[ANN] STRAKS - A POW/Masternode Cryptocurrency focused on e-commerce utility

[Marco Bignoses]

For sure this couldn't happen withut signatum, but atm they just pissed off their community.
I was banned from Discord too because I shared my opinion.
All this fud was so easy to prevent. Clear news and a simply clear timing that don't seems like fishing for sell their bags high.
In a way or another, if they don't understand this, I have many doubts about their ability to drive this project to somewhere.
Imho now they probably done with this swap and fucked up their community even more again. Maybe this coin will not born too, and this should be the prove that they do what i said.
Really sad, this community have a great potential, but seems like no one have the brain to use the potential well.
I hope someone create another kind of swap or something similar to piss of all this shit.

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[relayd]

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

[nsummy]

I'm finally catching up on the last few days posts and this shit is golden!  I hate to take credit for debunking this scam, but it seems like my posts caused people to finally look into this scam.  Really the best part of this all are the people who defended this coin after my posts, and now they are suddenly silent after the terms of the coin swap have been changed.  I'm sure the devs made a killing on the SIGT run though!  And to add insult to injury, the swap information is still not in the announcement!  This is the first time I have ever seen github used as a a platform to announce coin information over a website or forum.  In the end though, I'm glad that the people mining this quickly saw the scam, and the idiots still holding sigt got fucked.  Trusting any venture that is related to sigt would be like buying a new currency created by Nicolas Maduro

Oh please, you were complaining about Straks mining not being profitable because of the Sigt swap. In fact your exact words were:

LOL coming from someone with -4 trust.  The fact that you can buy another coin for a swap cheaper than mining shows how unfair this coin is.  If its cheaper to buy another coin who is going to mine it?  If its not mined, how does the blockchain move?  A coin swap in this case literally serves no purpose other than to pad the wallet of bagholders.  Say what you want, but certainly the devs are holding a significant amount of SIGT.  And if they are not, they are complete fucking idiots, because this coin will never be more valuable than 4x the value of SIGT, which is essentially worthless.  Imagine what would happen to the value of the American dollar if the government announced that it would start exchanging $1 for 4 Venezuelan Bolivars.

Now after the latest announcement the situation has changed; it became clear that the coins from Sigt swap will not immediately flood the Straks market. That's a good sign for Straks and means the value of Straks can go much higher. It also means the profitability of mining is much better. In essence you got what you asked. But you're still here complaining. 

Btw, the swap information is present in the annoucement since yesterday, see update UPDATE - 24th November.

I was also surprised by the latest announcement. It means people who own Sigt can't immediately get their money back. Six years is a long time to wait. I can understand many people are upset because of that. I agree the devs should have clarified the details of the swap sooner. Then again, people assumed a swap means an instant swap. I admit I was one of them and did profitability calculations based on it. However, I still think you can make profit by buying Sigt. You can think it's like an investment to an ASIC miner. An ASIC miner has a fixed upfront cost and in return you get specific coins back each month until the ASIC miner becomes outdated. In the same way you can now buy Sigt coins (upfront cost) and in return get Straks coins back each month for six years. The profitability depends on how much you pay for Sigt and what's the value of Straks in the future.

Yet the devs would have done nothing if I hadn't brought this to everyone's attention.  They got caught red handed and had to make a change.  It really doesn't matter what time period the swap happens over, this coin was dead on arrival.  Its been exposed as nothing more than a pump for SIGT.  And once the devs get all of this sigt, what is stopping them from just selling it back on the exchange?  Too many red flags with this coin.  Important and basic information is missing from the bitcointalk announcement.  Missing from their website, missing from facebook missing from Twitter.  We are forced to get our info from the Signatum 2.0 thread, github or discord. 

And yes you are right, there is a link to the swap change in the 2ND post, not the first.  The ironic thing is that there is still no mention of the original swap.  Its like they are giving updates on non-existent information.

[dark981]

https://i.imgflip.com/1zzf92.jpg

Swap in a nutshell.

haha - all this drama man.

I kinda understand their decision but 6 years might be a lil overkill indeed.

ofc partly makes sense but the way they did was wrong and on top of that to bind people 6 years is really bad 6years in crypto is like 12 normal years

[nsummy]

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

Amen to this.  You hit the nail on the head.

[dgale3952coin]

I'm just a little confused with the swap process..so if I have 10,000 sigt and want to swap them in the first month for straks, is the total amount swapped for that month based on a first come first serve basis?  So if someone had the months swap supply of sigt in there wallet, could they swap them all at once if they where first in line? Thanks

[relayd]

I'm just a little confused with the swap process..so if I have 10,000 sigt and want to swap them in the first month for straks, is the total amount swapped for that month based on a first come first serve basis?  So if someone had the months swap supply of sigt in there wallet, could they swap them all at once if they where first in line? Thanks

I read the information of the swap on github as well and I don't really see specific details on how and under what priority the swap will take place, except that you will need to pre-register and use a discord bot to do the trade. Could easily be abused, from what i can see.

Unless I am missing something?

[Decker]

But yes, according to STRAKS Richlist, DeckerSU didnt got his bounty yet. Why so?

Today i'm received promised reward from squbs, all is ok. Seems we can trust strak's devs in their promises. They do a big work and I wish further success, growth and prosperity to this project.

[Chromexnet]

I'm finally catching up on the last few days posts and this shit is golden!  I hate to take credit for debunking this scam, but it seems like my posts caused people to finally look into this scam.  Really the best part of this all are the people who defended this coin after my posts, and now they are suddenly silent after the terms of the coin swap have been changed.  I'm sure the devs made a killing on the SIGT run though!  And to add insult to injury, the swap information is still not in the announcement!  This is the first time I have ever seen github used as a a platform to announce coin information over a website or forum.  In the end though, I'm glad that the people mining this quickly saw the scam, and the idiots still holding sigt got fucked.  Trusting any venture that is related to sigt would be like buying a new currency created by Nicolas Maduro

Oh please, you were complaining about Straks mining not being profitable because of the Sigt swap. In fact your exact words were:

LOL coming from someone with -4 trust.  The fact that you can buy another coin for a swap cheaper than mining shows how unfair this coin is.  If its cheaper to buy another coin who is going to mine it?  If its not mined, how does the blockchain move?  A coin swap in this case literally serves no purpose other than to pad the wallet of bagholders.  Say what you want, but certainly the devs are holding a significant amount of SIGT.  And if they are not, they are complete fucking idiots, because this coin will never be more valuable than 4x the value of SIGT, which is essentially worthless.  Imagine what would happen to the value of the American dollar if the government announced that it would start exchanging $1 for 4 Venezuelan Bolivars.

Now after the latest announcement the situation has changed; it became clear that the coins from Sigt swap will not immediately flood the Straks market. That's a good sign for Straks and means the value of Straks can go much higher. It also means the profitability of mining is much better. In essence you got what you asked. But you're still here complaining. 

Btw, the swap information is present in the annoucement since yesterday, see update UPDATE - 24th November.

I was also surprised by the latest announcement. It means people who own Sigt can't immediately get their money back. Six years is a long time to wait. I can understand many people are upset because of that. I agree the devs should have clarified the details of the swap sooner. Then again, people assumed a swap means an instant swap. I admit I was one of them and did profitability calculations based on it. However, I still think you can make profit by buying Sigt. You can think it's like an investment to an ASIC miner. An ASIC miner has a fixed upfront cost and in return you get specific coins back each month until the ASIC miner becomes outdated. In the same way you can now buy Sigt coins (upfront cost) and in return get Straks coins back each month for six years. The profitability depends on how much you pay for Sigt and what's the value of Straks in the future.

Yet the devs would have done nothing if I hadn't brought this to everyone's attention.  They got caught red handed and had to make a change.  It really doesn't matter what time period the swap happens over, this coin was dead on arrival.  Its been exposed as nothing more than a pump for SIGT.  And once the devs get all of this sigt, what is stopping them from just selling it back on the exchange?  Too many red flags with this coin.  Important and basic information is missing from the bitcointalk announcement.  Missing from their website, missing from facebook missing from Twitter.  We are forced to get our info from the Signatum 2.0 thread, github or discord. 

And yes you are right, there is a link to the swap change in the 2ND post, not the first.  The ironic thing is that there is still no mention of the original swap.  Its like they are giving updates on non-existent information.

Yes, I'm sure the devs were forced to come up with this plan in just a few hours after your speculation. It's not like it takes any time to prepare all the materials, tables, graphs, execution plan, bot info, etc.

FYI, the swapped Sigt coins will be burned. That's also mentioned in the swap information if you had bothered to read it. So no, the devs can't sell it back to exchange. And what original swap - this is the original swap! The only things that were mentioned is that there's going to be a swap, ratio is 4:1 and full details will be given later. People made assumptions about the swap (me included) that turned out to be incorrect.

[Epicyclic]

But yes, according to STRAKS Richlist, DeckerSU didnt got his bounty yet. Why so?

Today i'm received promised reward from squbs, all is ok. Seems we can trust strak's devs in their promises. They do a big work and I wish further success, growth and prosperity to this project.

That is good to hear, thanks again Decker for fixing that for the GPU miners and sharing 

[Chromexnet]

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

How is your suggestion any better than what Straks is now? Basically your suggestion is to switch to a technically worse algo, remove the burn which means the swap can't be handled in a fair way, and not give any incentive for the devs to do any work in the future. How does that help or solve anything?

You're suggesting that nobody is interested in mining Straks and that the project is doomed. Currently the network hash rate for Straks is 120 GH/s which is 40 GH/s more on average than it was yesterday. So clearly there's plenty of support for Straks. It seems people are willing to mine a coin without even knowing it's value.

[Epicyclic]

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

How is your suggestion any better than what Straks is now? Basically your suggestion is to switch to a technically worse algo, remove the burn which means the swap can't be handled in a fair way, and not give any incentive for the devs to do any work in the future. How does that help or solve anything?

You're suggesting that nobody is interested in mining Straks and that the project is doomed. Currently the network hash rate for Straks is 120 GH/s which is 40 GH/s more on average than it was yesterday. So clearly there's plenty of support for Straks. It seems people are willing to mine a coin without even knowing it's value.

Most, (not all) appear to be venting from buying into Sigt on the Thursday pump, unfortunately as mentioned before, nobody forced them to buy, it was their choice just as its their choice now to vent on being burnt, rather than concentrate their energy on re-cooperating any losses.

[Epicyclic]

The developers remained silent until the last seconds that the swap will be held for 6 years.
Before that, they pumped up the sigt and sold their bags to fools

Its possible, however, it is also possible they did not want Signatum to pump, so as not to harm Straks.

there is always more than one side to a scenario to say the least.

[dgale3952coin]

I'm just a little confused with the swap process..so if I have 10,000 sigt and want to swap them in the first month for straks, is the total amount swapped for that month based on a first come first serve basis?  So if someone had the months swap supply of sigt in there wallet, could they swap them all at once if they where first in line? Thanks

I read the information of the swap on github as well and I don't really see specific details on how and under what priority the swap will take place, except that you will need to pre-register and use a discord bot to do the trade. Could easily be abused, from what i can see.

Unless I am missing something?

Yeah I read through it as well.  I'm assuming it is just a first come first serve basis.  Mad rush to swap every month.

[blmer]

I think that selling a signatum for bitcoin will bring more benefits over 6 years than swap in a straks.
Maybe there will be a more wise development team, which will continue the work of the original signatum coin.
All right, there is always a choice

[Marco Bignoses]

The developers remained silent until the last seconds that the swap will be held for 6 years.
Before that, they pumped up the sigt and sold their bags to fools

Its possible, however, it is also possible they did not want Signatum to pump, so as not to harm Straks.

there is always more than one side to a scenario to say the least.

Bullshit. If signatum pump, people who buy high have no interest to sell their straks low. Use your brain dude.
The just want the pump to sell off their shit. Now they have create the effect to destroy and divide the community. And also they let people spend more money on that shit without said nothing when they see people fast run to bought more signatu. Funny way to do what they said about "protect the community investment" LOL.
Well done.
Was so fucking easy to talk about the swap mechanism 36hours before, but they prefear to illuse people with the MN not full complete info.
I've try to ask to Criptovore on telegram about this shit and he just blocked me also there after the Discord. He said that he never sell a sigt coin, but when I ask to prove me that he doesn't answer.
Maybe he need more time to photoshop some wallet.
The way they act can't get just this reactions from people. They ask community to voting without give the most important details and they said they will give swap details on 29th of nov, but they prefear to create fomo around the MN for no reason excpet the reason I'm talking about. They are in bad faith. Or they are the worst fools amateurs in this crypto world. In any case, this is a complete jackass for their community. Maybe now they can change everything 'cause they're free from their sigt bags. Now i can full understand why they are all anonymous. And for sure they are not anonymous like Satoshi.

[Easteregg69]

Bong. First payout. Working wallet. That is great.

Not a lot but.

[DalmationCadet]

Explained some of the swapping process here under "The Swap Mechanics" header: https://www.reddit.com/r/STRAKSproject/comments/7exg0k/straks_information/

If you have any questions please message me on discord 

Also the swap is not a first come first serve basis. More explained in the reddit thread.

[DalmationCadet]

Explained some of the swapping process here under "The Swap Mechanics" header: https://www.reddit.com/r/STRAKSproject/comments/7exg0k/straks_information/

If you have any questions please message me on discord 

Also the swap is not a first come first serve basis. More explained in the reddit thread.

When will the swap officially started for swapping from SIGT to STRAKS? Thank you dev.

Not a dev  Just asking the devs questions in discord, They announced that'd it be sometime early December no exact date yet though.

[Epicyclic]

Bullshit. If signatum pump, people who buy high have no interest to sell their straks low. Use your brain dude.

Sorry Marco but this has no correlation to what I said, and is merely speculation on your half without knowing the trading value of Straks.