[SKY] Skycoin Launch Announcement

[yxxyun]

found this coin by searching golang, I like this coin and i will keep watching.

[seek4dream]

2nd generation, Written From Scratch, new features
SKY deserves decent attention.

[iGoodw1n]

Watching this coin from the beginning. But I don't understand is this really that devs want to store 99%. After Ripple crash this is not a good idea. Dev doesn't want that  investors dump their coins after price is rised. But how that matter percent of coins sold through ipo. Or if dev set only 1% through Ipo price will never rise and so investors cannot dump. But why investors would buy on IPO with such perspectives. Best way is 100% IPO and give coins to investors partially. Each investor gets 8-10% of his coins each month, and so he gets all his coins in one year. This REALLY prevents from dumping all coins immediately.

[hill]

Watching this coin from the beginning. But I don't understand is this really that devs want to store 99%. After Ripple crash this is not a good idea. Dev doesn't want that  investors dump their coins after price is rised. But how that matter percent of coins sold through ipo. Or if dev set only 1% through Ipo price will never rise and so investors cannot dump. But why investors would buy on IPO with such perspectives. Best way is 100% IPO and give coins to investors partially. Each investor gets 8-10% of his coins each month, and so he gets all his coins in one year. This REALLY prevents from dumping all coins immediately.

Again, I trust free market rather than  manipulation.

[cryptrol]

IMO people worry too much about the IPO , a coin launch is always unfair to someone, but there is one couple of things to take into consideration :
- Predictability, X number of coins will be released after Y days (this was already mentioned by the dev).
It would be great to make some kind of automated bidding system into the blockchain so the coins are not in the hands of the devs, because this means centralization and defeats the purpose of the coin.
- Transparency, currently none (or TBH not enough). Teams are constantly mentioned but we have never heard a word from someone other than the skycoin user here in BCT, this creates some unnecessary FUD. If the devs want to stay anonymous, they obviously can, and IMHO should, but at least enable some kind of communications channel other than this lousy thread, the trello group is dead, the github is dead, the BM chan is dead, and we only get some updates here. BTW when I say dead I mean silent. And the main concern about the lack of transparency is that I don't want to waste my time in some kind of three letter agency backdoor heaven sneaky product if you know what I mean.

[s11made]

Could smart contracts (if they already existed) solve the problem of issuing coins ?
So we didn't need to trust the dev to actually realease the coins in the way he said.
Rules are defined in the beginning and the contract handles the rest .

[yxxyun]

OK everyone known what happened on ripple, there is always have good news for ripple but the xrp price is dead.
I think the devs should prevent the ripple situation by make a fair distribution.

[Angela8488]

Unfair distribution will lead  coin to die eventually.

[Korean]

If you care about fair distribution to make people profit, you should try a different coin. This is not a pump and dump. Distribution will occur through multiple avenues. It's more so contribution will lead to coins, you can get coins by deploying a meshnet, and so forth.

Unfair to who exactly? You want 100% of the coin released at once to profit all the initial holders and stagnate the growth for future comers? How is that fair to other people coming later on?

What designates fair? You guys keep posting that same mantra without offering any suggestion at all. And then you will complain regarding the distribution scheme decided later on. You need to offer suggestions.

Do note that the developers are not keeping 100% of the coins. They will be releasing it to the public based on their Skywire, contributions, maybe multiple rounds of IPOs.

Please stop making useless statements and offer some fucking feedback. Read the developer posts in order to see what they are offering and based your feedback on those.

Making useless bold claims without anything helpful is pointless.

You can always buy the coins at an exchange.

[yxxyun]

I compiled the skycoin source code on windows,  the last commit is two months ago so the code maybe not the latest.
I'm confused by the wallet address, the most address is like 23R92QT8zkFVMeYgWm3dzF9F2gQEn6fN3JN beginning with Num 2, but some are beginning with a , 6, x ,m and others, is this because of the testnet ?

for the distribution, IPO 1% and sell/distribute 99% in 5 years right ? or sell/distribute 49% and dev hold 50% ?

[pvkpgp]

great 

[zongry]

i want to join the ipo,how to do

[pandher]

Do note that the developers are not keeping 100% of the coins.
 

Why should we trust them?

[Stan Rabbit]

Take in mind that a coin and a coin release could only be succesfull if the community take part with the distribution, remember NXT, NXT could have much more succes if they hadnt had such a bad ipo.

It is how it is, youve to invole the btctalk community, and gave them a chance to be a part of this movement. If you not you will be braked with your expansion. It wont be prevent your succes but it will take much more time to take your steps infront all other competitors.

have this back in head.

greetings.

[janbrel]

I compiled the skycoin source code on windows,  the last commit is two months ago so the code maybe not the latest.
I'm confused by the wallet address, the most address is like 23R92QT8zkFVMeYgWm3dzF9F2gQEn6fN3JN beginning with Num 2, but some are beginning with a , 6, x ,m and others, is this because of the testnet ?

for the distribution, IPO 1% and sell/distribute 99% in 5 years right ? or sell/distribute 49% and dev hold 50% ?

A dev holding 50% of the coins is a good defence against a 51% attack.

[yxxyun]

I compiled the skycoin source code on windows,  the last commit is two months ago so the code maybe not the latest.
I'm confused by the wallet address, the most address is like 23R92QT8zkFVMeYgWm3dzF9F2gQEn6fN3JN beginning with Num 2, but some are beginning with a , 6, x ,m and others, is this because of the testnet ?

for the distribution, IPO 1% and sell/distribute 99% in 5 years right ? or sell/distribute 49% and dev hold 50% ?

A dev holding 50% of the coins is a good defence against a 51% attack.

No, this is not a POS coin,and there is no 51% attack.

[yxxyun]

Do note that the developers are not keeping 100% of the coins.
 

Why should we trust them?

ripple labs said they will distribute 75%coins , but one year past only less than 10% distributed, and the creator start selling his 9B coins. there is no plan, no transparency.
how should we prevent this happened again? by promise? by trust?

all the pre-mined( no mining) coin has the distribution problem. skycoin try to find a better way, they have plan, have transparency, and have a vote system for the community, but the most important thing is how should we trust them? we prefer to trust program. Let us keep watching skycoin‘s efforts.

[cryptomite]

People can only be so smart in so many areas.

Genius in many ways. But it is what he wants. To be like ripple. He doesn't want to let all his coins go to others, when it was him who came up with all of this.

His way will work. He will make a few million.

If he chooses to let others in, and doesn't put himself in a hole to start out with, he would be a billionaire. But he has convinced himself that there is no hole, or that he can get around it.

Greed is when you end up with less, because you pushed for too much. This is what will happen. I promise you.

And now he will come back on and post again, and dazzle us with a few pages, and truly I will be impressed, AGAIN!!

I keep coming back here every few weeks, just to check and make sure someone hasn't got through to him.

But he is smarter than us. He truly is. In MANY ways.

Where he is lacking is the part where we are smarter than him. What he doesn't have, we do have. We see it clear as day. He thinks were over reacting or crazy, or just want a piece. Of course I do, and I could get a piece, he is giving some coins out, and I could get a bunch. But I don't want them, because the way it's looking now, Skycoin will start off with two black eyes, a voice that makes people cringe, and an arrogance that turns people off.

If I'm driving down the street, and some random person changed their mailbox flag to the other side of their mailbox, I'll notice. Seriously, no one else would catch that detail, with so much information going past them at the same time in the car. It's a gift. I'm way ahead of everyone in that aspect. But at the same time, I won't notice some big thing that everyone sees. Where one area is larger, the other is smaller. It's a balance. Same deal with this guy.

But he will most likely never listen. It will never be what it could have been. And even after it happens, he still won't get why it never worked out. He definitely won't think it was because of the stuff were so trying to hard to get him to see.

[skycoin]

Development Update:

We figured out way of preventing Sybil attack using a hybrid Proof of Stake system.

To create a node, you must prove you have coins. Say 10 coins. You send 10 coins to address A. Then you send the 10 coins from address A to address B. Then you add a signature using the public key in address A to sign a message in your Obelisk blockchain.

Alternatively, you could publish the public key for address A and then just sign a message with that public key. The node would have to publish a signature every time period, or within some number of blocks of the reserve coins being moved, in order to maintain valid trust relationships with other peers.

Alternatively, proof of burn could be required, where the coins are sent from address A to an address B that has no private key. Proof of burn conflicts with the requirement that no one should need to download the whole blockchain from the beginning to operate a full node, so is unlikely.

This system upper bounds the number of Obelisk nodes and restricts the ability to run Obelisk nodes to coin holders.  The upper bound on the number of nodes and coin requirements adds another layer of Sybil attack protection.

[FrictionlessCoin]

Development Update:

We figured out way of preventing Sybil attack using a hybrid Proof of Stake system.

To create a node, you must prove you have coins. Say 10 coins. You send 10 coins to address A. Then you send the 10 coins from address A to address B. Then you add a signature using the public key in address A to sign a message in your Obelisk blockchain.

Alternatively, you could publish the public key for address A and then just sign a message with that public key. The node would have to publish a signature every time period, or within some number of blocks of the reserve coins being moved, in order to maintain valid trust relationships with other peers.

Alternatively, proof of burn could be required, where the coins are sent from address A to an address B that has no private key. Proof of burn conflicts with the requirement that no one should need to download the whole blockchain from the beginning to operate a full node, so is unlikely.

This system upper bounds the number of Obelisk nodes and restricts the ability to run Obelisk nodes to coin holders.  The upper bound on the number of nodes and coin requirements adds another layer of Sybil attack protection.

Not sure how this prevents a Sybil attack.  Are you simply adding a cost to adding a node to network and therefore a sybil attack will require a financial cost to do so?