Li Min pleads guilty and apologizes; Skycoin defends legal rights

Note: This is an English translation of a story which first appeared here:

The Skycoin team will not tolerate illegal efforts to harm it, and insists on using all the legal means at its disposal to protect its rights and project development.

On July 27, 2020, a defamation or “honour infringement” case against Skycoin was concluded in Skycoin’s favour. The defendant Li Min (WeChat name Li Zhen) confessed to the crime and expressed regret. He wrote an apology letter asking the Skycoin team for forgiveness. …

The mathematical effect of Skywire traction on the value of Skycoin and Coin Hours

By Inge Wallin

A Brief History of Skycoin and Coin Hours

Skycoin is similar in many ways to most other cryptocurrencies. Like Bitcoin, for example, a public blockchain exists to keep track of Skycoin. Transactions are stored on the chain, and the coins themselves are assigned to addresses, which are like bank accounts. Each address is represented by a large integer number just like a normal bank account, and they can only be controlled by knowing a secret key.

However, in contrast to how Bitcoin are generated by mining activity, all of the Skycoin that will ever exist were minted at its inception. …

Cryptocurrency’s status as property in China established in Intermediate court

Landmark case in Shanghai addresses nature of Bitcoin as property under the law.

There is technically no law in China stating that Bitcoin (or any cryptocurrency) is legal. There are, however, a growing number of court precedents establishing that fact (see the links at the end of this article). Precedents like these build on one another over time to establish legally accepted paradigms.

For instance, on July 18, 2019, a Chinese court described Bitcoin as “virtual property”. In the view of some, the “virtual” qualifier left open the crucial question about whether Bitcoin and other cryptocurrency can enjoy the protections afforded to objects and other forms of non-virtual property.

This week, on May…

Skycoin lawsuit sets legal precedent for cryptocurrency in China

Many in the cryptocurrency world will remember the dramatic story as it unfolded in 2018, when Synth, the enigmatic figurehead of the Skycoin Project, claimed that he and his wife had been forcibly restrained, and even beaten, in his home by disgruntled contractors who had been caught falsifying invoices. This same team extracted 18.88 Bitcoin from the Skycoin leader along with thousands of Skycoin under threat of violence. The contractors began dumping their stolen coins onto the market, adversely affecting Skycoin’s price at the time.

As news about this alleged home invasion began to circulate, many in the crypto community…

Fun, Adventure, Darts & Dice

Introducing SKY Palace. (There are no slot machines… yet.)

Do you enjoy the thrill of staking a little money in order to win even more? Welcome to SKY Palace on Telegram, a safe place to make or take friendly wagers, play some games of chance, and maybe win some Skycoin.

Sky Palace is an “unofficial” Skycoin community initiative designed primarily for learning purposes, and to provide a code base for future products and applications. It’s a demonstration of the potential of Skycoin for implementations that require rapid, zero-cost transactions, and also helps to keep transactions flowing in a slow market.

A Community-Led Project

Skycoin has always had one of the most friendly…

Why trust is still a necessity in most crypto, and why Skycoin deserves the benefit of the doubt.

We live in a low-trust society. People tend to be deeply skeptical and cynical when it comes to claims made by products and services. In a recent article for, Zeynep Tufekci defined what a low-trust society looks like:

You expect to be cheated, often without recourse. You expect things not to be what they seem and for promises to be broken, and you don’t expect a reasonable and transparent process for recourse. It’s harder for markets to function and economies to develop in low-trust societies. It’s harder to find or extend credit, and it’s risky to pay in advance.

Assemble Skycoin’s ‘Boots on the Ground’ in your City

Skycoin’s lead developer and one of its founders recently said that the Skycoin project had reached a phase where what they needed most was “boots on the ground”. That is, communities of Skycoin enthusiasts in cities around the world who are ready to deploy Skywire in their area. (Skywire, for the uninitiated, is a new, totally decentralized and distributed end-to-end encrypted Internet, designed to be uncensorable and indestructible, without gatekeepers like today’s Internet Service Providers.)

To that end, there is a renewed emphasis in the Skycoin community on organizing meetups, with the goal being two-fold:

  1. Introduce new people to the…

This is my Skyminer. There are many like it, but this one is mine.

This is my Skyminer.

I ordered it in March of 2019, and it arrived only a few days later. Then, on the night of my birthday, I stayed up all night and built it, from start to finish.

On April 8th, 2019 I plugged it in and turned it on. I even filmed it, because it felt momentous to me; and it was! Both because I had built it with my own hands, and because I knew that it represented another eight nodes coming online for Skywire. …

Some people may try. Those people will fail.

Skywire is the totally distributed new Internet developed by the Skycoin project. It is end-to-end encrypted and designed to be faster and more secure than the current Internet. When fully deployed, regular citizens will be incentivized to purchase or build Skyminers, which are essentially dedicated computers that contribute power, bandwidth, and storage space to the Skywire network. With the addition of a small, inexpensive antenna, those individuals will become literal Internet Service Providers (ISPs) for their communities and will earn cryptocurrency for the amount of traffic routed through their Skywire nodes. …

Do you like Skycoin? Do you love it? Are you checking local laws to see if you can legally marry it? How far along the Skycoin path are you?

Technically, anyone who owns Skycoin automatically becomes a member of Skyfleet, since that term refers to the entire Skycoin community. If you own a Skycoin, you’re Skyfleet. But this article charts a very specific path through simple Skycoin acquisition to unbridled Skycoin fervor.

I briefly considered calling this article ‘Stages of a Skycoin Addict’, but addict is a loaded term. Likewise, fan is too childish and adherent is too cultish, (and Skycoin is not a cult, in spite of what you might hear from some community members about the divinity of Synth, Skycoin’s lead developer).


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