Post
Topic
Board Announcements (Altcoins)
Re: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS
by
bluepixie
on 23/06/2014, 00:28:50 UTC
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.


I find this extremely hard to believe. However, even if that is the case, that isn't a very prudent way to distribute 2% of a currency's total supply. Combined with the remainder of the premine and the distribution system in general there are fundamental flaws here that will limit the SilkCoin ceiling considerably. Even if the eco-system is actually produced, you have to remember it could easily be reproduced by a coin with superior distribution and design. Personally, I see too many flaws in any coin that becomes PoS so quickly after a brief PoW window due to the extremely lopsided distribution. That being said, we have seen Blackcoin overcome this seemingly negative aspect despite not truly achieving long-term success yet by most standards. I believe the issue here is that it is primarily the same group of people interested in SilkCoin; the smart play would still be destroying a portion of the premine and focusing more time and energy on getting the word out elsewhere vs continuing to primarily contribute to this thread on a single forum full of the very people already interested in the coin. With the reduced premine, less marketing effort can be spent on defending this negative aspect of the coin and the confusion surrounding it (and the PoW adjustments) - it will only continue to create problems for you. I believe I have sufficiently covered what I wanted to cover; not looking to rain on the parade or create additional friction here - I was asked to look into SilkCoin and post my assessment and I believe I have sufficiently covered what needed to be covered. I've been at this a long time, I've been through ups/downs, created and managed my own coin, and been faced with almost every possible situation. My general trading experience goes back over a decade. I strongly believe something needs to be done to slow the slide and even more needs to be done to reverse it. If you continue down this same path, SilkCoin will fail; that would be unfortunate because the last thing we need are more failed altcoins.

Maybe there could be a 1% destruction of the premine and then a development fund set in place. A Donation address that people can give to, to help promote Silk coin. Maybe give 3 diffrent promotion options for people to donate too. Lets say you want 2FA donate silk to this add...  or chance to winning a mining RIG by trading SILK (oculus promotion) donate to this add... OR facebook giveaway... whatever