Quote from: TalkTeam on August 23, 2014, 08:16:47 AM

Dear Talkcoiners,

For the record, we the team did not know about the dev fund or dev fund voting system and we think this was just the dev who was the original creator of Talkcoin and has been controlling the project up to this point.

The dev kept the core functions to himself and although the fund is mentioned on the old thread we didn't see that it was implemented or know about the -votedev command.

We are not against the existence of a fund because the dev needed to pay a lot of TAC out to fund the project, but we are against the secrecy in how this was hidden and operated secretly without telling the rest of the team and the community.

We started crisis meetings on IRC recently and audited the core code with help from Peter Bushnell from Feathercoin and confirmed setup of the fund and some other issues which will be explained separately.

These concerns are also happening at a time when the dev has said to us that all the main features are now finished and he won't be around much so we still don't know what the roadmap is, if anything. The dev is rarely active in the forum and in contacting the team so mostly developers are sitting idle and we have no visibility on what is coming so we're not able to promote it either.

We all think the dev is good at development and he created a great concept with Talkcoin but we don't believe that the secrecy, lack of communication and lack of leadership are going to enable Talkcoin to succeed in the market going forward.

For that reason and because we believe in the future of Talkcoin, the team have agreed unanimously to takeover the running of Talkcoin effective immediately, for the benefit of our investors, miners, and the community.

This thread will continue to be the official thread as will our Twitter and Facebook. We are designing a new website at talkcoin.info and created a new Github that will be the official Talkcoin sourcecode repo going forward.

The first step we decided is to release a new wallet (version 2.0.0) that cleans out the issues found in the core code, which Peter Bushnell has been developing.

We are testing this release on testnet on Friday (29th) and if all goes smoothly we'll upload the release version on Friday (30th). This will be a mandatory update that will hardfork on a future block # that we decide based on testnet result and to give everyone enough time to update.

We also believe the voting system creates uncertainty for investors and undermines the most important use of the coin as a store of value so we all agreed on removing voting in the next release.

When the hardfork is released, block reward will be fixed at the current reward and then halve every 1.5m blocks, with a hardcap of 48m TAC, to be mined over the next 5 years. This means the ~8m TAC already mined will be ~15% of the total future supply and block reward will stay at the current level until the first block halving in 1.5m blocks, as follows:

We decided also to keep the dev fund but fix it at 3% to ensure there are going to be funds available to operate, develop and promote Talkcoin effectively for investors going forward, except now this will be visible to the community as will all of our operations and the Talkcoin roadmap, which we are finalizing and will announce once the hardfork is implemented.

We have been in touch with the pools already and we will contact the exchanges now so everyone will be on the correct version for the hardfork.

If you agree with what we are thinking for Talkcoin, please support us as we release the new version and get Talkcoin back on track. We have an exciting roadmap for Talkcoin we are working on, and we now have a team in control that has the freedom to implement it and grow Talkcoin into a leading digital currency. Please join us and help us achieve that together and as a team!

Thanks

The Talkcoin Team:

TalkTeam - Project Manager
djm34 - Lead Developer
Bushstar - Core Development Consultant
crz - Graphic Design / Branding
karimdr2 - System Administrator / IT Architect
Nyterax - Marketing and Promotions
AizenSou - Investor / Technical Analyst
Ignition75 - Investor / Business Development

Thanks Andy.

Technical analysis about the old dev's hidden trick (not scam but not honest for other investors) from bushstar and from me will be published soon.
We are working hard for the hardfork now.

Regards,

Aizen