[SKY] Skycoin Launch Announcement

[cremstopper]

Finally a project not asking for money for nothing

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[olinnebit]

At first I was a little skeptical, but this looks like a good concept at least.

[aTriz]

I'll be investing, great job.

[kdrop22]

Seems like a great innovative project. However, the initial allocation and distribution is not clear.

[stoneone]

any update?

[olinnebit]

Seems like a great innovative project. However, the initial allocation and distribution is not clear.

Soon..

[allwelder]

When does the software release ,and do the alpha test?

[cexylikepie]

I've been watching this for a long time and there's finally some new info. Where will the majority of the coins be sent out and how will it happen? i'd like some. lol

[EloquentThinker]

The idea is solid, but I don't like the fact that you'll have to buy the coins which makes me think this will fail in the long run.

I still think mining is the best way forward for next generation coins, but mining should be done in a fair way. Hashrate-limitations (Max of 5-10 Mh/s?) should be imposed when the difficulty is low so everyone has a chance to mine some coins, with those limitations being eased as the difficulty rises and GPU farms/ASIC miners slowly take over when normal peeps can't mine effectively anymore.

[jimhsu]

After witnessing the disaster that is https://bitcointalk.org/index.php?topic=400356 (as an observer, of course) (and all the other IPO schemes that I won't name), I strongly recommend that you handle initial funding with a trusted escrow. That is all.

[jimhsu]

Hashrate-limitations (Max of 5-10 Mh/s?) should be imposed when the difficulty is low so everyone has a chance to mine some coins

Unworkable, because Sybil attack.

Proof-of-work is NOT the sole "fair" distribution scheme, but it is the first. How so-called next-generation coins handle non PoW schemes is still a work in progress (excepting the innumerable scams currently out there).

[def_ender]

No mining = scam like nxt

[tk808]

After witnessing the disaster that is https://bitcointalk.org/index.php?topic=400356 (as an observer, of course) (and all the other IPO schemes that I won't name), I strongly recommend that you handle initial funding with a trusted escrow. That is all.

Skycoin was announced Dec 21, 2013 and they haven't asked for an IPO yet. Visacoin modeled their scam after this (Visa came after this)
I'm 99% they will be showing investors a lot their work and proof to go with it.

Skycoin seems like the last, safe investment the bitcointalk community will ever see.

I'll be investing in this project, even if it could be a scam. Skycoin has my trust. That's a lot coming from my attitude on all IPO threads.

[jimhsu]

After witnessing the disaster that is https://bitcointalk.org/index.php?topic=400356 (as an observer, of course) (and all the other IPO schemes that I won't name), I strongly recommend that you handle initial funding with a trusted escrow. That is all.

Skycoin was announced Dec 21, 2013 and they haven't asked for an IPO yet. Visacoin modeled their scam after this (Visa came after this)
I'm 99% they will be showing investors all their work and proof.

Skycoin seems like the last, safe investment the bitcointalk community will ever see.

I'll be investing in this project, even if it could be a scam. Skycoin has my trust. That's a lot coming from my attitude on all IPO threads.

Still, trust has been irreparably damaged, crushed, defenestrated, incinerated, (insert more words). An escrow-backed IPO would do something to turn the tables, or at least make the scams be more inventive.

Specifically, I'm talking about a tiered escrow with breakpoints/milestones for completed objectives, i.e:
15% - completion of basic code base
15% - alpha testing
10% - revision of code base to beta status
25% - beta testing
rest - initial public release

These could be modified, but should be agreed to beforehand, and doubly signed with both the private keys of the final destination account and the escrow holder's account.

Reminds me... why not multi-sig transactions? Perfect application of escrow capability.

[jimhsu]

Thinking about this some more:

I'd like to have a voting system to determine whether milestones are completed. Though instead of insecure and easily forged bitcointalk.org votes, have a voting system that more reflects the objective of Skycoin.

In particular, voting is done as follows:
1. Developer announces milestone completion, and a certain timeframe (e.g 1 wk) is agreed to beforehand that allows votes to come in
2. Initial investors can vote with signed messages "yes objective 1 completed successfully", "no", or "abstain" (defaulting to abstain) to determine if the objective has been completed
3. Developer or escrow agent tabulates incoming votes, produced a table with addresses and votes weighed by amount of initial investment (signed, again)
4. If "yes" > "no", then funds are released. If "no" > "yes" votes, then funds are withheld and it's to to the community to figure out what happened.

[skycoin]

The first post has been updated.
- rational for eliminating mining from Skycoin was added.
- information about Skycoin's TwoStep post-quantum transaction protocol added
- build system and bunch of code pushed to github
- Skycoin peer bootstrap from DHT working
- Webkit embedding for Skycoin Wallet working
- Wallet GUI first draft pushed to github

After witnessing the disaster that is https://bitcointalk.org/index.php?topic=400356 (as an observer, of course) (and all the other IPO schemes that I won't name), I strongly recommend that you handle initial funding with a trusted escrow. That is all.

Skycoin was announced Dec 21, 2013 and they haven't asked for an IPO yet. Visacoin modeled their scam after this (Visa came after this)
I'm 99% they will be showing investors all their work and proof.

Skycoin seems like the last, safe investment the bitcointalk community will ever see.

I'll be investing in this project, even if it could be a scam. Skycoin has my trust. That's a lot coming from my attitude on all IPO threads.

Reminds me... why not multi-sig transactions? Perfect application of escrow capability.

Non-mined altcoins are like stock in a corporation. A few people start with all the stock and these people sell it off and it becomes more widely distributed. Employees and key contributors get stock. The public buys the stock from employees and the founders.

Companies are about product and it matters what the company produces and does more than who owns the company. Crytocoins however are about community instead of being about product. If early founders hoard as many coins as they could get away with, then it will hamper user growth of a community based coin. That is the lesson of Ripple.

Skycoin needs a driver that will acquire hundreds of millions of users. Having the best coin is not good enough. From the beginning Skycoin was aimed at a number one position. Bitcoin is niche and the challenge of any new coins is not to become the next Litecoin, but how to surpass Bitcoin in terms of adaption.

If you dont have a strategy for surpassing Bitcoin, then the coin should be positioned to take over if/when Bitcoin is destroyed by internal/external forces. If the coin does neither, then its a pump and dump, or at best an inspiration for the successor to Bitcoin.

To succeed Skycoin must be radically different and more intentional than previous coins. Skycoin must achieve a level of necessity that Bitcoin has been unable to achieve.

[karasako]

+1

[psybits]

Good to see you're making progress with your coin.

I'm following closely.

[superresistant]

This stuff has potential. Watching...

EDIT : I would like to participate actively in the alpha.
I would like to contribute : I am very good at promoting and explaining things to noobs.
I also have some devs friends that could have a look at the code.

[r0ach]

No devopment skycoin's should be created without a vote by skcoin stakeholders.

Just read a little about Invictus, Memorycoin, and Freetrade to see why voting for anything seems to turn into a disaster with cryptocoins.  Combine any system of premine + voting, and it gets even worse.