Topic: [SKY] Skycoin Launch Announcement - page 156. (Read 381579 times)

I like all your efforts and think this is really a valueable project.

But from an economics perspective I have doubts regarding your "macro economic policy" - there are tons of factors to consider if you want to stabilize an exchange rate. A read through some economic literature will help you see that no system ever managed to keep an exchange rate stable or almost stable over a long period of time.

to stabilize it against btc is in my opinion an even worser idea, by nature btc will be volatile for a long period of time, what will you do if another crypto overtakes btc and gets the role of reserve currency? will you 3-way stabilize against euro dollar, ether, whatever etc.?

the next thing to consider is the downsides of stabilization (if this is somehow possible), in my opinion there are huge downsides of price stabilization - I had a discussion with maaku(?) in the xcp thread about the function of a price, especially regarding innovations, which should give an insight.

let me know if I can help, this sounds by far more negative than it is meant - I still like your overall idea. if you have questions send me a pm

IPO:

Development is taking forever. Too much going on that is delaying actual work.

What we will probably do, is have a pre-IPO "order commitment". Users will Bitcoin account histories and/or Github accounts and project contributors will be allowed to commit to IPO, up to percentage of the IPO. Participation will be capped at 5 BTC and the cap will go down as the pool gets depleted.

Then the people who have been following project for a while, will get a guaranteed commitment to IPO, without worrying about timing. Then rest of IPO pool will be released after launch.

After the IPO, the rest of the coins will be allocated as salary and bounty for contributors who are working on projects which increase the value of Skycoin. Most of the coins will probably be allocated for the mesh deployment as incentives.

Economic Policy:

We have been talking to a large Bitcoin market marker about how we can prevent a repeat of the Auroacoin crash and deter speculators.

We have a data guy doing models.

This is the linear scale Bitcoin price over time



This is log scale Bitcoin price, with regression line. When Bitcoin is over the line its over priced, when its below the line its underpriced.



This is the total number of subscribers in /r/bitcoin



This is the daily growth rate of subscribers in /r/bitcoin . Notice the massive spikes of new users rushing into Bitcoin



This is subscribers on /r/bitcoin against daily rate of return of Bitcoin. Rapid increases in new users, cause price volatility, run ups and crashes.



This is subscriber growth rate in /r/bitcoin against log Bitcoin price. This is log plot, so a small price swing can be $290 to $90 or $7 to $150.

A price swing from 5 to 4 on this graph is ~3x change in price from $150 to $50 (~3x). A swing from 6 to 4 is a ~9x change in price.



What these graphs show, is that news attention to Bitcoin drives a massive influx of new users all at once. The price goes up dramaticly as new users buy into Bitcoin and crashes once the capital inflows return to the long term trend. With Bitcoin, there is a fixed supply of coins in the short term and influx of capital inflows, driving up price in short term. The price collapses back to former levels after the capital inflows end.

There is a short term increase from new capital inflows and a rebound or crash when the short term capital flows end, but a long term increase from increased adaption and user growth. By looking at the Bitstamp order book, we can separate out these two components using the net capital inflows into and out of Bitcoin.

The coin supply is fixed and new coins entering market will decline over time. The rate of new coins going onto the market will be less than the user-base growth, as a policy. Therefore we expect appreciation in value, until user base growth stops. Then the coin will be in "equilibrium" and be driven by other macro factors.

Policy Implications:

- the rate that Skycoins are released on to the market should be constant and predictable
- the number of coins on the market should not increase faster than user base growth
- the rate that coins are released on to the market should taper and decrease over time
- if a shock (news event, massive influx of new users) occurs that drives up price, more coins should be released onto market for the duration of the shock, to smooth out volatility
- if a price decrease occurs, the rate of coins going onto the market should be decreased
- if a major price decrease out of line with long term fundamentals occur, a pool of coins should be reserved to begin buying back coins and stabilize exchange rates
- tracking and publishing data better enables market makers to calculate the "fundamental value" and may reduce price volatility
- increased price stability increases the demand for Skycoin. Currency traders, merchants and speculators prefer to hold reserves in the coin with the lowest foreign exchange risk.

Relax. It will start when ready. The dev team clearly have a alot on their plate. I'd rather a full featured platform that has something real to show and talk about than the IPO's like nxt and MaidSafe pulled.

Skycoin especially will need this, as the ipo style will deter alot of money hungry speculators and a good product will be needed to drive the momentum and achieve decent marketing that makes it stand out.

any roughly time when ipo start?

Development Update:

We need to close out work on the coin so we can get onto the meshnet. We are trying to do too much
- Coin
- Aether
- Meshnet
- Obelisk

Any one of these projects is an immense burden that requires a full development team.

The coin is done and we are just doing refactoring and cleanup of minor issues, but it is still requiring a lot of time. Aether and Meshnet are on track for completion. Obelisk is not scheduled. Development of Obelisk requires Aether and will be delayed until we get more development resources or until the meshnet is working and new people take over development.
 
We have people working on a applications for Aether. For instance, a user creates a key-value store. Each value is JSON data for a tweet. The first key is Angular code for rendering the feed and creating webpages from the JSON feed. A user subscribes to other feeds and pull them in. So we will have something like a distributed Facebook feed or Twitter feed where each user controls their own data.

The meshnet is designed. The implementation is pretty easy, but it wont be practical or useful until you can tunnel traffic through it and do file syncing and things like torrents. It needs to support clearnet nodes as well as physical mesh nodes, because most users will not be able to physically peer over wifi or ethernet with another Skywire node until network density is high enough. It has to be useful as a clearnet overlay for bootstrap as well as supporting wireless peering.

Once the meshnet is operating, we have developers who can come in and deal with the remaining issues and long term support and infrastructure build out. We have to get it working at a basic level.

Skywire and Skycoin repos are being merged. $GOPATH is very annoying and pulling in three repos to get it working is very frustrating. One repo makes development setup easier, but means each of the teams will be working on different git branches. Skywire is undergoing massive changes and reverse compatibility with older versions of networking will be broken constantly.

We might have to add functionality to WGET a text file from a website or some mechanism to notify clients about required updates. Ideally we should have functional tests and regression testing to ensure that minor updates are not breaking compatibility with older versions, but this is not in place yet. A number of issues with release schedule and deployment are coming up.

Aether:

Having a message board and wiki running on Aether, for coordinating development would be good. That would help the community coordinate and make development less dependent on the central developers (who are currently overburdened).

We are finishing up Aether and have a full developer working on applications. Getting code tutorials out for third party developers is an extremely high priority.

Altcoin Hell:

Massive amount of refactoring. Exhausting. Spent a full week helping new developers get repo setup and explaining stuff. $GOPATH issues from hell. Documentation. Going back and forth with big bitcoin investors and they are submitting changes to white paper and have to review and its back and forth, back and forth, endless revisions. Impossible to code and do eighty whitepaper revisions. Have to move everything to wiki, so community can help with editing.

Have to merge the Skycoin/Skywire repos and move all the crypto stuff out into its own module. Deprecating Visor. All the unit tests are broken and cant fix them, because the new refactor will break all the unit tests again. Arguments about functional tests vs 100% coverage tests.

Developers asking for Aether RPC and have to finish Aether and push it. The meshnet dev cant start until services architecture is ready and one of coin devs wont touch anything until the two monthly long massive refactor is pushed because it breaks all his code. Golang wifi controller library is done and meshnet design is done, but its not written down anywhere and the meshnet implementer needs doc so he can sit down and pound out implementation.

The faster we get some kind of communication channel and discussion board and wiki up, the more work can be distributed.

sky,sky,sky

I believe the word you are looking for is "permeate" and not "permute".   


Hardly mythological!  The concept underlies much if not all of modern physics though the word itself has grown out of favor in academia.  Good luck; watching your project! 

What is its practical value?

Think you're gonna beall alone in your team?

Very nice to see that the developer is very seriously engaged in the project! Keep up your good work, dev! I know that SkyCoin will be one of the most successful projects!

https://trello.com/b/LQd8Gz47/skycoin-development

Large refactoring going on. The block replication and transaction relay server is currently in the Skycoin repo. It is being replaced by the Skywire wire protocol.

Then the command line options are being simplified and visor is being refactored. The cryptography and address generation needs to be moved out as its own package. This means you will have to pull three repos into the gopath, the crypto library, skywire and skycoin. Skywire has block replication, transaction relay service, aether and will probably contain the meshnet as a service.

Skywire does not import Skycoin and uses callback functions when needed. Obelisk may be in Skycoin, but will be a Skywire service. We have to see how it works out. It might make sense to merge everything into a single repo.

China thread:



   


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天空币上线公告主贴:
(中文翻译) https://bitcointalksearch.org/topic/m.6299665
(英文) https://bitcointalksearch.org/topic/sky-skycoin-launch-announcement-380441

 

SKYCOIN天空币:一种基于分布式共识系统的介绍
(中文翻译) https://bitcointalksearch.org/topic/m.6534538
(英文)https://github.com/skycoin/whitepapers/blob/master/whitepaper_04_survey_of_systems_for_distributed_consensus.pdf

 

以太:一种全新的分布式数据存储系统
(中文翻译) https://bitcointalksearch.org/topic/--602701
(英文) https://github.com/skycoin/whitepapers/raw/master/whitepaper_05_Aether.pdf

Is there an alpha client available to download?

Looks like a lot of moving parts and a ton of ambition on what this can do.

People will need to be patient here,  my estimate that it'll take at a minimum two more months before we see 'feature complete'.

Is the Skywire Daemon service like a universal blockchain? When a personal blockchain publish a transaction, the Daemon will always subscribe it and keep a copy of it in case other subscribers get disconnected with network. Otherwise, some transactions would be lost when all personal blockchains which subscribed them get disconnected with the network.

So what is the status of the different parts of the project ? Can you please make a briefing ?
I have compiled the main skycoin code and it works, but I am unsure as of how to join the different skycoin components like the darknet.
Is there a testnet working ? Where can we get some (testnet) coins to test the wallet functions ?

i only want to konw when the ipo start

Update:

Skycoin Trello is setup. This is for tracking urgent development goals and should help coordinate development.

Trello: https://trello.com/b/LQd8Gz47/skycoin-development

Very much looking forward to soon send SKY