I originally didn’t want to write about this. I do not want to give the Silicoin team any oxygen, so I won’t be linking to their project anywhere in this post. But I do want to put something into the Google about the Silicoin project and why those seeking out information on the Alt coin should just move along.
To recap some, Silicoin started out as a project that was more than just a regular Chia fork. They started in testnet with their “test Silicoin” (tSIT) and they had a roadmap for how they were going to move through the various phases, which were obviously named after flowers. Then about a month ago they decided to totally change that, and only map their tSIT to SIT 1:10 instead of 1:1 as originally promised. You can read about it above.
Afterwards they had an Ask me Anything to discuss their terrible choices, and in the process there banned me for asking questions. If someone wants to ban me from discord that’s fine, crypto is about freedom after all. But I ask a lot of hard questions to a lot of different groups and the Silicoin team is the only one to ban me from anywhere yet. Take from that what you will.
But the matter at hand today is a ridiculous situation they have apparently created, where they released an update with their Staking protocol in place. Except not really, as they made no consensus changes they just updated the client with a small check, one which is was obviously quickly bypassed by the community and allowed farmers to farm SIT without staking anything. A silly choice from a silly coin development team.
That’s not even the dumbest thing. Now they are talking about restarting their blockchain AGAIN to erase all the naughty farming done by those naughty hackers. Supposedly they polled their community and got the go ahead to restart, but even if that was a legit vote it was voted on by a discord server they had already culled of any dissenters. Another stupid choice, in my opinion, because trades are still happening with the currency. Although the Chia Fork Traders discord has banned Silicoin trades for the meantime until they get this sorted out, restarting the chain at a specific block height because you put out a stupid update and suspended your Timelords is, well, stupid.
I’m not even sure it will be possible to roll back the chain without a new genesis block or other significant changes, absent another hard fork, because the chain being farmed by those naughty hackers is a valid chain, and will be heavier than the Silicoin one. And if they are going to just make decisions like this, why even bother with a decentralized protocol like the Chia?
The whole thing is a mess. If Silicoin isn’t a scam, then I would be shocked. It seems, however, that the team behind it is not competent enough to pull off their scam. They are trying hard though, so please do not farm their coin and expose yourselves to this. Crypto is full of these, they are a dime a dozen, and you shouldn’t waste your time on this one and you certainly shouldn’t expose yourself to financial harm.
They are currently trading on an exchange, somehow, even though they are also planning on restarting the blockchain. So I have no idea what possession of this currency even means. It seems that you cannot own it or farm it without their permission and their community will be forced to pay for their mistakes. Again. Check out the timeline below for an amusing tale told through their announcements. Also, don’t farm or trade SIT.
