[SYS] SYSCOIN [Unofficial] - Due to censorship & secrecy on Official thread.

[IconFirm]

BCFN is not in a deficit of any kind.

Well, after looking at the financial reports of Blockchain Foundry, which are signed by both Daniel Wasyluk (CEO & BCT post deleter) & Christopher Marsh (CFO), that doesn't appear to be the case:

https://webfiles.thecse.com/investorx/BCFN/1805301938226727.pdf?kY9yLTSm3Jn9nsI9HuLoE1nMoeU1.qlm

The documents clearly state:

The Company has an accumulated deficit of $2,505,196 as at March 31, 2018, and $2,157,124 as at
September 30, 2017. The Company's ability to continue its operations and to realize its assets at their
carrying values is dependent upon obtaining additional financing and generating revenues sufficient to
cover its operating costs, all of which indicates the existence of a material uncertainty that may cast
substantial doubt about the Company’s ability to continue as a going concern.

I'm afraid that this really is quite a damning report on Blockchain Foundry. It also confirms the various (deleted) posts from Syscoin users that they are in desperate need for a cash injection, which can explain the dumping of Syscoin & dubious partnership with peermountain & their very, very shady ICO & a non-existent product. It looks like a typical cash-grab & nothing more.

This, together with the censorship & refusal of Daniel, Christopher or Sebastian to answer any question relating to Blockchain Foundry on the Syscoin thread only fuels Syscoin investors concerns. Deleting & censoring is not the way to deal with the situation - it actually makes it worse & creates even more suspicion.

Meanwhile, the dumping continues......

[sidhujag]

BCFN is not in a deficit of any kind.

Well, after looking at the financial reports of Blockchain Foundry, which are signed by both Daniel Wasyluk (CEO & BCT post deleter) & Christopher Marsh (CFO), that doesn't appear to be the case:

https://webfiles.thecse.com/investorx/BCFN/1805301938226727.pdf?kY9yLTSm3Jn9nsI9HuLoE1nMoeU1.qlm

The documents clearly state:

The Company has an accumulated deficit of $2,505,196 as at March 31, 2018, and $2,157,124 as at
September 30, 2017. The Company's ability to continue its operations and to realize its assets at their
carrying values is dependent upon obtaining additional financing and generating revenues sufficient to
cover its operating costs, all of which indicates the existence of a material uncertainty that may cast
substantial doubt about the Company’s ability to continue as a going concern.

I'm afraid that this really is quite a damning report on Blockchain Foundry. It also confirms the various (deleted) posts from Syscoin users that they are in desperate need for a cash injection, which can explain the dumping of Syscoin & dubious partnership with peermountain & their very, very shady ICO & a non-existent product. It looks like a typical cash-grab & nothing more.

This, together with the censorship & refusal of Daniel, Christopher or Sebastian to answer any question relating to Blockchain Foundry on the Syscoin thread only fuels Syscoin investors concerns. Deleting & censoring is not the way to deal with the situation - it actually makes it worse & creates even more suspicion.

Meanwhile, the dumping continues......

likely you can look at any startup and make similar claims because they start with no assets. That is pronably.the cost of r&d which is expected as it gives ru nway to prove ourself in market.

bcfn is starting to become profitable as the goal always was. We have an edge as early adopters who know their stuff that really helps people in developing solutions.

[IconFirm]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

[KonstantinosM]

Ironically iconfirm has been deleting posts on his (zomg I can't spam? Must be cersnorhsip!) thread.


So I've archived it on archive.org.


In most forums your behavior would result in a perma ban.

[IconFirm]

In most forums your behavior would result in a perma ban.

Welcome. A ban for moderating my own thread of spam 

I'll leave your post "as is" for reference, please ensure that any future posts have a point & are on topic.

Copy/paste:

I have created this topic as self-moderated simply to stop spammers & shills. All legitimate posts are welcome & will not be deleted.

This thread is for members who have had their posts deleted from the Syscoin thread, which you obviously haven't.

While you're here though, I would like to correct you on a few things in your last post on the Syscoin thread:

I doubt this post will be deleted, unless you delete it yourself.

Many posts are being deleted as this thread clearly demonstrates.

-Blockchain Foundry has a vested interest in Syscoin and they seem to me like they are doing a good job

No, they have a vested interest in BCFN only, as the dev sidhujag just confirmed above.

-There is no need for a roadmap,....

What 

And finally you don't need to create another thread, if you suspect censorship....

It is not a case of "suspected" censorship - it is definite & deliberate censorship, as this thread clearly shows.

[Gaglam]

a huge upgrade is in the plans coming soon.. zdag will be fully functional, with paper coming. Tps test by external performance testing company  is happening with paper coming, most bmd issues fixed, tx delay issue fixed in new release.

soon.... syscoin soon or soon in real world?

[sidhujag]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

fud.. bcfn owns no sys its founders own sys and this is speculation based on no foundation. This is totally false btw.

becoming profitable != not interested in syscoin. Your logic is flawed.

[IconFirm]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

fud.. bcfn owns no sys its founders own sys and this is speculation based on no foundation. This is totally false btw.

becoming profitable != not interested in syscoin. Your logic is flawed.

Let me slightly adjust my statement then, not that it makes any difference:

"Blockchain Foundry are in such severe financial trouble that BCFN Founders are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash."

[sidhujag]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

fud.. bcfn owns no sys its founders own sys and this is speculation based on no foundation. This is totally false btw.

becoming profitable != not interested in syscoin. Your logic is flawed.

Let me slightly adjust my statement then, not that it makes any difference:

"Blockchain Foundry are in such severe financial trouble that BCFN Founders are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash."

def. false. There is no cash issues at bcfn I can assure you. No one in their right mind would be selling Syscoin at these prices.

[IconFirm]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

fud.. bcfn owns no sys its founders own sys and this is speculation based on no foundation. This is totally false btw.

becoming profitable != not interested in syscoin. Your logic is flawed.

Let me slightly adjust my statement then, not that it makes any difference:

"Blockchain Foundry are in such severe financial trouble that BCFN Founders are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash."

def. false. There is no cash issues at bcfn I can assure you. No one in their right mind would be selling Syscoin at these prices.

Most would consider a debt of over $2 500 000 & rising a cash issue......

[sidhujag]

bcfn is starting to become profitable as the goal always was.

That's exactly the point & you've just confirmed it. Blockchain Foundry are only interested in BCFN.

Syscoin investors invested in Syscoin, not BCFN. Blockchain Foundry are in such severe financial trouble that they are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash.

Blockchain Foundry are bleeding Syscoin dry & ruining it's reputation by censoring any questions from Syscoin investors about what Blockchain Foundry are up to.

In assets terms, this can be described as an attempted aggressive takeover.

fud.. bcfn owns no sys its founders own sys and this is speculation based on no foundation. This is totally false btw.

becoming profitable != not interested in syscoin. Your logic is flawed.

Let me slightly adjust my statement then, not that it makes any difference:

"Blockchain Foundry are in such severe financial trouble that BCFN Founders are dumping their SYS to bolster their own worth as well as partnering with shady peermountain ICO's in an effort to get more desperately needed cash."

def. false. There is no cash issues at bcfn I can assure you. No one in their right mind would be selling Syscoin at these prices.

Most would consider a debt of over $2 500 000 & rising a cash issue......

by definition every startup with no assets to begin looks the same.. this has no bearing on sys since bcf legally doesnt own any sys. The incentives are aligned as personal ownership.

[blurryeyed]

No one in their right mind would be selling Syscoin at these prices.

Unless they were over $2 500 000 in debt & desperate for cash......like Blockchain Foundry....

[sidhujag]

No one in their right mind would be selling Syscoin at these prices.

Unless they were over $2 500 000 in debt & desperate for cash......like Blockchain Foundry....

I just told you this isnt happening. what part of that do you not understand? I dont know about the legals but we have assets (cash) in account with no debt other than payroll which is on month to month and is very normal. We do not owe anyone any assets or money and there is no notion of selling off personal assets to cover a legal entity. These are baseless claims and I dont see where your going with this other than to Fud.

[blurryeyed]

No one in their right mind would be selling Syscoin at these prices.

Unless they were over $2 500 000 in debt & desperate for cash......like Blockchain Foundry....

I just told you this isnt happening.

You keep saying that, even though it's printed in black & white & signed by Daniel & Christopher for all to see that it is.

what part of that do you not understand?

Seems it's you who doesn't understand.

I dont know about the legals but we have assets (cash) in account...

All assets are listed in the financial report as shown. However, if you are aware that Blockchain Foundry have additional assets that are not listed in the financial report, then that is classed as deliberate withholding of available assets, deception of investors & goes against the T&C's of every known financial body. I suggest you urgently contact Daniel & Christopher & insist that they declare all hidden assets immediately. Those are the legals for you, now you know about them.  

These are baseless claims and I dont see where your going with this other than to Fud.

Again, these are not baseless claims or FUD. They are FACT, printed in black & white & signed by Daniel & Christopher for all to see, view or download from the BCFN trading platform.

Constantly calling something "baseless" or "FUD" because you don't want to believe it does not magically change it to baseless FUD. Facts will always remain facts until proven otherwise.

Of course, all this could have been avoided if Daniel, Christopher & Sebastian had opted to answer investors questions instead of deleting them in the hope that the awkward questions went away - but that was their choice & now they must either deal with it or remedy it.

sidhujag, you're an intelligent guy. Can't you see that the methods being used by those around you are either wrong or for an ulterior motive? Are you being consulted with at all about the direction Syscoin is going in, or with this pointless & scammy looking peermountain ICO group, or the severe lack of marketing?

Just curious as to what you think - please speak freely.

[techo051]

Just to be clear on the deficit comment, deficit doesn't mean debt, it means that the company has spent that amount of money to date, which also includes non-cash expenses such as share compensation, stock options, depreciation, etc. In the same report that you referenced it clearly shows a cash balance of $3.9M as of March 31 which is our most recent disclosed quarter. BCFN is a publicly traded company with multiple checks and balances including our auditors, an independent board of directors, exchange regulations, etc. All of these measures are in place to safeguard investors. The fact that BCFN is building solutions on the Syscoin protocol should also provide some reassurance that we are vested in the project and are committed to making it better all the time.

[IconFirm]

@techo051,

Hello & thanks for posting.

I notice you use the term "we" in your comment - can I ask what position you hold at BCF?

Also, maybe you would be kind enough to comment on why Daniel (or whoever) is deleting Syscoin investors posts from the official Syscoin thread?

Thanks.

[IconFirm]

@techo051,

Hello & thanks for posting.

I notice you use the term "we" in your comment - can I ask what position you hold at BCF?

Also, maybe you would be kind enough to comment on why Daniel (or whoever) is deleting Syscoin investors posts from the official Syscoin thread?

Thanks.

I will send you a PM on this

Replied. 

[IconFirm]

@techo051,

Hello & thanks for posting.

I notice you use the term "we" in your comment - can I ask what position you hold at BCF?

Also, maybe you would be kind enough to comment on why Daniel (or whoever) is deleting Syscoin investors posts from the official Syscoin thread?

Thanks.

I will send you a PM on this

Replied. 

For the record, I'm still awaiting a response to my PM.

[blurryeyed]

In the same report that you referenced it clearly shows a cash balance of $3.9M as of March 31 which is our most recent disclosed quarter.

Yes it does, and as I posted earlier:

All assets are listed in the financial report as shown.

Which means, even with the cash they have in the bank, there is still a deficit of $2.5M - which actually makes it look even worse. I'm fully aware of the meaning of deficit, but here are some meanings for you pulled from any thesaurus:

Synonyms for deficit
noun shortage of something needed, required

    loss, shortfall, arrears, deficiency, inadequacy, insufficiency, shortcoming, in the red, etc, etc.

I presume you're someone at BCF trying to defend your under pressure business - who are you?

[IconFirm]

I presume you're someone at BCF trying to defend your under pressure business - who are you?

I know who techo051 claims to be, as he told me via PM. However, after receiving a response to some questions I put to him 5 days ago I feel I should post the conversation here in the interests of transparency - something that seems to be severely lacking at BCF/SYS.

The posts are in sent/recieved order, the first being the initial PM I got from techo05:

Please feel free to reach out directly if you have any questions on interpreting any of BCF's public filings. I'm the CFO of the company and am happy to walk you through any of our reports. I don't know what was deleted but if you have specific concerns I'm happy to pass them on.

My reply:

Hello techo051,

I appreciate you reaching out to me, It's nice to know at least someone at BCF/SYS is prepared to answer some questions from their investors.

As you say you are the CFO of BCF, may I presume I am speaking to Chistopher Marsh?

You can see some of the posts that have been deleted on the 1st page of the Unofficial SYS thread, please give it a read, I personally have many more that I have not posted yet. As you can see on the first page, I have already tried to express my concerns about having my perfectly legitimate questions ignored & deleted from the SYS thread, hence me starting the Unofficial thread, but if you think it would help the situation by "passing them on" to Daniel again - please feel free.

I'd particularly like to hear your thoughts about this peermountain outfit & your reasons for wanting to go into a partnership with them:

Well, after doing some more research on various websites & reading through their threads on bitcointalk:

https://bitcointalk.org/index.php?topic=2626975.140  (ANN)

https://bitcointalk.org/index.php?topic=2642081.3960  (Bounty)

..I now know what to make of this peermountain "partnership".  Peermountain shows all the usual & typical signs of being yet another ICO scam for yet another shittoken:

Conflicting info.
Bounty hunters **facepalm**, many unpaid.
Zero transparency.
Many fake accounts shilling.
Many unanswered questions from investors.
No product.
No dates.
Delays & excuses on all fronts.
Abandoned thread.
etc, etc.

As a long term SYS holder/investor/masternode operator I have to admit that I'm clueless as to why SYS would even consider a partnership with this outfit. It has nothing to offer SYS whatsoever. For what purpose? Why? I'm sure other SYS investors would appreciate some info too.

I'd be interested to hear from whoever it was at Syscoin who's idea it was to get involved with this peermountain outfit & what their reasons for doing so were & based on what, exactly - because all I can see is yet another scam ICO outfit by shady individuals pushing nothing but weak promises.

...as well as why Syscoin investors appear not to be allowed to ask questions publicly about this dubious "partnership". Please also click on the links in the quote above, you will see my attempts to converse with someone at peermountain in an effort to extract some information about them, which failed of course.

I do have more questions, but would appreciate your views on the above first before going into more depth.

Regards.

Reply from techo051:

Thanks for sending this. Yes I'm Chris Marsh. Give me a day or two to go through this but I will get back to you over the weekend with some thoughts.

So, techo051 confirms that he is Christopher Marsh CFO of Blockchain Foundry & that he owns & uses the account techo051 on BCT.

After 5 days, this is the response I got from him via PM regarding the basic questions I asked in my PM above:

On Peer Mountain I looked through the thread, I haven’t been closely involved in those discussions but I can tell you that we have an internal process for vetting partnerships like this and we have also meet with their team in person. Their identity project fits well with some of the identity use cases that BCF is exploring using Syscoin. Lots of projects are operating in the identity space and it’s been a focus of ours for over a year now, including with us being part of Microsoft’s decentralized identity foundation. So from that perspective a partnership with Peer Mountain made sense given what both projects are trying to achieve.

On your other questions about deleted posts, etc. I guess all that I can say there is that the team has a difficult job trying to respond to legitimate questions and concerns while making sure that the official thread doesn’t turn into a toxic place like so much of bitcointalk has. All of us on the team have a vested interest in seeing BCF and Syscoin do well and everything we do from a partnership or other business development perspective is intended to move the projects forward. BCF is an early stage company but we are well funded and have a good investor base backing us. The deficit question that keeps coming up is not accurate and if more clarification is needed there I’m happy to provide it. I’m also happy to get on a call if you want to chat about any of these items in more detail.   

As can be seen by this response, Christoper Marsh fails to answer a single question, choosing instead to send me the type of marketing dribble one sees on medium every day.

My reply:

I expected at least a few answers after you deliberated for 5 days - not some marketing statement based on evasion/excuses.

It's obvious you have no intention of addressing or answering a single issue or question even via PM, so I will return to posting on the Unofficial Syscoin thread again untill you or someone else at BCF/SYS decides to interact & communicate with your investors.

So, Christopher Marsh CFO of Blockchain Foundry is given the the perfect oportunity to talk to his investors & explain their actions - & this is the best he can come up with after 5 days of deliberation?  Let's break down that reply of his a little bit:

On Peer Mountain I looked through the thread....

So, while looking through their thread you failed to notice that they don't even have & never have had an official presence there at all, or that the thread has been abandoned for some time, or that they don't actually have a product, or that they lied about KYC3 being a seperate business, or that they scammed their bounty hunters, or that they keep changing dates, or that they are now trying to push another ICO scam, etc, etc - or that they didn't even bother to post an official announcement about the Syscoin "partnership"? (apart from one spambot post).  You must have really read through their thread thoroughly throughout your 5 days of investigations.....

I haven’t been closely involved in those discussions but I can tell you that we have an internal process for vetting partnerships like this and we have also meet with their team in person.

Why haven't you? You're the CFO of BCF - isn't it your job to be involved & make sure that there are no financial misdeeds going on? Sebastian Schepis, CIO of Blockchain Foundry said:

"We’re thrilled to work with the Peer Mountain Team."

...and yet you're trying to tell us that you, as CFO of BCF, "weren't closely involved"?  What happened to your "internal process for vetting partnerships like this" - did that also fail to spot all the inconsistencies I pointed out above? Did you also forget to ask them a single question when you "met them in person"?

On your other questions about deleted posts, etc. I guess all that I can say there is that the team has a difficult job trying to respond to legitimate questions and concerns while making sure that the official thread doesn’t turn into a toxic place like so much of bitcointalk has.

Speaking for myself, nothing in my deleted posts was toxic, as you can see from the very first post on this thread. I posted legitimate questions & Daniel chose to ignore & delete them multiple times, even finding the time to PM me asking me to stop asking questions about my investment....it is censorship & treatment of investors like this that turns topics into toxic dumps. As for the rest of your poor excuse of an explanation, it's just marketing dribble.