[SKY] Skycoin Launch Announcement

[spud3861]

How will people get skycoins? Will we have to buy them from the developers?

[digicoin]

No mining? What does it mean? 

[helloword2013]

mark

[Eliavres]

The features of this coin are amazing. 15 sec transaction time .. just wow.

The only thing that worries a little bit is the 2% inflation. Wouldn't it de-incentivize people to keep money in Skycoins? I certainly do not want my money to lose 2% of value a year. Basically, i would be forced to store the money in other coins. For instance, there is a coin that gives 3.8% interest a year, which gives ~5.8% difference when you combine it with Skycoins inflation.

The inflation is capped at 2% per year. It will only be used to fund projects that increase the value of Skycoin.  If you do not think a particular project will increase the market cap of Skycoin more than what it cost everyone in inflation, you can vote against it.

If inflation works as intended, each dollar spent through inflation should create multiple dollars of Skycoin marketcap for Skycoin holders, by driving the price up. So if used correctly, the inflation will cause deflation, not inflation in the Skycoin price.

The reason we added inflation is because of what happened with Bitcoin-qt. The Bitcoin community has billions upon billions of dollars but the default wallet is horrible. It is so bad that it is probably the worse piece of widely used software created since 1995. I always wonder "If we have all this money, why cant we bring in the best design firms in the world and the best security people? Why is it so poorly designed? Why does it have all these bugs and security problems? Why it is so ugly and difficult to use?".

The answer is that the Bitcoin community collectively has billions of dollars, but no one wants to spend their own Bitcoin to improve Bitcoin. If the inflation works and it is distributed towards projects that improve Skycoin, then every Skycoin holder will benefit immensely.

duuuuuuuuuuuude

I'm really beginning to love this. Great ideas, sober logo and website, careful release..maybe a little too careful..but this could be big. I just hope you haven't premined "too much" nor that this is like nxt, which people can only get from giveaways or buying from the main "stakeholders".

Time will tell.

[skycoin]

15 seconds per block is too fast. Do you take network latency, orphan block into account?

The problem in Bitcoin is that the currently accepted head can be orphaned. In Skycoin a block has three states "accepted, rejected, or open". Blocks go from an open state to an accepted or rejected state. Each Obelisk node will eventually come to the same consensus about each block. A block can be in the candidate set for consensus, it can be the accepted consensus block or it can be outside of the candidate set. The network narrows the consensus set until each block has a single parent that is accepted.

After consensus is closed for the block, it cant be orphaned by later decisions (under usual circumstances). If a transaction has been accepted by all blocks in the consensus set then it is effectively executed, even the network has not decided on which chain is valid yet.

In Bitcoin you cannot know that the current head will not be orphaned later by someone with more hashing power. In Skycoin you know definitely whether a particular block can or cannot be later orphaned. We get 15 second block times because Obelisk does not wait for a decision to be made about a branch. The nodes can debate multiple branches at the same time, without waiting for decisions about the parents.

[Ralphilius]

I am in... Looking for more information on release date.

[Squedge]

So much noise so little answers. How do we get coins? We have to buy them off you? Brand new coin and you think it has value? No mining so people have to buy your coin through exchanges? Is that really the answer? Although you wont reply... again... I already cant be bothered with this, the simplest question is avoided like the plague tells you all you need to know really guys. Look through the pages there is no answer to how coins are generated.

[Fujireloaded]

How can a person get coins if there is no mining?
Who gives them away?
How are they created?

The inflation is capped at 2% per year. It will only be used to fund projects that increase the value of Skycoin.
[...]
So if used correctly, the inflation will cause deflation, not inflation in the Skycoin price.
 

- I start with the belief that any kind of inflation will eventually turn into a tax.

- It might be true that, in the beginning, projects funded with the inflation tax will help skycoin to increase its market cap (still not convinced about this...). But in the longer run, when the market cap is already at its maximum, there won't be space for growth anymore: you simply cannot grow forever! There is a limit to growth. At that point we'll have a forced freaking 2% tax. Maybe only 0.01% will be needed to polish skycoin at that point, however we'll be wasting 2%.
This will give rise to a new elite of people working at skycoin with money from tax payers. They'll be the new central bank and government.

A free market with competition and 0 taxes is better than this inflation tax.

[FiatKiller]

Maybe it should be called "Inflation Coin" lol

Seriously, it does sound like a lot of thought went into this over how to fix issues and improve bitcoin.

I do agree about the wallet for the masses. Most people now have NO clue how to work with files and cannot handle wallet ungrades and creating batch files to run off an external drive etc.   Once the wallet is more computer-illiterate friendly, a lot more mainstream people will be interested in crypto. Online wallets are useless because of the security risk.

[BitcoinForumator]

How can a person get coins if there is no mining?
Who gives them away?
How are they created?

The inflation is capped at 2% per year. It will only be used to fund projects that increase the value of Skycoin.
[...]
So if used correctly, the inflation will cause deflation, not inflation in the Skycoin price.
 

- I start with the belief that any kind of inflation will eventually turn into a tax.

- It might be true that, in the beginning, projects funded with the inflation tax will help skycoin to increase its market cap (still not convinced about this...). But in the longer run, when the market cap is already at its maximum, there won't be space for growth anymore: you simply cannot grow forever! There is a limit to growth. At that point we'll have a forced freaking 2% tax. Maybe only 0.01% will be needed to polish skycoin at that point, however we'll be wasting 2%.
This will give rise to a new elite of people working at skycoin with money from tax payers. They'll be the new central bank and government.

A free market with competition and 0 taxes is better than this inflation tax.

This.

[bakedrice]

Please sign me up for alpha/beta besting!

When is the expected launch date? If you're having your Alpha tests now, does that mean that the coin will launch in >3 months time?

[coinrunner]

Put together a SkyCoin "coin" logo for fun (thoughts):

http://i42.tinypic.com/2qa20ls.jpg

*includes a bit of a Russian doll gag for those who know how the bitcoin protocol works.

[NUFCrichard]

Very interested, especially in how distribution will work without mining...

[skycoin]

How can a person get coins if there is no mining?
Who gives them away?
How are they created?

The inflation is capped at 2% per year. It will only be used to fund projects that increase the value of Skycoin.
[...]
So if used correctly, the inflation will cause deflation, not inflation in the Skycoin price.
 

- I start with the belief that any kind of inflation will eventually turn into a tax.

- It might be true that, in the beginning, projects funded with the inflation tax will help skycoin to increase its market cap (still not convinced about this...). But in the longer run, when the market cap is already at its maximum, there won't be space for growth anymore: you simply cannot grow forever! There is a limit to growth. At that point we'll have a forced freaking 2% tax. Maybe only 0.01% will be needed to polish skycoin at that point, however we'll be wasting 2%.
This will give rise to a new elite of people working at skycoin with money from tax payers. They'll be the new central bank and government.

A free market with competition and 0 taxes is better than this inflation tax.

If the majority of Skycoin holders feel that they are being "taxed", they can vote against all funding for all programs. In which case the inflation falls to 0%. Both Skycoin holders and the people running Obelisk servers can collectively veto the inflation or "tax".

Skycoin has no miners. There is no group of people that can form a cartel and send transaction fees through the roof. There is no guarantee that Bitcoin miners might decide that you are not paying enough money for their services and start "taxing" you.

[tk808]

@skycoin's last sentence

Every currency that existed in society, it's always been unequal.. human nature. If it was not unequal, then there would be no point in having a currency in the first place.
People need to work hard and achieve something which makes whatever it is they earned, special.

I'm super stoked about Skycoin.

[huyha123]

so in a sense SKY will be like DVC but holders can decide/vote for which project go ahead, which sound fair to me.

with DVC holders have no say. the devs can give out unlimited DVC subject to their own judgement, which not cool to me.

[sighle]

For those of you wondering HOW Skycoin is generated, it's not. The entire market cap will already exist at coin launch and the only way to get it is to buy it from the developers at the price that THEY set.

[Slingshot]

I thought it was kind of strange how the SKY creator hinted that the 1st world doesn't need banking reform and that the coin would benefit 3rd world people unable to get loans for their farms the most.  The guy seemed very technically knowledgeable, so I can only assume he lives in a cave and has never had access to one of the 75,000 youtube videos or books on the federal reserve before.

He seemed really excited about a coin that gives loans to people though.  Is this the stealth Lloyd Blankfein coin we've all been waiting for.

RE: "...1st world doesn't need banking reform..."


Right there the OP's credibility is shot, totally shot!


For Example:
--------------
 After ten's of Trillions of dollars worth of backstops, guarantees, zero interest loans, and multi-trillion dollars worth of give-aways to the wealthy ruling elite of this world, they all got turned from busted out losers into made whole again winners. While the real winners during the crash were often turned back into losers all over again (The Shorts).

 That's called Socialism for the top 1%. And the OP seems fine with that. But not with any socialism that seeks fairness for the masses. Except of course for making certain third world peasant farmers can have access to usury loans.

Again all credibility shot to hell.


 One would expect a little more levelheaded statements from someone claiming to be so serious. But whatever.


 BTW that 1% socialism that the rest of us are financing for mainly the wealthy elite? Yea, it sucks.


 After wasting our time we come to learn after sifting through 9 to 10 pages of hype, plus repeated refusal to answer community questions, and having to learn of the OP's foolish belief that the 1st world DOESN'T desperately need monetary reforms to the nth degree.
OMG.

 And finally we learn that this is Ripple v0.0.02.01; meaning that the OP doesn't have the foggiest clue how to distribute this created out of thin air currency he of course reins large over. And that hardly anything is worked out, likely right down to the '...protocol called Obelisk...' which will some day be '...provable secure...'.


 Of course these 'we' people at SKY are going to solve everything that Ripple has yet to solve. Sure they are. Of course.


 After wasting my time and learning this is yet another crazed pipe-dream from a very confused person that is at least inwardly extremely confused about how the world really functions I just couldn't resist doing a bit of ripping here.


 These are serious times for serious solutions. Bitcoin and Ripple are merely two serious solutions that are works in progress. Yet the OP seems to think Bitcoin is so obviously broken that it's a hopeless cause. It's not. Not at all.

 See below for the OP's thoughts on that:


Example: On one hand the 1st world banking system doesn't need reform. But on the other hand those pesky socialist countries are a threat to bitcoin. (see below).


The OP
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https://bitcointalk.org/index.php?topic=360659.msg3860909#msg3860909

skycoin
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Re: Known Problems with Bitcoin
December 06, 2013, 11:30:51 PM
   
Reply with quote  #11
There are still many challenges to be resolved by the community.

Miner cartels are becoming greater threat than 51% attack.  Miners need 2 million dollars a day to pay electricity bill. When block rewards decrease miners need higher fees. Miners cant make money unless they reject low fee transactions.

Some of the greatest problems facing Bitcoin
- Governments can determine who is using Bitcoin from IP data. We are not protecting the identities of the people running the Bitcoin client.
- Argentina, Venezuela, North Korea and France will retaliate against Bitcoin users. These countries do not want citizens to have access to technologies like Bitcoin. We are not protecting the identities of the people running the Bitcoin client.
- Bitcoin only supports 8 transactions/second and Visa's network clears 20,000 transactions/second
- Bitcoin transactions are too easy to track. Bitcoin does not offer the privacy required for widespread use in many countries.

These problems are being worked on.

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 So what? Another freeloading anarchist ? That thinks much like the phony libertarians? And that everyone else is supposed to carry your water too? While all you clowns get off scott free (as in evading/avoiding all taxation) ? Or are taxes merely just for us 'little people? And not you privileged top 1% folk? Yea, I peg the OP to come from the top 1%, or at least raised in the top 1% clan.


  And while all of you then turn around and scream about bloody 'socialism' and how it's ruining your free-loading good times? How dare you! Grow up people. GROW UP. This is more like the shills and leeches on Cable news fronting for the ruling wealthy elite and their demands than any serious discussion on viable solutions.


 There is likely only one person behind SKY so far, and their knowledge of monetary and fiscal issues on a macro level is so lacking it is painfully apparent. Toss in the OP's head spinning thoughts and well I am left wondering if this OP has two distinct personalities that are dynamically opposed and battling each other inside the OP's head.


 So this OP figured out how to do QE~ (to infinity) from the get go just like Ripple? I don't think so.


 And now figures to be the Master of SKY while working out the particulars, and us 'little people' slaves obey whatever is determined by the OP? And us little people are to be glad of whatever does trickle down to us lucky chosen few? Again, I don't think so. In fact keep all that SKY v2.0, I don't care for any of it.


 All while at least ripple is seemingly trying to offer a tremendously valuable service with such efficiencies still unmatched to date, but obviously still struggling to hit critical mass, as well as make it easy to even fully comprehend, let alone use! Not to mention get widely distributed.



 The OP here is offering exactly what?

 To enrich himself, and dictate monetary policies through the issue of his own currency, all of it created out of thin air right from the start! Miners not required. Others will be offered a piece of the pie in the classic scam called 'trickle down'.

 And merely with a vague statement concerning fairness of said issue that shall be retained while the OP obviously is still working out the particulars.

 Sounds vaguely familiar and similar to so called public central banks in the western world. lol. But hey, it's a giant leap from 1913 (hint).


 I am done with this one.


 The OP had a good set of lines and features for a primer, and to attract much attention.

 But from everything so far it's apparent this isn't what it first seemed to be. Too bad. It was obviously an interesting concept but isn't even remotely in alpha staging yet. Nor forming up to be a palatable delight.
 
 And about the bitcoin shortcomings: Don't be too sure about what you stated OP. I seriously doubt that Bitcoin will fail at meeting marketplace demands once things start rapidly advancing. But yes, it's not the most advanced, nor the most secure, nor not yet ready for prime time. Okay. But I have supreme confidence in the team behind Bitcoin where the rubber meets the road. They are some of the true 'Best & Brightest', not the phony financial hucksters and scammers in the City of London and Manhatten N.Y.

 I can't say the same about SKY v2.0 though. Or didn't the OP know that there has already been a failed Skycoin v1.0?



Caveat emptor - let the buyer beware!

[skycoin]

For those of you wondering HOW Skycoin is generated, it's not. The entire market cap will already exist at coin launch and the only way to get it is to buy it from the developers at the price that THEY set.

One possible distribution method is releasing a certain percentage of the coins per day onto an exchange.

Another distribution method involves people putting Bitcoin into a pot and they receive coins proportional to how many coins were put into the pot. This is the distribution strategy used by Nxt and Mastercoin, which many consider to be unfair.

A continuous release of coins may be more fair than a single large IPO.

[Bram]

Love all these new coins claiming to save the world by pre-mining everything, setting the price, buy it from them.
WOW thanks Skycoin-Scammers.
you are so generous and kind to humanity and to the community.

Another NXT SCAM. 

Same people same game.

Don't fall for it. All you are doing is making them RICH.