Verge Cryptocurrency Hacked

DooKey

DooKey

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Verge came under attack yesterday for a period of three hours and the hacker made off with $780K worth of the cryptocurrency. It's thought the hacker came up with a way to mine large numbers of blocks very quickly and get 1560 Verge per second. The Verge team is working on a fix to the hack and has assured everyone that no wallets were compromised. However, some wily hacker managed to get himself a bunch of Verge with hardly any mining effort.

While there was initially speculation that Verge had fallen victim to a ">51% attack" -- in which an attacker is able to forge transactions by taking control of more than half of the network -- but this has been denied by developers. A hard fork is being prepared to patch the bug that allowed the attack to take place.
 
thenapalm said:
Yeah, but... ashes worth $780,000.
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Allegedly worth. The problem with a lot of these crypto "valuations" is that you find you can't get much money, sometimes any money, out at that price. So while that is what it is "worth" and you can often buy in for it, trying to go the other way doesn't work. For something that's a physical analogue, think jewelry. You can go and buy an expensive ring that costs $20,000 because it is a nice gold and diamond that is large, well made, etc. It costs you $20k so you might say it is "worth" $20k but you'll find if you ever try to sell it, you'll be lucky to get 10% of that. What with all the shadiness, manipulation, and non-transparency in the crypto exchanges, you often find that you can't cash out of various currencies for nearly what they re supposed to be worth.

This is then compounded by the fact that for many of the smaller ones, there just isn't a whole lot out there, there isn't a large pool, so any large trade would necessarily push the value down. You don't see that with things like stock trading normally because the amount out there is so large and the amount you trade is so small in comparison your trade has no measurable impact. However if a large trade is made it can work that way. Bill Gates might hold Microsoft stock "worth" about $10 billion but if he tried to liquidate it all in one go, he wouldn't get that much for it because it would be such a large trade it would push the value down.
 
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Careful of those send X coin and get X coin back. Those are scams see them on twitter all the time.
 
Dev hard forked the chain without even realizing what he had done. Yikes.
 
I stopped following it when they repeatedly missed project deadlines.
 
Ok, which one of you did this to bring more bad news trying to get people to stop mining and free up the GPU stock?
 
I'll get excited about crypto currency when I can use it to light my cigar.
 
jardows said:
Ok, which one of you did this to bring more bad news trying to get people to stop mining and free up the GPU stock?
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It never occurred to me, until this happened. :)

But I have taken the approach or writing the Public Utilities Commission to encourage them to rethink how eletrical usage is being billed. It's a start.
 
BSmith said:
It never occurred to me, until this happened. :)

But I have taken the approach or writing the Public Utilities Commission to encourage them to rethink how eletrical usage is being billed. It's a start.
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Please don't, then we'll all have a special computer meter that we have to hook into. Well, not everyone, only people with a device that includes a 'graphics processing unit' since that's something the policy setter heard once. At least we'll all be able to game for 'free' on our 3dfx Voodoo and Voodoo 2 cards... of course, we won't be able to charge our phones or use our TVs or anything, but...
 
BSmith said:
But I have taken the approach or writing the Public Utilities Commission to encourage them to rethink how eletrical usage is being billed. It's a start.
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.2% of global energy use.

/crumples up letter throws in trash
 
edea5626024c757ca943968b2c203b73297f9a171cdf3b6f693347dab34380ac.jpg
 
ScottSummers79 said:
Please don't, then we'll all have a special computer meter that we have to hook into. Well, not everyone, only people with a device that includes a 'graphics processing unit' since that's something the policy setter heard once. At least we'll all be able to game for 'free' on our 3dfx Voodoo and Voodoo 2 cards... of course, we won't be able to charge our phones or use our TVs or anything, but...
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It is not looking like that at all. The goal is to keep the current infrastructure just use usage patterns to determine cost to the customer.

Riptide_NVN said:
.2% of global energy use.

/crumples up letter throws in trash
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Sorry, but they did not do that. When you get to be head of your Public Utilities Commission (assuming you have one) then you can do that.
 
Riptide_NVN said:
.2% of global energy use.

/crumples up letter throws in trash
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I'm so relieved to know that. Glad miners only use electricity from the global grid. So local grids will have no problems. Even if that figure is correct it is alarming and growing, it's sad how much electricity is being wasted on a gambling habit (and yes, Reno and Las Vegas etc. are using way more than they should too...but at least people get entertained there).
 
BSmith said:
Sorry, but they did not do that. When you get to be head of your Public Utilities Commission (assuming you have one) then you can do that.
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Maybe not. But they should have. Waste of time worrying about practically nothing. If your grid is so stretched that this is an issue then you've already got problems that need solving and this isn't it.
WhoMe said:
Even if that figure is correct it is alarming and growing
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You're worried about nothing.
 
Riptide_NVN said:
Maybe not. But they should have. Waste of time worrying about practically nothing. If your grid is so stretched that this is an issue then you've already got problems that need solving and this isn't it.

You're worried about nothing.
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So your advice is, the hole in the boat hull is a tiny hole. Nothing to worry about.

Personally, I like fixing things when they are easy to fix, rather than wait until the water is coming over the edge of the deck.
 
WhoMe said:
I'm so relieved to know that. Glad miners only use electricity from the global grid. So local grids will have no problems. Even if that figure is correct it is alarming and growing, it's sad how much electricity is being wasted on a gambling habit (and yes, Reno and Las Vegas etc. are using way more than they should too...but at least people get entertained there).
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It's also an alarming amount given that it generates literally nothing in return. Even more alarming compared to other online payment systems that are waaaay larger. If you compare the energy Bitcoin alone, not counting all the others out there, uses about 60TWh of electricity per year. Now some crypto advocates claim that number is too high, and say is is really nearer to 20TWh, without the math to back it up, but let's use their lower number. For comparison Visa uses about 0.19TWh/year. Bad enough, but then you consider that Visa processes orders of magnitudes more transactions per second than Bitcoin does. Net effect is that a Visa transaction takes about 0.00001% or less (probably more like 0.000001%) of the energy of a Bitcoin transaction. That's some serious wasted energy right there.

It isn't the total amount of waste that is shocking or the real issue, it is compared to what it is supposed to be replacing. If the idea is that the middle men in the financial transactions are seriously inefficient and doing some kind of direct transaction is better... well then we need to consider all aspects of efficiency, power usage being a big one.
 
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[QUOTE="Riptide_NVN, post: 1043568916, member: 102653You're worried about nothing.[/QUOTE]
There are none so blind at those who will not see. It's already obvious this has caused problems, and to blithely ignore a growing problem is, well not smart.
 
You can put your fingers in your ears and close your eyes. I can't be blamed when you won't listen to reason and instead let paranoia completely engulf your mind.
 
Riptide_NVN said:
It's a drop in the bucket. Even if they levied special fees that you want targeted at the people who so disgust you. It would have no practical effect. I admire proactivity however in this case it is aimed at solving a problem that is unlikely to present in the first place.

https://www.forbes.com/sites/christ...and-and-why-thats-not-a-problem/#4a70dedb4589
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The people are short-sighted but nothing to be disgusted about. My proposal to the PUC would not do anything to anyone who is not abusing the eletrical system. If things are the way you claim, then what I am doing will only impact very few people.

It is the engineer in me wanting to insure things do not break, before they have a chance to break.
 
BSmith said:
It is the engineer in me wanting to insure things do not break, before they have a chance to break.
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I appreciate that. It just isn't needed and there is no good reason to believe it will be needed either. Instead it takes a small minority of people, using a small amount of total power in the whole, who are already paying for their increased usage at the same rate as everyone else. And targets them. Accomplishes nothing of substance.

People are very judgemental about this issue around here. Probably no big surprise. Consider your own waste too please including things you do (like gaming) that produces "nothing" but entertainment value. You can find entertainment elsewhere. Imagine the resources society could save if we outlawed all kinds of things that don't "produce" something you approve of or are in some other way not "needed".
 
Riptide_NVN said:
I appreciate that. It just isn't needed and there is no good reason to believe it will be needed either. Instead it takes a small minority of people, using a small amount of total power in the whole, who are already paying for their increased usage at the same rate as everyone else. And targets them. Accomplishes nothing of substance.

People are very judgemental about this issue around here. Probably no big surprise. Consider your own waste too please including things you do (like gaming) that produces "nothing" but entertainment value. You can find entertainment elsewhere. Imagine the resources society could save if we outlawed all kinds of things that don't "produce" something you approve of or are in some other way not "needed".
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Just FYI, I do not game and getting into the whole entertainment argument is pointless. Personally, I do not like cryptocurrency for several reasons. The biggest is the support to illegal activities it gives. Now, specifically, I do not like BitCoin due to the idoitic and wasteful implementation of it. As electric usage grows each time they decide to double the difficulty of the hash, I see bad things like reasons electric companies will use to increase the rates for everyone.

You do not think it will happen, but I have seen rate increases for less likely reasons.

After all, they are just as greedy as the next greedy arsehat. I want to circumvent those potential price hikes. If I can show them how to make more money while keeping most people happy with the service, I hope they find that attractive enough to bite.
 
Bitcoin is traceable as are many other alt currencies. Only a few like XMR are legit private. I don't have a problem with this just like I don't have a problem with phones that have no backdoors to get past the encryption. That is an ancillary discussion and some people aren't big advocates for privacy and want to go so far as to eliminate cash completely too. They have a right to their opinion.

People predicate these doomsday predictions on BTC continuing to be dominant and the value of it continuing to increase. If history is any indicator the market goes up and it goes down. And it often stays down. Which I'm sure is to your liking. It's headed that direction now. Once it spikes again some day then we'll be back here having the same discussion about the same fears and issues.

If the PUC is really as greedy as you seem to feel. And they may be. Then they'll raise rates for some other reason. Even if mining dies and the issue in your mind dissipates.
 
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Possibly perpetrated by a gamer who needed the money to pay the rediculessly high graphics card prices in order to upgrade their gaming rig?

Just a thought... :D
 
I figured out how he or she did it.

they went
up up
down down
left right
left right
B A
enter
 
Moron should have sipped $10 a second instead of $78/s and he could have been made millions over weeks. lol
 
when i went in december (worst time to join cryptocurrency to have 300% growth now -50% lol)... I started with a few "alts" like tron and verge... got in to reddit... within 2 weeks i sold it all without a loss (about even) and swapped to less crazy cryptos.

The level of stupidity in those subs is beyond insane. It makes your brain hurt at the immaturity levels, shilling and bots. I just moved on to stuff that seemed more promising/legit and not full of crazy folks trying to make a buck.
 
same here, had more different crytos than I can remember anoncoin auroracoin bottlecaps darkcoin dash digitalcoin dogecoin dopecoin earthcoin eccoin execoin feathercoin fedoracoin gradncoin guldencoin litecoin kittehcoin lottocoin luckycoin mooncoin potcoin qbitcoin reddcoin ronpaulcoin saturncoin terracoin vertcoin worldcoin. All except one traded into bitcoin.
 
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