Topic: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS - page 66. (Read 332094 times)

I feel really bad for the people trying to prop the price up on this thing. I really do. I was there once too when I first started trading - thought I could stop to tumble on a scamcoin I blindly suckered into. I ended up losing way more money trying to prevent the crash than I did actually buying the coin. Sometimes you have to learn the hard way but Silkcoin is going straight down to triple digits before the end of the week whether you waste your money trying to stop it or not. Best crypto trading advice I ever got was, "know when to hold em, know when to fold em." It's true - not knowing when to cut your losses and get out leads to a much worse loss.

Well 'drawing the line' is subjective isn't it? What you think is a lot can be little to some and what you think is little can be a lot to others? That alone should be sufficient to end this war  

BTW check a few posts above, I asked you a question I'd like an honest answer to. If you'd care to indulge me of course

All he needs to do is update to recent Bitcoin source and all of that stuff is built-in. Would definitely be a good start to building a shred of credibility. bholzer's Murraycoin has that stuff - a coin with a fucking Bill Murray theme! We're talking about a guy who can't even change his own mouse batteries  


Well that seems to be a common theme with people who are holding a big bag of Silkcoins. Do you see a fundamental difference between 2% and 100%? I mean where do you draw the line? 4.5% is massive and nobody is going to take that seriously. It's even worse when it was originally 2%. I don't care who voted for what part of the premine should have been destroyed to keep things the same at least - that's the one thing I've agreed with in this whole thread. It would be like Steve Case wanting to make AOL Free Trial discs are the new world currency - it just doesn't work that way. Distribution on this coin is bad enough when there are like 12 people that hold 90% of the coins. A 4.5% premine is ridiculous - the dev might as well rob you at gunpoint. The longer you hold the more you lose. Remember when I urged you guys to sell at 7000? 6000? 5000? 4000? Everybody who ignored my advice just kept losing. Everybody who continues to ignore my advice will just keep losing. It makes no sense offering good advice to you guys since you all seem happy with the massive premine. I cannot understand why you wouldn't be pushing for the destruction of it when it would certainly help the value. Did you all eat paint chips as kids? Or are you all sockpuppets?

99% of scams will scam in first few weeks or even days,  silkcoin keeps delivering.

The only reason people are talking about scam is their hidden agenda. They want to buy low quality coin like silkcoin.

Hey MEGAman, don't worry I'm not gonna trash you. You've got your reasons for doing what you do and I've gotten use to having you around. Plus anyway my mind is made up regarding SC and nothing you can say will change that.
But I'm just curious, what if you're wrong and SC is not a scam? What if the devs are legit? what if they're able to follow through on their vision and SC becomes a big success? What then?
Will you apologize to SilkCoin?

骗子!骗子!骗子!

I don't see fundamental difference between 2% and 4.5%.

These are great points Fred and need to be addressed. 

Well they're about 5 versions behind on the source code. This stuff is standard on Bitcoin Core 0.9+ which most new coins are using now and they're now up to 0.9.3 on their release candidate branch. Silkcoin is using 8.6 as a base which has been outdated for 1 1/2 years. They're talking about all of their big plans and modifications but they're starting with crappy old code. It's like ricing out a 10-year-old Honda instead of going with a Ferrari for the same price - it doesn't make any sense.

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.

Yeah like your lazy ass never needed my help. Hated that place. I know you agree with me on this thing so not sure why you're riding around on your high horse. Oh yeah - because you think you're better than everybody. No reason you needed to make this public since I responded to your PM.

Good debate gents. Very constructive and healthy.

Is there any calculator to calculate the amount of SC you will get each day or week?
Im thinking of leaving a computer stake them 24/7

Cool beans guys. Positive attitudes go a long way. You're against the odds right now but remember: patience is key. Also, I PMed MEGAman and told him to take a Xanax  

I've met him in-person (former IT guy at my office building) - he's just as irritating in the real world. Maybe we would all be assholes as well if we had to change batteries in peoples' mice all day 

Hopefully he will take my advice - my note was extensive.

Thank you for your detailed response.  I do not believe speculation investment would help the coin at this point.  It would only be temporary.  Depressed price right now will give people who believe in the coin a chance to buy in at reasonable / bargain rates.  

For example.  If the premine were wiped and a ton of investment money came in what would that do to help the coin?  Yeah the price would go up.  Investors would be pumping and dumping like mad.  The vast majority of the investment money you are talking about is not people who care about long term investment.  They are looking for a quick turn on their money.  They would pump and dump just as fast.  While good for them I don't think it is good for Silk coin.

In the end it comes down to delivery.  When they deliver the price will go up and that will be a healthy rise.  I know the ability to trade on exchanges within the wallet is near completion and may be included tomorrow.  If you don't believe in the coin I understand.  You have your own coin to develop.

If you look at the sell charts it is clear that there is not a lot of quantity to buy right now.  A large investor would have to move the market substantially to get a decent chunk of Silk coin right now.  That is a healthy sign.  

Judge Crypto

You may be correct that delivery of the proposed eco-system will negate the premine - it is an unprecedented scenario wherein a developer of a currency also innovates to that degree so it's difficult to say for sure if that would be the case. Unfortunately, there is an extended history of developers promising big things and not following through. Whether the SilkCoin developer will or will not follow through on their promises is yet to be seen and, in reality, nobody other than the developer themselves can claim the developer's intentions. I've seen people assuring everybody he will deliver and I've seen posts from people certain he's a scammer - both claims are equally ridiculous at this stage. The actions of previous developers can not be used as a tool to accurately assess this developer. While it's always smart to be cautious when banking on such a major unknown, it's still a calculated gamble just like any other investment.

My entire point remains that, at least until the eco-system is complete and implemented (as a developer myself this is a major task that should not and cannot be rushed - quality takes time) we're looking at a continued slide in value with nothing to stop it. Right now, major investors (the people you need to keep a coin's market cap above even $100k) will never invest in this coin and smaller investors will grow impatient and continue to jump ship to the next hyped up coin. By the time the eco-system is market-ready, the market cap would be so low it would render the premine irrelevant anyway (as the dev could have bought up all of the coins in circulation for a few thousand dollars anyway).

I would never classify a coin as doomed until it takes it's last breath but, unless there is another major release on the horizon to keep people intrigued, there isn't enough money to go around here - the value of SilkCoin will crash. Opinions, feelings, intuition, and trust can always be factors in the investments you make but this particular situation can be reduced down to an equation. If the value completely crashes, it's possible nothing will be able to recover it. Also, a depressed market destroys motivation from the developer's perspective. Something needs to be done beyond the promise of the upcoming eco-system - everybody is already aware of that and we're fresh off the release of the whitepaper yet the value continues to slide due to the factors I have laid out.

From my perspective, there are very few options here. The easiest option would be destroyed the extra premined coins to bring down the percentage to the original specification - this would help attract a new class of investors that may be interested in getting involved. While the premine still may be too high for some of the really big players, people like myself would be willing to consider making a play at that point. Another option is that the eco-system is production-ready and released before the end of the month. While I find this to be highly unlikely due to the obvious complexity of such a project, perhaps the developer has been working on it for some time and it's release is close. This may be enough to overshadow the premine and would also lay to rest any lingering doubts regarding the developer's intentions and capabilities. Without seeing any of his previous work or knowing who he is, it's difficult to feel confident (as is typically the case).

We're in a market where too many people have been burned far too many times. People have a hard time trusting developers - that's just a fact. Just because you trust him doesn't mean everybody does or even should. There just isn't enough here, Judge, to continue to support the current value (let alone raise the value) - I'm just telling you what I know. If there are other suggestions I would certainly be interested in hearing them - I'm just not sure what they would be. Like I mentioned earlier, if SilkCoin just continues down the current path it will crash down to nothing and grind to a halt. Again, this would be a shame because it's clear a lot of dedication has gone into this project from both the developer and the community.

Traders of cryptocurrencies expect devs work as a full time job for absolutely nothing lolll i think i prefer someone who hold some coin and try his best to get the maximum of it that a dev who dont give a shit to run out and let investors alone at any moment

Come on guys it is just 4% premine, if we take silkcoin as a company, is it unacceptable that the developer of the company only owns 4% of the company's share?  The Silkcoin team has been doing great so far and I think they deserve this 4% premine or even more.(what I meant is please don't take those shit coins(shit companys) as comparison, silkcoin is more better and they deserve more)    Moreover, for those new to silkcoin community, it's the community who asked the dev team to reduce or even cancel the second POW, the dev team fought against it and the 4% premine is the result of reducing the second POW.