Topic: [SKY] Skycoin Launch Announcement - page 182. (Read 381579 times)

If "running ads on the evening news" is the first thing that jumped to your mind, then I am glad you will not be running the Skycoin advertising campaign(s). I've also written "marketing for one", so I really hope you're not seeing it as the only cost component.

The fact of the matter is that a bit of direct marketing can give word-of-mouth advertising a welcome boost. Word-of-mouth advertising can only work effectively up to a certain point within any group of people. Direct marketing can definitely help to get word out faster and to a larger audience.

Given your previous statements, why are you so concerned about Skycoin? I mean, you've made yourself abundantly clear: "project has a very high chance of being an outright scam. If it isn't a scam, and we're just dealing with a megalomaniac dev, your potential earnings are so low as to be laughable for this level of risk. Stay away."

It is clear to me that you have made your point. I strongly suggest you move along now if you have nothing constructive to place on the table. I mean, name calling and entertaining Aunt Sally are simply not going to cut it.

 

If this is over value then there is no opportunity here. Very high risk at premium price. It does not make sense to invest here. Removing this in my watch list.

"Software Release Schedule:

The first Skycoin client will be released in January. White papers will be released as they are finished."

I have not seen the client yet.

Marketing? What's the dev doing, running ads on the evening news? Please. Altcoins don't need direct marketing, a good community accomplishes all the marketing you need.

The workman is worthy of his pay. Would you like to put in a lot of hard work into something, then don't get paid or are forced to stand in the same line as others that didn't contribute one iota to its success this far? There is no need to destroy value in order to make ends meet. In fact, a lot of value is needed to make ends meet. The more, the better. Marketing for one costs money... so if you burn the Bitcoins spent, who exactly is going to cover marketing and other costs, especially considering that many will not accept Skycoin as a means of payment from day one?

The bitcoins that are spent for the shares could be burned like counterparty did.

That way nobody gets all the money and you could argue that the value of the bitcoins is actually transferred to the skycoins

What do we want to control, $3.5m worth of Skycoin or $3.5m in fiat? If control over fiat is the issue, then we're clearly don't have the right mind set to make cryptocurrencies work.

Anyhow, I didn't say it should be in control of one person... thinly spread means many folks benefit (at least in my book). Despite this, assuming in worst case scenario there is only one person and he makes 1% of Skycoin available at 50BTC, it is not that he will be sitting with $3.5m and we with nothing. For that to be true, you have to assume that what he will be selling is worthless. Anyhow, how do you get to one person and in almost the same sentence you give developers a mention? How many people are involved, one or more than one? Perhaps you could explain to me, especially given the fact that I am probably "delusional or willingly deceptive."

"The entire market cap will already exist at coin launch and the only way to get it is to buy it from the developers at the price that THEY set." - How do you think companies list on stock exchanges or folks buy or invest in companies? You have the God given right to buy at the price set or not. There is nothing strange or unjust about it.

Anyhow, what exactly do you propose in terms of fair distribution?

I think the problem is the whole IPO model is what we are trying to get away from.
One person can NOT be trusted with $3,500,000 dollars.
But this is what you are thinking it is alright to do?
That is the initial valuation, 3.5 mill.

If the value goes up, you think its all right to trust some anonymous person with $10,000,000? how about $30,000,000?
if you answered yes to any of those questions you are delusional or willingly deceptive.

This man will control every single coin every generated. You will have to buy them from him.


Tell me this is a great idea?
Please, someone try to explain to me why that's a safe idea?

Cryptocurrencies were created to avoid the monopolistic authoritarian process of federal banks and their centralized control on the populace. This is returning us to that state with a few new features.

I feel they definitely have something of value to offer and the 50BTC is really not something to write home about, especially if it gets spread thinly among many investors/advocates/supporters. I mean, if someone don't like it, they don't have to participate. In fact, I am glad the 50 BTC will only buy a 1% stake, because this will leave enough room for others to also participate further down the line. Can you imagine offering a 100% sake for 50BTC... how concentrated will that spread be and will it give others any incentive further down the line to participate? I think not.

The thing is, we do not know what's the project is worth ! 50BTC? 5000BTC ??
It is 50 BTC now and maybe more in the years later.

Either the developer is a lunatic, or this is a giant money grab. To ask 50 BTC for a 1% stake in a project like this is absurd. This project may be worth 50BTC as a WHOLE, not for 1%. What does the dev have to show other than a few lines of code? Who are you, dev? Why should the community trust a sock puppet account, with no reputation? Do you have a WOT account? Who else is on your team? Do you have a timeline, a business plan, in other words you need to provide a little more before anyone ( except true fools) will trust you with their BTC.

Consider two other currencies that used the IPO model, NXT and Mastercoin. NXT took 21 BTC for its IPO, providing the full 100% of NXT to investors. The return on this investment was around 3000x. Next, let's look at Mastercoin. Mastercoin raised 4700 BTC, but they had a team of developers and a solid plan. Investing in Mastercoin would have netted between 100-200x, depending on what time you sold. For this project, if we take the 50BTC = 1% stake, you'd need for this coin to have a ~100,000,000 market cap, just to see a 25x return. Most coins never break 10,000,000 let alone a hundred million. So not only is this an extremely high risk investment, it's also low reward.

In his communications, the dev says things like "initial investors will become outrageously rich". Not only does that sound bad coming from the developer of a purportedly legitimate coin, but no one will become rich with the current model except for the dev. Overall ,I say that this project has a very high chance of being an outright scam. If it isn't a scam, and we're just dealing with a megalomaniac dev, your potential earnings are so low as to be laughable for this level of risk. Stay away.

It is the same with being Satoshi Nakamoto mining his own coin at the start. After few years you're multi-millionaire. Why Skycoin wouldn't be ?

He is not asking 3,000,000 USD but a 50 BTC IPO. If the project doesn't succeed he'll never have more than 50 BTC contrary to Ethereum.

Ethereum is asking all the money (36,000,000 USD) from the start + 50% premine.

A 50 BTC IPO is little, it is about 0.5 BTC invested for 100 people.

If you don't feel comfortable for investing at the start, wait for after the launch and see.

Appealing project so far! Launch-structure is not that bad as long as the devs integrity stays the way it appears thus far.
Launch structure will hopefully ensure that the coins will be distributed a bit more, not good for a quick buck, but should be better mid-term.

a) How do you plan to stabilize the price, if 100K supply is hitting the market every day
b) The IPO owners/investors will not be able to resell their coin, as everyone will buy it on this exchange instead.

Thank you Sir

The buy in price for a new coin is ridiculous, nobody will throw 50btc at shot in the dark, and given you'll be dumping 100k on the exchange on a daily basis essentially you'll be crashing your own project. Aside from the huge dilemma of distribution, there are some very attractive features mentioned in your op, whether or not they'll work like that in practice remains to be seen.

Instead of taking money right away before offering a product, it looks like Skycoin is already in the middle of development and will deliver a product before asking for money

BM is BitMessage.

Skycoin was announced before every IPO scam on this site.

Excuse my ignorance what is BM?