⚒ Syscoin -Blockchain Scalability, Trustless Interoperability for ERC20 projects

[Crypto_Man1212]

Is there any sort of regulation on what will/won't be allowed to be sold on blockmarket? Or will it be up to the users to buy/sell whatever they want at their own risk of potentially breaking a law?

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[Sword555]

I've been really surprised at what a great job Blockchain Foundry has done with Syscoin. How much of the companies efforts are focused on Syscoin? What else are you guys working concurrently?

[joblessminer]

I'm interested in learning more about blockmarket. I don't understand what the benefit of using crypto is. What makes blockmarket a better alternative than Ebay or Amazon?

Ebay, Amazon, Aliexpress, etc are all completely centralized marketplaces. There are many restrictions, merchants in the developing world have a very hard time dealing directly with the rest of the world. The fees are really pricy with centralized marketplaces: Ebay: 10% of the total sale + Paypal : 3% = 13%. Amazon charges 15% with a $1 minimum. 13-15% on the total sale (not the total profit) destroys most businesses acceptable margins, so the the big players are favored since they have more buying power and can afford the cut.

Blockmarket costs pennies and will be even less in our next core release.

Not everything can be sold (not just illegal goods and Blockmarket doesn't have any), I can buy a Lamborghini on Blockmarket, but I cannot on Amazon.

Now Blockmarket is just one usecase (albeit a very important one), Syscoin's protocol is built and maintained with business in mind, that can be useful in much more than just e-commerce.

Great answer, you've definitely piqued my interest.

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

[Liquid Intellect]

New Blockmarket user reporting in. This product is amazing!
Good luck!

[valek55]

one more syscoin news

https://www.msn.com/en-us/money/markets/5-altcoins-you-should-consider-investing-in/ar-BBJdDnY?ocid=st

[Eidolon]

I think Syscoin is a great project and I am invested heavily. However I am slightly concerned about syscoin's dependence on bitcoin. We have all seen that when bitcoin's price collapsed recently, so did sycoin's. In that connection I have two questions:

1. Is there a plan to facilitate the purchase of syscoin with fiat? The fact that syscoin is traded almost exclusively against btc is one of the reasons sys's price is so dependant on btc. If sys were traded against fiat directly, dependence on btc price would decrease.

2. Is there a plan to move away from PoW? I have noted the following statement on the website: "Syscoin network piggybacks on the most robust and secure network the world has ever seen. Upon enabling this capability, our network grew 100 fold in less than 12 hours and it continues to support an incredibly stable hashrate (an indicator of network health)." This is great, but only while the btc network is doing great, and is therefore another form of dependence on BTC. Further, do you think that PoW is sustainable long-term, given the general concerns expressed about it, i.e. energy consumption and centralisation?

[IconFirm]

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

Impossible to do & not required. Different countries have different laws, something that is defined as "illegal goods" in one country can be completely legal in another, & vice versa. Blockmarket is global & the webz does not recognize borders, so the laws of any particular country cannot be applied throughout. If something on the Blockmarket is illegal in your country, don't buy it. Unless you want to of course.

If every law from every country was applied there would be nothing to buy or sell because it would all be "illegal goods".

[winbitcoin33]

it would really be difficult, to make this kind of control and buyers should know what they can or can not buy.

[bananafana]

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

Impossible to do & not required. Different countries have different laws, something that is defined as "illegal goods" in one country can be completely legal in another, & vice versa. Blockmarket is global & the webz does not recognize borders, so the laws of any particular country cannot be applied throughout. If something on the Blockmarket is illegal in your country, don't buy it. Unless you want to of course.

If every law from every country was applied there would be nothing to buy or sell because it would all be "illegal goods".

I think you are absolutely correct. I would say the best way to handle it would be to leave it up to the discretion of the user. At which point it would likely make the user legally responsible for what they choose to do. I'm curious if this would cause any regulatory issues?

[earthcoin]

On richtopia, I noticed that you guys are now #17 on the "100 most influential blockchain companies" this week and that you've increased by 5 places in just one week. Pretty big news. Especially considering Ethereum is 16! Congrats, team!

[joblessminer]

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

Impossible to do & not required. Different countries have different laws, something that is defined as "illegal goods" in one country can be completely legal in another, & vice versa. Blockmarket is global & the webz does not recognize borders, so the laws of any particular country cannot be applied throughout. If something on the Blockmarket is illegal in your country, don't buy it. Unless you want to of course.

If every law from every country was applied there would be nothing to buy or sell because it would all be "illegal goods".

Understandable. I think your idea seems to be a good course of action. It just doesn't seem practical to keep a large team on something like that so hopefully leaving it up to users will be possible.

[Fishmox]

I'm interested in learning more about blockmarket. I don't understand what the benefit of using crypto is. What makes blockmarket a better alternative than Ebay or Amazon?

Ebay, Amazon, Aliexpress, etc are all completely centralized marketplaces. There are many restrictions, merchants in the developing world have a very hard time dealing directly with the rest of the world. The fees are really pricy with centralized marketplaces: Ebay: 10% of the total sale + Paypal : 3% = 13%. Amazon charges 15% with a $1 minimum. 13-15% on the total sale (not the total profit) destroys most businesses acceptable margins, so the the big players are favored since they have more buying power and can afford the cut.

Blockmarket costs pennies and will be even less in our next core release.

Not everything can be sold (not just illegal goods and Blockmarket doesn't have any), I can buy a Lamborghini on Blockmarket, but I cannot on Amazon.

Now Blockmarket is just one usecase (albeit a very important one), Syscoin's protocol is built and maintained with business in mind, that can be useful in much more than just e-commerce.

Hi,
Amazon, for instance, offers buys a high level of protection and an excellent returns policy should it be needed. What will Blockmarket offer buyers in the way of protection?

[sebastien1234]

The pools listen in the announcement have no info on their sites that indicate they are pools for syscoin? Am I missing it?
 Why can I find no info on pools or how to mine this? Still relatively new to mining but want to set this up to mine on cpu (i have core i7, might as well put a few cores to use I guess) but I am used to gpu mining with neoscrypt/xevan algos so far.

Anyone have any guides on miner software etc?

Well the first page of the thread states that SYS uses SHA256 and can be merge mined with BTC. So I guess you can put away the video cards if you want to mine this coin.
The pools don't seem to have good mining support for SYS, but it shouldn't be too hard to find one... devs? I'm guessing that most people are just buying the coin.


Great to see SYS getting some press - that was perfect timing!  Also nice thread with really positive ideas flowing!

Correct, you won't mine any Syscoin with a CPU or GPU rig, F2Pool is one big example of a pool that merge mines BTC and SYS.

The Syscoin network speed is currently over 2.5 Exahashes (Bitcoin just broke 6 in July) so we have acquired a fairly large portion of Bitcoin miners making Syscoin one of the most secure of all altcoins.

[sebastien1234]

Is there any sort of regulation on what will/won't be allowed to be sold on blockmarket? Or will it be up to the users to buy/sell whatever they want at their own risk of potentially breaking a law?

It is always technically the users responsibility to follow the law, however we do have some control. Blockmarket is the front end Blockchain Foundry Inc has created as a GUI for Syscoin's decentralized marketplace. As Syscoin is completely decentralized, like Bitcoin(or cash for that matter), we have no way of preventing others from using it for illegal purposes. Blockmarket however, does give us the ability to moderate items which we have done in accordance to Canadian laws (as we are based in Canada), we continue to monitor it(and follow reports from our community) and ensure this is followed and ban users accordingly.

[sebastien1234]

I've been really surprised at what a great job Blockchain Foundry has done with Syscoin. How much of the companies efforts are focused on Syscoin? What else are you guys working concurrently?

We cannot really reveal our business plans, however the efforts of the company aren't necessarily directly focused on Syscoin but instead focused on B2B, B2C consultancy/development, providing solutions via the Syscoin protocol. Business on the Blockchain, isn't just Syscoin's motto but it is our the main purpose of it's creation. By consulting for companies and learning about their needs and pitfalls they've experience with other projects, we've been able to evolve the Syscoin protocol to something that we believe will be the best blockchain-solution for any corporation. Blockmarket is only one of thousands of use-cases that have come from this ever expanding protocol.

[sebastien1234]

I'm interested in learning more about blockmarket. I don't understand what the benefit of using crypto is. What makes blockmarket a better alternative than Ebay or Amazon?

Ebay, Amazon, Aliexpress, etc are all completely centralized marketplaces. There are many restrictions, merchants in the developing world have a very hard time dealing directly with the rest of the world. The fees are really pricy with centralized marketplaces: Ebay: 10% of the total sale + Paypal : 3% = 13%. Amazon charges 15% with a $1 minimum. 13-15% on the total sale (not the total profit) destroys most businesses acceptable margins, so the the big players are favored since they have more buying power and can afford the cut.

Blockmarket costs pennies and will be even less in our next core release.

Not everything can be sold (not just illegal goods and Blockmarket doesn't have any), I can buy a Lamborghini on Blockmarket, but I cannot on Amazon.

Now Blockmarket is just one usecase (albeit a very important one), Syscoin's protocol is built and maintained with business in mind, that can be useful in much more than just e-commerce.

Great answer, you've definitely piqued my interest.

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

I'm glad I've piqued your interest. See further up with regards to moderation. As we don't market as a dark market at all and in fact clearly state that we will remove items/users from using it for that reason, we honestly haven't had much to moderate yet, I don't really see an issue with us scaling properly to combat it.

[sebastien1234]

New Blockmarket user reporting in. This product is amazing!
Good luck!

Great! We are very glad you like it, if you have any issues or want to propose enhancements, please provide it here:

github.com/syscoin/blockmarket-desktop-public/issues

[Fishmox]

I'm interested in learning more about blockmarket. I don't understand what the benefit of using crypto is. What makes blockmarket a better alternative than Ebay or Amazon?

Ebay, Amazon, Aliexpress, etc are all completely centralized marketplaces. There are many restrictions, merchants in the developing world have a very hard time dealing directly with the rest of the world. The fees are really pricy with centralized marketplaces: Ebay: 10% of the total sale + Paypal : 3% = 13%. Amazon charges 15% with a $1 minimum. 13-15% on the total sale (not the total profit) destroys most businesses acceptable margins, so the the big players are favored since they have more buying power and can afford the cut.

Blockmarket costs pennies and will be even less in our next core release.

Not everything can be sold (not just illegal goods and Blockmarket doesn't have any), I can buy a Lamborghini on Blockmarket, but I cannot on Amazon.

Now Blockmarket is just one usecase (albeit a very important one), Syscoin's protocol is built and maintained with business in mind, that can be useful in much more than just e-commerce.

Hi,
Amazon, for instance, offers buys a high level of protection and an excellent returns policy should it be needed. What will Blockmarket offer buyers in the way of protection?

Sorry to repeat this but its a real world question.
As a buyer, why would I use Blockmarket over say Amazon or even Gumtree? With Gumtree, I can look for local items and inspect before purchase and it has no fees.
I have invested in Blockmarket but would like to hear your ideas on how you are going to encourage buyers to use Blockmarket.

[sebastien1234]

I think Syscoin is a great project and I am invested heavily. However I am slightly concerned about syscoin's dependence on bitcoin. We have all seen that when bitcoin's price collapsed recently, so did sycoin's. In that connection I have two questions:

1. Is there a plan to facilitate the purchase of syscoin with fiat? The fact that syscoin is traded almost exclusively against btc is one of the reasons sys's price is so dependant on btc. If sys were traded against fiat directly, dependence on btc price would decrease.

2. Is there a plan to move away from PoW? I have noted the following statement on the website: "Syscoin network piggybacks on the most robust and secure network the world has ever seen. Upon enabling this capability, our network grew 100 fold in less than 12 hours and it continues to support an incredibly stable hashrate (an indicator of network health)." This is great, but only while the btc network is doing great, and is therefore another form of dependence on BTC. Further, do you think that PoW is sustainable long-term, given the general concerns expressed about it, i.e. energy consumption and centralisation?

We understand your concern. Currently all coins are dependent on Bitcoin's swings to a certain extent. I would, however, have to disagree that when Bitcoin's price collapsed so did Syscoin, in fact Syscoin considerably resisted in comparison to many others (sure the fiat value went down a little bit with Bitcoin but certainly not as much as most).

1. Yes, currently you can purchase Syscoin using British pounds via Bittylicious, there are also smaller exchanges that offer this service via credit card. It is, however, definitely on our "to-do" list to integrate fiat payments directly into Blockmarket, but that is certainly not an easy feat. We are constantly reaching out to exchanges to add Syscoin as well.

2. Syscoin will be a hybrid combination of SHA-256 POW and masternodes used secure the network. I don't see SHA-256 merge mining as a "dependence" on BTC, but it is using the current infrastructure to provide you one of the most secure (if not the most) altcoin networks. If for some reason, BTC is not the dominant coin, then those miners will still need to mine something with their equipment which is only possible with SHA-256. Also to clarify, Syscoin is merged-mined with ANY SHA-256 coin, not just Bitcoin.

It is difficult to determine if SHA-256 mining will be sustainable in the future, merge-mining Syscoin with it does not add to the footprint as miners simultaneously mine SYS with another SHA-256 coin without compromising their hash-power. Like with any software, upgrades happen and if we find that another solution can provide us with a more secure network, then we will probably move in that direction.

[sebastien1234]

One thing I'm curious about is the illegal goods. How do you keep illegal goods off of Blockmarket without a large team actively combating it?

Impossible to do & not required. Different countries have different laws, something that is defined as "illegal goods" in one country can be completely legal in another, & vice versa. Blockmarket is global & the webz does not recognize borders, so the laws of any particular country cannot be applied throughout. If something on the Blockmarket is illegal in your country, don't buy it. Unless you want to of course.

If every law from every country was applied there would be nothing to buy or sell because it would all be "illegal goods".

As indicated, with Blockmarket specifically, we will do our best to moderate what we can from our end, we've setup ways to prevent illegal trades (using Canadian laws as a reference as we are a Canadian-based corporation).