[SKY] Skycoin Launch Announcement

[skycoin]

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[tacotime]

Looking forward to the obelisk white paper!

[peterod]

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Excuse my ignorance what is BM?

[SkillRoad]

is this an ipo, with mining?

afaik there is no mining involved.

therefore is just an ipo..even worse

Skycoin was announced before every IPO scam on this site.

[-Greed-]

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Excuse my ignorance what is BM?

BM is BitMessage.

[JessicaMILFson]

is this an ipo, with mining?

afaik there is no mining involved.

therefore is just an ipo..even worse

Skycoin was announced before every IPO scam on this site.

Instead of taking money right away before offering a product, it looks like Skycoin is already in the middle of development and will deliver a product before asking for money

[coin5l1]

1.How is this coin going to be released ?
2.When will it be released ?

2.5 months have passed without any further indications.

At least there is some coverage on this coin http://cryptosource.org/introducing-skycoin/

1. The initial IPO will be 1% of the total Skycoin for 50 Bitcoins. This is a 2 million euro starting valuation @ 400 €/BTC. The IPO period will be announced five days before the IPO starts.
2. Then 0.1% (100 thousand) SKY will be sold per day at market price to fund development and marketing
3. Distribution will be over five years
4. The rate new coins entering the market will decrease over time
5. The rate of new coins entering the market will be less than the growth in new users

The Skycoin main and test net are running. We are doing unit tests and windows builds right now.

Changes to the source code are tracked here
https://github.com/skycoin/skycoin/commits/master

This is the top level API for the block chain parser
http://godoc.org/github.com/skycoin/skycoin/src/coin

This is the top level API for the Skycoin networking daemon
http://godoc.org/github.com/skycoin/skycoin/src/daemon

-- Todo --
1. Windows Builds
2. Obelisk white paper
3. Documentation for developers
4. Long term project plans
5. The alpha client uses a central server to produce and sign blocks until Obelisk is ready. This allows the coin to trade and be tested before Obelisk is completely implemented. The existing blockchain will roll over when Obelisk is ready.

The buy in price for a new coin is ridiculous, nobody will throw 50btc at shot in the dark, and given you'll be dumping 100k on the exchange on a daily basis essentially you'll be crashing your own project. Aside from the huge dilemma of distribution, there are some very attractive features mentioned in your op, whether or not they'll work like that in practice remains to be seen.

[peterod]

Subscribe to BM-2cXxcRpG1raeNYwDjcb6Axxqi4yiMdqvPf for broadcast announcements and public Q&A

Excuse my ignorance what is BM?

BM is BitMessage.

Thank you Sir

[kdrop22]

1.How is this coin going to be released ?
2.When will it be released ?

2.5 months have passed without any further indications.

At least there is some coverage on this coin http://cryptosource.org/introducing-skycoin/

1. The initial IPO will be 1% of the total Skycoin for 50 Bitcoins. This is a 2 million euro starting valuation @ 400 €/BTC. The IPO period will be announced five days before the IPO starts.
2. Then 0.1% (100 thousand) SKY will be sold per day at market price to fund development and marketing
3. Distribution will be over five years
4. The rate new coins entering the market will decrease over time
5. The rate of new coins entering the market will be less than the growth in new users

The Skycoin main and test net are running. We are doing unit tests and windows builds right now.

Changes to the source code are tracked here
https://github.com/skycoin/skycoin/commits/master

This is the top level API for the block chain parser
http://godoc.org/github.com/skycoin/skycoin/src/coin

This is the top level API for the Skycoin networking daemon
http://godoc.org/github.com/skycoin/skycoin/src/daemon

-- Todo --
1. Windows Builds
2. Obelisk white paper
3. Documentation for developers
4. Long term project plans
5. The alpha client uses a central server to produce and sign blocks until Obelisk is ready. This allows the coin to trade and be tested before Obelisk is completely implemented. The existing blockchain will roll over when Obelisk is ready.

The buy in price for a new coin is ridiculous, nobody will throw 50btc at shot in the dark, and given you'll be dumping 100k on the exchange on a daily basis essentially you'll be crashing your own project. Aside from the huge dilemma of distribution, there are some very attractive features mentioned in your op, whether or not they'll work like that in practice remains to be seen.

a) How do you plan to stabilize the price, if 100K supply is hitting the market every day
b) The IPO owners/investors will not be able to resell their coin, as everyone will buy it on this exchange instead.

[TheMightyX]

OMG $0.03 / Skycoin at IPO ? AT IPO ?
5000 BTC is for dev, for buy ferrari and castle in France.

1. Skycoin community members will get free coins, but we are not announcing mechanism yet to prevent cheating.
2. The initial IPO is $30k or 50 Bitcoin, valuing Skycoin at 3 million.
3. Most of the 0.1% per day of new coins will go to community members and people making contributions on project.

Also:
1> Developers working on altcoin projects such as Ethereum are being offered $15,000 a month, 300 BTC at launch and then single digit percentage of new coins. Skycoin has teams in place and is not competing on greed basis for developers.
2> A company launching a new brand of Tequora spends 60 million dollars in marketing to reach mainstream and build brand awareness, for a single territory.  To reach Litecoin level acceptance, a new coin needs a 200 million dollar marketing budget or has to be extremely compelling and appealing to a particular niche who will readily adapt the coin. No coin to date has reached widespread mainstream acceptance.

---

Skycoin is not a speculative coin. Skycoin is an infrastructure component in OP Darknet Plan and OP Redecentralize.

See:
http://www.reddit.com/r/darknetplan
https://github.com/redecentralize/alternative-internet

OP Darknet Plan and OP Redecentralize are global social movements consisting of multiple darknet factions and globally distributed informally organized groups with a membership consisting of hundreds of developers and nearing a hundred thousand supporters across the globe. OP Darknet Plan was organized in response to SIPA, SOPA, PIPA, internet censorship and revelations of internet mass surveillance.

Skycoin can be used for peer to peer payments like Bitcoin, but is currently primarily the base credit unit and transaction layer for implementation of several proof-of-bandwidth and distributed service protocols currently under development.

---

One of the applications under development is the Skycoin darknet routing protocol. The Skycoin routing node enables "link aggregation" across multiple computers which are connected by wifi. If you have a 10 Mb/s internet connection and you have fifteen neighbors with 10 Mb/s internet connections who are running a nodes, the router node can aggregate the wifi connections into a 160 Mb/s connection.

- Peers receive SKY for providing bandwidth and transport to the network and users spend SKY to consume network resources.
- Skycoin is designed with native support for off-blockchain transactions for low overhead bandwidth micro payments.
- The nodes relaying traffic are unable to determine the full network path of the traffic (onion routing)
- The nodes relaying traffic cannot see the the contents of the traffic (end-to-end encryption and link encryption).
- the router runs on $40 Rasberry pi hardware
- Skycoin routers can connect at 1 Gb/s over 15 km using 24 Ghz Ubiquity hardware
- software defined radio devices running on FPGAs are in development

Skycoin is an attack on ISPs and wireless companies in the same way that Bitcoin is an attack on the banks. One of the long term goals of the Skycoin project to create the financial incentive and software infrastructure required for community ISPs. The Skycoin project is attempting to create the financial incentives to deploy open access community mesh networks that span the last mile between homes and fiber.

The routing protocol will be on github within two months and the coin will be launched within a week.

Please don't compare yourself to Ethereum.
That is a completely different beast. Let's compare shall we?

Ethereum:

• Actual credited developers with verified identities
• Oversight
• Backing from a wide range of public figures/companies

Skycoin:

• Some apparent code
• No oversight
• No identity verification

If shit goes down with ethereum, we can take them to court. With you, not so much.
What marketing could you possibly need the money for? It's not like you are going to rent out billboard signs on the highway advertising skycoin. No altcoin actually needs marketing that can't be done by the community for free. Altcoins are still a long way from taking out ads in the sunday papers.

An IPO is an investment. If you are continually dumping coins that investment doesn't seem as appealing.
Also, you mean to tell us you are valuing your project at $3,000,000 and that you are going to be the sole holder/dispenser of those coins?

When you are done dispensing these coins you are going to be $3,000,000 richer?
You've got to be fucking kidding us.

[jbah01]

Appealing project so far! Launch-structure is not that bad as long as the devs integrity stays the way it appears thus far.
Launch structure will hopefully ensure that the coins will be distributed a bit more, not good for a quick buck, but should be better mid-term.

[superresistant]

If shit (...) be fucking kidding us.

It is the same with being Satoshi Nakamoto mining his own coin at the start. After few years you're multi-millionaire. Why Skycoin wouldn't be ?

He is not asking 3,000,000 USD but a 50 BTC IPO. If the project doesn't succeed he'll never have more than 50 BTC contrary to Ethereum.

Ethereum is asking all the money (36,000,000 USD) from the start + 50% premine.

A 50 BTC IPO is little, it is about 0.5 BTC invested for 100 people.

If you don't feel comfortable for investing at the start, wait for after the launch and see.

[Brilliantrocket]

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%. What does the dev have to show other than a few lines of code? Who are you, dev? Why should the community trust a sock puppet account, with no reputation? Do you have a WOT account? Who else is on your team? Do you have a timeline, a business plan, in other words you need to provide a little more before anyone ( except true fools) will trust you with their BTC.

Consider two other currencies that used the IPO model, NXT and Mastercoin. NXT took 21 BTC for its IPO, providing the full 100% of NXT to investors. The return on this investment was around 3000x. Next, let's look at Mastercoin. Mastercoin raised 4700 BTC, but they had a team of developers and a solid plan. Investing in Mastercoin would have netted between 100-200x, depending on what time you sold. For this project, if we take the 50BTC = 1% stake, you'd need for this coin to have a ~100,000,000 market cap, just to see a 25x return. Most coins never break 10,000,000 let alone a hundred million. So not only is this an extremely high risk investment, it's also low reward.

In his communications, the dev says things like "initial investors will become outrageously rich". Not only does that sound bad coming from the developer of a purportedly legitimate coin, but no one will become rich with the current model except for the dev. Overall ,I say that this project has a very high chance of being an outright scam. If it isn't a scam, and we're just dealing with a megalomaniac dev, your potential earnings are so low as to be laughable for this level of risk. Stay away.

[superresistant]

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%.
(...)
Stay away.

The thing is, we do not know what's the project is worth ! 50BTC? 5000BTC ??
It is 50 BTC now and maybe more in the years later.

[paulmaritz]

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%.
(...)
Stay away.

The thing is, we do not know what's the project is worth ! 50BTC? 5000BTC ??
It is 50 BTC now and maybe more in the years later.

I feel they definitely have something of value to offer and the 50BTC is really not something to write home about, especially if it gets spread thinly among many investors/advocates/supporters. I mean, if someone don't like it, they don't have to participate. In fact, I am glad the 50 BTC will only buy a 1% stake, because this will leave enough room for others to also participate further down the line. Can you imagine offering a 100% sake for 50BTC... how concentrated will that spread be and will it give others any incentive further down the line to participate? I think not.

[TheMightyX]

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%.
(...)
Stay away.

The thing is, we do not know what's the project is worth ! 50BTC? 5000BTC ??
It is 50 BTC now and maybe more in the years later.

I feel they definitely have something of value to offer and the 50BTC is really not something to write home about, especially if it gets spread thinly among many investors/advocates/supporters. I mean, if someone don't like it, they don't have to participate. In fact, I am glad the 50 BTC will only buy a 1% stake, because this will leave enough room for others to also participate further down the line. Can you imagine offering a 100% sake for 50BTC... how concentrated will that spread be and will it give others any incentive further down the line to participate? I think not.

I think the problem is the whole IPO model is what we are trying to get away from.
One person can NOT be trusted with $3,500,000 dollars.
But this is what you are thinking it is alright to do?
That is the initial valuation, 3.5 mill.

If the value goes up, you think its all right to trust some anonymous person with $10,000,000? how about $30,000,000?
if you answered yes to any of those questions you are delusional or willingly deceptive.

This man will control every single coin every generated. You will have to buy them from him.

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.

Tell me this is a great idea?
Please, someone try to explain to me why that's a safe idea?

Cryptocurrencies were created to avoid the monopolistic authoritarian process of federal banks and their centralized control on the populace. This is returning us to that state with a few new features.

[paulmaritz]

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%.
(...)
Stay away.

The thing is, we do not know what's the project is worth ! 50BTC? 5000BTC ??
It is 50 BTC now and maybe more in the years later.

I feel they definitely have something of value to offer and the 50BTC is really not something to write home about, especially if it gets spread thinly among many investors/advocates/supporters. I mean, if someone don't like it, they don't have to participate. In fact, I am glad the 50 BTC will only buy a 1% stake, because this will leave enough room for others to also participate further down the line. Can you imagine offering a 100% sake for 50BTC... how concentrated will that spread be and will it give others any incentive further down the line to participate? I think not.

I think the problem is the whole IPO model is what we are trying to get away from.
One person can NOT be trusted with $3,500,000 dollars.
But this is what you are thinking it is alright to do?
That is the initial valuation, 3.5 mill.

If the value goes up, you think its all right to trust some anonymous person with $10,000,000? how about $30,000,000?
if you answered yes to any of those questions you are delusional or willingly deceptive.

This man will control every single coin every generated. You will have to buy them from him.

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.

Tell me this is a great idea?
Please, someone try to explain to me why that's a safe idea?

Cryptocurrencies were created to avoid the monopolistic authoritarian process of federal banks and their centralized control on the populace. This is returning us to that state with a few new features.

What do we want to control, $3.5m worth of Skycoin or $3.5m in fiat? If control over fiat is the issue, then we're clearly don't have the right mind set to make cryptocurrencies work.

Anyhow, I didn't say it should be in control of one person... thinly spread means many folks benefit (at least in my book). Despite this, assuming in worst case scenario there is only one person and he makes 1% of Skycoin available at 50BTC, it is not that he will be sitting with $3.5m and we with nothing. For that to be true, you have to assume that what he will be selling is worthless. Anyhow, how do you get to one person and in almost the same sentence you give developers a mention? How many people are involved, one or more than one? Perhaps you could explain to me, especially given the fact that I am probably "delusional or willingly deceptive."

"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." - How do you think companies list on stock exchanges or folks buy or invest in companies? You have the God given right to buy at the price set or not. There is nothing strange or unjust about it.

Anyhow, what exactly do you propose in terms of fair distribution?

[hydkyll]

The bitcoins that are spent for the shares could be burned like counterparty did.

That way nobody gets all the money and you could argue that the value of the bitcoins is actually transferred to the skycoins

[paulmaritz]

The bitcoins that are spent for the shares could be burned like counterparty did.

That way nobody gets all the money and you could argue that the value of the bitcoins is actually transferred to the skycoins

The workman is worthy of his pay. Would you like to put in a lot of hard work into something, then don't get paid or are forced to stand in the same line as others that didn't contribute one iota to its success this far? There is no need to destroy value in order to make ends meet. In fact, a lot of value is needed to make ends meet. The more, the better. Marketing for one costs money... so if you burn the Bitcoins spent, who exactly is going to cover marketing and other costs, especially considering that many will not accept Skycoin as a means of payment from day one?

[Brilliantrocket]

The bitcoins that are spent for the shares could be burned like counterparty did.

That way nobody gets all the money and you could argue that the value of the bitcoins is actually transferred to the skycoins

The workman is worthy of his pay. Would you like to put in a lot of hard work into something, then don't get paid or are forced to stand in the same line as others that didn't contribute one iota to its success this far? There is no need to destroy value in order to make ends meet. In fact, a lot of value is needed to make ends meet. The more, the better. Marketing for one costs money... so if you burn the Bitcoins spent, who exactly is going to cover marketing and other costs, especially considering that many will not accept Skycoin as a means of payment from day one?

Marketing? What's the dev doing, running ads on the evening news? Please. Altcoins don't need direct marketing, a good community accomplishes all the marketing you need.