Topic: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS - page 68. (Read 332125 times)

People worry too much about premine for coins where they shouldn't. SC has development and a real team behind it, much more than I can say for  any other coin. 99% of coins being released are shit coins, those are the real scams. pump and dumps.

if 50% of the premine was in fact already given out as bountys, there would be 0 reason to destroy the other 50%.

Sc just got released, the coin, community and devs will need that premine for bountys and other stuff to come.

TL;DR;

4,5% Premine is to big, it scares new investors so it dont work in the long term.

I should have let you know before you responded. This was targeted toward him. I obviously have much respect for you sir. Sorry about that!

Really? I am not interested in contributing my opinion regarding SilkCoin in general as there already appears to be some quite vocal individuals on both sides... but I think most seasoned traders, regardless of sector, would consider the difference to be significant. While I disagree that the 4.5% premine alone spells "certain doom" for SilkCoin, as a certain individual claimed previously in this thread, I will say it stacks the deck for the developer (whom was already holding all of the cards). There are significant advantages to being a coin developer on their own. You control the release of information, you control the timeline, you know the progress of things, and you know your level of commitment (or lack thereof) in a way nobody else can. I have nothing against this coin specifically because I've been maintaining my own coin for over 5 months now and I have dealt with an inordinate level of FUD that also forced me to create a moderated thread; it's frustrating and not as rewarding as one would think. My coin had a 0% premine because I felt that a legitimate coin should not have a premine; looking back... I probably should have had a small premine to help compensate me for all of the effort that goes into it. My biggest concern with the 4.5% premine in this case is that, in addition to being quite large, it also wasn't the original specification. Yes - I understand members of the community voted to adjust the PoW period - but not everybody who mined or invested in SilkCoin felt the same way (or even saw/understood the poll). I believe that once a coin is launched, the distribution specifications need to remain the same throughout even if things under the hood continue to evolve. I guess I see no reason why the PoW phase would be cut short - why would that even be proposed? It was already so short that only a small group of people were even involved in the PoW portion - these are all things that are bad for a currency. Also, by changing the specifications of the coin post-launch, the integrity of the coin was compromised. It opened the door for confusion, outrage, and all of the other negative aspects of the situation you guys now find yourselves in. I believe the best thing that could be done for SilkCoin (and quite possibly the only chance there is to reverse the current slide in value) is to destroy a portion of the premine so that the premine remained consistent with the original specifications. I know if I had invested in SilkCoin under the impression that there was a 2% premine and then, by way of democratic process or not, the coin specifications changed and the premine rose to 4.5%, I would be pretty upset because my investment would have been significantly devalued (and possibly even fully at-risk). In the end, it doesn't matter what a handful of people think or if a handful of people don't care about the difference between 2% and 4.5% because most people do care. I have been trading cryptocurrency since 2011 and a significant portion of my net worth is in crypto (probably more than what is prudent, really) - the premine is too big of a chunk for people like me to consider making a play in SilkCoin (even a short-term play). To make matters even worse, the spec changed post-launch. I'm not anti-premine - I think it has its place - but destroying a chunk of the premine to take it down to the original 2% would go a long way in restoring the integrity of this coin and the developer. Perhaps you guys could set up a fundraiser to donate coins to the developer before/after the premine is destroyed?

I know this is a long post but I was asked for my input on SilkCoin and that is all I'm willing to address. I believe that if the premine isn't destroyed to restore the original premine specs (or at least close to it) that this coin will continue to decline and never recover. I know better than anyone how difficult it is to reignite a community once the initial excitement wears off - you need to keep people excited and optimistic and even if you're just here to dump and get out wouldn't you rather do it at a higher price?

I'm not here for a debate - not my thing. That is my 100% honest assessment of the premine. For those of you here that don't understand the significance of a premine, I urge you to do your research before investing in another premined coin. I would urge you to learn more about why it matters and why it increases the risk. I'm not saying all premines are a horrible thing - I just think it needs to be within reason. We're talking about creating currencies here and a currency cannot work if one single person commands too large of a share right out of the gates. Currency isn't a new concept - it's been around as a superior alternative to the barter system as far back as mankind goes - there are basic rules that must be followed. A 4.5% premine turns off 90% of crypto investors and puts it in a lower class along with hundreds of similar coins - it's virtually impossible to get the level of acceptance required to survive long-term no matter how great the developer is.

?? I wasn't even replying to you, I was speaking to cryptodevil. Not sure what you are talking about.

I would like to help beta test when it is released. I like the idea but I would like to see a technical specification. Maybe see a more developed use case since the intention is not a market place.

http://9gag.com/gag/aD0KwAO

I think he was referring to my wall of text discussing the criticism.

It is true what you say but I did not include that in my interpretation. I think if they really worried or thought it would make a difference then they would've found a way to have it perfect.

I just think they are not concerned about it. Because it does not really matter.


I agree. And no reason why community who have OCD tendencies like me can't help.

So expecting perfect spelling and grammar in every aspect of the project is probably asking a bit too much from an altcoin team.

And what?

Also, keep in mind that some members of the dev team don't speak English as their first language....

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 FUDteam.
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.

Maturity grows here, its a good thing.

I think I will buy some silk lingerie for my soon to be hooker anytime soon, all will be paid with the profit from SC 

Why not sharing ? I will buy for 2 more persons a hour of pleasure with a nice Latina 

Thanks for the explanation. The transparency is very much appreciated!
I actually thought the B was a reference and tribute to Bitcoin from which Silkcoin grew.   (My mind makes me happy.)

On another note: looking forward to wallet update! There is nothing wrong with the current one but it is exciting to see it improved.
Also: there is already an unofficial self moderated thread that you might be aware of at https://bitcointalksearch.org/topic/silkcoin-self-moderated-discussion-thread-about-the-silkcoin-eco-system-660848

 

lmao you're such a fucking tool

seriously man, get a life

Looks like we should see 1700 before the day is over. Each day since silkcoin hit MintPal we have seen a new all-time MintPal low. I expect that trend to continue until sub-500 when the drop should slow down a bit.

Me too.