[ANN] [SC] SilkCoin - Takeover and Rebuilding Discussion/Proposal

[FredDag]

If anybody would like to update the major exchanges with that information for me, I would appreciate it (good to keep them in the loop and one less thing for me to worry about). I have been in this game a while and know several of the exchange operators so feel free to refer them to this thread if they have any doubts over the future of SilkCoin.

I have sent emails linking to this thread to Cryptsy, Poloniex, Mintpal & Bittrex. Sent from my mobile though, so not too detailed. Maybe someone else could followup with a detailed email.

[psychocoin]

So is it certain the old dev will hand over the 8BTC and the plan can go on?

It looks to me that bholzer is not relying on that weak promise. Crowdfunding seems a more reliable source.

[tequillaquagga]

So is it certain the old dev will hand over the 8BTC and the plan can go on?

It looks to me that bholzer is not relying on that weak promise. Crowdfunding seems a more reliable source.

Yes, but lets try to force Silkcoin to put this 8BTC to the escrow or give it to known by community person to do it.

[ontopicplease]

I wished I knew the ex-Dev was leaving..
I re-bought in at 4000 sats a few days ago & it crashed to 600 ish, could have gotten 6x more if I had waited 
now with a respectable Dev who knows what he is doing, the camel must go on! =D
I was literally panicking what to do last night but now I feel the community togetherness has strengthen the coin.
Panic no more =D

Btw guys you can follow
https://twitter.com/NetworkSilk

Its not related to the ex-Dev, I believe in this coin and the power it holds and hope to support it =)

Okay, follow you
https://twitter.com/NewWolong

[cindereynolds]

I just bought back in after dumping a few hours ago.

No guts no glory.

Faith restored.

[bluepixie]

This sounds awesome!!

[fat mike]

ok i am back on the camel, if it climbs back up to 2000 satoshis i have made my lost btc back and i'm a happy camper again 

[bluepixie]

I want to buy back into SC, but when is a good time?
Will prices fall further when bittrex opens up trading again?

For what it's worth I just picked up 250,000 on MintPal. Like bholzer said the cancer has been removed from this project now. I know you guys hate me so I will keep my presence to a minimum  

You were right about this coin.  Feel free to post all you want man. This may be the first time a coin comes back from the grave and profits

[ifxist]

This is exciting and amazing, I am definitely willing to donate 1 BTC to bholzer and this project.  Just tell me where to send it bholzer.

[coins4meh]

I'm not too familiar with bholzer, but from my understanding, bholzer is murraycoin's dev?

[Jacqul]

Hey Everyone.

This has been interesting but very disappointing.

Reasons for my optimism about Silkcoin:
Advertised as a team of full time developers, this seemed very attractive.
Wallet updates that seemed good and functional.
A future plan that was presented in the white paper.
Trading supported on Poloniex, to the extent of running a promotion with Oculus Rift as prize.
Trading across numerous exchanges, added to Mintpal very rapidly.

Danger signs:
Attention to detail.
Lack of transparency and poor communication.
The massive amount of FUD.
No response to technical questions in the thread.


People who have helped me with constructive feedback on the coin:
FredDag mentioned concern about the coin coding quite early.
BadAss I think also mentioned concern at some point regarding a core update.


Regarding the wallet:
I understand that it is based on an outdated version of BTC and has a problem with confirmations.
This has not been explained fully but fits in with the concerns about the underlying coin coding.
For me it is unexpected since everything seemed to work fine, including going from POS to POW etc.
Regardless of the actual problem, bholzer feels that it would be relatively easy to fix.

Regarding the whitepaper:
I have not heard any technical feedback on the proposed plans yet.
This is still an open question.

What happened according to developer:
Problems with the code and dev team imploded, sorry everyone.

What happened according to others:
Planned scam from the start, dev using smoke and mirrors.



What partially makes it difficult to navigate what is actually going on is the massive amount of FUD that has been present since the start.
Posts from Megaman and gorillajam have consistently called dev a scammer and/or associated with previous scams.
The reasoning has never been convincing enough for me to believe them and their method of delivery has always been in such a way that I am inclined to disbelieve them.

Reasons given have been similarities in graphics between some of Silkcoin and some other projects like Coinmart.
This similarity is indeed there but does not conclusively prove anything although it could suggest someone on the dev team does work with Coinmart.
There is also a "Duffman" reference that is lingering and suggests a link.

Another reason given was the alleged use of a voice actor for both this coin and another scam, hence implying it is done by the same people.
This was not convincing to me personally after listening to both and was disproved by someone (FredDag I think) by correspondence with the actor.
Even if it was the same actor that does not prove it conclusively either.

Further reason was the premine, which is something I have posted about enough so won't repeat myself again.

The problem is that all of these accusations are thrown haphazardly and without clear basis and with a very emotive tone.
This makes them effectively trolling, even if the poster believes it is the truth and even if they are trying to do good by posting it.
Megaman repeatedly urged people to sell coins, also at 7000sats. The problem is for someone to sell, someone else needs to buy.
Which means somebody is going to lose.

I don't believe the motives of the people who "predicted" this scam.
I don't think altruism was the real reason or they would've taken in consideration the people who were also buying at 7000sats, not just the ones selling.
The right way to stop this if they believed it a scam and had proof, was to alert and convince the exchanges.
Poloniex for one is implicit in this process since they listed early and encouraged it by running a promotion.
It is not enough to get people to "sell". You basically need to let people cut their loss and stop trading altogether.
Hence the trading should stop or never begin in the first place.
If they contacted the exchanges, fair enough, then either their proof was too weak, or the exchanges are accountable. (Since exchanges are the only people consistently making money from all of this.)

Another possible reason for the trolling, apart from altruism,came to light when the dev (who is now relatively discredited) revealed a PM with Megaman where the latter was requesting 0.5BTC to stop trying to prove it is a scam and derail the thread. This would possibly explain his ongoing involvement as well. As far as we know, the bribe was not paid but the dev has been broken. A victory for Megaman.

A later development was the involvement of bholzer. This person was allegedly invited to the thread by Megaman and initially made the community happy by "talking Megaman down". This did not last very long.

Since Silkcoin has failed bholzer has kindly stepped up and altruistically offered to fix the coin.
Unfortunately the association with Megaman has tainted him in my opinion.


Is it possible that this was a scam all along? Most certainly.
Could it be that the dev meant well but completely overestimated his own and the team capability and team imploded? Possible.
Is it possible that the extortion and hours of trolling on the thread played a role in the dev implosion?
Is it possible that the friend of the nr 1 troll and extortionist is now stepping up to take control and fix the coin because he wants to do good and help the community and crypto all over the world?

If this was a scam (a relatively well thought out and executed scam... although by being more professional I'm sure dev would've made a lot more money), is it possible that we are seeing act nr 2 of an ongoing scam in the "revival" of the coin?



There are a lot of scams in the world of crypto and anyone who has been here for a while and invested around will have been burned.
Yet this is the second time that it feels more like dev talent failed rather than a masterpiece of villainy.
I mean.. if you could create a masterpiece and be rewarded for that, why would you need to con people into believing it has worth. The only reason would be if you are not talented enough to create the masterpiece in the first place.

All of this just makes me realize how lucky we are that someone like Satoshi created Bitcoin.



My lingering questions:
1. What is the actual problem with the wallet?
2. If there is a problem with the wallet can it be fixed easily?
3. Has anyone read the whitepaper and could anyone comment on the technical aspect of what it contains?
4. Was there really 5 techincal devs or just the single guy called Silkcoin? If just one person that would mean this was always meant to be a lie and a scam.
5. What is the personal benefit and opportunity Megaman and bholzer see in this?

[neleonele]

So is it certain the old dev will hand over the 8BTC and the plan can go on?

It looks to me that bholzer is not relying on that weak promise. Crowdfunding seems a more reliable source.

It is simply,if u dont trust to bholzer,sell yours coins and keep going......or u just keep going

[Quantum12]

Wish you all well on this project chaps,

hope it all go's well for you

Q

[cindereynolds]

I want to buy back into SC, but when is a good time?
Will prices fall further when bittrex opens up trading again?

For what it's worth I just picked up 250,000 on MintPal. Like bholzer said the cancer has been removed from this project now. I know you guys hate me so I will keep my presence to a minimum  

You were right about this coin.  Feel free to post all you want man. This may be the first time a coin comes back from the grave and profits

Don't forget that VOOT came back from this same situation stronger than it ever was

[WhiteNotWright]

I will be gathering additional support for investment. Where is the place to go for the proper (and safe) wallet. Also, is there anyone working on getting this market into BitcoinWisdom. I for one like to use that will all my coins and really have using mintpal. If there is anything I can do to help, please let me know.

[Lindsey-Crypto]

...

I am in on the crowd funding initiative. My only hope that this can be bigger than the last thread. This coin was not only hurt by the bad programmers. All the other bull was just as bad. It all hurt. We are joke on Poloniex trollbox. That may not seem important, but it is.

Let`s take it like a champion and let SC move up again…

More optimism please

[BadAss.Sx]

I'm going to be honest...as for now this coin has a terrible name and many investors have lose some big bucks in it. If you want to revive this coin, and i hope you do, please make sure you do a come back with something nice in the wallet...like the exchanger. I'm happy to invest in it, but for now i think this coin is doomed to fail. That's because of the story behind it and the fuzz what's going around now.

I will follow this thread...but be wise and bring it back with a big boom.

[lartiste]

nice project. Good luck  

[sofu]

Made a nice profit today with this coin. Bought at 700 and sold at 1300. Will try to get some coins again from dumpers  

[kalisto]

I'm going to be honest...as for now this coin has a terrible name and many investors have lose some big bucks in it. If you want to revive this coin, and i hope you do, please make sure you do a come back with something nice in the wallet...like the exchanger. I'm happy to invest in it, but for now i think this coin is doomed to fail. That's because of the story behind it and the fuzz what's going around now.

I will follow this thread...but be wise and bring it back with a big boom.

If you keep talking like this investors stay away indeed. Please stay positive in this topic or read this forum about coins that got another dev team and are more succesful then before. A proper dev gives a coin a big boost  not to mention the trust by the community. I have more trust with this dev onboard and reviving the coin then starting another shit clone by someone that thinks he can code. Remember that many people got burned by this coin and you show absoluty NO support for those. This coin willbe bigger then before.

*hint* integrate tor (neutrinocoin) with pos, you willbe first