Post
Topic
Board Announcements (Altcoins)
Re: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS
by
judgecrypto
on 23/06/2014, 01:06:29 UTC
The price of Silk coin will ultimately not be decided on whether people choose to invest in it based on their belief on whether a premine is bad or not.

The long term price of the coin will be determined by UTILITY.  Where can the coin be used?  What can it do?

Coins that are produced with low amounts and considered RARE are not RARE since there are tons of coins that exist and can do nothing else but exist.

Bitcoin is #1 since it has the most UTILITY.  What can you do with Bitcoin?  You can spend it in many places.  It is the reserve currency of altcoins.
Litecoin is #2 since it has less UTILITY but has been around a long time and you can spend it at less places and is worth less.

A coin can be 50% premined and be worth a lot if it has UTILITY!  

So you have to ask yourself.  What is Silk coin doing that is creating UTILITY?  What is it doing that other coins are not doing?  

They are creating an eco system that will have built in marketplace functionality.  You will be able to transact directly with Silk coin to other people eventually.  Yes people will copy it, but being first to market has advantages.  Look at Bitcoin.  People copy the shit out of it, but it was the first.  Dark coin was the first to focus on anonymity and it is higher than the others trying to implement it even with hard fork issues.  As an innovator Silk coin will always be ahead.

People are stuck on the mentality that Premine kills coins. NO... BAD DEVS KILL COINS... Devs that dump premines and abandon their projects kills coins. A well used premine is an ASSET!

Judge Crypto