The state of Vcash

Over the last 1.5 years "somebody or some group" obtained approximately 30% of the money supply. They used this to suppress the market "for their own means" and would frequently "dump on news" to keep the price within their bot's trading range to earn 10% daily. These same individuals would use mass trolling campaigns via Twitter and BCT when they needed the market to react to their wishes. After 3 months of intense market analysis we finalized upon the consensus that the price of Vcash would never rise until "they said so". Basically, somebody took control and is using Vcash as their profit machine. This said the project cannot continue to be financially beaten down by a few greedy humans because this is not economically sustainable for the developers.

There are two options that we have come up with:

1. Do nothing and leave the project to the community.
2. Hard fork in governance payments from the blockchain for development and marketing purposes.

The LOE (Level Of Effort) is (0 to 100 being the most difficult):

1. 17
2. 98

A 3rd and radical possible option would be to fork the chain and leave the old chain as Vclassic and Vcash starts mining from the original genesis block but with all of the years of hard fork code removed so that all features function "out of the box".

Thank you for your continued support through these times.

 

Why was your Twitter deleted for a period of time after the announcement, and why wasn't this stated before simply saying "Everything on the roadmap is cancelled" and then leaving it for hours?

Edit: What's to stop them from doing the same after a hard fork? The coins were obtained on the market, not throughout illegitimate ways.

 

I would prefer option 3, but if not Option 2 would work as well. I don't think this project has a future without John being involved, so option 1 is a strict NO for me.

 

Option 2 sounds best

 

Qual é o uso de bifurcação? Os manipuladores vai migrar para a nova moeda e continuará a manipular

 

voted for option 2 here

 

I agree option 1 is not possible. Without Johns knowledge what other dev could continue the project?
I think option 3 is also a bad idea as with ETH/ETC it just creates a mess and uncertainty of which coin is the real one.
Option 2 is by far the best choice. It gives the devs some funds to do what they need and market it. Hell Zcash has 20%
dev fees from every block and people are mining it like crazy and O.K. with that. John, you should definately do option
2 and be able to pay yourself and helping devs, pay for marketing, etc. and really show the world what Vcash can do.
Best of luck, please keep us informed, and remember you still have a lot of long term holders and believers in your hard
work. Don't let a few whale market manipulators ruin the project. Hopefully they dumped and are gone now.

 

Absolutely

I am in Vcash for the long term

 

I did not sell this crazy, I bought more to tell you the truth, your project is brilliant, I trust you

 

definitely option 2

 

Option 2 here too

 

Option 2... Cause you need to get paid man.

 

John I don't wanna offend you, but you're totally crazy man.

1. Your purposes are completely fair. You're doing a great work for Vcash and everyone agrees that you must recieve a share of your creation. No one doubts about your talent and value.

2. But seriously man, do you think this is the way to make that change?? You just crashed the market and a lot of your faithful followers are suffering from it. Believe me, I've never seen a market crashing this way and getting a reccovery. You have made VCash look like another scam coin, and it will take a LOT of time to recover the confidence (if it recovers at some point, I highly doubt that).

3. True, your coin was accumulated and manipulated, but even with that, Vcash was up from 0.015$ at the start to 0.25$ just some weeks ago. C'mon man, charts cannot be green every day, every week, every month. Ups and downs come and your coin was one of the most solids outthere. You say some market makers are profiting from your coin. Yeah, it's true, but they are also putting liquidity in the market. If they don't do that, who's gonna be the market maker man? The dev team??

4. I had a big confidence in you, I'm really fucked about that situation, really fucked. The way it was going everything, I could see perfectly a VCash in 15M$ by next year, and now all seems fucked. You deserve a share of XVC for your work, it's totally fair, but sadly you just killed your coin in a 90% probabilities....

 

I am in Vcash for the long term too, option "2" is best choice!

 

Option 2, still believe in John's code and in XVC

 

JC,

just go work with another coin, I'd suggest DECRED. You've got amazing programing skills, but you killed XVC.

 

After all, I still respect and trust JC opinion. But if help, I work with design and if want I can help on marketing team.

 

30% hoarded means the "good guys" still have the 70%

Don't drive away existing users that still hold those 70%.

If the "bad guys" dump XVC it just means people will buy cheap.

Redistribution is good. The enemy becomes less powerful as he "dumps" XVC to real users. Inflation also reduces his share. Network can "heal itself" with time, but only if development continues. Economic and game-theoretic attacks require appropriate defences =)

No crypto is protected from evil party hoarding early. It's a natural risk of an open market. It could happen to Bitcoin. It could happen again to XVC. The project needs to survive this weak and vulnerable period.

The only way to get through this trouble is continue working no matter what.

Funding problem: while you decide with "funding from blockchain" and other solutions, please post BTC and XVC addresses for donations in a visible place (e.g. v.cash, forum, twitter). Reach to investors and explain that you need help. Believe me, they are interested =).

As for "start over" scenario, removing cruft from code is a good idea, but a) not now and b) not by wiping accounts! Old hard fork code can be removed later with a supermajority consensus hardfork.

Vcash had too good history so far to ruin it with wiping, restarting, quitting, or whatever people will later call "scam". There are too many such coins and Vcash does not belong to them.

Whatever happens, don't panic.

P.S. I did not sell.
P.P.S. Why remove the link to Network from the main page? It still shows the network is healthy!

 

Couldn't Zeroslot be a Vcash raiser for the dev team?
I mean, Vcashers could contribute to the dev team by playing. "Help the dev team for a chance to win."
Since you're taking a % from the winnings, there's no actual loss from the user perspective... the dev team % can even be omitted from the actual user experience, just code that separates a % to the house.
Say I bet 1 vcash. If % defined to house is 25%, then 0.25 would go to the house and the 0.75 would go to the jackpot for user winnings.

I believe that's the most American thing to do.
Essentially, make money from killer apps, not from the protocol.


Hard fork in governance payments from the blockchain:
For how long?
What % of coins?

I'm new around, but really interested to see how this project continues. It's actually the only crypto other than btc that I actually use.
Zeroslot and the potencial of using Vcash for gambling without escrow is incredible. It will show people how fast their internet payments really can be. (now, not tomorrow)

 

The only people who sold XVC today is everybody but myself and the other developers. If you look at the amounts dumped and the timeframes it's clear "they" crashed the market. First it was 285,583, then 247,112, then 319,140 in only 20 mins. When people hoard such massive amounts the market does not work as you have witnessed today. Unfortunately the chart will never again look good to an investor because of the fools who damaged it. I explained in Slack yesterday that the market support looked phony and it turns out it was.