Today read coindesks article about Vericoin, and lee's comment on it:
In lite of what happened with Vericoin recently (http://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach/), I just wanted to make this clear. As developers of a decentralized crypto-currency, it is our duty to make sure that the network is secure and that Litecoin functions well as a easy-to-use and efficient currency. It is not in our rights to decide which coins belong to whom. The rules are set forth since the genesis block and cannot be changed. If a theft happens on top of the network, the developers will not fork the coin to reverse any transactions. It is up to the market to decide on how to handle the theft.
That said, Vericoin developers were put in a bad position. Vericoin is a proof of stake coin, so the thief will actually have a lot of stake and can further attack the coin. So the Vericoin devs almost had to do this to prevent future attacks on the coin. This is why I don't believe PoS is a viable alternative to PoW.Also read comments from the readers of the coindesk article and see majority is against this roolback, I quote a few:
1. Neurorit a day ago
Appropriately many in this space are starting to refer to VeriCoin as the Paypal of the alts. This actually suites the coin well as every one of its services are centralized and require you to trust the developers to use. They even are talking about rolling out a wallet that allows you to load it directly with fiat. Sounds just like Paypal if you ask me.
If the VeriCoin developers want to employ functionality in this manner then they should do the right thing and incorporate and call themselves a business. Because when they operate in this manner under the pretense of something they're not (a decentralized crypto currency) they're essentially opperating as a scam.
They are not decentralized in most senses. Even their network. Having 30% of the total coin supply on one exchange is infinitely worse than Ghash.Io having more than 50% of the hashing power. People need to wake up about PoS. It's not secure the majority of ways it's being used. We're likely going to see more of this ahead.
One obvious redflag with this entire project is the lack of decentralization accompanied with the overuse and misuse of the word decentralization by the dev team. It's quite the joke when you think about it.
2.Now we see one big problem of new coins is that they have not had the time to be adopted so few hold many making it easier to be centralized. We will see the divide between people who believe forking in this situation is good and those who would never fork no matter what. I feel bad for the devs as it was mintpals fault. The devs are damned if they fork and damned if they dont.3.This is 1st in crypto currency charge back(roll back )... it was for "greater good" but all small manipulation movements are started from greater good... save children - censor internet... save Wrold attack Iraq they have dangerous weapon... an so on... such situation open door for manipulations on high scale. This event broken unnamed rule transactions are irreversible in crypto... No responsibility for all parties at the and at all...
I know they saved exchange and investments of people but it costed reputtacon of all coins...4. WTF 1: The hacker used an SQL injection attack to access the database. But only the wallet was affected, not the database. Come again?
WTF 2: We also didnt want one individual with the ability to 51% attack. MintPal was already such an entity. But when it was MintPal it was ok?5. They only did what any Central bank would have done to protect his money. Oh wait ...!6. I am so happy that Big Brothers (VRC dev & Mintpal) were there to fix things up...
Doesn't it feel like 1984?
Or was it Lehman Bros and the US gov in 2008?7. I also feel like a hard-fork to fix it totally invalidates Vericoin completely.
So every time someone does something bad, they will just hit the reset button?As a conclusion, this is the opinions from community outside the Vericoin, and it seems majority are against the way Vericoin team handled the issue. I don't know what to say, honestly, I am also against the way of handling because the impact is detrimental in the long term, just like what Lee mentioned, however, due to the Vericoin teams' non-through thinking, they chose this bad route, perhaps they want to protect their own money and profit. I hope the Vericoin team can give the cryptocurrency community an explanation.