Hey man, you are right about one thing that I had not thought through. Sub and Sky are not in competition they are complimentary to each other, my bad, my ignorance.
I do hope the Sky project succeeds, I am all about decentralization.
The red flags surrounding this coin are out of control however. Please do more of your own research into why this coin is more than risky to invest in.
I am just trying to help people think before they act. People deserve to hear all sides of the argument. I respect your position on this coin, I hope you can respect my reticence.
I can go ahead and list out all of the red flags that I see if you would like me to make a more concrete position of my own.
Thank you for making the effort to clearly present your concerns about this project. I will answer this and any other specific concerns you care to elaborate in this thread. Freedom of speech is necessary for us to communicate in order to reach a constructive result from any disagreement. Alternatives only lead to destruction.
Doing your own research is the one solid bit of financial advice that ought to be offered without any disclaimer. However, Skycoin is a very complex project of broad scope. It is not surprising that cautious investors like yourself have experienced frustration trying to implement due dilligence.
Lets just start with a "miner" that costs consumers 1 BTC and it is made of PI computers! I mean like wow... That machine could only cost about $600 dollars to produce, tell me that is not SUPER SCAMMY?!
The first 300 Skyminers have shipped already. They went to satisfied investors who paid 1 BTC each as follows.
Skyminer Pricing Details:
The unit price of one Skyminer is 1 BTC. The approximate cost breakdown is as follows:
1. Hardware cost - 0.05 BTC
2. Shipping cost - 0.005 BTC
3. SKY Rebate - 0.945 BTC (This amount will be returned to the buyer as a rebate in Skycoin. The total of 450 SKY will be given based on the following conversion: 1 SKY = 0.0021 BTC)
This worked fine for the first 300 and official Skyminers are guaranteed to be whitelisted for the testnet. Whitelisting is a technical necessity for the testnet to do its job. There are currently over 4000 people on the waiting list to buy Skywire miners, but it has been deemed unsatisfactory to charge a full 1 BTC for a Skyminer and the rebate is problematic because they can't consist of market buys and it can create an incentive to dump. The prices for official Skyminers are expected to be adjusted lower as we proceed, and the ability to buy Skyminers and other hardware such as antennas with Skycoin instead of BTC is being strongly considered.
The most important thing to understand is that specs for the device have always been public and we have always been encouraging everyone to build their own DIY miners. There is an active user community engaged in this on Skywug forum.
https://skywug.net/forum/index.php Go there for howtos and support.
Decentralization is exemplified by DIY spirit and the emergence of grassroots communities that help participants learn and share their achievements.
Also usually in a well respected development team, they use real names and you can look them and their work up on Linkedin, like you can with all the devs from Substratum... ...Because they are real people with real work history.
First of all, Skycoin is not an ICO. It long predates the era of the ICO boom that peaked in mid 2017. A feature of ICOs is heavy marketing and cultivation of an air of legitimacy to such projects. Revealing the identities of all or some team members if a popular tactic to those ends.
Satoshi Nakamoto is a pseudonym. His identity has been well hidden and for good reason. Any who would stand in the way of global financial hedgemony must fear for their safety. If Satoshi Nakamoto were known, he would have been kidnapped, tortured, and Bitcoin would never have become what it is today.
Nowadays, the Pandora's box has been opened, and cryptocurrency enjoys a basic establishment status in history. The progression from then to now has occured over less than a decade. Anyone who knew what lengths the jealous financial hedgemony might go to if they understood the meaning of crypto would be more likely to hide their identity then than now.
Skycoin was officially founded back in 2012, only 3 years since the launch of Bitcoin, and one year prior to the Snowden revelations. Edward Snowden merely popularized the notion that the NSA was spying on everything you do online. That the human right of privacy was being violated globally without consent or accountability was already well known among the cypherpunk community from whence cryptocurrency was born.
It is only natural that the founders of Skycoin chose to remain anonymous at the time, and over the years they have retained their preference to stay out of the limelight. This is not something exclusive to Skycoin. The most well regarded cryptocurrency projects today include many anonymous developers and often, it is the same people who have anonymously made important contributions to many projects.
The privacy of man has come under heavy attack in modern times. The general population may have been at first outraged to learn that their privacy was being violated online by governments and corporations. But they just kept doing it, so the populations have turned to trying to cope with their diminished lot in life. Privacy is the intellectual counterpart to physical property, one of the things that an individual human being must be permitted in order to protect their lives and the lives of their family. The human individual is vulnerable, and civilized society has learned to protect, rather to prey upon the vulnerable. The very notion that desire for privacy is indicative of wrongdoing or ill designs is a barbaric influence that seeks to strip away the ability of one to control their exposure to the whims of the powerful or the many.
If you investigate the identities of Synth, Steve and Chen Houwu, you will find answers. They have, albeit reluctantly, had their identities revealed online. I would hope that the crypto community will remain respectful to them and others who wish to retain some semblance of privacy.
Best of luck to Sky community, if this project isn't total bullshit, I will be surprised, and I will invest myself at that time.
Apologies for being rude, just trying to avoid more Bitconnect like bullshit in this space.
Your final concern here is specifically the applicability of the label "scam". The goal of a scam is to make victims of and profit off of vulnerable investors who were either lied to or failed to do their due dilligence. In order to make such an operation profitable, the project must have a short incubation period, generate revenue fast, and feed almost entirely into marketing to reach their goal of exit as fast as possible. ICOs are the perfect vehicle for such scams. Scams thrive in a bull market and it is essential to exit prior to the the start of a bear market.
I think that there are many scams in the this cryptocurrency environment, but the current bear market is not very conducive to their business model.
Skycoin does not fit any of the criteria that makes for a good scam. It is either an incredibly poorly executed scam, or a legitimate project.
Please continue to present any specific red flags about Skycoin that you can think of so that i may address each of them.
Finally, would you do me a favor and refrain from editing the subject line of your post in this thread because it causes replies to your post to inherit the subject line by default?
