it would be possible to modify the core code to prevent rollbacks. Is this possible?