Silkcoin - *self-moderated* - Discussion thread about the Silkcoin eco-system

[kalisto]

It indicates "mined\staked" on the transaction in the wallet. Is the Wallet actually mining the coin, or just staking the block for which the coin was already mined? I have no clue about how mining really works other than ya get yourself a GPU rig, set up your cgminer, join a pool and hope for the best --ducking your head from the ASIC's. I just don't want my desktop mining coins lol. Man I feel like such a noob lol - but I am sure the wallet does not have a built in miner, I mean that would be to difficult, right?

Mining goes in case of PoS by the network weight you deliver when your wallet is online and unlocked for staking. So basicly the wallet is the miner indeed and your total coins reflect your power on the network. You can compare it with solo mining because this is basicly what PoS does. The more weight (coin balance) you deliver to the network the more blocks you will find. Compare this with hashrate, the more hashrate you deliver with PoW the more change you have finding a block (in case of solo mining). PoS is a green solution because it doesnt cost you extra electricity or cpu power.

Also when you see mined/staked coins in your transaction list the coin is already mined but need to mature 360 blocks before its spendable (try hovering the clock icon next to the transcation to see how far it is). This is build in for security so you cannot spend the coins directly. Ever heard of orphan blocks? By the time the mined coins are mature the network also knows for 100% those coins are real and no double spend is possible.

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[BadAss.Sx]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

[WhiteNotWright]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Yeah, it never seemed like the fans where kicking on or anything, so just me being silly.

[WhiteNotWright]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blochcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined. 

OK, so I am basically the guy that does a site survey before people come out with their bulldozers and start tearing up the place. Got it.

[WhiteNotWright]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined. 


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined. 


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

I didn't see your last comment. Thanks for your sympathy. I can assure you there are greater forces at work here and do appreciate your explanations!

[kalisto]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blochcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined. 

OK, so I am basically the guy that does a site survey before people come out with their bulldozers and start tearing up the place. Got it.

Everything depends on what you have in your wallet. The rule is you get 2% of your coins, it doesnt matter if you have 10 coins or 1 million

[BadAss.Sx]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blockcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined. 


It really hurts me you all invested in a coin but you dont know exactly in what you invested.

Dude, i am just replying to WhiteNotWright lol. Hmm i see whats the problem...it has to be cpu instead of pc. So it has to be:

I can assure you that your cpu is not mining. My imac is not using more power then normal the last few days.

[WhiteNotWright]

I can assure you that your pc is not mining. My imac is not using more power then normal the last few days.

Ofcourse your pc/wallet is mining but not in the traditional way of PoW. PoS is a green solution that doesnt cost extra power but the blochcain has to keep going so new blocks are mined by using your stake. How else can the blockchain live on if there are no new blocks mined.  

OK, so I am basically the guy that does a site survey before people come out with their bulldozers and start tearing up the place. Got it.

Everything depends on what you have in your wallet. The rule is you get 2% of your coins, it doesnt matter if you have 10 coins or 1 million

I am keeping some in the wallet and some on the exchange, but 2% on 100K is a lot more than 2% on 10K so I can see that. Having the coins in the wallet also prevent you from having to panic sell, so that should be good for the weak hands.

[WhiteNotWright]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

[Jacqul]

I would like to summarize the criticism as far as I have seen it:



1. B instead of S as first letter.

Silkcoin has responded and said it is something that does not really matter and that they did not feel warrants so much attention or concern.
Cryptodevil has said that he worries this means that there are bigger problems that are overlooked.

My take on it:
Silkcoin team have been focused on the bigger picture and ignoring some details (some spelling and grammar in the wallet also) and I can see the B thing slipping in.
I have warned them that the devil is in the details and that people will respond with concern like Cryptodevil did.
I also submitted an edited version of some of the info included in the wallet.
This they implemented in the next update. This acceptance of feedback and response to the community was very much appreciated.

An actual error did appear in one of the earlier wallet updates (having to do with block number causing a crash in wallet) this was immediately responded to and fixed by the team.



2. The White Paper.

Various people have been unhappy with the layout of the white paper and that it did not seem to come from someone used to writing them.
Silkcoin has responded and said that this is in fact true, they are not used to writing documents like these. There was also time pressure and they wanted to deliver the outline of the plan with the ecosystem. An updated version is promised.

My take on it:
This is also in keeping with (1), the dev team is working on the bigger picture and letting things that seem inconsequential slide by. Unfortunately for people who do not understand the technical vision, all they have to go on is the impression of professionalism that is given by fancy websites and flawless papers.
I prefer that they delivered a white paper as promised rather than delayed it to polish it.
I feel it contained the ideas as they said it would.

Nobody has yet really delivered any negative comment on the actual content.



3. Silkcoin wallet is based on Blackcoin.

Silkcoin team have said this is true.

My take:
Who cares? Everything is based on other things. Blackcoin is based on Bitcoin etc etc etc.
If you see how many other wallets are now copying SC wallet and how accepting the devs are of that fact
(and confident that SC will stay ahead because of ongoing innovation),
then you realize that they are happy with open source, using and referencing other wallets and ideas.

Of note: cryptodevil was worried that the B/S substitution happened directly because of this fact in contrast to the response from the dev
Cryptodevil also says he was asked to stop posting negative things in the thread. (Please see the next point.)



4. The FUDstorm

There is convincing evidence that MEGAman/fat mike/gorilla jam posters are part of a group or sockpuppets of an account
that is delivering on a promise to derail the SC thread after failing to extort 0.5 BTC from the dev team.  
The dev team has responded calmly and carried on, which inspires confidence.
The concern is always that trolls manage to derail or anger the dev team enough that they withdraw,
this has happily not happened and in my opinion is why you need a team of dev rather than just one dev.

A new community self moderated thread has risen in response to the extortionFUD but there are problems with that as well.
Unfortunately the side effect of serious trolling is that it galvanizes the community and creates mindless yes-men who want to protect their investment.
This is not always positive and we need to be vigilant to this. Too much hype can kill something as effectively as too much FUD.

My take on it:
SC dev team have managed this as well as possible.
The problem is now that with the extortion, everyone is sensitized to criticism and wonder if negative comments are part of the same team.
Hopefully responses can be tailored to specific criticism (as in the Cryptodevil case) and not all criticism criticized for being critical.



5. The 4.5% premine

Initial premine was planned at 2% but there was lot of early pressure from community to halve the second POW payout and so give earlier investors more incentive.
The payout was halved, so dropping the total number of coins created and hence raising the % of premine.
There has been some in community asking for premine to be destroyed and some strong reactions against this.

The obvious concern with the premine is that devs could desert the initiative and sell off their share and so crash the price.
It is obvious that a lot of work has already gone into creating this coin and that a lot more work is planned.
I for one would hope that devs become rich from this venture but only after enriching the world by delivering innovation and creation.
The addresses containing the premine is public and movement of the funds can be watched.

My take:
I see a need for a dev fund. I don't see fundamental difference between 2% and 4.5%.
I hope the devs also bought or mined lots of SC on top of that fund.



TLDR:

Valid criticism to dev attention to detail but important things have always worked or been fixed immediately.
Some details have not worried the dev team but it does worry some in the community. (Community participation can help to fix details.)
There is ample evidence of dev team competency, just look at the wallet and the fact that others are now copying SC wallet.
There is a vision contained in white paper that could change wallet functionality.


Disclaimer:
I own some SC but not enough that I will be able to retire if it is $10 per SC.
(I plan to keep all of them until I can used them without turning into anything else.)
I am bullish on SC and think that it will increase in price.

Copied over from ANN thread.

[daywalkerneo]

silkcoin is a failed coin.

[criptix]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie

but kalisto has a point, you/everyone really should inform yourself before investing
especially when you wanna invest in altcoins

[bluepixie]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie

but kalisto has a point, you/everyone really should inform yourself before investing
especially when you wanna invest in altcoins

Asking questions is how you learn. This is a perfect place to ask questions. My suggestion to evryone is READ READ READ 
I started mining and investing in altcoins in DEC and I had to figure it all out on my own.  Since then I have built 3 mining RIGs and I love it.  But a guy has to start somewhere. Silkcoin is a good place to start. IMHO

[WhiteNotWright]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie

but kalisto has a point, you/everyone really should inform yourself before investing
especially when you wanna invest in altcoins

Asking questions is how you learn. This is a perfect place to ask questions. My suggestion to evryone is READ READ READ 
I started mining and investing in altcoins in DEC and I had to figure it all out on my own.  Since then I have built 3 mining RIGs and I love it.  But a guy has to start somewhere. Silkcoin is a good place to start. IMHO

Just to be clear, I have been investing in bitcoin before the bubble and litecoin since the first of January, so I am not too new, but not too versed in some of the 200+ copy cat alt coins that exist today. I have made a lot of money trading cinni pumps, black pumps and drk pumps. Lost a little on white coin, so I am pretty well versed in how things work trading to make profit. I do a risks analysis in everything I do, so trust me when I say I ensure at the end of the day, I bring it home. I don't understand the mining that well PoW or PoS, but have been reading up and continue to scan the market for trends. Unfortunately, from a pure merchant perspective, it would appear bitcoin and litecoin are still sitting center-stage. Can't wait to play with the eco-system beta to learn more. Thanks for all the answers, it does give me additional perspectives of the facts.

[WhiteNotWright]

Silkcoined @Silkcoined  ·  Jun 21
Update  -Going Offline here Soon-

bu-Bye

[h0lybyte]

Is there any business plan and for the devs, how long would it take for them to build an API (similar to ReddAPI and DogeAPI?)!

Thanks

I can offer services:

- Faucets
- Dice/Gambling
- Escrow

and various others for you silkcoin! Let me know if you have any interest.

[judgecrypto]

Is there any business plan and for the devs, how long would it take for them to build an API (similar to ReddAPI and DogeAPI?)!

Thanks

I can offer services:

- Faucets
- Dice/Gambling
- Escrow

and various others for you silkcoin! Let me know if you have any interest.

I forwarded your message to the devs

[bluepixie]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie

but kalisto has a point, you/everyone really should inform yourself before investing
especially when you wanna invest in altcoins

Asking questions is how you learn. This is a perfect place to ask questions. My suggestion to evryone is READ READ READ 
I started mining and investing in altcoins in DEC and I had to figure it all out on my own.  Since then I have built 3 mining RIGs and I love it.  But a guy has to start somewhere. Silkcoin is a good place to start. IMHO

Just to be clear, I have been investing in bitcoin before the bubble and litecoin since the first of January, so I am not too new, but not too versed in some of the 200+ copy cat alt coins that exist today. I have made a lot of money trading cinni pumps, black pumps and drk pumps. Lost a little on white coin, so I am pretty well versed in how things work trading to make profit. I do a risks analysis in everything I do, so trust me when I say I ensure at the end of the day, I bring it home. I don't understand the mining that well PoW or PoS, but have been reading up and continue to scan the market for trends. Unfortunately, from a pure merchant perspective, it would appear bitcoin and litecoin are still sitting center-stage. Can't wait to play with the eco-system beta to learn more. Thanks for all the answers, it does give me additional perspectives of the facts.

Sounds like we  are the ones that should be asking the question.
Investment club sounds pretty cool. This sounds very interesting.

[WhiteNotWright]

I have a feeling my wallet questions and quotes and responses are getting certain responses and replies to question off course.

I shall conclude this series in the topic of staking --and only request the DEV(s) in their spare time, provide a link to the FAQ.

Much appreciate your responses. I have an investment club I speak with on occasion. I would like to present them something, but will not do it looking like an idiot, which at this point, I am a little less of an idiot in my investment (obviously investing in something I know little about). I am never rude, however...

nothing to be ashamed of, everyone started as a newbie

but kalisto has a point, you/everyone really should inform yourself before investing
especially when you wanna invest in altcoins

Asking questions is how you learn. This is a perfect place to ask questions. My suggestion to evryone is READ READ READ 
I started mining and investing in altcoins in DEC and I had to figure it all out on my own.  Since then I have built 3 mining RIGs and I love it.  But a guy has to start somewhere. Silkcoin is a good place to start. IMHO

Just to be clear, I have been investing in bitcoin before the bubble and litecoin since the first of January, so I am not too new, but not too versed in some of the 200+ copy cat alt coins that exist today. I have made a lot of money trading cinni pumps, black pumps and drk pumps. Lost a little on white coin, so I am pretty well versed in how things work trading to make profit. I do a risks analysis in everything I do, so trust me when I say I ensure at the end of the day, I bring it home. I don't understand the mining that well PoW or PoS, but have been reading up and continue to scan the market for trends. Unfortunately, from a pure merchant perspective, it would appear bitcoin and litecoin are still sitting center-stage. Can't wait to play with the eco-system beta to learn more. Thanks for all the answers, it does give me additional perspectives of the facts.

Sounds like we  are the ones that should be asking the question.
Investment club sounds pretty cool. This sounds very interesting.

Just a bunch of fellows looking to move money from some stocks into crypto as there are more immediate returns.

[Jacqul]

So you have to ask yourself.  What is Silk coin doing that is creating UTILITY?  What is it doing that other coins are not doing?  

And.... What is Silkcoin NOT doing that other coins are doing?

- BIP 0021 "URI Scheme" to enable payments by clicking on link or scanning QR code
- BIP 0070 "Payment Protocol" for better communication between merchant & customer

As a web developer in the finance industry, I see these 2 BIPs as vital for any crypto currency that wants to have merchant services built upon it.

I really hope the devs will continue by building great core functionality on top of the great looking wallet.

As far as objectives go, I would hope to see....

1. - Core update...

then...

2. - SC Eco-System updates.

Alot of thought & work, from alot of smart people, went into the Bitcoin Core update... Running on anything less makes no sense.
The new Core code is MUCH more suitable for online merchant services & offers MUCH improved usability.
Once this updated core functionality is available, Silkcoin would be much more attractive to web developers.

In this way the SC devs could focus on improving wallet functionality at the same time as web devs build external functionality.

That is my opinion, as a senior web developer in the financial sector.

Quoted to increase chance of dev notice.
Thanks FredDag.