The way I have always hoped that voting would work is where the process of voting actually raises the funds for the development that is being voted on and people invested in the idea get to pick which one gets funded in the end. The reason for voting in this ecosystem is to direct development. The funds raised goes towards the winning idea. The people who are most invested gets to make the decision about which one wins.
We have to build this ecosystem in a way that it builds and protects itself.

Here is one explanation of the idea:

Say I have 10 000 SC.
Now I can choose to set a goal.
For the example, my set goal is "Reward developer to create an alternative wallet interface that has a pink background."
I choose how much I want to invest in the goal.
I decide it is important to me to have a pink background so I pick 100%.
You decide a timeframe, in this case I expect the development will take 6 months so that is what I choose.
Now I have a "staking goal". In essence the idea itself is staking.

The goal now appears in a different "goal" tab similar to NxtAE.
For the next 6 months all the SC I earn from staking(100%) goes into an account linked to this goal.
Other people look at the "goal" I posted and some think that it is a great idea.
Bob for example wants to support it and get a vote on the result and who gets to program it, but he is also interested in other things so he just sets his participation at 50%, now 50% of all SC he earns from staking for the next 6 months goes to this "goal" account.  

In the mean time 3 developers see that people are invested in this and quite a few SC is rolling in.
All SC raised is coming from staking, but if quite a few people do this, it can accumulate quite quickly.
In the mean time a developer/coder looks at this idea and thinks "Hell this will be simple to do." The developer starts coding and sends 1 SC to the account and logs as a potential winner of the project.
Now in the tab you can see:
1. the goal description
2. how many people have invested and how much %
3. how much SC is invested and how much is projected to accumulate at 6m
4. which devs have signed up to try reach this goal

At the end of the 6 months there might be 1000 SC in the account.
About 20 of those SC is interest that I diverted from my staking (100%).
Now close to the end of the period I look at the products developed by the different devs.
I like option A by Dev named pinkismyfavorite, the most and vote for her.
Everyone casts their different votes and it gets weighed by the % of their staking weight and contribution that they chose at the start.


The aim is to create a feedback system that will direct the energies of developers and stimulate continuous growth. Anyone can volunteer an idea. Anyone can code a solution and the ecosystem keeps growing in the direction decided by the community.

Open source, community directed, decentralized development.
The cream rises to the top.

Thanks for the explanation, that makes sense.

I'm still trying to figure out the implications of SuperNET but I have a question about something that is confusing to me.
Do I understand correctly that it is now cheaper to buy TOKEN than it was a short time ago.
It seems as if TOKENS were sold for 129Nxt each not long ago and now for 119Nxt.
This seems strange, is it going to keep getting cheaper?
Is there a penalty for people buying earlier?

For me the natural extension of blockchain technology is towards online identity and voting.
Spending money is after all a form of voting and impetus for evolution in a capitalistic economy.

My reasons for ongoing interest in Silkcoin summarized for myself and others:
1. community take over
2. proof of stake
3. voting

If Silkcoin has a feedback mechanism in the form of project voting and a mechanism for designation of funds to projects based on staking weight and decided by voting, then it turns into something else completely.
At that point it turns into a system that creates itself.

What I hope it creates itself into is this:
A system for immediate, frictionless and secure payments peer to peer.
A system for persistent vendor identity, feedback and communication, none of it requiring trust.
A system for collating and consolidating community ideas and so direct incentive driven projects with built-in rewards on delivery.

What I hope the result will be:
A new way to communicate and transact, less wasted time and resources, more space for community and creativity.

Hi WilliamLie2, HunterMinerCrafter and others,

I am an early supporter of Motocoin and love the idea of a coin that rewards human participation.
If you look back at my history on this forum it has all centered around the vision about what cryptocurrencies mean for the future.
I got burned in a couple of scams because I thought I saw the possibilities of the start of an ecosystem and a self-fulfilling prophecy.
For example, I love the idea of Curecoin and using the energy to secure crypto to do something potentially useful.

With Motocoin the attraction point was the different mining method, enabling humans to mine.
Very quickly (much faster than expected for me) it turned instead into a competition to see who could design the best bots.
Then there was a period where the botbuilders had to develop an equilibrium so they would not destroy the coin.

Motocoin went from being Proof-of-Human to Proof-of-"being able to program a bot".
This is not a bad outcome.
HunterMinerCrafter said previously in a post: this might be the way true AI is born, in a botbuilding competition.

If I can expand on that idea a bit:
Think of humanity not as a collection of organisms but instead just one organism made up from many parts.
The internet is a new form of nervous system that has developed which means that the human organism can grow more efficient.
With the new nervous system the organism can react faster and its limbs can work in better concert.
A better nervous system allows for a new form of consciousness.

If you zoom into your body: as far as you know, your cells don't have individual consciousness.
If you zoom out of your body and try to comprehend humanity: as far as you know cities and countries of humans don't have consciousness.
My theory is that humanity as an organism acts like an entity with consciousness.
We can almost be seen as slime mold in this video> http://www.ted.com/talks/heather_barnett_what_humans_can_learn_from_semi_intelligent_slime_1

Cryptocurrency is a messaging protocol that is being developed that will enable the human organism to use its new nervous system a bit better.
Who knows where this will lead.
There is currently a form of natural selection happening to try and determine the best form this protocol will take, hence Bitcoin and all the alts, this is completely natural.
Soon the protocol will seem to consolidate and take on a mind of its own, directing its own development.
When people talk about the singularity, this is what I see.


How this relates to Motocoin?
As Motocoin turned into a competition not of a human's reflexes and coordination but instead their programming abilities, this future came a little bit closer.
What makes Bitcoin special is that it was the first coin that seemed to take on a life of its own, the creator left and the system still survives.
Recently I have been involved with another coin that seemed to take on a life of its own and it is fascinating to watch.
I believe that the first coin that has an inbuilt feedback system to direct its own development will be the one that goes viral.
The way I see this happening, is by having an idea platform, a voting system and a method of rewarding the successful product.
If the "nervous system" in my organism analogy can inherently evolve rather than having to be reborn with each iteration, we will see explosive growth and potential.

I basically want you: HunterMinerCrafter, WilliamLie2, and anyone else to help us build this system.
I don't particularly care which one we go for but I want it to be a collaboration and with the aspects described.
Currently it looks like Silkcoin has a good chance of becoming self directive (by proxy self aware) so this is where I want you to look first.
The idea is to have an inclusive coin economy built by developers to reward development.

I want to put my money where my mouth is and would be happy to spend 10 000 MOTO to further this cause.

Please let me know if the idea appeals to you.
I apologize in advance if you feel this post inappropriate but I am excited about the possibilities and want as many people as possible involved, especially developers with original thinking and abilities.

I went looking for a way of illustrating the message I am trying to convey and found this video:
http://www.ted.com/talks/heather_barnett_what_humans_can_learn_from_semi_intelligent_slime_1

It was quite a surprise to come across this video that so beautifully illustrates the idea and I am excited to share it:
All we need to do is build the foundation.

If we work together we can achieve much more.


Why Cryptocurrency?

Communication is the key to civilization. With every change in media, every step where our means of communication has improved, civilizations have changed.
We are undergoing a revolution and a paradigm shift when it comes to medium of communication and so also our civilization.
We are still experiencing the birth of the internet and already everything is changing.

Money is a form of communication. It is a form of vote.
Every time you spend money on something or support a service you are voting for the continued existence of that service and against the survival of its competitors.
This is also true for governments, it is also true for war. Money is the fuel of both.

The way we use money and the type of money we use needs to adapt to a digital environment.
The transfer and storage of value should be as simple as sending an email. For a free world, the movement of money needs to be free.
With our vote we should be able to have an impact and shape the world around us.

This is what Bitcoin gave us, the first proper steps along this path.
It is the money of the internet and a new level of civilization.
I believe that there are many people out there that see the possibilities this brings.
The possibility exists for changing the world for good and for better.



Why Silkcoin?

We have an opportunity to build together.

The world is at play with Satoshi’s Bitcoin and blockchain and adjusting and tweaking, numerous alternatives being born by the day.
This is a key characteristic of open source, community contributed development and natural in the evolution of systems but at the moment haphazard and rife with scams.

From Bitcoin, via Peercoin and others, we got to Blackcoin which in turn gave birth to Silkcoin.
The name Silk; chosen for its association with trade and the silk route, is an emblem of commerce and value. The wallet is your Silkworm, always spinning new Silk, reminiscent of a practice that has existed in China for at least 5000 years, a close guarded secret for most of that time.

As with many other alts, the weakness with this coin was in its initial developers who soon left the scene after contributing the bare basics. A community of early adopters decided that instead of moving along to the next developer-led coin, they would try to turn this around and form it into a community-led initiative.

The advantages?
A community, a brand, access to exchanges and wide distribution.
The disadvantages?
Legacy and code from the previous developers needed extensive overhaul and cleaning.

A recurring weakness in many coins is the dependence on the developers. No coin will ever truly exist if it can’t survive the death or departure of its creators. Nothing is decentralized if it depends on only a handful of people.
The dream is to have a coin developed by a multitude of developers. Not just one or two, but instead, opened up to the whole world.

We have been working on ways to make this possible.
We want to build a system that allows a feedback cycle and rewards participation.
In Silkcoin we aim to have an inbuilt mechanism of feedback and direction, like its name, borrowed from biological systems.

It starts with a platform to suggest a project.
The person suggesting the project will be able to sponsor it by diverting a percentage of their interest earned through staking to the project funds held automatically in escrow.
As the best of the suggestions rise to the top, others will join in their support, choosing their level of support and so the percentage of their stake-earned interest devoted to the project.
Developers can sign up, competing to try and deliver on the project and at the end of a pre-determined period, all the supporters can vote (according to their contribution) for the winner and so reward the developer of the successful product.

The aim is to create a feedback system that will direct the energies of developers and stimulate continuous growth. Anyone can volunteer an idea. Anyone can code a solution and the ecosystem keeps growing in the direction decided by the community.

Open source, community directed, decentralized development.
This is the dream for Silkcoin.
Let's build it together.




TLDR:
Go read it, this is important!
If you really won’t, here is the gist of it:
The community is raising the orphan that is Silkcoin.
We want it to grow into an independent coin that will never be reliant on one or two developers again. We have a plan for making this happen.
If you believe cryptocurrencies can change the world, please join us.
If you are a coder and want a coin that will forever be developed by an inclusive community, come work with us and help us build it.

Hi everyone,

Arteleis posted:
"I believe in crypto there are 2 very active classes:
  1. Dreamers, programmers turned to gods,  speculators, visionaries, true believers of being free to trade and hold commodities of their choice etc. grassroot folk like me
  2. Businesses, corporations, trusts, fulltime day traders, governments, banks, global powers, greed, corruption etc etc.."



Some background:

I study epidemiology and biological systems and firmly believe in simplexity.
Hans Rosling (among others) had an impact on me and I now find myself seeing everything, including human technology, as part of an "organic" system.
I believe that our technology is a function of, and directly related to population growth.


How this relates to Bitcoin.

Like Moore's law and the paradigm shifts that happen to make the graph follow true, I think Bitcoin and cryptocurrencies is something that had to happen at this time.
Cryptocurrency is effectively a means of communication and a result of media change from printing to digital. It is all part and parcel of the internet revolution.

I believe the crypto that will be most successful is the one which involves the most people in design.
Bitcoin is the foundation and we have a lot of open source developers experimenting with different altcoins.
This is a natural process and Darwin would be happy to give you an explanation of how the one that fits the best, will be the one to survive.
All of this is happening relatively haphazardly and there are a few people reinventing the wheel (or in this case the "Proof of" system) again and again.


How this relates to Silkcoin.

With the implosion of the original dev team, suddenly an opportunity was born.
Like having a baby camel and then leaving it out in the desert, it could die (like many other cryptos), or start fending for itself and survive.
In my opinion, so far only Bitcoin and Nxt have truly managed to make the leap from nurtured cryptos to independent survivors.

We are in the early stages of seeing this process happening with Silkcoin as well.
With tools like trello, github, lucidchart and social networking (this forum for example) we can truly have a community developing an open source coin.



Why Silkcoin?

There is a foundation to work on, an evolution of Bitcoin to PoS via Blackcoin.
It is already on exchanges.
It is cheap enough to buy in and have a stake large enough to make it personally important. (With 2 BTC you can buy 1% of the supply at present.)
There is a symbol, a mascot and a background story.
The process has already started and is gaining momentum.


The infrastructure needed:

A way to reward people for developing the code.
A way to reward people for developing the ecosystem. (PR, marketing and adoption.)
Tools of communication and structure between the different sectors of contribution.

Thanks to numerous contributors, Arteleis and others, we are already seeing this starting to take place.
There was mention of splitting donations into different escrow services and spreading the services wide enough that the failure or death of one would not pose a threat to the ongoing growth of the rest.
There was a plan for development of a voting system to direct the growth and help communication.

Online and trustless voting, trading, communication, identity: these are all things cryptocurrencies promise to revolutionize.

I would be glad to donate money into an escrowed fund to motivate further development.
What I would like to see is a voting and communication system built into the wallet and reviewed by an independent, respected software engineer or developer.
One of the things I would like to vote on is the creation of an inbuilt fund for further development.
This fund can grow by community donation and the interest raised by PoS can be paid out to contributors as per the community vote (also as an inbuilt function of the wallet).

Like Arteleis, I think I would fit into category 1 mentioned in his post.

Imagine if people were rewarded Bitcoin, not for being lucky in a hashing race of supercomputers, but by community decree for being useful to the ecosystem.
This is what I wish for Silkcoin.




TLDR:
We are building something here.
Thanks everyone involved.
Communication is the key.
I will help pay for voting to be built into the wallet.
I will vote to pay developers.

Hey Everyone.

This has been interesting but very disappointing.

Reasons for my optimism about Silkcoin:
Advertised as a team of full time developers, this seemed very attractive.
Wallet updates that seemed good and functional.
A future plan that was presented in the white paper.
Trading supported on Poloniex, to the extent of running a promotion with Oculus Rift as prize.
Trading across numerous exchanges, added to Mintpal very rapidly.

Danger signs:
Attention to detail.
Lack of transparency and poor communication.
The massive amount of FUD.
No response to technical questions in the thread.


People who have helped me with constructive feedback on the coin:
FredDag mentioned concern about the coin coding quite early.
BadAss I think also mentioned concern at some point regarding a core update.


Regarding the wallet:
I understand that it is based on an outdated version of BTC and has a problem with confirmations.
This has not been explained fully but fits in with the concerns about the underlying coin coding.
For me it is unexpected since everything seemed to work fine, including going from POS to POW etc.
Regardless of the actual problem, bholzer feels that it would be relatively easy to fix.

Regarding the whitepaper:
I have not heard any technical feedback on the proposed plans yet.
This is still an open question.

What happened according to developer:
Problems with the code and dev team imploded, sorry everyone.

What happened according to others:
Planned scam from the start, dev using smoke and mirrors.



What partially makes it difficult to navigate what is actually going on is the massive amount of FUD that has been present since the start.
Posts from Megaman and gorillajam have consistently called dev a scammer and/or associated with previous scams.
The reasoning has never been convincing enough for me to believe them and their method of delivery has always been in such a way that I am inclined to disbelieve them.

Reasons given have been similarities in graphics between some of Silkcoin and some other projects like Coinmart.
This similarity is indeed there but does not conclusively prove anything although it could suggest someone on the dev team does work with Coinmart.
There is also a "Duffman" reference that is lingering and suggests a link.

Another reason given was the alleged use of a voice actor for both this coin and another scam, hence implying it is done by the same people.
This was not convincing to me personally after listening to both and was disproved by someone (FredDag I think) by correspondence with the actor.
Even if it was the same actor that does not prove it conclusively either.

Further reason was the premine, which is something I have posted about enough so won't repeat myself again.

The problem is that all of these accusations are thrown haphazardly and without clear basis and with a very emotive tone.
This makes them effectively trolling, even if the poster believes it is the truth and even if they are trying to do good by posting it.
Megaman repeatedly urged people to sell coins, also at 7000sats. The problem is for someone to sell, someone else needs to buy.
Which means somebody is going to lose.

I don't believe the motives of the people who "predicted" this scam.
I don't think altruism was the real reason or they would've taken in consideration the people who were also buying at 7000sats, not just the ones selling.
The right way to stop this if they believed it a scam and had proof, was to alert and convince the exchanges.
Poloniex for one is implicit in this process since they listed early and encouraged it by running a promotion.
It is not enough to get people to "sell". You basically need to let people cut their loss and stop trading altogether.
Hence the trading should stop or never begin in the first place.
If they contacted the exchanges, fair enough, then either their proof was too weak, or the exchanges are accountable. (Since exchanges are the only people consistently making money from all of this.)

Another possible reason for the trolling, apart from altruism,came to light when the dev (who is now relatively discredited) revealed a PM with Megaman where the latter was requesting 0.5BTC to stop trying to prove it is a scam and derail the thread. This would possibly explain his ongoing involvement as well. As far as we know, the bribe was not paid but the dev has been broken. A victory for Megaman.

A later development was the involvement of bholzer. This person was allegedly invited to the thread by Megaman and initially made the community happy by "talking Megaman down". This did not last very long.

Since Silkcoin has failed bholzer has kindly stepped up and altruistically offered to fix the coin.
Unfortunately the association with Megaman has tainted him in my opinion.


Is it possible that this was a scam all along? Most certainly.
Could it be that the dev meant well but completely overestimated his own and the team capability and team imploded? Possible.
Is it possible that the extortion and hours of trolling on the thread played a role in the dev implosion?
Is it possible that the friend of the nr 1 troll and extortionist is now stepping up to take control and fix the coin because he wants to do good and help the community and crypto all over the world?

If this was a scam (a relatively well thought out and executed scam... although by being more professional I'm sure dev would've made a lot more money), is it possible that we are seeing act nr 2 of an ongoing scam in the "revival" of the coin?



There are a lot of scams in the world of crypto and anyone who has been here for a while and invested around will have been burned.
Yet this is the second time that it feels more like dev talent failed rather than a masterpiece of villainy.
I mean.. if you could create a masterpiece and be rewarded for that, why would you need to con people into believing it has worth. The only reason would be if you are not talented enough to create the masterpiece in the first place.

All of this just makes me realize how lucky we are that someone like Satoshi created Bitcoin.



My lingering questions:
1. What is the actual problem with the wallet?
2. If there is a problem with the wallet can it be fixed easily?
3. Has anyone read the whitepaper and could anyone comment on the technical aspect of what it contains?
4. Was there really 5 techincal devs or just the single guy called Silkcoin? If just one person that would mean this was always meant to be a lie and a scam.
5. What is the personal benefit and opportunity Megaman and bholzer see in this?

Hey Everyone.

This has been interesting but very disappointing.

Reasons for my optimism about Silkcoin:
Advertised as a team of full time developers, this seemed very attractive.
Wallet updates that seemed good and functional.
A future plan that was presented in the white paper.
Trading supported on Poloniex, to the extent of running a promotion with Oculus Rift as prize.
Trading across numerous exchanges, added to Mintpal very rapidly.

Danger signs:
Attention to detail.
Lack of transparency and poor communication.
The massive amount of FUD.
No response to technical questions in the thread.


People who have helped me with constructive feedback on the coin:
FredDag mentioned concern about the coin coding quite early.
BadAss I think also mentioned concern at some point regarding a core update.


Regarding the wallet:
I understand that it is based on an outdated version of BTC and has a problem with confirmations.
This has not been explained fully but fits in with the concerns about the underlying coin coding.
For me it is unexpected since everything seemed to work fine, including going from POS to POW etc.
Regardless of the actual proble, bholzer feels that it would be relatively easy to fix.

Regarding the whitepaper:
I have not heard any technical feedback on the proposed plans yet.
This is still an open question.

What happened according to developer:
Problems with the code and dev team imploded, sorry everyone.

What happened according to others:
Planned scam from the start, dev using smoke and mirrors.



What partially makes it difficult to navigate what is actually going on is the massive amount of FUD that has been present since the start.
Posts from Megaman and gorillajam have consistently called dev a scammer and/or associated with previous scams.
The reasoning has never been convincing enough for me to believe them and their method of delivery has always been in such a way that I am inclined to disbelieve them.

Reasons given have been similarities in graphics between some of Silkcoin and some other projects like Coinmart.
This similarity is indeed there but does not conclusively prove anything although it could suggest someone on the dev team does work with Coinmart.
There is also a "Duffman" reference that is lingering and suggests a link.

Another reason given was the alleged use of a voice actor for both this coin and another scam, hence implying it is done by the same people.
This was not convincing to me personally after listening to both and was disproved by someone (FredDag I think) by correspondence with the actor.
Even if it was the same actor that does not prove it conclusively either.

Further reason was the premine, which is something I have posted about enough so won't repeat myself again.

The problem is that all of these accusations are thrown haphazardly and without clear basis and with a very emotive tone.
This makes them effectively trolling, even if the poster believes it is the truth and even if they are trying to do good by posting it.
Megaman repeatedly urged people to sell coins, also at 7000sats. The problem is for someone to sell, someone else needs to buy.
Which means somebody is going to lose.

I don't believe the motives of the people who "predicted" this scam.
I don't think altruism was the real reason or they would've taken in consideration the people who were also buying at 7000sats, not just the ones selling.
The right way to stop this if they believed it a scam and had proof, was to alert and convince the exchanges.
Poloniex for one is implicit in this process since they listed early and encouraged it by running a promotion.
It is not enough to get people to "sell". You basically need to let people cut their loss and stop trading altogether.
Hence the trading should stop or never begin in the first place.
If they contact the exchanges, fair enough, then either their proof was too weak, or the exchanges are accountable. (Since exchanges are the only people consistently making money from all of this.)

Another possible reason for the trolling, apart from altruism,came to light when the dev (who is now relatively discredited) revealed a PM with Megaman where the latter was requesting 0.5BTC to stop trying to prove it is a scam and derail the thread. This would possibly explain his ongoing involvement as well. As far as we know, the bribe was not paid but the dev has been broken. A victory for Megaman.

A later development was the involvement of bholzer. This person was allegedly invited to the thread by Megaman and initially made the community happy by "talking Megaman down". This did not last very long.

Since Silkcoin has failed bholzer has kindly stepped up and altruistically offered to fix the coin.
Unfortunately the association with Megaman has tainted him in my opinion.


Is it possible that this was a scam all along? Most certainly.
Could it be that the dev meant well but completely overestimated his own and the team capability and team imploded? Possible.
Is it possible that the extortion and hours of trolling on the thread played a role in the dev implosion?
Is it possible that the friend of the nr 1 troll and extortionist is now stepping up to take control and fix the coin because he wants to do good and help the community and crypto all over the world?

If this was a scam (a relatively well thought out and executed scam... although by being more professional I'm sure dev would've made a lot more money), is it possible that we are seeing act nr 2 of an ongoing scam in the "revival" of the coin?



There are a lot of scams in the world of crypto and anyone who has been here for a while and invested around will have been burned.
Yet this is the second time that it feels more like dev talent failed rather than a masterpiece of villainy.
I mean.. if you could create a masterpiece and be rewarded for that, why would you need to con people into believing it has worth. The only reason would be if you are not talented enough to create the masterpiece in the first place.

All of this just makes me realize how lucky we are that someone like Satoshi created Bitcoin.



My lingering questions:
1. What is the actual problem with the wallet?
2. If there is a problem with the wallet can it be fixed easily?
3. Has anyone read the whitepaper and could anyone comment on the technical aspect of what it contains?
4. Was there really 5 techincal devs or just the single guy called Silkcoin? If just one person that would mean this was always meant to be a lie and a scam.
5. What is the personal benefit and opportunity Megaman and bholzer see in this?

 

I just realized I didn't actually put an option 2.
Well nevermind... it's implied!

Hello everyone.

Judgecrypto gave out lots of SC in amount varying from 10-100SC in his chatroom.
He has been a strong supporter and been advertising SC from early.
If he is now concerned and believes it to be a scam then I can imagine that he feels responsible and hence would carry on posting here.

Megaman is quite different and has been posting negatively since the start.
There was an accusation that SC dev used same voice artist as a previous confirmed scam.
This was disproved by communication with said artist by one of the community members.
Furthermore: it came to light that Megaman was attempting extortion (hence getting the negative trust rating.)
This makes taking anything said by him difficult to interpret.
He is possibly quite vested in the destruction of SC purely because then his threat to a next developer about successful extortion will be more likely to work.
Every "scam" that he calls and coin that then falls whether it was a scam or not, strengthens his extortion power.


Reason for public outcry and concern at the moment is still mostly regarding the premine.
I have had a pm from someone regarding the premine and thought I will share publicly. (sorry for not replying directly)
I really don't care about it. It is only a million SC. The person who pm'd me has more than that.
I suspect Judge had more than that.

The only concerning thing would be that if the dev is planning on selling it, it probably means that they are fed up with trying to develop this particular coin (for whatever reason, maybe disillusionment or perhaps hitting a stumbling block they can not overcome, in code or in life). Regardless of the reason, it will make Megaman's prediction true and realize Judge's fears.



Options are:

1. Dev team consists of 5 people.
User:Silkcoin owns the account and could not post today.
User:Silkcoin-DevM creates an account to explain the movement of the coins and updates us on the expected wallet update and reassures everyone that things are still going as planned.
The white paper has been withdrawn for editing since community felt it is incomplete.
The implications of an ecosystem as described in the white paper might seriously affect dev life if successful.
I would not want them to continue if they are not anonymous.
If you wonder why: please look at what is happening to a guy called Kim Dotcom. Devs will almost certainly be held accountable for anything that their wallet makes possible. Including free trade. If it undermines the dollar, they will be in danger. This is also a reason Satoshi needs to stay anonymous.

In this scenario, I can imagine that the dev team might be less interested in a few people who feel cheated because they invested a few BTC and was hoping for a sure bet on a trip to the moon. If things work as they want it to work we will end up with something quite different.

Pro:
-dev team has delivered an innovative wallet (even Megaman admits that much)
-they have updated it with requests from community and did it quite fast
-this illustrates that dev have capability more than just cut and paste
-they released a white paper containing their future plan, no negative comments on the actual content, possible killer feature
-Silkcoin already an established name and on exchanges
-the price fluctuation might mean newcomers get a chance to adopt the coin and it might break monopoly
-all above reasons to stick with Silkcoin rather than starting a new project

Con:
-team member who posted is not known and only has 1 post, no proof that he/she is actually in dev team
-premine could be consolidated on an exchange
-update is late today


Possible resolution and explanation:
1. Dev team releases wallet update by 8pm GMT as expected. This includes Mac compile and possibly previously advertised feature (game/betting/tradebot) which might be the reason for the delay. White paper is in the process of revision and is released on Friday.
User:Silkcoin posts and validates User:Silkcoin-DevM identity.
Some token payout from premine address to reassure community about dev commitment. (This last part not really necessary but a nice-to-have.)

2. Dev stays offline, no new updates and premine is sold. <--- worst case scenario!


Either way:

Hammering on about premine won't make any difference.
Priorities for dev team: 1. protect yourself and your identity. 2. develop coin

The community does not matter, it is nice if people feel a sense of optimism and belonging but we don't actually need a community for the coin to succeed (unless by community you mean a % of the population on earth), we need development and innovation. I would prefer if the dev team don't post and just keep coding.
The good the community can do is to try and distribute the coin. Sometimes that means scaring the whales and people who hold 1mil SC into selling most so others can get in cheaper. (If everyone has 1mil coins then only 45 people will be in the network. That is not good. The only people who should have that much is the dev fund to help grow the coin.)


TLDR:
If User:Silkcoin posts wallet update at 8pm GMT then all is well and people can relax.
All the angst in this thread is unnecessary and won't make any difference to anyone.



Note to Megaman and Judgecrypto:
Please be careful with any advice.
If there is the slightest chance that you are wrong about the future of the coin and someone sold all their SC (even if it was for profit) and it then shoots up to Darkcoin levels, there will be people who are very unhappy and hold you responsible. Sometimes even the best-meant advice can backfire. Nobody can be 100% sure of anything.

I feel this needs to be brought to dev attention.
I suspect they are working on things in parallel but I agree this should be a priority.
They might have a reason for choosing to use it like it is currently but that would also be good to shed some light on.

This is incredibly exciting.
Thanks also to the recent visitors in the thread.


There is basically no trading going on at the moment. Less than $100k per day is immaterial.
The reason for this is that people who wanted a stake in the coin already mostly bought in.

Some people along for the ride bought on the upswing with increased exposure prior to Mintpal listing and the second POW.
I can imagine, especially if people bought at 4000sats, that they might want to jump out now too.
This might be people who never actually took the coins off the exchange and into their wallets.


With an ecosystem as proposed by dev team, this will change things.



I am actually hoping someone can start using this thread for technical discussion etc rather than just the pro/con debate of peripheral things that has been the main focus recently.

@Judge:
I think my post was misunderstood.
I was basically trying to show that there is not enough money in the premine to pay the devs as Cryptodevil proposes.
I do agree with him that a community/investor dev fund is not a bad idea.
The multipool would serve the same function and I would support that as well.

Personally I am not worried about the future of SC but I can imagine some other people who invested at 4000sats or higher will be worried.
Most people are just holding their coins and staking, waiting to see what will happen.
The volume being traded is minimal.

I really think we can stop discussing the premine.
It is only a million SC.
Nothing that is done with it makes much difference at this stage.


I am hoping and expecting that the update today will give us something else to discuss.
I also see that the whitepaper has gone offline pending update. (This might be a reason for the drop in price now.)
Basically the way I see it: there is no real difference in investing at 1000sats or 4000sats. Just the amount of SC you can get.
If you were planning on having a monopoly then it is now easier. (Hence some reason to try to bring price down) but then you still need to force people who are holding to sell somehow. (Unlikely to happen unless there is a mass panic and loss of faith, which is unlikely to happen with the dev team from what I have seen so far.)

If you think SC dev team have delivered the best wallet to date and keep improving it while at the same time working on a larger vision, then you have nothing to worry about.

This is a wonderful idea!
It would be great if it was possible to set this up somehow.

I thought about it a bit more.
At the moment it seems that there is left (after bounties and payments):

367740.0064085
80253.65896604
631359.95182131
=
1079353.61719585

So approximately 2.4%

If 5 devs work for us$50/h 40h/w =  us$10 000

If we take 1SC to be worth us$0.02
we would need 500 000SC per week to pay all of them.

Which means if they give us all of the premine leaving nothing left for bounties etc, we would be able to pay them for 2 weeks from it.

For the hassle of finding a reliable escrow server, getting dev on board with this, organize a way to audit their input and programming and set up a payment system, it might be more effort than it is worth.
I would expect it would take a couple of days just to get it sorted out, I have no idea how to even start it.


You raise an excellent point about how to keep decs incentivized though.
Someone else suggested a dev fund by the community (this was in context of a destroyed premine) and offered 25k SC.
I wonder if this is not still a great idea. Either something like that, or perhaps contributions from stake profit.

I would also be willing to donate into an escrowed account from where we can fund devs directly with an audited system and appropriate oversight.
IT people are used to timesheets.


I don't think the premine can be used for this purpose. Either it is too small or SC is still worth too little. Obviously if price shoots up things could change.
I have been staring at a PC screen for too long though and if I am making some obvious cognitive errors, please correct me.

There were once people who said Bitcoin is a fad and will never hit $1. Hang on they are still here. Someone told me that today: "It will surely crash. It is all a scam and you are so stupid for investing in that."

I sincerely hope they and you are wrong. But hell, who knows.

If you get your wish we will carry on in the world the way it is now, which is not that great.
It leads to massive inequality and poverty.
It leads to war and famine.
It leads people to make statements like: 1mil$ is not enough to live on! While most of the people alive live on much much much less than that.

We live in different worlds Megaman. And for different purposes.

I am trusting FredDag on this, knows more than I do on the subject!


All I can do is make this picture:
http://postimg.org/image/vooqywy5b/

Quoted to increase chance of dev notice.
Thanks FredDag.

Quoted to increase chance of dev notice.
Thanks FredDag.