This week was very interesting , in special when we speak about Mintpal Incident of which Vericoin’s funds were stolen because of a huge lack of security on that platform . So far nothing new considering that other exchanges had similar problems and other survived paying their debts to users like C-CEX.COM and other ones like CryptoRush who also suffered a major hacking situation similar to Mintpal’s .
Now the logic should be that Mintpal will take this problem in their own hands . But we all know Mintpal it’s a script kiddie team , so we won’t expect much professionalism from them . So Vericoin Development Team had to step-in and take an extreme measure , Blockchain Rollback .
VeriCoin Development Team took the decision to FORK the blockchain at a position before the attack and reverse all transactions and as results all Mintpal stolen coins were retrived .
Why do I think this is not a fair decision ?
It’s simple my friends . This means that no matter what they are doing it , can be always an excuse to rollback the blockchain . And we are already going to see an ABUSE OF ROLLBACK . If Black Coin did that when they got hacked , it would have been fair ? I don’t think so .
Mintpal staff it’s now relaxing with a cocktail laughing at all investors, and how they fooled down the system itself and not having to pay for their OWN mistakes . It this seems right to you ? NO ! This hacking would have helped remove a bad exchange from this market . Hacks like this are meant to help investors and weeding out the bad exchanges like , Mintpal .
What we know about Mintpal ? They are UK based , they are having a big lack of communication , introduced paid-votes in industry (bribe) , passive-aggressive Staff . So why worth bailing out ? Well as Vericoin Development Team communicated , it was all to help out Vericoin Investors and not Mintpal mistake & business . Keeping the coin alive and its investors safe from hacking .
But one day i hope some regulation will come upon these exchanges , clearing out the bad weeds like Mintpal and keeping good exchanges on the efeet . Also cryptocurrencies that do block chain reversal should be under the question mark as they might do that at every mistake that they are doing which it would be un-fair for most of cryptocurrencies in the market .
Imagine that a user would have transferred 10k Vericoin, to Bittrex before this event and sold them after for Bitcoin , guess what ? Now it has all it’s Vericoin back and Bitcoin in its pocket ! I am pretty sure that this situation really happened .
Did Bitcoin RollBack it’s Blockchain when MT.Gox got hacked and had over 500.000.000 $ in damages ? Quick answer : NO . Why ? To keep Bitcoin integrity intact .
TRADE SAFE & STAY AWAY FROM SHADY EXCHANGES – Our advice for today !