Topic: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS - page 277. (Read 332114 times)

The block times are about a minute each.  So there are roughly 1440 blocks per day or about 10,080 per week. 

MATH:

Second PoW / PoS phase starts at 50,000 block.
We are at  18,745.
50,000-18,745 = 31,550 blocks left

31,550 / 1440 = 21.7 days. (Not exact but probably close)

These are my calculations based on info on the home page.

Judge Crypto
www.judgecrypto.com

On what date 2nd phase POW commences?
Thank you.

The news is BETTER than having 100 Million coins.  That is only maximum potential.  Proof of Work only generates 25 Million coins per phase.  So Proof of Work will only generate 50 Million coins between strictly PoW mining.  The other coins are from PoS and could be up to that number but based on coins in trade and not staking have turned out to be a lot less. 

We are up to block 18,500 and only have a little less than 31 million coins.  I am guessing that we will have a lot less than 100 million coins at the end of the second PoW stage.  The next proof of work stage starts at block 50,000.  The awesome part about this is the silkcoin wallet has all the block information including the changes from PoW to PoS.  Very awesome!

Judge Crypto
www.judgecrypto.com

I dont know where you got your figures from, but i thought there is a maximum of only 100 million silk coins in existence?
So wouldnt 30 million be 30% of 100 million?

I am starting to have alot more faith in this coin than blackcoin, is anyone else with me on this?

We're currently very busy with the last update, that's why you haven't heard a lot from the devs the last 2 days but if you look a bit up in the topic you'll see we try to be available as often as possible and answer to everyone even if the same questions are asked many times.

As for the selling of the premine, as stated many times before we'll never the premine, I don't even know where to start to tell you how bad this idea is. Once it's time, yes of course we'll boost MintPal votes with our personnal BTC.

Also keep in mind we started this with only a very good team of devs, and the middle phase we're in let us take our time to settle, build a community, recruit marketers and raise awarness.

If you haven't seen yet, you'll see in the next few days, but silkcoin's marketing is getting better and bigger as I speak. As stated before we got a LOT of news for you, just be patient we're only at block 18500 , 30k to go!

Oh and wallet update may be a bit delayed, we ran in a few glitches and are currently solving everything .

Thanks for the info.   I do believe in this coin.  I will offer to put up a 1 btc buy wall @ 800 sat for the team to sell into without moving the market if they will use it to buy mintpal votes.  Let me know.  That would get us 1000 votes.

I fully accept and support the teams decision regarding the second pow stage"

Judge Crypto
www.judgecrypto.com

With regards to the premine, a sell off to create enough BTC with the little amount of buy pressure that there currently is would be detrimental to the price. Those who are not aware of the fact that the premine is being used to buy MintPal votes would mistake this as devs dumping coins and a whole lot of negative publicity would follow.

Yes I wholly agree with you with the marketing isn't quite up to standard yet, which is why I am working around the clock with most of the other members of the SilkCoin team behind the scenes to help market SilkCoin to the best we can. There is a ton of stuff we've been working on marketing and community wise that we have itching to tell you, but we haven't completed them yet and aren't fully ready to show it to the public quite as yet. I guarantee you by this time next week we would've made some major strides marketing wise. Stay tuned

I agree with Wulf, the 2nd PoW phase is crucial in the longer-term success and adoption of this coin. 

You state your points very reasonably and I will respond to each point.

1) The current state of Scrypt mining does not allow for fair distributions in short periods.  It punishes stand alone miners because they are not competitive in short spurts but rather in long ones.  To put it bluntly short periods of mining do not distribute coins to the average miner.  It either forces people who want a decent amount of coins to either buy them from an exchange or pay for dedicated hash rate.  Short mining periods are now associated with Ninja dev mining in many coins.  If there has to be a second PoW, to be truly fair the second mining period should be extended with constant block sizes.  Then it would not be cost effective to throw massive purchased hash rate at the coin.  I am against the second mining phase, but if there has to be one, it should be for a much longer period of time.

2) If there was adequte marketing during the PoS stage then the second PoW stage would not affect the coin price.  As it stands the coin was launched without a clear marketing strategy besides a "Build it and they will come" strategy.  The technical development on this coin is sound, but the marketing and thread maintenance is terrible.  There are very little updates to the thread. Crypo moves very fast. 24 hours is an eternity.  This coin needs more updates / discussions / vision in this thread.

3) In the end I agree, the coin will adjust.  There is a correlation between the more successful coins and the amount of coins they generate.  Smaller coin push the coin price up even if the coinmarketcap is the same.  Higher priced coins are doing better overall.  DOGECOIN is dying at 100 sat.  Mintcoin is Dead.  ECC Coin is DEAD.

4) I agree with you.  However, this thread has not marketed the innovation this dev team has brought and is planning very well.  Communications are lacking.

5) I agree with you.  A vote would be not be effective.

6) Completely disagree with you.  Why is a second PoW stage critical for success?  The marketing and community management of the coin are what is important.  Why is mintpal integration not more heavily pushed?  Why was not part of the premine allocated to getting on Mintpal?  Why was the reddit so late in getting up?  This coin has a technical advantage over many other coins and it is simply being wasted by a lack of marketing.  I do not agree with throwing more coins out there as an effective marketing campaign.  My point is the community manager needs to get in gear and get this thing going!

What ever the devs decide I will stand by them.  I think they are awesome.  I hope the marketing gets in gear because this coin can be great. 

Judge Crypto
www.judgecrypto.com

1) Scrypt mining is just as fair for distribution as other algorithms. Anyone can go over to betarigs.com and rent rigs with over 100MHs for X/11, SHA-3 Keccak, Scrypt-Jane and Scrypt-N.

2) The price people are willing to pay to buy SilkCoin is directly proportional to the total supply of SilkCoin. To put this into perspective let's take 2 scenarios and say that SilkCoin has a constant market cap of 3000 BTC in both scenarios. In scenario one we have 30 Million SC, since there are fewer coins people are willing to pay more for them and would pay 10K satoshis for 1 SilkCoin. In scenario two we have 60 Million SC in existence, since there are more coins people are going to pay less for 1 SilkCoin, this time around they pay 5K satoshis for 1 SC.

Now lets say in scenario 1 you invested 5 BTC into SilkCoin at 10K satoshis per/SC that equates to 500 000 SC (out of 30 Million Coins) which is 0.016% of the total supple of SilkCoin

Now lets say in scenario 2 you invested 5 BTC into SilkCoin at 5K satoshis per/SC that equates to 1 000 000 SC  (out of 60 Million Coins) which is 0.016% of the total supple of SilkCoin

3) I'm not sure if you mentioned this earlier or if it was someone else, but what was said was a comparison of how once the supply of DarkCoin was cut by 75% the hype around the coin increased and subsequently the price increased. As I mentioned earlier the immediate effect of decreasing the supply will lead to a price increase, but not a direct increase in market cap. The market there was just adjusting to the new supply.

4) People invest money into innovation, people who want to invest in SilkCoin will be investing in our innovation, not because we have a very low supply of coins. If Bitcoin had 1 Billion coins, I guarantee you it would be just as successful as it is now.

5) If we hold a vote for the fate of the 2nd Phase, it will be extremely biased, as naturally all SilkCoin early-adopters, will want their coins to be "rarer".

6) The 2nd PoW phase will be critical to the success of SilkCoin, currently there are many lurkers in our thread waiting for the 2nd PoW to pounce it's glaringly obvious when you look at the thread's view count. The 2nd PoW phase will bring a lot of visibility to SilkCoin and will no doubt push us up higher in the long term, even if the price falls a bit while the market adjusts to the new supply.

Count me in.

I like the idea of voting, but in the end it will be very skewed and unpredictable.  I believe we should all put our best arguments forward and let the devs decide. 

If we scrap the second PoW I would be willing to put .5 BTC towards Mintpal voting.  Who would be willing to do the same?

Judge Crypto
www.judgecrypto.com

Maybe we can just vote for it? If the devs are willing to listen to the community....

It must also be possible for the devs to implement of course

The argument has been made by the developer about the dumping during the first phase that it would create a fair distribution.  Those same coins are STILL available on exchanges.  Their presence on the exchanges creates a fair distribution as was the developers argument when people were dumping during the first proof of work.

So if there is already a fair distribution system why do the second proof of work.  The only argument left would be for better visibility.  If you dump another 25 million coins you would have to get much more visibility out of it during the second proof of work to offset.  In the end the price will be less.  Why would it be more popular than during the first proof of work?  It can be argued that a total of 14 days of Proof of Work is an unfair distribution.  There will always be that argument.

Another point...  Scrypt mining is inherently unfair currently for distribution.  You can go to nicehash right now and since Proof of Work will only be for 7 days I can contract hundreds of Giga Hashes of mining for a couple of thousand of dollars.  How is this fair to the miner who has a couple of video cards and can muster maybe 2 Mhash?  Should they have to buy hash power?  The current Proof of Work model favors RICH people not a fair distribution model.

Silk coin CURRENTLY has more coins than Bitcoin or Litecoin, the number 1 and 2 coins on coinmarketcap.

A second proof of work will be UNFAIR.  As mentioned earlier short Proof of Work periods allow for people to contract mine for short periods.  If you really wanted to be fair the Proof of Work should be for a longer period.  Now that I know the second proof of work is a GO I can just go to my Nicehash.com account and point several bitcoins of hash during the second proof of work so I get a large portion of those coins and subsequently raise the difficulty so that regular miners will get a lot less coin.  How is that fair?  In that case they might as well go and buy them from an exchange, which is what they can do today.

The value of this coin has NOTHING to do with the distribution.  No 14 day distribution will be fair.  It has to do with wallet innovation and a working PoS.  Think about that.

Judge Crypto
www.judgecrypto.com

Like this coin
Let more people together like this coin
This is the coin of the best development

what interests me most are two things:
1. decentralized exchanger in wallet. this is not a easy job, referring to what we recently saw.  NXT/XCP are still under development. MSC/BTS/ETH are something in the air.  are our devs are really doing somethings in this field? if so, can we call SILK 2nd generation coin?

2. anonymity, which i think is very easy to understand now.

multipool is simply a add-on.

i think the  coming wallet and screenshot will explain.

wow that was a flurry of information , did you all wake up faces on keyboards in the same room at the same time or something?

THANKs for your patience.

all the clarification is more than enough.

well planning and well organized procedures.

can't wait to the screenshot and get more hints on the forthcoming features.

well done. devs

I have discussed this, and I fully agree with the above post. A 2nd phase of PoW would be crucial for distribution and would ensure more popularity in SilkCoin.