SilverCoin Update

Jan 14, 2019 · 3 min read
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SilverCoin (SVC)

• SilverCoin launched in early 2017 on and ran several bounty programs leading up to June 21 2017.

• SilverCoin (SVC) was listed on for trading on June 21 and within 24 hours approximately 12 BTC was received in exchange for 400,000 SVC.

• When trading started, 3 BTC was paid to have guaranteed listing on the exchange for 1 year regardless of trading volume, but they delisted SVC in the fall of 2017, less than 6 months from the start date.

• During these months the project went dormant. The main reasons being that our message was not clear and we failed to reach our target audience.

• Knowing the coins could be redistributed at a later date even if C-Cex would not re-list, we began the quiet redesign of the project.

• When it came time to relaunch, the exchange was contacted and they saw the error and agreed to re-list. But after only 5 days we were again delisted, again citing low volume. (This happened before we even started advertising.)

• The good news is that because SilverCoin was only traded on one exchange and had such low trading activity we have the opportunity to do a clean restart and solve 5 issues in the process.

5 Issues:

C-Cex. There is a lot of SVC currently held/trapped on the exchange.

Coin Sale-off. Many coin holders dumped their SVC for next to nothing when SilverCoin got delisted from the exchange.

NXT Blockchain. NXT is too slow, not scalable, cost $ per transaction and development has stagnated.

Poor Distribution. Only 1 million SVC is currently in distribution, with about 25% belonging to SilverCoin team members.

100 Million SVC. Because 80% of the SVC is locked into the POC protocol, there are too few coins in circulation to effectively seed the marketplace and provide project funding.

5 Solutions:

• Reissue Coins. To everyone who previously bought SVC and to bounty hunters.

• On The EOS Platform. It’s scalable, has free and near instant transactions, development is ongoing and the ecosystem is growing.

• Run 2 AirGrab Programs. One to EOS holders and the other to Alternative Media Sources. (50m/50m?)

• 1 Billion SVC. Max_supply will be 1 billion with 200 million initially available for distribution.

DEX Listings. Focus will be on EOS decentralized exchange listings where your coins never leave your possession.

Current Coin Holders

• If you bought SVC on June 21–22 2017 you will receive 10 times your original purchase. This is to account for the 10X increase in coin supply.

• Bounty hunters, both from the affiliate program and Bitcointalk bounties will also receive 10X their original payout.

• If you bought SVC anytime after June 22, it will go as follows… If SVC was bought at 0.00003 BTC the multiplier is 10X, if bought at 0.000003 BTC or below it is 1X, with a sliding scale in between.

• You will receive your SVC even if you already sold them.

• 1 million SVC will be reserved and sold over time for ~12 BTC to refund the original buyers on June 21–22 2017. (This is to make up for the delay in progress and poor communication up to this point.)

• You just have to log into or your NXT wallet, wherever your coins are/were held and screen capture the transaction information for when you received your coins. This will serve as a receipt.

• The information you are looking for can be found in your history and archive sections. For the time being just hold onto this information. We will announce and display a signup form on our website when we are ready to begin coin redistribution.

• Also, if your account at C-Cex is locked just email their support and they will reactivate it for you.

• Affiliate bounty hunters don’t need to log into C-Cex. You can use your email to sign into your affiliate dashboard to confirm your coins here… When coin redistribution starts, a request payment button will appear. You will just need to change your NXT wallet address to an EOS address. More on this to come.

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