Topic: [SKY] Skycoin Launch Announcement - page 135. (Read 381579 times)
still watch this and wait this.
I guess the devs are hard at work on this. No point posting an update until there is an update.
I'm confident they will come back soon when they are ready to announce/update
I rather them getting things right first than rushing with an update or a half announcement.
I'm confident they will come back soon when they are ready to announce/update
I rather them getting things right first than rushing with an update or a half announcement.
dev broke his promise.i worry about my money.
While the technical updates are great.
What is severely lacking is the communication of updates from the developer. What is going on?
When we invest our money, the communication must be better. This black out periods cannot occur anymore.
What is severely lacking is the communication of updates from the developer. What is going on?
When we invest our money, the communication must be better. This black out periods cannot occur anymore.
Did you think about the legal implications of the IPO (SEC etc)? Any research done on this? In case Skycoin become big and widely used this would matter.
push It has been Sep. 4th, any update on IPO?
@skycoin
@skycoin
Maybe another eMu - delayed again and again.
What are you talking about? 1.5 years delay with release compared to a 1.5 day delay (if that depending on their time zone) for the start of pre-registration.
Stop starting FUD.
It has been Sep. 4th, any update on IPO?
@skycoin
@skycoin
Maybe another eMu - delayed again and again.
It has been Sep. 4th, any update on IPO?
@skycoin
@skycoin
One more day (4th Sept) or around then we should get news of the IPO launch. If all is in place and ready.
Looking forward to it! I agree it is not about the price of the coin, but about supporting the project.
I've been following since this thread was out and what Skycoin is trying to achieve is extraordinary.
Looking forward to it! I agree it is not about the price of the coin, but about supporting the project.
I've been following since this thread was out and what Skycoin is trying to achieve is extraordinary.
If I am understanding right, the total cap of Skycoin will be 20K BTC, around 10 million dollars. The total amount of Skycoin is 100 million, which means 10 cents/Skycoin.
The IPO amount will be 2% to 10%, which cost 400BTC to 2000BTC.
One more thing you should keep in mind is that the IPO might be oversubscribed, so your invested BTC might be returned. The devs have made it clear more than once that it is a privilege not right to attend the IPO.
The IPO amount will be 2% to 10%, which cost 400BTC to 2000BTC.
One more thing you should keep in mind is that the IPO might be oversubscribed, so your invested BTC might be returned. The devs have made it clear more than once that it is a privilege not right to attend the IPO.
I changed to a smaller font. I am not FUDding here. I am curious if you guys think 0.05 BTC/Skycoin = 25 dollars for the IPO is expensive or not?
i think it is expensive 
I am waiting for Skycoin IPO for a long time. I am very happy we will be ready tomorrow. Hope a success for the IPO.
I will invest if the final price is rational.
I am waiting for Skycoin IPO for a long time. I am very happy we will be ready tomorrow. Hope a success for the IPO.
I changed to a smaller font. I am not FUDding here. I am curious if you guys think 0.05 BTC/Skycoin = 25 dollars for the IPO is expensive or not?
Let us not dignify these blatant trolling and FUD with any responses here at all. Keep in mind of the frequent updates that Skycoin does and how technical his posts are.
Look at the Github to see how much development has been going on. Also, please reflect that the initial post was made in Dec, 2013 and the team decided to develop the coin to have a fully functioning workable coin before even considering to launch.
FUD and trolling is not accepted here and you should leave.
We will be in touch, if you continue this further.
Look at the Github to see how much development has been going on. Also, please reflect that the initial post was made in Dec, 2013 and the team decided to develop the coin to have a fully functioning workable coin before even considering to launch.
FUD and trolling is not accepted here and you should leave.
We will be in touch, if you continue this further.
Agreed. Unfortunately trolls like this guy come hand in hand with internet forums. All we can do is report until he is banned then report his new accounts.
Anyone reading past the last page knows how absurd his accusations are.
SCAM SHIT COIN
This thread is not discussing technical issue. It is just talking about money.
IPO Security Measures:
We made the final changes to the deterministic wallet generation. Final security preparations for the IPO are beginning.
Recently, hackers have been targeting coin IPOs for attack. We are generating the private keys for the IPO addresses offline, from a computer that has not been connected to the internet and then moving the addresses via USB drive in 1 million coin batches.
We are taking measures to proxy the server authorizing the IPO transactions to prevent identification of the server. The server will have all incoming ports firewalled and will only allow outgoing connections to specific IP addresses on specific ports. The Bitcoin received will be immediately distributed to the project teams and the rest will be placed into cold storage in paper wallet addresses generated by a computer not attached to the internet.
How the IPO Will Work:
1 million coins (1%) will be sold for 50k in Bitcoin.
The objective of the initial IPO is to get coins in the hands of as many people as possible.
The IPO will work as following.
- A person will generate a Skycoin address (to receive coins to), they will input the address into a form.
- They will receive a Bitcoin address (address to send coins to). They will send coins to the address.
- If the IPO is over subscribed, coins which could not participate in the IPO will be sent back to the address.
People have suggested that Coinbase does not work well with receiving coins back to one of the addresses they were sent from. Therefore we may also need a return address if this is the case.
The number of Bitcoin per person that may participate in the IPO may be capped.
We have a special firm doing bot detection, browser fingerprinting based upon IP address, ad network tracking and browser metadata. If a user is suspected of being a bot or multiple participation, we reserve the right to ban their participation from the IPO. We highly recommend using an unproxied internet connection, on a residential network on a computer with a web history.
After the IPO, the balances received by Skycoin addresses during the IPO will be published, so that people have information on the distribution of coins in the IPO. The Bitcoin addresses will not be published, to protect user privacy.
After the IPO, all logs on the server will be nuked by overwriting the disc multiple times with random data.
We have had several people who want to buy out the whole IPO allotment, so the IPO will probably be over subscribed. An alternative to a fixed valuation IPO is an auction, but the downside is that early investors will benefit less from appreciation and the coin will be more concentrated in the hands of a small number of wealthy people.
Conditions for the IPO:
The IPO will not begin until the wallet is working for the majority of people. We will not start the IPO if people on OSX cannot run the wallet.
The IPO will not begin until there are wallet binaries for each platform. We are giving a few coins to developers to help test the network on different operating system and help fix any bugs.
Post-IPO
After the IPO, you will be able to check balances, send and receive coins on the main blockchain. Exchanges will be able to begin trading Skycoin.
However, there is still work to be done. We need a blockchain history library that parses the blockchain and gets account histories (for the block explorer) and we need to work on Obelisk and the wallet is still under heavy development.
We are saving each address and all account balances hourly. In the event of an attack, major security breach or major changes to the blockchain, we are taking measures to ensure that we have the data required to restore account balances and minimize disruption.
Finishing the remaining components of the mesh network before July is likely to push Obelisk and security related improvements back by a few months, but will greatly improve coin adaption.
We made the final changes to the deterministic wallet generation. Final security preparations for the IPO are beginning.
Recently, hackers have been targeting coin IPOs for attack. We are generating the private keys for the IPO addresses offline, from a computer that has not been connected to the internet and then moving the addresses via USB drive in 1 million coin batches.
We are taking measures to proxy the server authorizing the IPO transactions to prevent identification of the server. The server will have all incoming ports firewalled and will only allow outgoing connections to specific IP addresses on specific ports. The Bitcoin received will be immediately distributed to the project teams and the rest will be placed into cold storage in paper wallet addresses generated by a computer not attached to the internet.
How the IPO Will Work:
1 million coins (1%) will be sold for 50k in Bitcoin.
The objective of the initial IPO is to get coins in the hands of as many people as possible.
The IPO will work as following.
- A person will generate a Skycoin address (to receive coins to), they will input the address into a form.
- They will receive a Bitcoin address (address to send coins to). They will send coins to the address.
- If the IPO is over subscribed, coins which could not participate in the IPO will be sent back to the address.
People have suggested that Coinbase does not work well with receiving coins back to one of the addresses they were sent from. Therefore we may also need a return address if this is the case.
The number of Bitcoin per person that may participate in the IPO may be capped.
We have a special firm doing bot detection, browser fingerprinting based upon IP address, ad network tracking and browser metadata. If a user is suspected of being a bot or multiple participation, we reserve the right to ban their participation from the IPO. We highly recommend using an unproxied internet connection, on a residential network on a computer with a web history.
After the IPO, the balances received by Skycoin addresses during the IPO will be published, so that people have information on the distribution of coins in the IPO. The Bitcoin addresses will not be published, to protect user privacy.
After the IPO, all logs on the server will be nuked by overwriting the disc multiple times with random data.
We have had several people who want to buy out the whole IPO allotment, so the IPO will probably be over subscribed. An alternative to a fixed valuation IPO is an auction, but the downside is that early investors will benefit less from appreciation and the coin will be more concentrated in the hands of a small number of wealthy people.
Conditions for the IPO:
The IPO will not begin until the wallet is working for the majority of people. We will not start the IPO if people on OSX cannot run the wallet.
The IPO will not begin until there are wallet binaries for each platform. We are giving a few coins to developers to help test the network on different operating system and help fix any bugs.
Post-IPO
After the IPO, you will be able to check balances, send and receive coins on the main blockchain. Exchanges will be able to begin trading Skycoin.
However, there is still work to be done. We need a blockchain history library that parses the blockchain and gets account histories (for the block explorer) and we need to work on Obelisk and the wallet is still under heavy development.
We are saving each address and all account balances hourly. In the event of an attack, major security breach or major changes to the blockchain, we are taking measures to ensure that we have the data required to restore account balances and minimize disruption.
Finishing the remaining components of the mesh network before July is likely to push Obelisk and security related improvements back by a few months, but will greatly improve coin adaption.
How a coin will be worth 0.05 BTC while it is under heavy development.
Did you think about the legal implications of the IPO (SEC etc)? Any research done on this? In case Skycoin become big and widely used this would matter.
Looks like the IPO price has increased from 5 cents to 5 dollars in 4 months.
No. The IPO price was 5 cents per Skycoin in April and now it's 10 cents (IPO valuation went from 5 million to 10 million). The amount they were going to raise was 50k and now it's 200k-1M (2%-10% of total Skycoin).
The valuation will be 10 million in the first round IPO.
If this means the valuation of all 100 million skycoins, you are correct.
Okay, I must have missed that part. Yes, I agree. 10 million marketcap sounds about right. I think that is reasonable and I'll definitely be interested considering I have little to offer in terms of development. Id like to see a plan as to where the raised money is going though.
Looks like the IPO price has increased from 5 cents to 5 dollars in 4 months.
No. The IPO price was 5 cents per Skycoin in April and now it's 10 cents (IPO valuation went from 5 million to 10 million). The amount they were going to raise was 50k and now it's 200k-1M (2%-10% of total Skycoin).
The valuation will be 10 million in the first round IPO.
If this means the valuation of all 100 million skycoins, you are correct.
1 million coins (1%) will be sold for 50k in Bitcoin.
So from an investors point of view, we'd need to believe in a $5m valuation at launch. That's almost top ten territory, market cap wise.
What's the plan for distributing the remaining 99%?
Maidsafe is raising 6 million dollars at 120 million dollar valuation.
Ethereum is raising 30 million at over a 100 million dollar valuation.
Ripple IPOed at over a 100 million dollar valuation.
Skycoin is IPOing at 5 million dollars and only raising 50k. The IPO is oversubscribed. We are doing the IPO at such a low price so that more people can get coins early.
Reasons for the Structure of the IPO:
The reason a 50k IPO was chosen was because we have experience with previous coins. We know investors who buy up allotments of coin in the IPO, wait until the price goes up 30x and then DUMP the coin, completely destroying the equity of the other coin holders. A coin going from a 1 million to 50 million dollar market cap, with 30% of the IPO investors dumping, needs between 5 and 15 million dollars capital inflow just to maintain the price. Skycoin is not a pump and dump and a smaller IPO reduces the impact of speculator dumping and improve price stability.
quite a high IPO valuation - 10 million dollars
thats more than maidsafe
thats more than maidsafe
Where did the '10 million dollars' come from? I haven't seen a single price yet. Nor have I seen a mention of the exact amount being sold.
Pre-registration is to gauge IPO demand and control IPO so its fair. There are 100 million Skycoin. Between 2% and 10% of the total Skycoin will be sold in the IPO. The valuation will be 10 million in the first round IPO.
This means, from the perspective of devs, the target price is between 1 dollar to 5 dollars in the IPO, which means total cap of skycoin will be much higher than BTSX.
Therefore, please consider the risk before investing your money in the IPO. However, the dev might change their target price after pre-registration.
Did this first qote change somewhere? Could you link me the page where this changed?
50k raised and a 5 million dollar market price seems very reasonable to me. Although, at 10% they would be raising 5 million dollars which is approximately 10 000 bitcoins. Nothing compared to ethereum.
UPDATE:
The registration app is compiling but not working on 64 bit OSX with golang 1.3. We are getting a segfault in one of the dependency libraries. OSX might have a cache we are not clearing out.
The build engineer for OSX is on vacation until the 2nd. So IPO pre-registration will begin on the 4th and last two weeks.
The registration app is compiling but not working on 64 bit OSX with golang 1.3. We are getting a segfault in one of the dependency libraries. OSX might have a cache we are not clearing out.
The build engineer for OSX is on vacation until the 2nd. So IPO pre-registration will begin on the 4th and last two weeks.
Thank you.
In the meantime, can you describe what pre-registration means?
What is the IPO details? Max cap? Limit of registration? Number of coins released?
Would the people that have contributed in the past be preferred?
Does the order of registration matter? How quick we register?
Yes. Preregistration generates a public key for you and then sends it to us through Bitmessage. You have to write down your private key, because you will need it later.
You also send
- your Github account name
- Bitcoin talks name
- Approximate number of Bitcoin you want to put into the IPO
Pre-registration is to gauge IPO demand and control IPO so its fair. There are 100 million Skycoin. Between 2% and 10% of the total Skycoin will be sold in the IPO. The valuation will be 10 million in the first round IPO.
Pre-registered users will be able to use their private key to participate in the IPO. The IPO is designed to be over subscribed. If you send 10 coins, only 2 of them may end up participating in the IPO and you will receive 8 coins back. This is to ensure coin scarcity and to deter speculators.
After the IPO, a spreadsheet may be published with bitcoin addresses in/out, balances and Skycoin awarded, so that fairness of the coin distribution can be publicly verified. Some information will be omitted to protect privacy.
The IPO may have tranches. The first tranche is equitable and designed to make sure everyone gets coins at the IPO valuation. Developers will get a bonus in this tranche. Then there is the whale tranche and is a free for all.
The IPO may be split into a series of smaller IPO, but it is not decided yet.
The Skycoin IPO is not a first come first serve IPO. There is no bonus for sending Bitcoin early at the beginning of the IPO period. All participants within the IPO window are treated equally. The IPO is not uncapped with unlimited amount going into the IPO.
After the IPO, there will be rolling distributions, where people can buy newly issued coins. Instead of issuing coins in a big-bang IPO, which only enriches the people involved in the IPO and deters new users (Mastercoin style IPO), Skycoin will be issuing the coins over time in a continuous process, with supply of new coins tapering and decreasing over time. The magnitude of the distributions will be chosen to support price stability. Distributions will increase if price increases too rapidly and will decrease if price declines.
We are trying to keep coin bounties, project awards and distributions as public as possible. However, everyone is very busy and no one has had time to keep the ledger updated. We want to get the majority of the coins in users hands within five years. We do not want to end up in a situation like Ripple where the developers control 98% of the coins and are threat to price stability.
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