LINX Community Update - 12th June 2018 from SlackHi guys, please find an update from the team and some answers to your recent questions and comments below.
Team Linx
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As you know the current Linx price has taken a significant hit in the last week or so. Of course this is unwelcome news for us just as much as it is for anybody holding Linx. As much as we don't want to see unsupported pumps we also don't want to see dumps.
The entire crypto scene is experiencing a big downturn at the moment for various reasons, not least investigations into market manipulation, audits being carried out on several of the big exchanges and a recent hack on a Korean exchange. Anybody that has been involved in the space for a while will have seen this kind of thing before and aren't too worried, but newcomers and some big investors are getting shaken up pretty bad which is understandable.
It's a tough time right now, especially for those that only got involved in the space during the Dec / Jan bull run and it will probably take some time for confidence to return. If you trust in cryptocurrency and it's potential to change the current financial model, like we do, then it's just a matter of sitting tight, waiting for the dust to settle and to continue following and supporting the projects that you believe in. Patience is the key, to quote Warren Buffet "If you are not willing to own a stock for 10 years, don’t even think about owning it for 10 minutes." If you're still unsure zoom out on the Bitcoin price chart and remind yourself of how far the crypto scene has come in less than 10 years!
Hybrid / MasternodesWe are having meetings this week to discuss the possibilities of switching to a PoW/PoS hybrid or introducing Masternodes.
These options have been on the table for quite some time. Unlike a lot of other mineable coins our block reward ends quite early, around the year 2030. We scheduled it this way as we felt that with the incoming advances in computing among other things that it was simply unrealistic to expect that any PoW cryptocurrency would still be "mined" in this way in 20 years time let alone 100+.
We are confident that with some of the brightest minds on the planet involved in cryptocurrency other alternatives will present themselves in the not too distant future, so we set the end of the block reward early with a view to adopting one of the existing solutions like PoS or Masternodes in the interim. Network stability is of utmost importance to us and any future decisions made will reflect that.
On the financial side of things... Although we firmly believe the majority of the value in this project will be derived from the facilities that we will be introducing we also fully understand that a basic core level of crypto-based support is required for any crypto project to be successful. We aim to cover all bases with whatever direction we decide to take.
We'll discuss our thoughts on this as well as inviting the community to have their say in this matter also before any decisions are made one way of the other.
Linx is not a tokenIn other news the SEC Chairman has clarified the SEC position that cryptocurrencies like Bitcoin are considered a replacement currency and therefore not regarded as securities, but most "tokens” and ICO’s are regarded as securities. This is a potentially worrying time for anybody investing in ERC20 tokens, but as you hopefully already know Linx is a mineable coin, NOT a token. We fall in to the same category as Bitcoin and therefore any incoming regulations aimed at ICO’s or tokens will not be applicable to Linx.
Worth remembering when the sh*t starts to hit the fan!
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On to some of your recent questions and comments…User: "Not trying to fud, but I really don't think any news is going to do much to the price in the current market. This isn't against Linx, it's just the market that we are in and I would say the same for any other coin.”
Linx:This is the frustrating truth of it right now. There is pretty much nothing we could say at the moment that would help long term. Even an announcement of a big exchange listing would only cause a temporary pump and dump which would end up leaving us in an even worse situation. Until things start to level out this is going to be case for many crypto projects at the moment. We've just got to sit tight, ride it out and be ready to release the beast when the markets start picking up again.
User:"The developers aren't concerned about the current price of linx so I'm not either, and they have far more to lose than we do.”
Linx:We are concerned about the price when it causes people to start doubting the project publicly, which is what happens to virtually every crypto project every time the price drops. But we also know we can't stop or control this. It's how the crypto scene will continue to thrive (hype / fud depending on gambling requirements that day) until some of these projects break out of the space and are used by a new audience.
Your last point is hopefully obvious to most but reading some of the comments in the groups you wouldn't think so. Yes we have more to lose than any of you, both financially and in other ways. We have devoted a year of our lives to this project with no financial rewards whatsoever yet, while all holding down our respective careers. The last thing we expect is it to all have been a massive waste of time. If you take nothing else from this Q&A know that whatever happens, we will do what we've set out to do regardless of the market price.
User:"So are the devs ever gonna reveal themselves?”
Linx:If this project succeeds it will be because we created something of genuine use and managed to reach the right market, not because of a name on a white paper or website. That is only relevant to the people that we will be doing business with as they obviously need to know who we are. It's also important that you know that every member of the Linx team is a well known working professional in their respective fields.
User:"if there was more transparency there would be some greater support”
Linx: It is your right to blame whatever you want but the truth is that there are 100's of crypto projects out there with full development and team disclosure and most are hurting at the moment. If you had every single detail of who we are and what we are working on it wouldn't make the slightest bit of difference right now.
User:"I don't like at all the selling orders... i am starting to stop trusting our project”
Linx:We don't like them either but if you're only trusting this project, or any other crypto project, based on the price or the order book you aren't "trusting" anything. You're just watching market traders.
User:"The team has said early on that they had hoped to accumulate linx at a low price to make up for their measly premine, but linx took off too fast. Now linx is at a low price. Wondering if they still have funds to accumulate.”
Linx:That was all talked about before we introduced the dev fee.
User:"The price of bitcoin has to go down more to be able to consolidate, this will take time, more people will come out of crypto, I think it will worsen a lot and then will improve even much, when most have given up”
Linx:Again, a hard truth that everybody involved in the crypto scene is dealing with right now. If any of this was easy everybody would be doing it!
User:"5.7 years till the next halving!”
Linx:No that was our fault, a mistake with the halving API displayed on our website which was explained in a slack update and on our Twitter feed. The next halving will occur at block 2000001 which iscurrently scheduled for April 2021.
User:"Pool registration issues”
Linx:This is something that has been an ongoing issue since we launched the new pool (linxpool.com). The problem lies with Gmail accounts. Google have got some kind of filter preventing automated emails (like registration ones for example) sent from our pool from reaching a Gmail inbox, it doesn't even dump it in the spam folder, it simply rejects it. If you see anybody having issues and we haven't responded to them already please advise them to try registering with any other email account than a Gmail one. We'll keep trying to get to the bottom of it but it's proving difficult to diagnose at the moment and the team is tied up with other areas of development currently.
User:"Github / Microsoft”
Linx:As mentioned in the last Q&A we have our own private Gitlab repo so don't be surprised if you see little to no action on the Linx Github repo. Since the announcement of Microsoft's involvement with Github you'll notice that a lot of crypto based projects are now migrating to Gitlab. We will be following suit and moving the source at the Linx Github repo over to a public Gitlab repository.
User:"This coin will be something new, i know that everyone says this to make some huge profit but this coin will connect a very special community, the electro community…"
LinxThis has been our underpinning from the start. We know that the market for Linx is potentially huge. We get that maybe a large number of crypto heads just don't see this and they are far more interested in technical advancements and promises of ground breaking blockchain based things to come in the future, but we know this market is real and it's out there right now... waiting for Linx - they just don't know it yet
User:Thank you but what about news from the beta, the source code, etc.
Last time you told us you will give us news about the beta in the next Q&A
Linx:we had hoped to bring you news of the beta, but there is nothing more to tell at the moment. Right now we're still in alpha and making changes as we go, once that's out of the way we'll be contacting the beta testers. Source code update was addressed by @mammix2 in the Telegram group.
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Mammix 2:
Hi all.
Just dropping by to say hi, and to reassure you all that we are still here doing our thing. I Know a lot of you have many questions about developments and what's happening. All i can say at this point is that we are working hard in the background to bring something unique to the music industry. Trust me.. When you eventualy see the entire platform up and running you won't be dissapointed.
Some of you have asked about the v2 clients on the network. This is the work we have been doing recently to bring the wallet code base up to date with more security, stability and fixes etc...
Thanks for the support, keep it Linx
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User:Any chance we can get a couple screenshots of the progress you are making on the platform
Linx:We could release some screen shots but it won't achieve anything right now other than letting you guys know that it's happening, and to be honest if you're doubting that now a screenshot isn't going to convince you anyway. It would be a wasted opportunity to release any screenshots at the moment (market wise) when a better timed release could have a potentially very positive impact on the project.
User: Hey there. I heared someone saying linx is adding masternodes - is this true? If its true: what will be the collateral?
Linx:nothing has been decided yet, we are having meetings to discuss the possibilities this week.
User:something 'bout linx 2.0 and beta? Its been like 5 months since registration of beta. Huge gap of time...
How bout linxpay trademark in UK?
Linx:The Linxpay trademark in the UK is completely unrelated to us. In fact it was registered right after we started talking about it. That’s the crypto scene for you! Maybe now you’ll understand a bit more clearly why we refuse to talk about anything before it’s out there. Linxpay was just an in-house working title we gave the system, it isn’t the brand name we have chosen for the system.
User:Are the options you're considering: 1) staying as a PoW, or 2) hybrid PoW and PoS and masternodes (that was my understanding), or are you even considering transitioning out of PoW all together
Linx:All of the above and more options are up for discussion.
User:It is also great to hear the SEC comment on Bitcoin, and that it also applies to Linx, removes most/all regulatory concerns, correct?
for US of course
Linx:Absolutely! It's great news for us!
User:So no news for the moment regarding a release of the product with a potential partner.
Linx:Afraid not, as mentioned before we will only be announcing things that are imminent from now on due to what happened previously.
User:Do you see choon as a direct competitor, and if so what's your take on it?
Linx:To be entirely honest with you we don't regard any other crypto projects as direct competitors, especially an ICO.
User:Since you mentioned you're adding to the "Alpha", i know you can't disclose specifics but does that include the streaming option you previously mentioned, along with maybe other features
Linx:Yes streaming is fully integrated. It was a mammoth task, the building of which now makes up a large chunk of the new codebase.
User:Did you applied to blocknet?
Linx:We can't list on any DEX's until v2.0 of the source is released.
User:lol that's a good question, and great answer, based on a few discussions in TG, people mentioning on and on about some potential crypto competitors, good to hear you are still very confident about linx, regardless if there has been a delay in launch, and regardless if some of these other companies are launching products, that doesn't worry you very much does it? not considered real competitors?
Linx:we have our reasons for feeling confident :slightly_smiling_face:
User:Are you planning to update d3ep to the latest version of linxpay / has there been any updates to the backend since implementation?
Linx:The d3ep site isn't using linxpay. They are using an entirely custom system that we built for them.
User:I notice I couldn't donate linx to D3EP but I can with other coins is there a way we can get them a Linx wallet
Linx:You mean on their website? That's entirely up to them.
User:Great job on finishing that!
Linx:thank you! It's was a very in-depth integration, offers on the fly conversion of various different audio formats and a few technical treats that no streaming platform available right now is offering. We think you'll be very impressed with it when you see it :slightly_smiling_face:
User:First, thanks Linx team for the update! Second, introducing masternodes would be a great thing. How hard/long? would it be to implement them into Linx system since they were considered in August?
Linx:This is what we will be discussing this week. We only mentioned them back in August as a potential future option. Well, the future is here now
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And if you have missed any of previous Dev comments, you will find a complete archive here,
https://www.reddit.com/r/LINXcoin/comments/8gllws/ann_developer_announcements_may_2018/And any of you still hasn't got access to Linx Slack Channle, please pm me your email and i will send an invite.
And don't forget to come and join our below community driven Discord and Telegram Channels as well.
https://t.me/LINXCOIN/https://discordapp.com/invite/guYTnC9
