Alright, it's time to stop griping about speculation over what the staking revenue from the premine might be used for. Hop into the Slack and head to the #bounties and #giveaway channels. We've been giving out some of the staking revenue to faithful community members for the past few days. When the exchanges come back to us with their $7,000 - $25,000 listing fees, the team also won't be forcing you to pay that fee for SGL to get listed. They'll be covering it themselves, with a little help (but not much) from the staking revenue.
If you don't have enough SGL to be finding any POS blocks (we've gotten reports that even with 150 - 300 SGL, people are finding blocks), please consider working on one of the bigger bounties to get enough SGL to find POS blocks. If 25 SGL was enough to stake and make good returns, the coin would be worthless and rampant with inflation.
i do believe it has potential, but i do share concerns regarding to staking. Staking has gone up 10-20x in the last few days, from just basic probability that 100-150 coin stake will only be an exception in finding a pos block, you need 300-500 coins for that stake to be even sort-of daily on a regular basis according to your own data, ...with the developer and you and whom ever else in the team controlling at present at least 70-80% of actual supply, the staking odds for anyone with sub 1000 is 0.0004 or less. this is not an attack, but just a clarifying statement
also, how do we know if your not independently wealthy? the dev stated in the slack that one of you had previous "experience" on a coin as a "lead developer" and a very strong/sucessful coin inferring wealth otherwise that argument is meaningless.....and i understand you have anonymity, but was that coin actually successful, can you provide a name or something to the product? did you make profit since most coins and even the most dim-witted of concepts in the last months havehad successful growth were dev's made millions.? now if the coin or product was a failure in the past, you could help explain to us why it failed and how you hope to improve. you sir or madam are trying to win us over, so please navigate these waters respectfully. the fact you already have some sums of btc to buy listings on exchanges and have worked on a coin in the past/boosting your experience is a double edged sword and you must be straight-forward with you talk to us.
the best case i believe to help alleviate this discord and bloody mess in the bitcointalk is for you, the dev and whoever else to come out clean with a proposal of where the coins all actually go, which wallets you control, presuming they are the top 10! also, it is not impossible for you to not stop staking, you could just close your wallets and it would help reduce all these issues by 90%. and providing more information about yourselves other than a vague outline and current finance pattern would also help. i don't want to be rude, but you MUST understand that with all the bloody shitcoins now, there is reason for people to be spetkitcal, griping about a person we don't even know is not a irrational behavior.
i hate posting, but tone like that to people that are justifiably skeptical about your team is fine and only madmen would follow blindly. the ico defense made is good, but most people are just afraid you will dump this coin when it hits a few dollars. having a face to a name provides security to us. think from our perspective
as long as your not a bunch of high school kids trying to make a get quick rich scheme, or a get richer and richer scam, i don't think most people will care who you guys are (also tell us the exactly the number of people at least? you , the dev and i believe a few more devs?) or you could at least name the school you guys came from, a "top research" school is the vaguest thing i have ever heard, like research in what? math, cs, bio, econ, those rankings are not the same. and plus a UMD and MIT are both considered good research schools, but MIT is like Cambridge in the UK.
still i wish you ty48, presuming you are ty in the slack, the best of luck, just be honest with us and help alleviate our concerns, and then we will back you.
if you or the dev could get back to me asap, that would be encouraging to say the least.
First off, thanks for your questions, we really appreciate you taking the time to voice your concerns. I’ll try and answer them as best I can:
About staking, I understand where youre coming froms. As of right now, we are only staking 40% of the premine. The rest is locked up in accounts that we won’t touch. You can see the proof of this on the rich list at
http://sigilexplorer.com. When we first launched the coin, we came into it with the idea that we’d need some passive income to promote further growth and development. In spite of this, however, we stopped staking the majority of the coins because of the public outcry. The rise in difficulty isn’t solely because of us, though, I’ve given out almost 200,000 SGL over the last few days which are all staking now.
About the team, you’re right that it’s an important topic, one that can make or break the coin. I know that our anonymity is controversial, and it’s something we may reconsider in the future, but as of this moment, I don’t think it’ll change. I can talk about who we are though. We’re five individuals, graduates and researchers from the University of Virginia. I wouldn’t say we’re wealthy, but we do have enough BTC to pay for reasonable listing fees/servers/overhead without an ICO or dumping coins when we get on an exchange, but yet it’s still us paying out of our own pockets.
About the wallets, as of right now we have a 5% premine. The breakdown of the premine is mentioned in the main post. Of that premine, 40% is staking, the rest are locked away in the top two accounts, to be used for marketing/bounties.
Even in spite of our ability to pay listing fees, the exorbitant amount that some exchanges charge (5-75 BTC) is still more than we are able to pay. We’ll also have to pay monthly server/network fees and everything else that’s necessary out of our own pockets. We figured before we launched that we’d need some form of passive income, and we decided to stake only a portion of the premine to accomplish this.
