Post
Topic
Board Announcements (Altcoins)
Re: [ANN][VRC] | VeriCoin | POS - NSDI | VeriBit | VeriSend | VeriSMS
by
ScottAllyn
on 24/07/2014, 16:15:09 UTC
[...]

I understand what your saying, but do you think if 2-3k bitcoins were stolen from bitstamp they would fork and rollback the bitcoin blockchain? 

They wouldn't.

They wouldn't because the scenario is very different. Bitcoin is a mature coin with a vast distribution and an enormous daily volume. There are a LOT of merchants and services that accept Bitcoin as payment. Such a rollback would affect tens of thousands of users and many of those merchants and services would instantly lose the currency that they received for merchandise delivered / services rendered; it'd be a disaster.

In the case of VeriCoin, with it's limited distribution, small handful of vendors (none of which had any transactions at the time), and relatively low volume, the effect of the rollback was negligible. For most, it was nothing more than an annoyance due to the fact that a new wallet had to be installed. If VeriCoin were a more mature coin, the likelihood of 8M coins being in a single wallet would be extremely small, but if a theft like this DID happen at that point, the Devs would never even consider a rollback like this.