Quote from: kalisto on June 22, 2014, 11:54:39 PM

Quote from: bholzer on June 22, 2014, 11:24:26 PM

Quote from: Jacqul on June 22, 2014, 10:11:27 PM

I don't see fundamental difference between 2% and 4.5%.

Really? I am not interested in contributing my opinion regarding SilkCoin in general as there already appears to be some quite vocal individuals on both sides... but I think most seasoned traders, regardless of sector, would consider the difference to be significant. While I disagree that the 4.5% premine alone spells "certain doom" for SilkCoin, as a certain individual claimed previously in this thread, I will say it stacks the deck for the developer (whom was already holding all of the cards). There are significant advantages to being a coin developer on their own. You control the release of information, you control the timeline, you know the progress of things, and you know your level of commitment (or lack thereof) in a way nobody else can. I have nothing against this coin specifically because I've been maintaining my own coin for over 5 months now and I have dealt with an inordinate level of FUD that also forced me to create a moderated thread; it's frustrating and not as rewarding as one would think. My coin had a 0% premine because I felt that a legitimate coin should not have a premine; looking back... I probably should have had a small premine to help compensate me for all of the effort that goes into it. My biggest concern with the 4.5% premine in this case is that, in addition to being quite large, it also wasn't the original specification. Yes - I understand members of the community voted to adjust the PoW period - but not everybody who mined or invested in SilkCoin felt the same way (or even saw/understood the poll). I believe that once a coin is launched, the distribution specifications need to remain the same throughout even if things under the hood continue to evolve. I guess I see no reason why the PoW phase would be cut short - why would that even be proposed? It was already so short that only a small group of people were even involved in the PoW portion - these are all things that are bad for a currency. Also, by changing the specifications of the coin post-launch, the integrity of the coin was compromised. It opened the door for confusion, outrage, and all of the other negative aspects of the situation you guys now find yourselves in. I believe the best thing that could be done for SilkCoin (and quite possibly the only chance there is to reverse the current slide in value) is to destroy a portion of the premine so that the premine remained consistent with the original specifications. I know if I had invested in SilkCoin under the impression that there was a 2% premine and then, by way of democratic process or not, the coin specifications changed and the premine rose to 4.5%, I would be pretty upset because my investment would have been significantly devalued (and possibly even fully at-risk). In the end, it doesn't matter what a handful of people think or if a handful of people don't care about the difference between 2% and 4.5% because most people do care. I have been trading cryptocurrency since 2011 and a significant portion of my net worth is in crypto (probably more than what is prudent, really) - the premine is too big of a chunk for people like me to consider making a play in SilkCoin (even a short-term play). To make matters even worse, the spec changed post-launch. I'm not anti-premine - I think it has its place - but destroying a chunk of the premine to take it down to the original 2% would go a long way in restoring the integrity of this coin and the developer. Perhaps you guys could set up a fundraiser to donate coins to the developer before/after the premine is destroyed?

I know this is a long post but I was asked for my input on SilkCoin and that is all I'm willing to address. I believe that if the premine isn't destroyed to restore the original premine specs (or at least close to it) that this coin will continue to decline and never recover. I know better than anyone how difficult it is to reignite a community once the initial excitement wears off - you need to keep people excited and optimistic and even if you're just here to dump and get out wouldn't you rather do it at a higher price?

I'm not here for a debate - not my thing. That is my 100% honest assessment of the premine. For those of you here that don't understand the significance of a premine, I urge you to do your research before investing in another premined coin. I would urge you to learn more about why it matters and why it increases the risk. I'm not saying all premines are a horrible thing - I just think it needs to be within reason. We're talking about creating currencies here and a currency cannot work if one single person commands too large of a share right out of the gates. Currency isn't a new concept - it's been around as a superior alternative to the barter system as far back as mankind goes - there are basic rules that must be followed. A 4.5% premine turns off 90% of crypto investors and puts it in a lower class along with hundreds of similar coins - it's virtually impossible to get the level of acceptance required to survive long-term no matter how great the developer is.

I agree that 4,5% is a big unintented premine but what your story seems to miss is that half of the premine has already been spend on bountys.

If they would destroy another 2% not much is left for ongoing bountys or development.

Also there has to be a balance regarding what is left of the premine and what is already spend.

Ofcourse we can check the blockchain but it would be better to see a spreadsheet where all bountys went to.

If part of the premine willbe destroyed i suggest generating a valid address where no private key for can be generated, i know this is possible. If i remember correct NVC did the same in the past and the premine can still be checked in the blockchain but nobody can ever move them.

I was initially against the destruction of the premine but you bholzer, bring some good arguments. I will also donate to a dev fund if this goes ahead.

However, if this goes ahead I guarantee you that FUDders will use it as some sort of dev acknowledgement that the premine was too high. You can never please everyone.