question:
c2c says : Total SKY Redeemed: 310663
but there are few transactions with millions of coins in it :
http://explorer.skycoin.net/blockshow is this possible? dev fund?
There are a few special addresses. Where the undistributed coins are
- the total coins always exist, but we calculate the free float by only looking at the coins outside of the distribution addresses
- the coins are locked in 1 million coin tranches
- total_supply is number of coins "in circulation" that can be used for transactions
- max_coins is the total number of coins that can ever exist
- no individual controls more than 1% of the total coins. To prevent situation that happened with NXT and Ripple.
Future Measures:
- we are going to time lock the addresses in the future, so the node will reject transactions spending their outputs-
- we are going to put constraint in the code, so the blocks have to be distributed in sequential tranches
We are putting technical and human measures in place, to ensure that if any of the key contributors starts dumping that it would only be temporary. We want to avoid a situation where someone has 30% of the coins and the community has 2% and that person could dump their coins everyday on the market for a decade before they ran out. That is what happened with NXT and we wanted to avoid that.
>dev fund?
One address had 1.5 million coins in it for a transaction, while we were moving around
- coins to exchange for ICO withdrawals
- coins to compensation fund for people in the consortium
- coins to whales
- coins to companies funding development cost/staff/contractors
We are going to be distributing coin bonuses to about thirty contributors, on a vesting schedule over the next few years. For example
- one project manager who has help fix over a hundred fifty bug tickets is getting 250,000 SKY over the next four years (about 40k USD in SKY at price when he joined project)
- website guy/content/marketing/design guy who was critical is getting 60,000 SKY over next two years
- some contractors and major contributors are getting 5,000 SKY to 30,000 SKY distributions over the next two years for work on mesh network, bounties, bug fixes, etc
This project is amazing and wish i knew about it years ago, the functionality and flexibility is where cryptocurency and networks need to be. I am big believer in community driven networks, taking ownership of your money and taking ownership of your internet data is like meat and potatoes.
In the last few year my government have been blocking torrent sites tracking my metadata, and general interfering. just like the war on drugs they are achieving and forcing networks underground in fringes. It is funny the bad behavior comes from the government themselves spying on each other and committing cyberwarefare.
I very excited to know more and A demo would very nice too see..
If the project does not get mucked up and continues to grow, it really could be a 20 billion dollar project if it can deliver.
Yes. Its going to be very important.
There is not a quick fix for this. Where you create some hype and raise 10 million dollars in an ICO and the problem will be solved next month.
This is years of work. Some of the people working on this, have been working on it full time for a decade. Bitcoin itself took almost a decade to build and was itself built on top of earlier projects that experimented with different approaches.
Bitcoin is not mature and is just a prototype of a better, future system. The crypto-currency space is still at its infancy.
update my withdrawal has been pending for 5.5 hours now, that is not nice...
>update my withdrawal has been pending for 5.5 hours now, that is not nice... We found a new bug and it will be fixed in next version.
If the nodes connect and disconnect in a particular order, then there is possibility that transaction replication fails and that a transaction does not reach all nodes.
- We added a function for rebroadcasting transaction by hand on the CLI
- We are adding more instrumentation to track how many times unconfirmed transactions have been announced, how long a transaction is in the unconfirmed pool and how many times the transaction has been downloaded by connected nodes
- We are adding automatic transactions rebroadcast after a minute if the unconfirmed transaction pool is less than 1024 transactions
- We are adding an unconfirmed transaction page to the wallet to make trouble shooting easier
- We are adding a local time stamp to each transaction, to record when the transaction was first seen and how long the transaction was in the unspent transaction pool
- We are upgrading the transaction replication protocol when we have time.
- The final transaction synchronization mechanism will use CXO and will be much more robust than the current system (Which is using gossip protocol like Bitcoin does)
>how can I tell my friends to buy skycoin on the ico when I am not confident in the provided exchange..
C2CX is still being battle tested. There are new problems discovered everyday, but they fix them very quickly and competently. We have found dozens of bugs, but all of them were on the frontend and all of them were fixed within 24 hours.
We found out that
- SMS confirmation did work in certain countries
- SMS confirmation only went through 50% of the time in certain countries
And within a day, they disabled cell phone number and two factor auth, as a requirement for the Skycoin ICO.
They found out that SMS confirmation did not work, if a person put in their cell phone number but had not put in the email address yet. They fixed that issue in a day.
- They alerted us about a transaction in the unspent output pool not clearing (your withdraw) and then we fixed the problem in four hours.
- However, the fix was not merged into the code base until 24 hours later.
- And the nodes have not been upgraded to the new version year.
- However, we dumped your transaction as hex in the CLI and then reinjected it by hand on the CLI and it propagated and your withdrawal was processed
Normally, withdrawals takes ten seconds. However, your withdrawal discovered a new bug.
Thank you I appreciate the response although I do not agree with your assessment of Dai or the BitBay situation and would argue the available evidence points towards Dai being the scammer, although I have to admit I do not know him or other parties involved personally. And I assume this means you believe David Zimbeck to be a liar and potentially the scammer in this situation?
I do not know David Zimbeck. I read something about the bitbay situation but it sounded complex and confusing.
I personally think that Patrick was very young and inexperienced and he was taken advantage of several times, by different people, until he hardened up from experience.
Patrick does not come across as manipulative. While some of the people around him are extremely skilled manipulators and social operators.
Patrick tends to avoid conflict and will leave when the other people start fighting. He will not fight with them, even when he should. And he does not seem to defend himself strongly and loudly, even when he should.
In the business world, it is very common for companies to fall apart as soon as they become profitable or begin to make money. As the founders cannot work together as a team and start fighting each other. Teams that work well together are rare and most people out of college do not have a network of people they have been working with over multiple companies, for decades, so their rate of failure from personal conflicts will be high.
>And what is your take on Qtum's refusal to provide tx ids or addresses to prove ownership of the funds they claim to have raised during the ICO (~10 million in first 90 minutes, ~15 million total) and to allow investors to keep an eye on those funds themselves?
They did not raise the money. It was raised through third party platforms. It sounds like a hassle.
If the developers are bad, or they are drama. They are going to steal whatever they can and watching the bitcoin addresses as the coins are being stolen is not going to stop them.
So do not give coins to developers you do not trust. If people demand you dance through hoops, you should just ignore them because dancing through the hoops just gives credibility to the idea that you are untrustworthy. No one can "prove" their sincerity or that they are trustworthy.
So trusting the developers and reputation is very important. Or at least understanding their flaws and personality.
>Thanks for your time. And I am really interested in this project (and have been for some time) so I do appreciate these responses as this stuff with qtum is the first thing to make me have any doubts here and question investing.
Qtum seems to be a divide and conquer issue. Like the blockchain size.
My personal, long term view is that I cannot see what smart contracts and a coin/token have anything to do with each other. The "value" of ethereum is very abstract to me as an investment. I think that the market cap of these coins are driven by speculation and marketing, not by their usefulness or actual economic activity.
I think platforms like Qtum and Ethereum will however, be the prototyping board for the next generation of blockchain applications. I think people may also be able to make money just on the speculation and bubble, if they get in at the right time and leave at the right time.
We see people launching all sorts of tokens on Ethereum now, without needing their own blockchain and they are prototyping different tokens.
For example, Xaurum is doing physical gold backed crypto coins. Where each coin created is linked to physical, serial numbered gold (that you can physically withdrawal). They had their own blockchain originally, but mining created inflation and downward pressure. So they moved to Ethereum and are just a token on Ethereum and now they do not have inflation.
If they serial number each piece of gold and track it on a blockchain, then it becomes impossible to sell the same piece of gold on paper to three hundred separate people (rehypothetication). So this would eliminate the scam that the current gold market is today.
If you swapped out your coins, then showed up at the vault and tried to redeem your coin for the bar it represents and they cannot produce it, or give you a bar with a different serial number. Then you know there is something wrong. Blockchain can be used to put constraints on fraud and create transparency.
So we are seeing these experiments enabled by Ethereum.
I think eventually, we will see tokens on Ethereum that are worth more than Ethereum is itself.
I have not seen the codebase of Qtum, so cannot say anything but experience, but I think it is good that people are trying to improve Ethereum. Ethereum is big enough and successful enough, that the ecosystem can support other chains and alternative ways of doing smart contracts.
Right now there is only Ethereum. In the future, there will be multiple chains that can run any contracts that will run on Ethereum. Eventually the most successful applications will move to personal or dedicated blockchains.
I would separate out a project being successful because of hype, marketing, speculation and animal spirits. Where everyone joins in because they can make a lot of money doing something exciting (and you can do very well in these areas if you understand human psychology). And value that is the result of something useful, concrete and that can be calculated.
