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Ceasing operations notice

New York City, July 26, 2019.

We announce that on August 17, 2019 PrimeStats.info will cease its operations sine die. This difficult decision is motivated after the announcement from the SiaPrime development team of creating 20,000 new SiaPrimeFunds for an additional capital raise [1], while unilaterally "diluting" the payout of the current 10,000 funds [2][3]. The current 131 owners [4] will see their payouts reduced from the 0.00039% stablished on the genesis of the blockchain [5]. This action works as an expropriation of the value of the SiaPrimeFunds, granted to their owners by the same developing team ten months ago [5]. The development team is now suggesting to those affected they should buy back more SiaPrimeFunds, from the same who expropriated the value of their tokens, to avoid the effects of the "dilution" [6][7].

We consider these actions unethical, illegitimate and against the principles of the blockchain technology, where coin transfers are final, ownership is granted by your keys and inflation is predictable. It alienates its owners, and it settles a bad precedent for the SiaPrime project, creating uncertainty about other possible changes in the emission of tokens or expropriations in the future, damaging its credibility. Foremostly, it is unnecessary for the goal of capital raise, as new SiaPrimeFunds can be created on the blockchain without reducing the payout of the current ones. There is not even a guarantee that this will be a good measure for capital raising, as the real market value of SiaPrimeFunds is unknown and could follow the same downtrend of the native coin SCP, which has a market cap value 200x times smaller than Sia's token (the project from which SiaPrime forked).

After August 17, the website PrimeStats.info, its blockchain explorer and its APIs will stop working. There is another community blockchain explorer available (based on the open source code of PrimeStats.info), and according to the SiaPrime development roadmap, an official explorer was timed to be released during the past semester, so the SiaPrime blockchain will not lack at least a basic blockchain explorer with this decision. SiaPrime users interested on how their blockchain compares to other Sia forks can keep using the site keops.cc/pan-sia. This site will remain, as usual, as an observatory of the network status of all the Sia forks. The Keops.cc efforts on advancing in blockchain monitoring technology will continue on the website SiaStats.info.

We wish all the best of luck to the SiaPrime community and development team.

PrimeStats.info / Keops.cc