Topic: [ANN] STRAKS - A POW/Masternode Cryptocurrency focused on e-commerce utility - page 67. (Read 144880 times)

I read the information of the swap on github as well and I don't really see specific details on how and under what priority the swap will take place, except that you will need to pre-register and use a discord bot to do the trade. Could easily be abused, from what i can see.

Unless I am missing something?

The developers remained silent until the last seconds that the swap will be held for 6 years.
Before that, they pumped up the sigt and sold their bags to fools

How is your suggestion any better than what Straks is now? Basically your suggestion is to switch to a technically worse algo, remove the burn which means the swap can't be handled in a fair way, and not give any incentive for the devs to do any work in the future. How does that help or solve anything?

You're suggesting that nobody is interested in mining Straks and that the project is doomed. Currently the network hash rate for Straks is 120 GH/s which is 40 GH/s more on average than it was yesterday. So clearly there's plenty of support for Straks. It seems people are willing to mine a coin without even knowing it's value.

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

Today i'm received promised reward from squbs, all is ok. Seems we can trust strak's devs in their promises. They do a big work and I wish further success, growth and prosperity to this project.

Yet the devs would have done nothing if I hadn't brought this to everyone's attention.  They got caught red handed and had to make a change.  It really doesn't matter what time period the swap happens over, this coin was dead on arrival.  Its been exposed as nothing more than a pump for SIGT.  And once the devs get all of this sigt, what is stopping them from just selling it back on the exchange?  Too many red flags with this coin.  Important and basic information is missing from the bitcointalk announcement.  Missing from their website, missing from facebook missing from Twitter.  We are forced to get our info from the Signatum 2.0 thread, github or discord. 

And yes you are right, there is a link to the swap change in the 2ND post, not the first.  The ironic thing is that there is still no mention of the original swap.  Its like they are giving updates on non-existent information.

But yes, according to STRAKS Richlist, DeckerSU didnt got his bounty yet. Why so?

I'm just a little confused with the swap process..so if I have 10,000 sigt and want to swap them in the first month for straks, is the total amount swapped for that month based on a first come first serve basis?  So if someone had the months swap supply of sigt in there wallet, could they swap them all at once if they where first in line? Thanks

If you wanted to save the bag holders of signatum, then developers should have just done a 2:1 swap with SIGT for 1 month or so (as to favor mining), no burn, keep the original algorithm (So both AMD/NVidia can mine) but bring it out of PoS and continue PoW, because PoS was clearly not working, zero premine, zero fee, same block reward as SIGT.

This would have probably made the coin survive for a little while longer due SIGT popularity and probably bailed out some people, but probably would have burned down the road anyways, unless developer continued to work on it.

SIGT in principle was a good coin, but some of the shady devs ruined it (with all the scams, pump/dump, poor communication) and Proof of Stake didn't appear to work that well.

If you wanted a new coin, with the same conditions as you have now. Should not have done the whole swap at all. Granted the coin would get very limited interest, but at least some people would mine it.

From what I am reading and further analyzing it seems to me that this project is pretty much doomed from the start.

Also making a coin on discord, should be done more visibly on forums/websites instead, it keeps a better record. Because not everyone was interested sitting in chat and reading about it.

haha - all this drama man.

I kinda understand their decision but 6 years might be a lil overkill indeed.

Oh please, you were complaining about Straks mining not being profitable because of the Sigt swap. In fact your exact words were:


Now after the latest announcement the situation has changed; it became clear that the coins from Sigt swap will not immediately flood the Straks market. That's a good sign for Straks and means the value of Straks can go much higher. It also means the profitability of mining is much better. In essence you got what you asked. But you're still here complaining. 

Btw, the swap information is present in the annoucement since yesterday, see update UPDATE - 24th November.

I was also surprised by the latest announcement. It means people who own Sigt can't immediately get their money back. Six years is a long time to wait. I can understand many people are upset because of that. I agree the devs should have clarified the details of the swap sooner. Then again, people assumed a swap means an instant swap. I admit I was one of them and did profitability calculations based on it. However, I still think you can make profit by buying Sigt. You can think it's like an investment to an ASIC miner. An ASIC miner has a fixed upfront cost and in return you get specific coins back each month until the ASIC miner becomes outdated. In the same way you can now buy Sigt coins (upfront cost) and in return get Straks coins back each month for six years. The profitability depends on how much you pay for Sigt and what's the value of Straks in the future.

The DOC was not the original dev, nor was SigtD.

The original dev did the right thing, he made the coin and went away, just like Bitcoin.

The real problem is that they talk shit about TRANSPARENCY and COMMUNITY ORIENTED COIN. Also the Devs are Signatum bagholders, and the way they communicate the news, with this timing, seems really like they just bought low more Sigt and sell during the MN's fomo, because just an idiot can't think before about the fomo that they'd create communicating "50k straks for a MN". So the price of Sigt rised up and they simply sell off they're bags. After few hours they communicate the Swap Mechanism. They should had communicate the swap details before the masternodes collateral details. They just act like scammers with their community. They don't give to the community the swap details when they call the votation. Also they let their community free to think that with 200k sigt collateral they can easily get a MN. No one advice the community during the fomo, and the devs are active on the discord channel. Too much thing smells like shit. Now they try to separate the Straks community from Sigt community, but they was Sigt bagholders too and they found the new community with the sigt community's blood. Without sigt's community this coin is nothing. And it's a great and strong community. For the moment they just troll the community for save their asses and piss off their sigt coins high with a perfect insider trading.
Just in case they don't want to do this, they are just 11morons not able to drive a coin to some kind of goal, because if they had not thinking about this and acting in this way, there will be not a shiny future for this coin because they simply don't understand the markets dinamics. But imho, they just had take advantage giving us not transparent information about all the entire project.
Well done, best community oriented and transparent coin!
Thank you for all.
I wish to see their sigt wallets some days ago and now. LOL unfortunately is quiete too late.
This is the major point, not the swap dinamics, also if I don't agree. The biggest shit is their way to use the community, the news comeout timing and the entire way they move on at this point. A transparent dev's project, don't go ahead in this way for sure.