Megaman you seem to have a chinese fan.
Any idea what he/she is saying?

For the record: I think you are right. The price is going to fluctuate.
If price gets to 1000sats I will buy 1mil SC. Then I will be rich enough to retire if it gets to $1 per SC.
If it gets to 10sats I will buy another 10mil and sit and play with my camel all day. Then sell my car to buy more bitcoin.

I'm very excited to see the wallet update today.
It seems like people are all into wallet included features at the moment. Some are asking for market overview tab in the wallet.
I see that another group is incorporating betting features.

I was once sitting in front of my PC reading a post from a guy called BCnext.
He was proposing a new kind of cryptocurrency system, similar but not based on Bitcoin.
This resonated with me because I suspect Bitcoin is the foundation but something else will come along, inspired by it but overtaking it.

My hand hovered over the "send" as I was about to send 1BTC to take part. I decided to sleep on it first.
The next morning it seemed obvious to me that this was a relatively simple scam.
I did not send the money.

I went on holiday and when I came back I had forgotten all about it.
Next time I saw Nxt... well it was on coinmarketcap and I was feeling a bit cheated. I felt cheated by my paranoia!
Since then I have been victim of a few scams but I have never lost as much money as I could've made. Over all I am kind of even.
Often I wish I could suppress the idealistic side of me when it comes to investment.

Sometimes I feel the risks in cryptocurrency is NOT investing.

In any case. I just felt the need to tell a story.



Regarding the pre-mine. Thanks for all the discussion about it.

The danger in having a large pre-mine is the same as the danger of one person owning a lot of the currency.
(Which is what made me think of Nxt and the story above.)
Ultimately the aim is for wide and relatively even distribution of the supply, which will stabilize the price and lead to wider adoption.
I don't believe the 2% difference will stop this from happening or that destroying it will lead to this happening.
For the devs to get rich, a better idea would be to buy or mine a lot of coins initially and then work hard to make it a success.
I personally hope they are not quite rich yet because I think programmers and writers work better hungry (sorry but it's true!) (relatively).

I was thinking about the question about what would be my personal limit for a premine.

It depends on what it is used for.
If it is a stable fund used to further the coin by bounties and dev funding then I can happily handle the thought of quite a large premine.
All POS coins (that were not mined like Nxt for example) are effectively 100% premine coins which are then distributed for contribution.

Silkcoin had 2 POW phases. This means that people into mining got most of the 45 mil coins.
I wish I knew where they were now. Hopefully it is relatively well distributed. Some early adopters like myself changed BTC into SC and there must be some miners who got rich.
I sincerely hope the dev have lots of SC apart from the premine.

I agree with Judge that attracting investors at this stage might not benefit SC as a whole. We don't need whales in here. Whales lead to market manipulation.
What we need is to get everyone to download and open the SC wallet and have a few SC in there staking. This might be more possible with a premine that is dev controlled and distributed.

I think he was referring to my wall of text discussing the criticism.

It is true what you say but I did not include that in my interpretation. I think if they really worried or thought it would make a difference then they would've found a way to have it perfect.

I just think they are not concerned about it. Because it does not really matter.


I agree. And no reason why community who have OCD tendencies like me can't help.

Copied over from ANN thread.

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 FUDteam.
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.

Thanks for the explanation. The transparency is very much appreciated!
I actually thought the B was a reference and tribute to Bitcoin from which Silkcoin grew.   (My mind makes me happy.)

On another note: looking forward to wallet update! There is nothing wrong with the current one but it is exciting to see it improved.
Also: there is already an unofficial self moderated thread that you might be aware of at https://bitcointalk.org/index.php?topic=660848.0

 

Best working and looking wallet in crypto world at the moment.
Being copied far and wide, always a testament to success.

Exciting that with 3 BTC you can buy 100 000 SC at the moment. POS means 2% return: > 2000 SC because of accumulative returns.
I expect as soon as wallet built-in tradingbot and games emerge we will see this in many other coins as well.

This is the deeper plan:

The proposed model of Crypto-currency will provide an Eco-System with security,
scalability, privacy features and censorship free features. The key of this system is the
registration handled by the blockchain, such P2P networks may already exist but all
via centralized registration and no incentives for users to support the network.
The whole system is based on Bitcoin and P2P, those two networks have proved in
the past to be resistant to attacks. In order to be able to trade on a data-based
system, a reputation algorithm will be enforced stored on the blockchain and pool
voting will be used to solve disputes.

The communication between users is secured and easily encrypted while data is
served almost instantly via the distribute hash table. With such a system, not a lot of
data needs to be included in the blockchain since it is handled by the P2P network.
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, so the solution to this
would be better to spread services over different currencies.

Another update to the wallet on Monday I believe.
These guys move fast.

Both posts can keep running. The other one is still on my watchlist obviously as well.
This one does not even have to be official. Just a nice reprieve for people too fed up with the trolls in the ANN thread.
It seems that the trolling has already died off a little with the creation of this thread. I hope they throw all their energy into this one and so leave ANN alone.

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.

Just wanted to move this over here as well.
Thanks for starting this thread BadAss.

You know by "dumping your bag of silk" it doesn't just disappear into thin air?
Someone else bought "your bag of silk". Why do you think that is?
Funny how people selling think they are clever and the people buying also think they are clever.

As to the thread turning into a joke: I beg for a moderated thread where we can filter the FUD/hype nonsense. It is really not constructive or interesting to hear who bought and who sold etc. etc.

Are you talking about the format again or the content.
I have not actually seen anything negative posted about the content.
Who the hell cares "what it looks like", this is not (name of other coin deleted) where we need to bullshit baffle brain people to invest.
If it is innovative then investment will follow.

Care to comment on the content?

Integrity from devs have been shown by keeping to their word.
They have also showed that they listen to the community. As part of that community I don't want them to destroy the dev fund.
I don't think we need PR for Silkcoin.
I don't think the price being low is bad, it gives more people chance to buy in.
The more people part of the network the better.
If whales are buying in, if they are in for quick buck then they will just dump again, this leads to anxiety for people who are all invested already because the price fluctuates widely. But once they sell, new people buy and the network grows. The added volume is also not bad and it shows that the whole system works in transferring units of value from one person to another.
If the whales plan on building a hoard of SC to stake, then hell... they are clever whales and I want them in my ocean.

I imagine devs are busy with building the eco-system. No reason for them specifically to want or need a multipool.
If I can join and get more Silkcoin I will be happy though. Let me know when it's up and running!

I will happily donate.
But can you explain to me why the dev fund needs to be destroyed and recreated?
It seems like a nice gesture which will show community support but it also seems empty.
With the recent market games there are whales who hold much larger % than the devs if a "dump" and crash of price is listed in your concerns I would be more worried about them.

Just like with Bitcoin, the price of Silkcoin is the least interesting thing about it.
Sure if you were hoping to make a quick buck then I think you are out of luck, but anyone trying to do that loses my sympathy in any case.
For anyone to profit without creation or adding value means that someone else needs to suffer unnecessary loss.

I seriously considered it and started typing it up... but it will be better if the person who creates it is called Silkcoin. Or Wulf would be believable as well. My name is not recognized as part of Silkcoin team (because I'm not).

The cons to having a moderated thread: avoidance of criticism and stifling of debate.
The pros: actually being able to have criticism and debate.

This thread has become unpleasant mostly through the efforts of a failed extortionist.
It doesn't matter in the long run but it is a shame for people like me who are interested in the development. If all the interesting discussions move to PM then I won't be able to follow!

I beg for a moderated thread.
Posts like these are getting lost in this one.

This thread can stay open and run in parallel with the moderated one. The FUD vs hype battle can continue here.
But please give us a moderated thread as well.

Judge, if I behave myself can I come on your yacht one day please?