Topic: [SKY] Skycoin Launch Announcement - page 134. (Read 381579 times)

I have yet to see an IPO mechanism that 'solves' the equal distribution issue, or the dumpers issue.
The best long-term solution is imho relaying on POW, where most of the coins are mined in the future, thus even the most greedy actor can consume that much coins in the present. This is of-course in complete contrast to PoS coins that suffer from very high and growing concentration of wealth between a few.

In any case, I also think dev is putting too much emphasis on the IPO mechanism, where what really matters is the coin technology, innovation and smooth launch.
At the end of the day, it is the market that decides about the price, as well as about the coin's viability, rather than the early adaptors and the short-term actors.
my 2cents.

It's a really innovative coin. 

You can make some restrictive conditions for the bitcointalk users‘ participation. For example, the date registered of accounts should be prior to the Skycoin project released(2013, December), account's total time logged in must be longer than 10 hours, the activity must be more than 20 posts, or just make the IPO open to the Member, Full Member, Sr. Member and Hero.
PS: given the risk of the IPO, why do you so afraid about one investor’s share of the IPO?  

Thanks for your update.

IPO Update

The IPO cannot work the way we originally intended. There is no way to cap the number of Bitcoin per person that can participate in the IPO.

Browser finger printing does not work. It cannot reliably detect which users are bots and which are not. Bot nets and even proxies still get through.

Then we were going to do IPO over Bitmessage, but with validation of Bitcoin talks username. However, there are people who have several thousands Bitcoin Talks accounts registered. These users would be able to participate in the IPO multiple times, but normal users would be unable to.

The other frustrating thing,
1> The bitmessage library for golang we were using does not actually work. We had to rewrite the IPO script into python. Ideally, we would have used JSON/HTML requests on Bitmessage and use golang, but the Bitmessage API implements XMLRPC... (There is a massive effort underway to rewrite Bitmessage on C++ and create language bindings for each language, so these problems should decrease over time)
2> When building the exchange for doing the IPO, we had to use bitcoind. There is no RPC in bitcoind to check the balance of the unspent transaction output set for an address. We originally intended to generate a list of private keys and addresses on a computer never connected to the internet and move the address list to the server running the IPO. These offline addresses were to be used for receiving IPO funds and their balance queried by the server. This would prevent bitcoin from being stolen if the IPO server was identified and hacked. However, this is impossible under the Bitcoin API, for the same reason that Bitcoin makes building mobile thin clients very frustrating. We have to do the IPO with a hot wallet and move the coins into the cold wallet over time instead of just receiving the coins into a cold wallet address. We thought there was some way to get the unspent outputs for an address with bitcoind, but this is apparently very difficult.
3> Some git accident happened and the deterministic wallet input feature in the Skycoin wallet GUI seems to have disappeared. This feature is used in the IPO for importing the wallet the addresses coins are received into.
4> The server running bitcoind for the IPO, is taking over four days to download the bitcoin blockchain. I keep deleting peers.dat and restarting it and it goes for a few hours and then stops. Slow peers are slowing down the download.

Good News

The whole project scope is being laid out in a document. It describes at implementation level, each component and what is required. This should enable project development to escape the existing bottlenecks. We are close enough now, that running out of new things to develop is on the horizon. The darknet design is substantially done. It ended up being very simple.

The consensus algorithm is has been simplified. Implementation will be 150 lines, instead of ten thousand. Everything was stripped out that was not needed for operation. If a chain fork successfully propagates (very restricted conditions), the client will replicate both chains and defer to the operator of each node to choose manually which chain to prune. All the honest nodes should end up on the same chain and the attacker nodes will split into a separate network.

Bitcoin is vulnerable to netsplit attacks, but the conditions required are difficult to achieve and have not been observed. Theoretical netsplits may not be a threat we should be focusing on at this point of development. Especially if handling this edge case was 90% of the complexity in the consensus algorithm.

IPO Timeline

The IPO script is in progress. I dont want to give a date, when it will be ready because it will probably take longer.

Wow, these two comments. I'm not sure if serious.

Too long
Lost interest as Emunie

I've been watching this project since Feb and waiting for IPO. But you guys are mad about it with such ridiculous conditions. And you are too late as we've already had Bitshares. I'm out. Good luck.

Thanks for the update, no rush, get things working well first 

I am preparing the bitcoin too...

I am preparing the bitcoin

Hope it would be resolved within a month

WOW. This coin is amazing. Great whitepaper too.
I can't wait to buy some! Skycoin to the MOON SKY!!

thanks,i just can't wait the pre-sale!

Update:

We are dealing with a frustrating issues. Will post an update when it is resolved.

Timeline for IPO?

Skycoin has accepted nothing.

skyjp is a newbie just like me. And this is just his first post. How can you trust a newbie's word?

About your money? Have you already sent money? To where?

What is going on with the dev?