Bitcoin Forum

Let's hope I do not have to moderate it.

LOL, that's like having a baby girl and thinking you never have to worry about boys trying to get in her pants when she grows up. :) They will flock here and try to derail this just like they are doing in the main thread. We just need to be vigilant.

We'll see...they are allowed to say something negative about SC, but with a good motivation behind it.

Silkcoin,

The registration mechanism you're proposing has an interesting application towards preexisting non-p2p systems.

Suppose a website owner who employs a home grown authentication system is able to add a Silk authentication module allowing his system to verify the identity and authenticate visitors against the blockchain. The process could be made seamless for the user via browser plug-in for challenge/response authentication, or token based a la OAuth. The website owner would never need to store the users credentials.

I believe what you're proposing, in particular, decentralized content could coexist and benefit preexisting non-p2p systems.

I'm doing some work in this area, have been hacking on Bitcoin's P2P protocol. Ping me if anyone wants to discuss further, hopefully outside the fray of the ANN thread!

Permission to come aboard?

Permission to come aboard?

When I read this, my brain generated ship horns going off :)

Awesome now there's a place where grownups can talk.

grifftech i certainly did not intend fud. hamzatu and bohemianstalker also into idea but if everyone else thinks idea no good then ok. yes i have belief in devs seen how they deliver on time and quality of UI and they have listened to community. cant have too much good pr tho.
been around since 500sats maybe top 3 holder but just started posting. Not sold 1sc no weak hand here in for the long run

Glad to have you. I apologize if I came of harsh, but with all the FUD lately it seemed to fit in to the mold. Since you have given some background information to what you were thinking it is more of a constructive discussion now.

I think one thing that needs to be decided on with this being self-moderated is how we handle quoting of obvious FUD. Once you delete the FUD comment the quote remains and it still causes people to continue on the FUD.

Should we delete comments that quote FUD? I for one say we should but make it well known that is how we will handle this thread. But I think the community should decide that aspect.

I think one thing that needs to be decided on with this being self-moderated is how we handle quoting of obvious FUD. Once you delete the FUD comment the quote remains and it still causes people to continue on the FUD.

Should we delete comments that quote FUD? I for one say we should but make it well known that is how we will handle this thread. But I think the community should decide that aspect.

Quotes of FUDs will be deleted when it is clear that we are dealing with a FUD. MEGAman and clones are not allowed here.

I would like someone to decompose this paragraph for me in laymen's terms. All I know about BitTor is that I can get free music and movies and have an academic understanding of Public\Private Key. I need to understand the context of this in using the hash algo and all that jazz..

The system proposed is based on the Bitcoin and peer-to-peer protocols. The
Blockchain will be used to handle user registration while the BitTorent network will
handle the distribution of encrypted data via a distributed hash table to insure fast
delivery. Once we are able to identify people via public keys and handle the
registration process with the blockchain while keeping them anonymous,
centralization is no longer needed.

I haven't heard of Silk coin before is this a coin for the Silk Road or something
Would like a bit more information about what it is about etc.

Form the White paper I see it uses a swarm network but how does that operate.
As a storage mechanism or differently?
BitTorrent protocol files are divided into pieces and the torrent file is used to check the integrity of the hashes.

At the moment websites like LocalBitcoins, MtGox etc are all centralized. This means there is a person or company who owns the server, the website etc.
It means that users can log on but they need to be identified by username and password and this info is stored by the centralized company.
It is a bit like having a bank account and a vault where you store your gold. To get in you need to go to a building and pass security and then they unlock your vault and you get your gold.
Previously they would keep a ledger that says what belongs to who. So anyone in the company could change the ledger and so change the ownership of the gold.

Bitcoin moved the ledger into the cloud and distributed it so that it can not be changed except with majority approval.
Your access to the vault is your keys contained in your wallet.

How I understand Silkcoin vision is to move everything into the cloud. Not just the ledger but also the actual "website". Your credentials for logging onto the website will then also be a function of your keys. This means everything will be decentralized. One of the hurdles they have is how such an eco-system will survive in a functional state without any control. This is where the trust and voting comes in.

It all reminds me a bit of Nxt, Maidsafe, but a new take on it and one that seems to already be quite far into development. 2 weeks to beta!!!
This is the direction cryptocurrencies are heading to and the beauty of what cryptography and its application in p2p networking makes possible.
We are heading for a decentralized internet.

I haven't heard of Silk coin before is this a coin for the Silk Road or something
Would like a bit more information about what it is about etc.

Form the White paper I see it uses a swarm network but how does that operate.
As a storage mechanism or differently?
BitTorrent protocol files are divided into pieces and the torrent file is used to check the integrity of the hashes.

Feel free to read the announcement thread (https://bitcointalk.org/index.php?topic=599438.0). There is a lot of info there, but the discussion has been destroyed by fudders. So if you want a clean discussion, feel free to do it here.

At the moment websites like LocalBitcoins, MtGox etc are all centralized. This means there is a person or company who owns the server, the website etc.
It means that users can log on but they need to be identified by username and password and this info is stored by the centralized company.
It is a bit like having a bank account and a vault where you store your gold. To get in you need to go to a building and pass security and then they unlock your vault and you get your gold.
Previously they would keep a ledger that says what belongs to who. So anyone in the company could change the ledger and so change the ownership of the gold.

Bitcoin moved the ledger into the cloud and distributed it so that it can not be changed except with majority approval.
Your access to the vault is your keys contained in your wallet.

How I understand Silkcoin vision is to move everything into the cloud. Not just the ledger but also the actual "website". Your credentials for logging onto the website will then also be a function of your keys. This means everything will be decentralized. One of the hurdles they have is how such an eco-system will survive in a functional state without any control. This is where the trust and voting comes in.

It all reminds me a bit of Nxt, Maidsafe, but a new take on it and one that seems to already be quite far into development. 2 weeks to beta!!!
This is the direction cryptocurrencies are heading to and the beauty of what cryptography and its application in p2p networking makes possible.
We are heading for a decentralized internet.

If you are a big Pink Floyd community, I will never leave lol

Who's Pink Floyd? Is that a new crypto developer?

PuddinCoin

The lower the price goes the larger the buys are. Exactly what I like to see in a good coin. Positive price action despite the lower price. I wonder if the miners were waiting for the WP to dump?

hahaha PuddinCoin!! Dude I am so going to make that and it will be my own P&D coin! Bill Cosby's face on the logo and everything!

good to see a clean thread.
just wanted to put some suggestion for features in the wallets
was thinking about daily news tab so people who doesnt check BCT gets up to date news or update.

I think we'll lose a lot of momentum if we do that. A prime example is BlackCoin which was getting close to 2000 posts per week before they switched threads and now after a month they've accumulated only 4000 posts. It fractures the community to some extent when switching threads.

He has a good point...

OK , I have had a long day I haven't had a chance to see the whitepaper. I am surprised however there was no bounce in Silkcoin price assuming it was released. Can somebody just quickly do a tom's notes (shorter verson) for me? Guess I should have tempered my expectations on the price rise today. Oh well I believe sc is a good coin and I am not concerned currently with the price.

Steve

I started http://silkcointalk.org to build up a real community around Silkcoin. Let us build the community we need around Silkcoin without those jealous people. The devs need to see that we are serious about this coin instead of reading all the crap in the ANN forum.

I got megacoin in cointicker by just sending a mail to the dev, but know he asks coins for it.

http://www.darkcoin.io/downloads/DarkcoinWhitepaper.pdf

Darkcoin
Doesn't really look so professional.

I got megacoin in cointicker by just sending a mail to the dev, but know he asks coins for it.

Strange, i have already SC in Cointicker

It's  a cool coin。go go go！
非常看好SC，我已经投资了5个BTC。我希望他最后能给我带来的回报是100个。拭目以待。！ :D

既然有中文读者。我在这里还是说说我对SC一个小小的看法。关于钱包。这是我看到的第一个对钱包就如此用心的币。对钱包用心带来的最明显的好处就是可以体现一个人性化和用户体验的问题，试着想想。一个从来没用过虚拟币的用户，心里忐忑的用法币换了一些虚拟币，然后把虚拟币小心的放在自己的“钱包”里，看着SC的漂亮“钱包“和其他几乎千篇一律的”钱包“，他会选择哪一个？虚拟币本来就是讲究的是使用者的信心。核心技术数据链中本聪已经做到了，目前为止没有哪个虚拟币能脱离数据链存在不是？（BTW，blockchain公司的确是个有前瞻的公司，虚拟币的核心在于数据链，从域名的选择上可以略见）。就好比iphone用的很多技术都不是apple公司的发明，不过在一些用户体验上面iphone做到了最好，这就是牛逼。

It looks like the devs are considering starting an official self-modded thread -> https://bitcointalk.org/index.php?topic=599438.msg7452295#msg7452295 let's all reply to them and make sure they do!

请尽量说服中国投资者到后Silkcoin。你知道这已经是一个很大的硬币，但我们需要一些人谁能够说服中国投资者。你能做到吗？

Please try to convince the chinese investors to back Silkcoin. You know it is already a great coin, but we need some people who can convince chinese investors. Can you do that?

What is the "exchanger" that will be added to the wallet update on Monday?

Thanks for all your guys support , we are still discussing if a new thread is needed and will let u know ;)

The main thread might quieten now and again as the Fudders get what they want , 7/8 days of them driving the price down allowed them to buy at 2000, now its at 3k , they FUd for gain , its become almost a profession in crypto, we expect more of the same though , FUD for drop .. quick pump and profit while all the genuine Silkcoin supporters sell precious coins at a stupid price

no reason for this thread not to get massive tho and we welcome your support in all its formats

thought it would be nice for a team member to post here  ;)

Q

Is this also a topic where there is only price discussion and the technical aspects are not important?

There are flaws in the white paper that need to be discussed but nobody cares, the only thing they care is price.

This community is driven by greed. Anything that is driven by greed will get burned HARD on the end

Train has passed,
BadAssX i have a private fund of investors here in Shanghai, all chinese of course and we bought 114BTC worth of SC at 2000 you can look at Mintpal on the market history.


We are the biggest private fund in Shanghai and recognised to be second only to the Beijing one, so SC already got some good investment.

Cheers

Is this also a topic where there is only price discussion and the technical aspects are not important?

There are flaws in the white paper that need to be discussed but nobody cares, the only thing they care is price.

This community is driven by greed. Anything that is driven by greed will get burned HARD on the end

Why don't you lead by example and just do it yourself. Stop expecting internet strangers to do what you want.

Is this also a topic where there is only price discussion and the technical aspects are not important?

There are flaws in the white paper that need to be discussed but nobody cares, the only thing they care is price.

This community is driven by greed. Anything that is driven by greed will get burned HARD on the end

Why don't you lead by example and just do it yourself. Stop expecting internet strangers to do what you want.

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

This opens the door to many different uses, we can decentralize any existing system (Marketplace, Wikipedia...), but too much data would hurt scalability/memory usage of the network and go against the main decentralization idea

Why not to use multiple blockchains for several services?

This opens the door to many different uses, we can decentralize any existing system
(Marketplace, Wikipedia...), but too much data would hurt scalability/memory us
age of the network and go against the main decentralization idea, so
the solution to this would be better to spread services over different currencies.

I read the Whitepapper.
Whole idea looks interesting. But I'd like to propose one improvement.
Silkcoin, you said we can make a lot of decentralized things:


So community and Silkcoin team,

Why not to use multiple blockchains for several services?
I mean that one blockchain should be mandatory for all users. This blockchain can be "master" blockchain and contains coins and other main info.
Then we can have market blockchan, social blockchain etc. A lot of it. But user should choose it from settings to use.

So we can make a lot of decentralized anonymous services, but each of them will be supported and used by people who really need that service. And don't need to download all blockchains to use only one of few of them.

I don't really know if it is real to do that thing. So please take a look and write your thoughts.

Thanks.

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

::)

Effective you get 2% as yearly interest so on 10K worth of coins you get 200 coins per year because of staking (if you keep them in your wallet for staking ofcourse). Block reward on staking depends because of your network weight against the total network weight. So sometimes you get a small reward other times you get a bigger reward but in the end you will get 2% per year. If you increase your stack to 100K coins you would still get 2% but this means 2000 coins per year. After a few weeks of staking you would see that your balance will split in more stake blocks so you will get more often a block. Also by keeping coins in your wallet you protect the network because the network is secured by pure PoS. Keeping all your coins on a exchange dont help to make the network stronger. Also exchanges dont stake because of security issues.

Why different currencies? Why not use one currency for all services?

sounds interesting indeed, separate block chains , could u create forks from the SC chain and host the different networks on the forks? i don't know i can't code, and coins certainly cant be transferred to diff forks, but i am sure new wallet for each would be needed, and the idea is to have it all in one place so ..

like your thinking though.

i am no expert m8 but i think it works out more because its compound interest

5000 coins u get 2% of stake but then receive say 100 SC for a pos block...but then next time you stake you have 5100 and receive 102 coins for a POS block..

This over the year accumulates to more..

i know the numbers are smaller above is just an example

sounds interesting indeed, separate block chains , could u create forks from the SC chain and host the different networks on the forks? i don't know i can't code, and coins certainly cant be transferred to diff forks, but i am sure new wallet for each would be needed, and the idea is to have it all in one place so ..

like your thinking though.

Because different blockchains require different currencies. You cannot transfer a coin from one blockchain to another, this would break the security of the blockchain afaik.

Master blockchain can contain info about currency and actions from other chains, this other chains can manipulate only data (profiles, goods etc), not a coins. Is it really?

It will bloat the blockchain if you record everything from other chains. After a few years you will have a blockchain of a few terrabytes. Not a smart thing imo

Is it possible with Silkcoin to possibly implement merge mining and then utilize the other coins for different pieces of functionality? Would be cool to have Merge Staking for example a new coin for Silkcoin Eco-System that handles part of the eco-system and maybe name it SilkEco. Or let SilkEco have a short PoW to get coins in circulation then have it able to be staked in the same wallet as SilkCoin.

Just spit balling here :)

For what i understand the system will look like this:

The current white paper describes the eco system as a social marketplace where user authentication is embedded into the blockchain and all data willbe available on the p2p swarm network. The authentication stored in the blockchain and combination with your public key gives you access to the encrypted data on the the swarm network. The swarm network contains the social exchange network where users can make a profile, post ads (of anything available), send secure messages and get connected to "friends". A reputation system willbe build in so after time you will see who are trusted on the network and who not. The currency on this network for services etc is Silkcoin indeed. Everything stays inside the blockchain swarm p2p cloud. So to answer your question, we will have a social marketplace where you can post everything uncensored :)

edit.

As addition i guess the ads you post for services / products contain a dollar value and based on the current exchange rate it willbe converted into Silkcoin. So we only need Silkcoin in this system and no additional crypto currencies based on SC.

Exchange tend to lock the wallets and not stake the coins , if someone wanted to withdraw and the coins were staked.. whoops.

So, this is about 21 coins for a month, correct? Am I looking at the numbers wrong lol. I can make that off a few simple trades. I must be missing something.
I have 21k SC in my wallet and staking and this is what I received during the 21st of June

0.24876628
0.31299759
0.24131917
0.21016178
0.33988384
0.21129096
0.20161951
0.2149805
0.03586658
0.38576166
0.37126026
0.14204264


I think that is a pretty decent amount

I guess I am not that smart. Could you please explain what you just said in a little more detail please lol

OK, that is an honest answer. I suppose I will keep half and half and that should make the world a little more balanced. Thanks!

Effective you get 2% as yearly interest so on 10K worth of coins you get 200 coins per year because of staking (if you keep them in your wallet for staking ofcourse). Block reward on staking depends because of your network weight against the total network weight. So sometimes you get a small reward other times you get a bigger reward but in the end you will get 2% per year. If you increase your stack to 100K coins you would still get 2% so this means 2000 coins per year. After a few weeks of staking you would see that your balance will split in more stake blocks so you will get more often a block. Also by keeping coins in your wallet you protect the network because the network is secured by pure PoS. Keeping all your coins on a exchange dont help to make the network stronger. Also exchanges dont stake because of security issues.

Someone can correct me if I am wrong but when you stake coins they go into a special state.  You can't even send them anywhere for the stake time.  So if an exchange stakes the coins they would be unable to support withdraws.  That is why there is a reserve amount you can set in the wallet so not all your coins stake.  Then you can have them always available.  It is not a long term thing as they would be freed up after the stake period.

The decentralized unfiltered marketplace would decouple the price of Silk to Bitcoin as Silk would be the transacted currency.

So if you want to sell your mining rig and you have a $$$ price in mind you have to convert it yourself into the current BTC/SC price and hope when you sell your rig the coin value is still at the same $$$ level ? Nobody wants to sell their fysical products on a system based like that.. If the value of SC collapses everybody would start buying cheap products from the marketplace and no vendors would come back to the system if they are making losses on their products..

My thought is that it never gets converted to SC.  The entire transaction would be SC.  Once the marketplace grows there will be less and less reliance on Bitcoin.  As silk coin grows in popularity it can eventually be the reserve currency and spendable currency like Bitcoin is now.

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

I think you have most of it.  I think the coins value really hinges on utility.  When the eco system with decentralized exchange hits that is a huge utility.

One good point about a small stake is that it creates low inflation.  In fact there will be less than 2% silk coins minted each year as many coins are not staked or are on exchanges.  So the ones you do stake become more valuable.

#5 try not to leave your coins on exchange... esp if you visit porn sites :) lol

Off topic: I went to the movies and they had a camel in one of the opening announcement vids.

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

Yup mostly. Some extra info below:

1). The 2% is a good thing imo, if you have a high interest this means more coins are generated and more coins offered on the market means lower value.
2). A few months ago there was a exchange that did this, the exchange got bugged because of the balance system the PoS caused and people started exploiting it. The exchange is not here anymore and a lot of people lost money on that incident so security wise its absolutly a no go.
3). The bitcoin network gets its strength through Asics etc that deliver PoW. The more miners connected the more decentralised and secure the network is (pools are not good for a decentralised network btw but it makes finding blocks easier). The same is for PoS. Ever heard of a 51% attack? The same can happen on a PoS network so its important the network is getting protected by as many as possible online wallets with a proper ammount of coins.
4) Earn more real life value by keeping coins of exchanges so the scarcity on exchanges is bigger (supply and demand)
5) Dont forget to backup your wallet.dat  ;)
6) True

OK - wallet is back up to the cloud -check and the thing on the PoS and 51% same deal - good info - supply and demand - makes sense.

I think the Camel is really a great brand identifier as well (Judge). One more thought (question) on the Wallet staking.

It indicates "mined\staked" on the transaction in the wallet. Is the Wallet actually mining the coin, or just staking the block for which the coin was already mined? I have no clue about how mining really works other than ya get yourself a GPU rig, set up your cgminer, join a pool and hope for the best --ducking your head from the ASIC's. I just don't want my desktop mining coins lol. Man I feel like such a noob lol - but I am sure the wallet does not have a built in miner, I mean that would be to difficult, right?

It indicates "mined\staked" on the transaction in the wallet. Is the Wallet actually mining the coin, or just staking the block for which the coin was already mined? I have no clue about how mining really works other than ya get yourself a GPU rig, set up your cgminer, join a pool and hope for the best --ducking your head from the ASIC's. I just don't want my desktop mining coins lol. Man I feel like such a noob lol - but I am sure the wallet does not have a built in miner, I mean that would be to difficult, right?

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blochcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined.  ;)

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined.  ;)


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined.  ;)


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

OK, so I am basically the guy that does a site survey before people come out with their bulldozers and start tearing up the place. Got it.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined.  ;)


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

Everything depends on what you have in your wallet. The rule is you get 2% of your coins, it doesnt matter if you have 10 coins or 1 million

I would like to summarize the criticism as far as I have seen it:



1. B instead of S as first letter.

Silkcoin has responded and said it is something that does not really matter and that they did not feel warrants so much attention or concern.
Cryptodevil has said that he worries this means that there are bigger problems that are overlooked.

My take on it:
Silkcoin team have been focused on the bigger picture and ignoring some details (some spelling and grammar in the wallet also) and I can see the B thing slipping in.
I have warned them that the devil is in the details and that people will respond with concern like Cryptodevil did.
I also submitted an edited version of some of the info included in the wallet.
This they implemented in the next update. This acceptance of feedback and response to the community was very much appreciated.

An actual error did appear in one of the earlier wallet updates (having to do with block number causing a crash in wallet) this was immediately responded to and fixed by the team.



2. The White Paper.

Various people have been unhappy with the layout of the white paper and that it did not seem to come from someone used to writing them.
Silkcoin has responded and said that this is in fact true, they are not used to writing documents like these. There was also time pressure and they wanted to deliver the outline of the plan with the ecosystem. An updated version is promised.

My take on it:
This is also in keeping with (1), the dev team is working on the bigger picture and letting things that seem inconsequential slide by. Unfortunately for people who do not understand the technical vision, all they have to go on is the impression of professionalism that is given by fancy websites and flawless papers.
I prefer that they delivered a white paper as promised rather than delayed it to polish it.
I feel it contained the ideas as they said it would.

Nobody has yet really delivered any negative comment on the actual content.



3. Silkcoin wallet is based on Blackcoin.

Silkcoin team have said this is true.

My take:
Who cares? Everything is based on other things. Blackcoin is based on Bitcoin etc etc etc.
If you see how many other wallets are now copying SC wallet and how accepting the devs are of that fact
(and confident that SC will stay ahead because of ongoing innovation),
then you realize that they are happy with open source, using and referencing other wallets and ideas.

Of note: cryptodevil was worried that the B/S substitution happened directly because of this fact in contrast to the response from the dev
Cryptodevil also says he was asked to stop posting negative things in the thread. (Please see the next point.)



4. The FUDstorm

There is convincing evidence that MEGAman/fat mike/gorilla jam posters are part of a group or sockpuppets of an account
that is delivering on a promise to derail the SC thread after failing to extort 0.5 BTC from the dev team.  
The dev team has responded calmly and carried on, which inspires confidence.
The concern is always that trolls manage to derail or anger the dev team enough that they withdraw,
this has happily not happened and in my opinion is why you need a team of dev rather than just one dev.

A new community self moderated thread has risen in response to the extortionFUD but there are problems with that as well.
Unfortunately the side effect of serious trolling is that it galvanizes the community and creates mindless yes-men who want to protect their investment.
This is not always positive and we need to be vigilant to this. Too much hype can kill something as effectively as too much FUD.

My take on it:
SC dev team have managed this as well as possible.
The problem is now that with the extortion, everyone is sensitized to criticism and wonder if negative comments are part of the same team.
Hopefully responses can be tailored to specific criticism (as in the Cryptodevil case) and not all criticism criticized for being critical.



5. The 4.5% premine

Initial premine was planned at 2% but there was lot of early pressure from community to halve the second POW payout and so give earlier investors more incentive.
The payout was halved, so dropping the total number of coins created and hence raising the % of premine.
There has been some in community asking for premine to be destroyed and some strong reactions against this.

The obvious concern with the premine is that devs could desert the initiative and sell off their share and so crash the price.
It is obvious that a lot of work has already gone into creating this coin and that a lot more work is planned.
I for one would hope that devs become rich from this venture but only after enriching the world by delivering innovation and creation.
The addresses containing the premine is public and movement of the funds can be watched.

My take:
I see a need for a dev fund. I don't see fundamental difference between 2% and 4.5%.
I hope the devs also bought or mined lots of SC on top of that fund.



TLDR:

Valid criticism to dev attention to detail but important things have always worked or been fixed immediately.
Some details have not worried the dev team but it does worry some in the community. (Community participation can help to fix details.)
There is ample evidence of dev team competency, just look at the wallet and the fact that others are now copying SC wallet.
There is a vision contained in white paper that could change wallet functionality.


Disclaimer:
I own some SC but not enough that I will be able to retire if it is $10 per SC.
(I plan to keep all of them until I can used them without turning into anything else.)
I am bullish on SC and think that it will increase in price.

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie :)

but kalisto has a point, you/everyone really should inform yourself before investing ;)
especially when you wanna invest in altcoins

Asking questions is how you learn. This is a perfect place to ask questions. My suggestion to evryone is READ READ READ 
I started mining and investing in altcoins in DEC and I had to figure it all out on my own.  Since then I have built 3 mining RIGs and I love it.  But a guy has to start somewhere. Silkcoin is a good place to start. IMHO

Is there any business plan and for the devs, how long would it take for them to build an API (similar to ReddAPI and DogeAPI?)!

Thanks :D

I can offer services:

- Faucets
- Dice/Gambling
- Escrow

and various others for you silkcoin! Let me know if you have any interest.

Just to be clear, I have been investing in bitcoin before the bubble and litecoin since the first of January, so I am not too new, but not too versed in some of the 200+ copy cat alt coins that exist today. I have made a lot of money trading cinni pumps, black pumps and drk pumps. Lost a little on white coin, so I am pretty well versed in how things work trading to make profit. I do a risks analysis in everything I do, so trust me when I say I ensure at the end of the day, I bring it home. I don't understand the mining that well PoW or PoS, but have been reading up and continue to scan the market for trends. Unfortunately, from a pure merchant perspective, it would appear bitcoin and litecoin are still sitting center-stage. Can't wait to play with the eco-system beta to learn more. Thanks for all the answers, it does give me additional perspectives of the facts.

Sounds like we  are the ones that should be asking the question. :o
Investment club sounds pretty cool. This sounds very interesting.

And.... What is Silkcoin NOT doing that other coins are doing?

- BIP 0021 "URI Scheme" to enable payments by clicking on link or scanning QR code
- BIP 0070 "Payment Protocol" for better communication between merchant & customer

As a web developer in the finance industry, I see these 2 BIPs as vital for any crypto currency that wants to have merchant services built upon it.

I really hope the devs will continue by building great core functionality on top of the great looking wallet.

As far as objectives go, I would hope to see....

1. - Core update...

then...

2. - SC Eco-System updates.

Alot of thought & work, from alot of smart people, went into the Bitcoin Core update... Running on anything less makes no sense.
The new Core code is MUCH more suitable for online merchant services & offers MUCH improved usability.
Once this updated core functionality is available, Silkcoin would be much more attractive to web developers.

In this way the SC devs could focus on improving wallet functionality at the same time as web devs build external functionality.

That is my opinion, as a senior web developer in the financial sector.

Is there any business plan and for the devs, how long would it take for them to build an API (similar to ReddAPI and DogeAPI?)!

Thanks :D

I can offer services:

- Faucets
- Dice/Gambling
- Escrow

and various others for you silkcoin! Let me know if you have any interest.

Judge Crypto must be dumping all his coins lol

Judge Crypto must be dumping all his coins lol

Doubt it, why would he be holding a forum discussion for a coin he don't care about anymore?

I don't disagree, but he was about ready to sell the other day --in a public forum and bragged about it. Anyway, someone just dumped. I think if we just pull any sell orders, they will be butthurt when this starts to go back up. Think they are hoping for additional cheap coins...

They are there. Why they are moved...don't know.

I just don't get why someone who holds so many coins and is very active on the forum would say that then in the same paragraph say they decided not? If anything that is the epitome of fear, uncertainty and doubt.

I am trying to wrap my head around his motivation.

1. He doesn't actually hold that many coins and is just butthurt about the devs leaving him out of the loop on the WP and wanted to get back at them. (Highly unlikely)
2. He does hold that many coins and was just trying to buy more coins. But that would just kill the value of all his other coins (Unlikely)
3. I have absolutely no clue why he did it.

Short Link: http://explorer.silk-coin.com/a/B4pBMP1iJJ (http://explorer.silk-coin.com/a/B4pBMP1iJJ)

Balance: 1093000 SC
Transactions in: 2
Received: 1093000 SC
Transactions out: 0
Sent: 0 SC


I know the PRE_MINE is still their for all to see not 1 coin has moved,, stop feeding the fudders saying its being dumped its simply not true..

If coins start disappearing from that address then worry..

Jeez your giving all your coins away to the big investors on board that are fudding.

If your selling someone must be buying right?  WHY????? THINK????

why would someone go to all that work on the wallet just to dump a few coins ( that has never been done even the oculus was paid for with BTC not SC) if they carry on they are holding the golden goose lads .. THINK!

From the other thread:

People really should learn and understand what they are doing when they invest in a coin. I mean, seriously, why would you invest in something you don't understand or know little about. I guess being too technical sometimes put you into a mode whereas you see things in black and white (binary) if you speak that language. Unless you are able to withstand the market movement, you best leave now. This shit storm is going to get a lot worse when big money arrives.

Their are 10 types of people in this world, those that understand Binary and those that don't



sry rarely get an opportunity to use a gem of a joke like that lol :p

I don't understand.... (hehehe)

I knew I could flush another dump. Clockwork. Hodl tight, this is the second push from the earlier push to force more coins from the kitty. So academic.

It is kinda nice buying this cheap again

 ;D

My wallet wont open for some reason.
I rebooted my computer cuz of windows update.
now the SC wallet wont boot up now. Crashes on load.
backup my wallet.dat deleted the appdata file got the latest wallet.
Still crashes.
other wallets are ok just SC.
anyone have similar issue or a solution?

Update: looks like 1.0.9.2 is crashing went back to 1.0.9 and working fine.

Same problem here, blockchain problem?

For anyone wanting v1.0.9.0, which actually works under win 7 x64, there you go.

Well, devs need to do something to get back some investors. A lot of them i know have dumped their stock, simply because there are some facts which are destroying the credibility of SC.

I still give them credit, but i am not gonna buy more of them. They need to send an update or something, but i'm afraid they left the boat.

You do see that hammer, correct? Tell me you know what that means.

Well, let them do the job. A bullet between the eyes would make this world a better place, because this fucker is going to rip off more people in the future with shitcoins. Time for pay back time.

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