Post
Topic
Board Announcements (Altcoins)
Re: [ANN][VRC] | VeriCoin | POS - NSDI | VeriBit | VeriSend | VeriSMS
by
ofp
on 15/07/2014, 19:58:03 UTC
Just noticed 5 million+ vrc was transferred a few blocks back, hope someone hasn't been hacked into again. Sad

That's down from 8M. It's Mintpal's coins they are distributing back to the owners now. Go backwards through the chain and you can see them distributing it.
I would like to give a big thank you to the VRC Dev team and the Dogecoin guy for so brilliantly making things right.  You guys not only saved Mintpal and everyone who had any type of crypto on that exchange but you also saved Vericoin from a 51% attack that would have assuredly killed the coin.  And I don't think you should even say that you will never do this again.  I think every criminal thief out there will think twice about stealing Vericoins now, because now we have proven that justice can be served in crypto.  Next we just have to get a better way of catching the criminals and sending them to jail too.  Smiley

p.s. Everyone please keep moving your coins off Mint and into your wallet.  Learn the practice of only putting your coins on an exchange for a few minutes when you need to exchange them.  Then right back to your wallet.  This will reduce your odds of getting MintGox'd by atleast 1000X.  It will also at the same time reduce the chances of the exchange getting targeted in the first place and will secure the entire Vericoin network from anyone planning a 51% attack.  Think of it as your duty.

I have posted several times that I also believe the devs acted wisely. But the gratitude for it would be quite excessive since their options were so limited that, in fact, there was nothing else they could do. Thanking someone for doing the only thing they could possibly do, is overkill, I'd say. Did they save the coin? obviously they did. But that benefits no one more than themselves -other than the Black Hand, of course, which is a very important consideration by the way-. If they did nothing, VRC couldn't exist today. Neither would MintPal... nor the BLACK HAND. And the reputations and the names of these devs would be ruined forever, while the same bar of transparency that they raised significantly with VRC, would actually prevent them from any position of significance, ever again, in crypto.

So the gratitude is far from warranted... even if, as is the case, I fully support what they were forced to do.

And on that note, I still fail to see - that's why I expect, anxiously, the addressing of the matter in the hangout-, the reason (or price, for VRC should benefit monetarily and in significant measure for it) for saving MintPal, obviously the element at fault besides the crooks. From ANY perspective, Mintpal, the responsible part for inadequately handling the coins they were entrusted with, is the overwhelming winner in this fiasco they allowed to happen. They would be bankrupt by now, without any doubt. Instead, they are still in business -although I hope people will rush out of Dodge on that regard and force them to close shop as of tomorrow- and their negligence hasn't cost them a penny, thanks to the VRC devs.

Accountability, unfortunately -along with flagrant fraud and thievery- continues to be dominant in cryptoworld. Even while the good guys, seemingly, have started to arrive.

Normal world regulation is so sorely needed...

Let's make some math:
- Mintpal's daily volume was around BTC 2.5K, some BTC 5 daily revenues or US$ 2500 (based on 0.2% transaction fee)
- VRC 8M were valued at some US$1.65M
- This means some 660 days of MintPal's revenues
- Let's assume some VRC 12K coins as an average position
- This means some 660 people were holding their coins at MP

Conclusions:
1) MP would never be able to pay and would go bankrupt
2) As an immediate consequence, all 660 VRC holders would loose their money
3) With 30% of VRC coins out there available for further attacks, VRC would crash and all people holding it would loose their money

So, please, let not fool ourselves: It was not about saving MintPal. It was about saving the coin and the investors' money.