[ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS

[karudea]

Seeing the price of this coin drop like this is very painful.. We need another huge update ASAP to get this coin back on its feet, but as long as dev is active and community still active then price will rise guaranteed in the near future.

Dude update tomorrow, White paper friday. How can you ask for more?

[WhiteNotWright]

I find this coin interesting from a creative perspective although I'm not sure why other than the slick website and clear market momentum.  If I may ask a moronic Monday question about POS.  How is POS any different from a instamined scam coin if the POW stage ends so quickly that the distribution is definitely consolidated to a bunch of greedy SOBs?

SilkCoin had 2 PoW phases to ensure that there was a good distribution of the coins. The first PoW phase was pre-announced, allowing miners enough time to regroup their resources to mine SilkCoin. After the initial PoW phase there was a one month phase of full PoS.

This month long PoS phase allowed us time to build a proper foundation for SilkCoin before the second PoW phase and hence SilkCoin had grown a lot more popular and had garnered a lot more attention and visibility than in the first PoW phase.

This meant that there were far more miners in the second PoW phase leading to better distribution of the coin supply. Evidence as to the distribution can be found here : http://explorer.silk-coin.com/richlist/ where you can see how well distributed SC is.

OK just being the devils advocate here yes the distribution is fairly even according to that list but just 403 wallets.  Is that all the interest ATM in creative and slick alt coins with clear technical prowess behind them.  I would think the bare minimum number to find at leaat 2000 unique and verified individual wallets to be called fairly distributed in my book, but I guess I may be a overly optimistic type person.

I dont know if there are really just 403 Wallets but you have to see that Silkcoin is listed on the 4 biggest exchanges (Mintpal,Cryptsy,Poloniex,Bittrex) and most people leave their Coins in the exchanges.
two reasons could be: Small amount of Coins, so staking wouldnt pay out OR someone is using mobile devices/ no stationary Computer.

OK, if I may from an average Joe perspective ask a question about staking. Should I have a wallet with some coins on it and left open? Does that earn me more coins? How many should I have in the wallet to be getting more and more coins? I know I should have coin distributed, which I do across two sites and possible three with cryptsy, but apparently I am one of those folks that is not doing something with the wallet that could earn me more. Is there a document that explains this to the normal investor? I seriously thought staking the coin and the who POW and POS was just for miners. This may ultimately be the confussion in the wallet numbers if there are more "typical" folks like me that are dipping into this with others...

Lots of questions there.

To get the benefits of staking you need to have your wallet open (but encrypted) - it needs to be running as a proper node on the network. Wallets that are not supporting the network do not benefit from staking. Wallets on mobile devices or web wallets don't stake. The amount of coins you get is governed by how many coins you have in the wallet, and how long they have been there. So the more coins you own, the more you get; that is why it is called Proof-of-Stake.

If you keep your coins in an exchange then you don't get the benefits of staking. The exchanges either disable it (because of the administrative nightmare), or keep it themselves, I think one exchange has said publicly that it gives the benefits to the 'real' owner. Ask your exchange what their policy is.

I hope you know that coins kept on an exchange are not secure, they can be hacked, or the exchange can close with no warning, or the exchange can be running a fraud.

Excellent answers. About the coins on the exchange, kind of bittersweet. I like to trade, and most of the time that take a great volume of coin and well, it needs to exist on the exchange. I do like the concept of being part of the network and getting additional benefits from having the wallet local. Sounds like I need to get the wallet and read through some of the post on getting that working. Perhaps I will just need to buy some additional for the local and staking. What I feel most is having my local wallet lost, hacked or damaged. For the most part, I have most in btc in multiple accounts. I am dipping my toe into more alts, especially this one. So much to learn in this space.

[jordant]

Seeing the price of this coin drop like this is very painful.. We need another huge update ASAP to get this coin back on its feet, but as long as dev is active and community still active then price will rise guaranteed in the near future.

Dude update tomorrow, White paper friday. How can you ask for more?

What update is coming tomorrow?

[Wulfcastle]

Seeing the price of this coin drop like this is very painful.. We need another huge update ASAP to get this coin back on its feet, but as long as dev is active and community still active then price will rise guaranteed in the near future.

Dude update tomorrow, White paper friday. How can you ask for more?

What update is coming tomorrow?

A wallet update is coming out tomorrow

[karudea]

Seeing the price of this coin drop like this is very painful.. We need another huge update ASAP to get this coin back on its feet, but as long as dev is active and community still active then price will rise guaranteed in the near future.

Dude update tomorrow, White paper friday. How can you ask for more?

What update is coming tomorrow?

A wallet update is coming out tomorrow

You've been served.

[BBmodBB]

S I L K C O I N = i'm going to see what we can do to get on board with these guys, looks like we have a very good opportunity to gain mainstream adoption!

 

https://www.gocoin.com/sales_deck

[2941digger]

can anyone tell me what it means that my coins will be stuck while staking? stuck for how long? governed by what factors?

thanks. I'm sure it's here in the thread, but it's a very long thread

[soltantgris]

No spoiler intended. But there is rumors that the new wallet will allow us to shave ourselves, to clean up the house and to build a better world.

[karudea]

We need a rise of the price to give back confidence to whom has been trolled by FUD.
I know that SIlk is solid, but everyone needs to be aware oh this.

[karudea]

No spoiler intended. But there is rumors that the new wallet will allow us to shave ourselves, to clean up the house and to build a better world.

One download = 1 duckling or babby rabbit saved !

[Quantum12]

No spoiler intended. But there is rumors that the new wallet will allow us to shave ourselves, to clean up the house and to build a better world.

who the hell leaked this info???

omg well secrets out i guess

Q

[soltantgris]

We need a rise of the price to give back confidence to whom has been trolled by FUD.
I know that SIlk is solid, but everyone needs to be aware oh this.

The price is ok imo. Buy it, sell it, price will take care of itself as long as devs deliver, and to date they are doing fine. Price Will follow.

[socal]

lol good thing nobody has found out that SC can cure cancer, or else price would be through the roof....uh oh did I just leak that?

[karudea]

We need a rise of the price to give back confidence to whom has been trolled by FUD.
I know that SIlk is solid, but everyone needs to be aware oh this.

The price is ok imo. Buy it, sell it, price will take care of itself as long as devs deliver, and to date they are doing fine. Price Will follow.

Price is waaaaay undervaluated right now. IMO, a descent price would be above 10k sat

[Senth]

The web site needs a update with list of Exchanges and silkcoin development progress.

[karudea]

The web site needs a update with list of Exchanges and silkcoin development progress.

They are supposed to do so, but they stated that it wasn't a priority as they were developping the eco system, developping the wallet updates, making the white paper... And they were also busy marketing with operation shock and awe.

So for everyone saying that this coin is a scam, just take a look at the awesome work devs are doing everyday since the very beggining.

But this is a fair statement, website needs an update = )

[CryptoGuy]

My only regret was not holding out for a lower price to buy back in. 

[soltantgris]

We need a rise of the price to give back confidence to whom has been trolled by FUD.
I know that SIlk is solid, but everyone needs to be aware oh this.

The price is ok imo. Buy it, sell it, price will take care of itself as long as devs deliver, and to date they are doing fine. Price Will follow.

Price is waaaaay undervaluated right now. IMO, a descent price would be above 10k sat

I meant that the price is not that important.  If the coin is well developped, then well promoted, price will follow.  Then, actually, if you think SC "need a rise of the price", it's probably because you bought it at a higher price point and I understand your "sense of urgency".  But fake price increase dosnt help a currency at all.  Patience Padawan, Patience.

[mistercoin]

The silkcoin wallet suddenly wont load on win 8.1 anymore

[Wulfcastle]

The silkcoin wallet suddenly wont load on win 8.1 anymore

Is an error message being displayed or is it simply not loading anymore?