[SKY] Skycoin Launch Announcement

[superresistant]

 
Very interesting reading skycoin.

[David Latapie]

Very interesting reading skycoin.

I quoted skycoin in my latest post about rationalizing what you can't change. Latest Skycoin's post is a great read.

[bubbletea789]

BTC sent and coins received!
thanks

[schnötzel]

I remember looking and not buying because the IPO was too low a % of total coins and too complex to buy a couple months ago.

What is the distribution graph for all coins and IPO coin release plan in a nutshell?

push  (same here)

[xyzzyx]

I've been running Skycoin for a little bit with ports 5999 and 6000 open on my firewall, but noticed that it's only ever connected to two peers:

Code:

{
    "connections": [
        {
            "id": 8,
            "address": "188.226.147.61:6000",
            "last_sent": 1430190284,
            "last_received": 1430190284,
            "outgoing": false,
            "introduced": true,
            "mirror": 72500762,
            "listen_port": 6000
        },
        {
            "id": 9,
            "address": "188.226.245.87:6000",
            "last_sent": 1430190284,
            "last_received": 1430190284,
            "outgoing": false,
            "introduced": true,
            "mirror": 1084142601,
            "listen_port": 6000
        }
    ]
}

Is peer discovery turned off in the code at the moment or do I need to do something that I have not done?

[Avrora]

No Russian translation needed for OP as I understand, right?

[xyzzyx]

If the semi-conductor FAB cannot be trusted, they can insert backdoors that can be activated over radio and can ex-filtrate data over an LED trace pin.
- Deep submicron-backdoors http://www.slideshare.net/ortegaalfredo/deep-submicronbackdoorsortegasyscan2014slides

What I find interesting is that there are hobbyists who are working on making their own low-cost home-grown chip fabs.  Jeri Ellsworth demonstrated a rather crude but home made NMOS transistor using easily obtainable materials:

https://www.youtube.com/watch?v=w_znRopGtbE
https://www.youtube.com/watch?v=MxjppY1iA4A&list=PL5DCEA197C1C07A2D

Mr. Kim and John Sarik demonstrated using a repstrap 3D printer to print transistors using semiconducting inks (their original presentation seems to have been lost or scrubbed from the internet, but the following link has some of the information):

http://reprap.org/wiki/Printable_Electronics_Reference_Devices_and_Materials

Both of these examples are rather crude, and we are yet a number of years away from making any complicated or reliable systems, but it does demonstrate that integrated circuit manufacturing is within reach of amateurs.

In the future I imagine using re-purposed but off-the-shelf consumer grade piezoelectric inkjet printers to do the same but at a much smaller scale with more uniform results.

[statdude]

IPO Tranches

2% of coins (2 million SKY, out of 100 million SKY. ~800 BTC ) will be sold on a first come first serve basis through Bitmessage.

1% of coins (1 million SKY, out of 100 million SKY. ~400 BTC) will be reserved at the IPO price for pool of Bitcoin usernames who have posted on this thread before this post.
- If there are 1000 users who posted to thread then, each account will be eligible to buy up to 1000 SKY each at IPO price

So how  is the other 97% distributed?

[statdude]

Distribution Over Time

- 40% to 60% of the coins will be distributed in the next five years.
- The undistributed coins will be locked in 100 blocks of 1 million coins and publicly verifiable.

The rational for the Skycoin Distribution is as follows:
- A slower distribution over time, will reduce volatility compared to distributing them all at once
- The distribution will be N coins per day. The rate will taper and decline over time, like Bitcoin
- If the price gets bubbly or goes up too fast, we will increase the distribution rate
- If the price goes down too far, the distribution rate will decrease to take downward pressure off the price.
- If the price falls down too far, we may buy coins back to stabilize and put in a price floor

Distributing coins over time, with a taper, (like Bitcoin) still encourages early adapters who come in after the IPO. It keeps the price low and allows a stable and gradual appreciation over time.

Instead of raising 30 million dollars at once, it is better if coins are sold off to pay on-going expenses. The expenses will increase as we hire more developers and hit milestones.

A large fraction of the coins will be distributed as bounties for development, to key contributors and subsidies for hardware.

Very interesting read, but not enough upside with 2% up front to dip my toe in IPO wise. Especially with the suggestion that coins will be sold off for "expenses". I've never seen that actually work out. Also still unclear how it's mined (or is it all premine and dev hands out what he wants).

[lovely89]

Distribution Over Time

- 40% to 60% of the coins will be distributed in the next five years.
- The undistributed coins will be locked in 100 blocks of 1 million coins and publicly verifiable.

The rational for the Skycoin Distribution is as follows:
- A slower distribution over time, will reduce volatility compared to distributing them all at once
- The distribution will be N coins per day. The rate will taper and decline over time, like Bitcoin
- If the price gets bubbly or goes up too fast, we will increase the distribution rate
- If the price goes down too far, the distribution rate will decrease to take downward pressure off the price.
- If the price falls down too far, we may buy coins back to stabilize and put in a price floor

Distributing coins over time, with a taper, (like Bitcoin) still encourages early adapters who come in after the IPO. It keeps the price low and allows a stable and gradual appreciation over time.

Instead of raising 30 million dollars at once, it is better if coins are sold off to pay on-going expenses. The expenses will increase as we hire more developers and hit milestones.

A large fraction of the coins will be distributed as bounties for development, to key contributors and subsidies for hardware.

Very interesting read, but not enough upside with 2% up front to dip my toe in IPO wise. Especially with the suggestion that coins will be sold off for "expenses". I've never seen that actually work out. Also still unclear how it's mined (or is it all premine and dev hands out what he wants).

It's all premined. Although it is verifiable, it requires trust. If the trust is broken, everyone loses in the long run. In the short run it is possible for skycoin devs to strategically leak or gain access to the coins over time with the illusion of increased demand. I've been following sykcoin for well over a year now and I believe even with the great ambition and skill they have, they aren't living in this reality if they think people will do their research and trust them. There needs to be no room for doubt of the integrity of the entire supply of skycoin.

[mladen00]

Distribution Over Time

- 40% to 60% of the coins will be distributed in the next five years.
- The undistributed coins will be locked in 100 blocks of 1 million coins and publicly verifiable.

The rational for the Skycoin Distribution is as follows:
- A slower distribution over time, will reduce volatility compared to distributing them all at once
- The distribution will be N coins per day. The rate will taper and decline over time, like Bitcoin
- If the price gets bubbly or goes up too fast, we will increase the distribution rate
- If the price goes down too far, the distribution rate will decrease to take downward pressure off the price.
- If the price falls down too far, we may buy coins back to stabilize and put in a price floor

Distributing coins over time, with a taper, (like Bitcoin) still encourages early adapters who come in after the IPO. It keeps the price low and allows a stable and gradual appreciation over time.

Instead of raising 30 million dollars at once, it is better if coins are sold off to pay on-going expenses. The expenses will increase as we hire more developers and hit milestones.

A large fraction of the coins will be distributed as bounties for development, to key contributors and subsidies for hardware.

Very interesting read, but not enough upside with 2% up front to dip my toe in IPO wise. Especially with the suggestion that coins will be sold off for "expenses". I've never seen that actually work out. Also still unclear how it's mined (or is it all premine and dev hands out what he wants).

mc with IPO price 40.000 BTC.... not so much place to grow (imho)

[skycoin]

IPO Update:

Processing more ipo receipts. I am still processing the orders from February. My fingers are falling off from processing 1 Bitcoin orders.

I can only respond to 30 receipts per hour (~2 minutes per receipt, with breaks) and have a few hundred left.

[statdude]

Agreed @ you both. I don't trust centralization and this isn't "Zerocoin" failsafe (didn't even that have an issue with the private creation of the genesis block?)

So, the effective starting market cap is indeed 36-40k BTC.

This makes it effectively priced at #5 on CoinMarketCap, as of right now.

I guess there is still room for an initial price shoot up like XMR had, depending on how popular it gets, with so little available first 6 months after launch. Maybe a chance at 3-10x return, tops, if it's listed at the right time.

I doubt that is sustainable with any kind of added supply.

[Byter88]

Is the IPO still going?

I just noticed i replied to this thread on June 14, 2014

[bubbletea789]

How much of the 2% offered is accounted for?

[hamiltino]

Summary:

If your biggest concern is whether a coin is going up or down 50% this week, then you are going to be slave chipped. Your children wont know Bitcoin ever existed, because the wikipedia page will have been deleted and cyptocurrency bloggers wont be allowed to get government blogging licenses and because Paul Kruger says that Bitcoin is bad, so anyone who says that bitcoin is good is spreading untruths and their pages will be removed from Google search results.

We are fighting a battle against, human enslavement.

The future will either be a world of freedom, mass affluence and abundance or it be a world of human enslavement and corporate controlled artificial scarcity where a majority of humanity is kept at bare subsidence levels by a corporate/political elite through monetary policy and government regulation. The direction technology is developed and whether it is used to liberate individuals or control them, will determine the outcome.

Or we can all pump coins and become rich slaves, in sports cars.

https://vid.me/LP8d

[Brilliantrocket]

How underwhelming. I always figured that the battle against human enslavement would involve big robots and a renegade AI.

[skycoin]

IPO Update:

I am almost done processing the IPO receipts/orders for February. So check Bitmessage.

My fingers hurt. I still have to do March and April.

After receipts are done, will try to code an exchange bot for Bitcoin/Skycoin convertibility. There will be a few Bitcoin per hour of liquidity injected, to keep the price floor at the IPO level and ensure convertibility between BTC/SKY.

The wallet binaries will be put onto a domain as soon as the DNS is setup. I dont like adding a dependency on DNS. Even with HTTPS, binaries can be intercepted and backdoored over HTTPS. People downloading binaries over TOR are seeing trojans added to executables through certain exit nodes. I think Skycoin binary distribution should be IPFS eventually, as it cannot be blocked (peer-to-peer) and is authenticated through cryptography to prevent the binary from being modified. With HTTP/DNS website being secondary or backup. We are waiting on upgrade for the cryptography library, to pure go, so that we can have cross platform builds for Windows, Linux, Windows from a single secure machine.

Most of the people are running from source out of github, it is still in development and I dont want to frustrate windows users too much. I think it almost ready enough that a public binaries would be ok.

[Djinou94]

Hi
I see "Acknowledgement of the message received" but i did not receive any test coins
My skycoin adress is 2jNYhHCuqQtU8kKkLf8ZZmKj6fywTL7fw2e
Maybe i forget one step?

[skycoin]

IPO Update:

25% of the IPO receipts have been processed. I am this far down list now. I have not even gotten to processing the orders for the Skycoin devs yet.



I feel very bad that it is taking this long. February is almost done. Some near the top are done, so about 25% of total receipts are processed.

I generated a sequence of cold wallet addresses deterministic with skycoin, imported them into bitcoind with bash script, locked the wallet and then moved it from the cold computer to hot computer, so receipt can be verified.



So each Bitcoin address is going into spreadsheet and is labeled, then have to send coins out and then confirm it.

This is honestly hell. My fingers are sore from doing spreadsheets.

The coins started so locked down, that it was taking 10 minutes per order and now its down to 2 minutes.The amount of people in IPO is just right. Lots of developers (presumably because you have to build client from source). I think we scared away all the catcoin and pump and dumpers.

This is turning out very well.