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

[tequillaquagga]

Because different blockchains require different currencies. You cannot transfer a coin from one blockchain to another, this would break the security of the blockchain afaik.

Master blockchain can contain info about currency and actions from other chains, this other chains can manipulate only data (profiles, goods etc), not a coins. Is it really?

[kalisto]

Because different blockchains require different currencies. You cannot transfer a coin from one blockchain to another, this would break the security of the blockchain afaik.

Master blockchain can contain info about currency and actions from other chains, this other chains can manipulate only data (profiles, goods etc), not a coins. Is it really?

It will bloat the blockchain if you record everything from other chains. After a few years you will have a blockchain of a few terrabytes. Not a smart thing imo

[tequillaquagga]

Because different blockchains require different currencies. You cannot transfer a coin from one blockchain to another, this would break the security of the blockchain afaik.

Master blockchain can contain info about currency and actions from other chains, this other chains can manipulate only data (profiles, goods etc), not a coins. Is it really?

It will bloat the blockchain if you record everything from other chains. After a few years you will have a blockchain of a few terrabytes. Not a smart thing imo

Okay. You're right.
How about all this external chains for services will have own currency.
SilkCoin_Marketplace
SilkCoin_Social
SilkCoin_Everything
But main block chain will know exchange rate for this currencies?
So in whole system will be on currency SilkCoin, those SilkCoin_* will be internal, not for user and will be handled by program?

Maybe it causes trouble with amounts... I don't know how to fix this. Bad idea

[kalisto]

Is it possible with Silkcoin to possibly implement merge mining and then utilize the other coins for different pieces of functionality? Would be cool to have Merge Staking for example a new coin for Silkcoin Eco-System that handles part of the eco-system and maybe name it SilkEco. Or let SilkEco have a short PoW to get coins in circulation then have it able to be staked in the same wallet as SilkCoin.

Just spit balling here

Whats the purpose of having merged mining on staking when a open wallet with coins is enough to protect the network? Like mentioned in the white paper it is possible to fit everything into one coin but after a few years you will need terrabytes of storage to have all data available. If you want something like that i propose you to read about maidsafe or bitcloud. Design wise they made the decision to keep the network as smooth as silk to only focus on the social exchange implemenation.

It would be better to start a discussion about the difference in running a full node and a simple client. I would be interested if there is some sort of reward by running a full node on the network. A full node uses resources and is not free, for this we need to have proper bandwidth, fast access times, storage and 24/7 availability. This is not something you run from your desktop computer.

[tequillaquagga]

I'd like to see any thoughts is it good idea or not. I like decentralized things. Will be very cool have such.
Hope someone with more knowledge about blockchain can come up with idea how we can do that.

Thanks

[judgecrypto]

How about all this external chains for services will have own currency.
SilkCoin_Marketplace
SilkCoin_Social
SilkCoin_Everything
But main block chain will know exchange rate for this currencies?
So in whole system will be on currency SilkCoin, those SilkCoin_* will be internal, not for user and will be handled by program?

Maybe it causes trouble with amounts... I don't know how to fix this. Bad idea

For what i understand the system will look like this:

The current white paper describes the eco system as a social marketplace where user authentication is embedded into the blockchain and all data willbe available on the p2p swarm network. The authentication stored in the blockchain and combination with your public key gives you access to the encrypted data on the the swarm network. The swarm network contains the social exchange network where users can make a profile, post ads (of anything available), send secure messages and get connected to "friends". A reputation system willbe build in so after time you will see who are trusted on the network and who not. The currency on this network for services etc is Silkcoin indeed. Everything stays inside the blockchain swarm p2p cloud. So to answer your question, we will have a social marketplace where you can post everything uncensored

edit.

As addition i guess the ads you post for services / products contain a dollar value and based on the current exchange rate it willbe converted into Silkcoin. So we only need Silkcoin in this system and no additional crypto currencies based on SC.

The decentralized unfiltered marketplace would decouple the price of Silk to Bitcoin as Silk would be the transacted currency.

[WhiteNotWright]

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

Exchange tend to lock the wallets and not stake the coins , if someone wanted to withdraw and the coins were staked.. whoops.

I guess I am not that smart. Could you please explain what you just said in a little more detail please lol

[WhiteNotWright]

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

So, this is about 21 coins for a month, correct? Am I looking at the numbers wrong lol. I can make that off a few simple trades. I must be missing something.
I have 21k SC in my wallet and staking and this is what I received during the 21st of June

0.24876628
0.31299759
0.24131917
0.21016178
0.33988384
0.21129096
0.20161951
0.2149805
0.03586658
0.38576166
0.37126026
0.14204264


I think that is a pretty decent amount

[judgecrypto]

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

Exchange tend to lock the wallets and not stake the coins , if someone wanted to withdraw and the coins were staked.. whoops.

I guess I am not that smart. Could you please explain what you just said in a little more detail please lol

Someone can correct me if I am wrong but when you stake coins they go into a special state.  You can't even send them anywhere for the stake time.  So if an exchange stakes the coins they would be unable to support withdraws.  That is why there is a reserve amount you can set in the wallet so not all your coins stake.  Then you can have them always available.  It is not a long term thing as they would be freed up after the stake period.

[WhiteNotWright]

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

OK, that is an honest answer. I suppose I will keep half and half and that should make the world a little more balanced. Thanks!

Effective you get 2% as yearly interest so on 10K worth of coins you get 200 coins per year because of staking (if you keep them in your wallet for staking ofcourse). Block reward on staking depends because of your network weight against the total network weight. So sometimes you get a small reward other times you get a bigger reward but in the end you will get 2% per year. If you increase your stack to 100K coins you would still get 2% so this means 2000 coins per year. After a few weeks of staking you would see that your balance will split in more stake blocks so you will get more often a block. Also by keeping coins in your wallet you protect the network because the network is secured by pure PoS. Keeping all your coins on a exchange dont help to make the network stronger. Also exchanges dont stake because of security issues.

[WhiteNotWright]

So I tried a little staking on about 10K worth of coins. After about 3 or 4 days, it deposited 0.1 of a SC.  So is that it? One coin on 10K? If I wait another 3 or 4 days will it produce another coin? How will increasing my stake to about 100K coins help? I know there is the age compute as well. Just trying to get a good handle on this PoS and why I would keep funds in the wallet and not on the exchange doing work for me within the trading pool.

Exchange tend to lock the wallets and not stake the coins , if someone wanted to withdraw and the coins were staked.. whoops.

I guess I am not that smart. Could you please explain what you just said in a little more detail please lol

Someone can correct me if I am wrong but when you stake coins they go into a special state.  You can't even send them anywhere for the stake time.  So if an exchange stakes the coins they would be unable to support withdraws.  That is why there is a reserve amount you can set in the wallet so not all your coins stake.  Then you can have them always available.  It is not a long term thing as they would be freed up after the stake period.

I understand not being able to stake at the exchange, someone told me before that technically it can be done, and the exchange either stakes and keeps or they don't. You make a good point however in that after the coins are staked, can you send them back to the exchange to be traded? This area is a little grey with me as well. There needs to be a FAQ on this somewhere. Bet I am not the only noob in PoS wondering about these variables.

[kalisto]

How about all this external chains for services will have own currency.
SilkCoin_Marketplace
SilkCoin_Social
SilkCoin_Everything
But main block chain will know exchange rate for this currencies?
So in whole system will be on currency SilkCoin, those SilkCoin_* will be internal, not for user and will be handled by program?

Maybe it causes trouble with amounts... I don't know how to fix this. Bad idea

For what i understand the system will look like this:

The current white paper describes the eco system as a social marketplace where user authentication is embedded into the blockchain and all data willbe available on the p2p swarm network. The authentication stored in the blockchain and combination with your public key gives you access to the encrypted data on the the swarm network. The swarm network contains the social exchange network where users can make a profile, post ads (of anything available), send secure messages and get connected to "friends". A reputation system willbe build in so after time you will see who are trusted on the network and who not. The currency on this network for services etc is Silkcoin indeed. Everything stays inside the blockchain swarm p2p cloud. So to answer your question, we will have a social marketplace where you can post everything uncensored

edit.

As addition i guess the ads you post for services / products contain a dollar value and based on the current exchange rate it willbe converted into Silkcoin. So we only need Silkcoin in this system and no additional crypto currencies based on SC.

The decentralized unfiltered marketplace would decouple the price of Silk to Bitcoin as Silk would be the transacted currency.

So if you want to sell your mining rig and you have a $$$ price in mind you have to convert it yourself into the current BTC/SC price and hope when you sell your rig the coin value is still at the same $$$ level ? Nobody wants to sell their fysical products on a system based like that.. If the value of SC collapses everybody would start buying cheap products from the marketplace and no vendors would come back to the system if they are making losses on their products..

[judgecrypto]

How about all this external chains for services will have own currency.
SilkCoin_Marketplace
SilkCoin_Social
SilkCoin_Everything
But main block chain will know exchange rate for this currencies?
So in whole system will be on currency SilkCoin, those SilkCoin_* will be internal, not for user and will be handled by program?

Maybe it causes trouble with amounts... I don't know how to fix this. Bad idea

For what i understand the system will look like this:

The current white paper describes the eco system as a social marketplace where user authentication is embedded into the blockchain and all data willbe available on the p2p swarm network. The authentication stored in the blockchain and combination with your public key gives you access to the encrypted data on the the swarm network. The swarm network contains the social exchange network where users can make a profile, post ads (of anything available), send secure messages and get connected to "friends". A reputation system willbe build in so after time you will see who are trusted on the network and who not. The currency on this network for services etc is Silkcoin indeed. Everything stays inside the blockchain swarm p2p cloud. So to answer your question, we will have a social marketplace where you can post everything uncensored

edit.

As addition i guess the ads you post for services / products contain a dollar value and based on the current exchange rate it willbe converted into Silkcoin. So we only need Silkcoin in this system and no additional crypto currencies based on SC.

The decentralized unfiltered marketplace would decouple the price of Silk to Bitcoin as Silk would be the transacted currency.

So if you want to sell your mining rig and you have a $$$ price in mind you have to convert it yourself into the current BTC/SC price and hope when you sell your rig the coin value is still at the same $$$ level ? Nobody wants to sell their fysical products on a system based like that.. If the value of SC collapses everybody would start buying cheap products from the marketplace and no vendors would come back to the system if they are making losses on their products..

My thought is that it never gets converted to SC.  The entire transaction would be SC.  Once the marketplace grows there will be less and less reliance on Bitcoin.  As silk coin grows in popularity it can eventually be the reserve currency and spendable currency like Bitcoin is now.

[WhiteNotWright]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

[kalisto]

How about all this external chains for services will have own currency.
SilkCoin_Marketplace
SilkCoin_Social
SilkCoin_Everything
But main block chain will know exchange rate for this currencies?
So in whole system will be on currency SilkCoin, those SilkCoin_* will be internal, not for user and will be handled by program?

Maybe it causes trouble with amounts... I don't know how to fix this. Bad idea

For what i understand the system will look like this:

The current white paper describes the eco system as a social marketplace where user authentication is embedded into the blockchain and all data willbe available on the p2p swarm network. The authentication stored in the blockchain and combination with your public key gives you access to the encrypted data on the the swarm network. The swarm network contains the social exchange network where users can make a profile, post ads (of anything available), send secure messages and get connected to "friends". A reputation system willbe build in so after time you will see who are trusted on the network and who not. The currency on this network for services etc is Silkcoin indeed. Everything stays inside the blockchain swarm p2p cloud. So to answer your question, we will have a social marketplace where you can post everything uncensored

edit.

As addition i guess the ads you post for services / products contain a dollar value and based on the current exchange rate it willbe converted into Silkcoin. So we only need Silkcoin in this system and no additional crypto currencies based on SC.

The decentralized unfiltered marketplace would decouple the price of Silk to Bitcoin as Silk would be the transacted currency.

So if you want to sell your mining rig and you have a $$$ price in mind you have to convert it yourself into the current BTC/SC price and hope when you sell your rig the coin value is still at the same $$$ level ? Nobody wants to sell their fysical products on a system based like that.. If the value of SC collapses everybody would start buying cheap products from the marketplace and no vendors would come back to the system if they are making losses on their products..

My thought is that it never gets converted to SC.  The entire transaction would be SC.  Once the marketplace grows there will be less and less reliance on Bitcoin.  As silk coin grows in popularity it can eventually be the reserve currency and spendable currency like Bitcoin is now.

Yes true that the entire transaction is in SC but it has to represent a current fiat value. This is especially important if the price is not stable like last week. Im not gonna offer products on the marketplace if the SC value is not dynamicly adjusted to a real life fiat value. Anyway it shouldn't be a problem because the devs have already integrated the current $$$ value of SC on the market data tab.

[judgecrypto]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

I think you have most of it.  I think the coins value really hinges on utility.  When the eco system with decentralized exchange hits that is a huge utility.

One good point about a small stake is that it creates low inflation.  In fact there will be less than 2% silk coins minted each year as many coins are not staked or are on exchanges.  So the ones you do stake become more valuable.

#5 try not to leave your coins on exchange... esp if you visit porn sites lol

Off topic: I went to the movies and they had a camel in one of the opening announcement vids.

[WhiteNotWright]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

I think you have most of it.  I think the coins value really hinges on utility.  When the eco system with decentralized exchange hits that is a huge utility.

One good point about a small stake is that it creates low inflation.  In fact there will be less than 2% silk coins minted each year as many coins are not staked or are on exchanges.  So the ones you do stake become more valuable.

#5 try not to leave your coins on exchange... esp if you visit porn sites lol

Off topic: I went to the movies and they had a camel in one of the opening announcement vids.

OK, this statement make me sit up and take notice. Especially when these coins become worth a lot more in monetary value (as opposed to utility, but I understand that position as well --it's really the nexus of the coin).

"One good point about a small stake is that it creates low inflation.  In fact there will be less than 2% silk coins minted each year as many coins are not staked or are on exchanges.  So the ones you do stake become more valuable."

[kalisto]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

Yup mostly. Some extra info below:

1). The 2% is a good thing imo, if you have a high interest this means more coins are generated and more coins offered on the market means lower value.
2). A few months ago there was a exchange that did this, the exchange got bugged because of the balance system the PoS caused and people started exploiting it. The exchange is not here anymore and a lot of people lost money on that incident so security wise its absolutly a no go.
3). The bitcoin network gets its strength through Asics etc that deliver PoW. The more miners connected the more decentralised and secure the network is (pools are not good for a decentralised network btw but it makes finding blocks easier). The same is for PoS. Ever heard of a 51% attack? The same can happen on a PoS network so its important the network is getting protected by as many as possible online wallets with a proper ammount of coins.
4) Earn more real life value by keeping coins of exchanges so the scarcity on exchanges is bigger (supply and demand)
5) Dont forget to backup your wallet.dat  
6) True

[WhiteNotWright]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

Yup mostly. Some extra info below:

1). The 2% is a good thing imo, if you have a high interest this means more coins are generated and more coins offered on the market means lower value.
2). A few months ago there was a exchange that did this, the exchange got bugged because of the balance system the PoS caused and people started exploiting it. The exchange is not here anymore and a lot of people lost money on that incident so security wise its absolutly a no go.
3). The bitcoin network gets its strength through Asics etc that deliver PoW. The more miners connected the more decentralised and secure the network is (pools are not good for a decentralised network btw but it makes finding blocks easier). The same is for PoS. Ever heard of a 51% attack? The same can happen on a PoS network so its important the network is getting protected by as many as possible online wallets with a proper ammount of coins.
4) Earn more real life value by keeping coins of exchanges so the scarcity on exchanges is bigger (supply and demand)
5) Dont forget to backup your wallet.dat 
6) True

OK - wallet is back up to the cloud -check and the thing on the PoS and 51% same deal - good info - supply and demand - makes sense.

I think the Camel is really a great brand identifier as well (Judge). One more thought (question) on the Wallet staking.

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?

[judgecrypto]

OK, so sorry to respond to all the answers on the PoS question. I think I understand now:

1) Wallet encrypted and open, stake your coins at 2% compounded yearly (not really a great return if you ask me)
2) No stake on exchange (although possible, could keep you from withdraw of your coins if stuck in stake --same could happen on local wallet)
3) Helps strengthen the network (whatever that means)
4) Earn more coins trading (maybe lose more as well) --so stake to keep market stable
5) Wallet is awesome place to store coins on local desktop, much safer than exchange (unless you visit porn sites)
6) Buying more coins helps the community while selling more coins hurts the community.

That about sums up the FAQ?

Yup mostly. Some extra info below:

1). The 2% is a good thing imo, if you have a high interest this means more coins are generated and more coins offered on the market means lower value.
2). A few months ago there was a exchange that did this, the exchange got bugged because of the balance system the PoS caused and people started exploiting it. The exchange is not here anymore and a lot of people lost money on that incident so security wise its absolutly a no go.
3). The bitcoin network gets its strength through Asics etc that deliver PoW. The more miners connected the more decentralised and secure the network is (pools are not good for a decentralised network btw but it makes finding blocks easier). The same is for PoS. Ever heard of a 51% attack? The same can happen on a PoS network so its important the network is getting protected by as many as possible online wallets with a proper ammount of coins.
4) Earn more real life value by keeping coins of exchanges so the scarcity on exchanges is bigger (supply and demand)
5) Dont forget to backup your wallet.dat 
6) True

OK - wallet is back up to the cloud -check and the thing on the PoS and 51% same deal - good info - supply and demand - makes sense.

I think the Camel is really a great brand identifier as well (Judge). One more thought (question) on the Wallet staking.

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?

I don't know exactly what it is doing in stake mode.  I did run a kill a watt power meter and I could not see any increased power draw in stake mode like when I mined regular coins.  If anyone has a good article on staking please share!