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Author Topic: [SKY] Skycoin Launch Announcement  (Read 379122 times)
skycoin
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May 16, 2017, 03:34:47 AM
 #2921

Update:

Bug Fix:

We found a bug last night, where the node goes into infinite loop when trying to create a new block and transactions on network stopped.

The node was assembling 5 transactions into a block, then failing because two transaction tried to spend the same output. Then failing and waiting a few seconds and then trying again with same result.

The code is now enabled to take the list of pending transactions and add random transactions from the list, one at a time, discarding a transactions which if added to the block, would make the block unexecutable against the current unspent output set.

The bug is fixed now.

We could stop these bugs from stalling the network, by adding randomization or enabling a flag; but we are running network in mode where errors like this will completely stop the network and with strict validation, so that we can detect these edge cases and make sure they get fixed. Otherwise we would not notice that these edge cases were not handled properly.

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May 16, 2017, 03:48:47 AM
 #2922

This post is for Skycoin and others interested in the success of this coin, and are my considerations of the situation.

Because All skycoins have have been created in genesis block, and becaause they were not distributed straight away.  This coin has created for itself a distribution nightmare.
To hold back coins and release when wanting to, whatever the excuses allows a situation to arise that will never, never be able to be explained away no matter how much you try.
It is not practical or reasonable to try and control the price in anyway.
The coin has to be able to carry itself to be successful.


There is only one way forward as far as I can see.
The only way forward I believe is to do an overall coin offering.
Decide on a price.
Keep a percentage for yourselves for developement and to pay what has been promised, this amount has to be know and reasonable.
Give the total supply being 100 million minus what has been sold as the coins available for the sale and whatever is not sold has to be burned into none existance.
Keeping the sale price low will ensure most if not all are sold.
Now let the free market do its thing.
I am quite sure there is no other solution to this problem this is why ethereum tokens are also done this way as its the only fair way when all coins exist from the beginning.

I would suggest a coin price of the average of the initial coin offerings.
In this way the developement team will be in the same boat as everyone else and they will still get their reward as the coin matures. I believe that this is the only fair and equatable way forward.


It seems like what you are suggesting mirrors what currently happens in the stock markets today. Instead of being called a coin offering, it is a private placement, where the company wants to raise additional funds to develop their company. They set a target amount of money they need to raise and they set a price per share. Usually these are known as private placements because you need to be an accredited investor to participate in the offerings. This is the government's way of protecting the investor to ensure that you have enough financial savy to understand the risk that you are getting yourself into.

Usually, these offerings have a hold period where there has to be a certain time that has to elapse before the shares can be free trading again. The price of each private placement is usually higher than the previous ones based on the assumption that the company progresses as time progresses.

It does not make sense to price the offering as the same price as the initial offering. Since, the early adopters took the most risk while investing. Back in 2014, the coin did not have as much progress as it does today and thus it would not make sense to value the coin as the 2014 price. Instead, you have to look at the coin as a whole today and the technology it has.

Consider Facebook stock as an example. They IPO'd at $38 in 2012. So you want the next set of offerings to be the same price as it was back in 2012 at $38? Just so everyone will be in the same boat? The current stock is $150 per share. It would not be fair to the initial investors who took on the risk back in 2012. Also, Facebook is a different company today than it was back in 2012. You have more revenue streams, more assets. That has to be factored into the price.

If Skycoin were to offer a new offering at the IPO price of 0.10 per coin, then everyone will sell their current coins and buy in at the 0.10 price. This will create a total crash of the current price, which will leave everyone frustrated.

If they were to go this route, I would set the next IPO price at a slight discount compared to the current market price.  
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May 16, 2017, 04:09:52 AM
 #2923

People will complain over the distribution strategy, that is a given fact.

But when you participate in the stock markets, this is completely routine and nothing unusual. Usually, the founders would have a considerable amount of share. You would want them to have a considerable amount of skin in the game because it is in their interest to have the stock price go up.

They need to have some form of equity in the company because unlike real businesses, the founders do not get paid a salary at all. They at least need some financial support to keep on going.

I believe the problem with the distribution is that the float of 5 million coins is quite small and the exchange that they use is unheard of in the American markets. Increasing the coin float and diversity of exchanges will solve this issue.

I think successive "private placements" over time, timed with major releases will be a good way to slowly grow the coin. After all, after each new round of investors, as long as the coin is doing well, we will slowly appreciate the price. There will be new bases of support from people who are new to Skycoin. People do not like to take losses, so each offering price would be a new level of support.

You can offer a slight discount to the current market price to attract buyers.

Dumping all 100,000,000 coins on the market at once just creates chaos and the share price will tank from all of this "dilution". There would not be enough demand to support all of coins on the market at once. There will be more sellers than buyers.

I think my approach would be to have milestone releases timed with successive coin offerings and gradually set levels of support.
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May 16, 2017, 11:46:30 AM
Last edit: May 16, 2017, 12:08:49 PM by skycoin
 #2924

The best coin ever developed is still barely traded while scams of all sorts are highly demanded... Mad mad world )  

There are only three real coins (actually three and a half).

The rest are just marketing scams, or they are doing tokens or something else.

I think smart contracts are interesting, but they are still just widgets a solution looking for a problem. Almost none of the existing coins are focused on what Satoshi originally intended Bitcoin for or have any concern with improving Bitcoin.

It is a fundamental question of values and purpose. The altcoin market right now, is like real money fantasy football. People are putting money into things that they know are non-viable (and everyone else knows that), but as long as it trades and the marketing is good, then they can make money.

Markets are just a game.

> The best coin ever developed is still barely traded while scams of all sorts are highly demanded... Mad mad world

It is our fault. We do not have any information on the website and we are not communicating anything effectively at all. We need to communicate "What is Skycoin?".

When it is very difficult to communicate people "What is Bitcoin?". Bitcoin itself was a new category and there was nothing to compare it to. It was completely new. Now that people are getting familiar with coins, there is something to compare Skycoin to, so it is easier to describe.

However, we also need to describe it to people who have never heard of Bitcoin. Who are completely new to the crypto space.

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May 16, 2017, 12:08:02 PM
 #2925

This post is for Skycoin and others interested in the success of this coin, and are my considerations of the situation.

Because All skycoins have have been created in genesis block, and becaause they were not distributed straight away.  This coin has created for itself a distribution nightmare.
To hold back coins and release when wanting to, whatever the excuses allows a situation to arise that will never, never be able to be explained away no matter how much you try.
It is not practical or reasonable to try and control the price in anyway.
The coin has to be able to carry itself to be successful.


There is only one way forward as far as I can see.
The only way forward I believe is to do an overall coin offering.
Decide on a price.
Keep a percentage for yourselves for developement and to pay what has been promised, this amount has to be know and reasonable.
Give the total supply being 100 million minus what has been sold as the coins available for the sale and whatever is not sold has to be burned into none existance.
Keeping the sale price low will ensure most if not all are sold.
Now let the free market do its thing.
I am quite sure there is no other solution to this problem this is why ethereum tokens are also done this way as its the only fair way when all coins exist from the beginning.

I would suggest a coin price of the average of the initial coin offerings.
In this way the developement team will be in the same boat as everyone else and they will still get their reward as the coin matures. I believe that this is the only fair and equatable way forward.


It seems like what you are suggesting mirrors what currently happens in the stock markets today. Instead of being called a coin offering, it is a private placement, where the company wants to raise additional funds to develop their company. They set a target amount of money they need to raise and they set a price per share. Usually these are known as private placements because you need to be an accredited investor to participate in the offerings. This is the government's way of protecting the investor to ensure that you have enough financial savy to understand the risk that you are getting yourself into.

Usually, these offerings have a hold period where there has to be a certain time that has to elapse before the shares can be free trading again. The price of each private placement is usually higher than the previous ones based on the assumption that the company progresses as time progresses.

It does not make sense to price the offering as the same price as the initial offering. Since, the early adopters took the most risk while investing. Back in 2014, the coin did not have as much progress as it does today and thus it would not make sense to value the coin as the 2014 price. Instead, you have to look at the coin as a whole today and the technology it has.

Consider Facebook stock as an example. They IPO'd at $38 in 2012. So you want the next set of offerings to be the same price as it was back in 2012 at $38? Just so everyone will be in the same boat? The current stock is $150 per share. It would not be fair to the initial investors who took on the risk back in 2012. Also, Facebook is a different company today than it was back in 2012. You have more revenue streams, more assets. That has to be factored into the price.

If Skycoin were to offer a new offering at the IPO price of 0.10 per coin, then everyone will sell their current coins and buy in at the 0.10 price. This will create a total crash of the current price, which will leave everyone frustrated.

If they were to go this route, I would set the next IPO price at a slight discount compared to the current market price.  

My attitude is becoming
- "Markets are a game"

But we can set the rules of the game and control certain things. Different rules will benefit different sets of people.

- I am confident that we can alway choose to do distribution in a way that will not lower the price.
- I also think dumping is part of the game and benefits the long term people

- Coins have a "real value" and "perceived value".
- People have different opinions about where a coin's price will be in a year
- The developers are like managers and provide vision, marketing, community and then the investors speculate on the managers (sort of like horse racing). And some investors also bring resources (marketing, connections, developers, reputation, social validation etc and are not just passively choosing).

When people dump
- the people with more information can buy up coins for cheap (etc, over 10x discount)
- then when coin approaches "truth value", then they make a lot of money
- the people with the best information, best reasoning ability, best understanding of human psychology make money and the people who are driven by emotions or short term events, lose money (they sell at the bottom and they buy at the top).

So
- a temporary decline in price is acceptable
- a long term decline in price is not acceptable

So we should ignore the short term fluctuations and focus on longer term horizon (what do we have to do to increase the future value of the coin, what do we need to do to create capital inflows and what do we need to do to ensure liquidity).

The four things we can do are
- improve communication (marketing, materials, description of what Skycoin is and what we have built and what are building)
- grow and build up the user community
- build applications and acquire users
- create a set of rules and distribution strategy that will benefit all the early investors and new investors (etc, avoid driving the price down, design the rules to build up liquidity)

It will be very important to describe
- how is Skycoin different or better from the other offerings
- how is Skycoin used
- future plans and roadmap for the ecosystem
- what we are trying to accomplish

I think right now, we should focus on communicating Skycoin's strength as a cryptocurrency and improvements we made in the design of the blockchain, consensus algorithm, security, networking and usability. The question of "Why it is better than Bitcoin".

Then we should focus on the applications and bringing in users that have never used crypto-currencies before. We should focus on usefulness and utility.

And otherwise, we just have to sit here and wait, because the number of cryto-coin users and capital inflows are going to explode by themselves for various external reasons.  So we just want to have a solid offering and good reputation to attract the new money flooding in.

We are going to see a mixture of crowd funding money for speculative projects or new ideas and the market for speculation and "fantasy football coin" will increase, but we will also see more pragmatic or utilitarian money coming in as people realize what Bitcoin/Skycoin can be used for.

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May 16, 2017, 12:22:32 PM
 #2926

You can not complain that someone else will be marketing cheat money, which is your weakness, you should all learn. You advocate the set of political say that the right to monopoly, I think you are the same, you now hold 94% of the skycoin, the market value of nearly 100 million dollars, you are a person's currency, no community, you are the owner.

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May 17, 2017, 08:05:07 AM
Last edit: May 17, 2017, 09:34:23 AM by xtester
 #2927

Good things are coming.  Cool

P.S. Meshnet, vpn, socks5 proxy.

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May 17, 2017, 09:49:46 AM
 #2928

Sock5y Kiss
coinzcoinzcoinz
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May 17, 2017, 08:00:26 PM
 #2929

Just checking in, did this coin ended up solving its distribution problem (devs having 95% of coins)? If so, how? I want to invest, but only if this problem is resolved. Thanks!
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May 18, 2017, 08:57:42 AM
 #2930

Is the original plan to distribute Skycoin as subsidies for mesh nodes still in the works?

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May 18, 2017, 09:02:38 AM
 #2931

Good things are coming.  Cool

P.S. Meshnet, vpn, socks5 proxy.


Can provide details of the information?
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May 18, 2017, 02:19:12 PM
Last edit: May 18, 2017, 03:01:35 PM by radicalThinking1
 #2932

Is the original plan to distribute Skycoin as subsidies for mesh nodes still in the works?

I would also like to know, wtf is this nigga doing with all that skycoin. One person should not own more than 90% of a currency. This is the biggest premine that i know of. SOMEONE PLEASE REBUT ME!!!!!

Also whens round 2 funding? And what will the cost per coin be, higher or lower than the current price?
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May 18, 2017, 03:07:08 PM
 #2933

Good things are coming.  Cool

P.S. Meshnet, vpn, socks5 proxy.

https://s10.postimg.org/6u7eddlpl/MESHNET.jpg

bro what does all that shit mean to us normal folks, a terminal yes some text yes ok well we need more info wtf is this shit  Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh
stormia
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May 19, 2017, 06:37:34 AM
 #2934

Is the original plan to distribute Skycoin as subsidies for mesh nodes still in the works?

I would also like to know, wtf is this nigga doing with all that skycoin. One person should not own more than 90% of a currency. This is the biggest premine that i know of. SOMEONE PLEASE REBUT ME!!!!!

Also whens round 2 funding? And what will the cost per coin be, higher or lower than the current price?

Synero has a bigger one but yeah this is ones still waaaaay too big.
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May 19, 2017, 07:47:54 AM
 #2935

Good things are coming.  Cool

P.S. Meshnet, vpn, socks5 proxy.



bro what does all that shit mean to us normal folks, a terminal yes some text yes ok well we need more info wtf is this shit  Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh Huh

Sock5 is an internet protocol that doesn't require a client to share their ip address with a server to securely access it.
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May 19, 2017, 08:22:04 AM
 #2936

Any update?
GTTIGER
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May 19, 2017, 10:35:24 PM
 #2937

My windows wallet is blank. I cannot see the normal menu that lists the Sky balance. I updated the software but the problem persists. Let me know how I can fix the error. Also, updating is okay right? The wallet file is still there?

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May 20, 2017, 05:35:43 AM
 #2938

My windows wallet is blank. I cannot see the normal menu that lists the Sky balance. I updated the software but the problem persists. Let me know how I can fix the error. Also, updating is okay right? The wallet file is still there?

I had the same problem on windows 10 but it works for me on windows 7 and I'm also about to try it on the ubuntu I recently set up. But yeah, it really ought to work on windows 10 too...
BTCspace
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May 20, 2017, 07:59:02 AM
 #2939

we should solve the distribution problems.

that's the most important things

otherwise no investors want to join!

running farm worldwide
Momimaus
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May 20, 2017, 08:26:37 AM
 #2940

we should solve the distribution problems.

that's the most important things

otherwise no investors want to join!

There is no distribution problem, only people who want to get their hands on cheap skycoins.

If the price rises the liquidity will follow.

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