Re: [ANN][VRC] | VeriCoin | POS - NSDI | VeriBit | VeriSend

....
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.

Image damage was done on all POS coins from PPC Nova..BC...XC...to VRC will surfer
and with rollback you give all POW coins golden bullet to shot in POS...
Right direction would be improve POS security to 90% resistance like NXT - not magic rollbacks.

And whole black marketing has started like that one:
http://www.reddit.com/r/litecoin/comments/2apsj7/litecoin_developers_will_never_fork_litecoin_to/ciycbhd

Coblee just shot himself in the foot potentially. Does he think saying he won't fork will seperate him from any of the other crypto that are in the game right now? Not even under circumstances that would benefit his community. I wonder how many people will sell out of LTC and move funds here after hearing that. I certainly don't want my money with a "idealist" instead of someone more practical. Not when crypto needs a team more practical to go mainstream.

You are telling me. If the developer is capable, and the whole community votes for it, he won't allow to stop the fraud??

WOW I WILL NEVER BUY LITECOIN!

Perhaps you should address Coblee's scenario of what could happen as opposed to dancing around the issue:

Quote

what's stopping MintPal or another exchange from pulling this move:

1) Create a SQL injection vulnerability on your exchange and leave it there
2) Attack yourself and steal your own VRC
3) Take the VRC and deposit it to other anonymous crypto/crypto exchanges and buy BTC with it and withdraw them
4) Cry foul to the VRC devs and show proof that you were hacked by a SQL injection
5) If the devs roll back, then you just effectively double spent all your VRC (or as much as you could given the liquidity of VRC). And the other exchanges lose
6) If the devs don't roll back, then you tell people that you've been hacked and X% of the coin now belongs to the thief and the thief can attack the network. Watch VRC/BTC drop like a rock. Then buy back the VRC with your BTC and return the VRC to your customers.