[ANN] Syscoin - Business on the Blockchain - LAUNCHED!

[johndec2]

Wow. Talk about literally going to sleep at the wheel. You pocket 250 BTC off Moolah as an advance payment for price support then invest none of that in price support... No wonder you guys were asleep... Use the BTC for blow and hookers?

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[armin22]

I previously wrote:

Just a quick note: there are several PMs I need to catch up on, been focused on the crazy crazy day that was today. I will catch up on these in the morning, pay out bounties as needed, post the dev wallet addresses and we'll have block explorer up and running as well.
The entire team appreciates the support and patience the community has shown today. We have a lot more work to do; today was just the start!

I think that sugar coats matters somewhat and that it was all rather disappointing. You came across as amatuers/middlemen and not professional managers/programmers with direct control over your product/brand. Market confidence was undermined -- though it seems to be stablising/rebounding, the coin price was headed for a solid triple, possible quadruple, gain at launch before this embarrassing and completely avoidable wallet glitch fiasco. Let's be honest about it - that's the first step to a recovery and restoring market confidence in your ability to handle things going forward.s
I think SYS can recover from this if it takes specific steps I'll suggest in my next message. You already took a big first step in not blaming MOOLAH or anyone else for your internal issues (which is a lot more than most devs around here do when something like this happens) and you accepted full accountability for the wallet glitch, but there are other things you should/shouldn't do to get SYS brand back to where it was headed before all this drama/chaos.

Well, here's my followup. Syscoin's dev team can not go back to the status quo after this wallet fiasco. Platitudes about working hard, better things to come and community patience will not cut it. Accepting responsibility the way a politician does without actually accepting any responsibility and consequences will not cut it.

We're now looking at a price that has slid closer to the IPO price - an indictment from the market on your handling of this. Early bird investors have been left with little or no compensation for taking an earlier, greater risk on less info than current investors. A golden opportunity to grab some initiative and attention from Ethereum as a new blockchain 2.0 platform has been at least partially squandered.

You need to convince a clearly skeptical market:
1) you're responsible
2) you're competent
3) you have integrity and character
4) you have the capacity to deliver solid blockchain 2.0 tech (functionalities and interfaces)
and/or hire/elevate people who are.

Before I go into specifics, just a run through of some of the other comments on what's happened here that I don't think anyone who wants SYS to succeed in the future should sugarcoat:

so what did 1500btc buy us? failed launch, no proof reading after copypasting litecoins code, non functional core functions, crashing wallets, no buy support walls.
guys please work hard to get this fixed asap. "in a week" doesent cut it, we need fixes.
im running windows7 64bit, and im getting blockchain corrupted on every second launch of the application, and the only way to fix it is to delete reinstall the whole lot, then it happens again on second launch. failed. you might think were all whinning, but the facts are, the wallet is non functional right now for most users. which isnt professional.
this software is no were near ready, there is at least another month of fixes and modifying to get everything cleaned up and running. i think moolah should hold off untill this is sorted.

For a 4 month preparation, this smells like a lame launch. All I read about is problems, problems, problems.

What especially were you unhappy with at launch?

i was unhappy that the nodes werent added and everyone wallets had to be added manually, this made me miss my oppurtunity to sell @1800, because it wasnt syncing.
i am also unhappy that the marketplace is basically useless and returns many errors and is buggy, copy function does not work. useless in the real world. aliases costs $20/5000sys, and the data button is broken and points to the aliases button. i mean for fck sake its obvious that they knew it was broken and just left it. if the team needed more time, they should have stated it. rather  than rush out a buggy non functional dodgy wallet quickly so they can get there ipo money. its really unprofessional. non profit coins had a better launch, and were talking 1500btc here.

Pro tip: don't be greedy. Bought at 500? Sell at 750, get 50% profit, move to next coin.

As much as I sometimes hate this cesspool known as BCT...this time around, there are legitimiate concerns that have been brought up.

1.Uncertain Launch Time - launch kept getting pushed back
2.Wallet Sync Issues - Experienced myself. Had to dig through forums and finally got help on IRC. How was this not on the OP before Dev went to sleep? (conf file)
3.Wallet Crashing/Wont Open - Experience myself as well. After getting the wallet to finally sync..my wallet wouldn't open anymore. Traders are stuck with coins in wallet and can only watch the market situation.
3.Fork - what more is there to say about this?

This is not the worst launch, but you have to admit. We as a community definitely expected better. This is just a bit sad. 8+ Months working on the coin and its released with wallet bugs. 8 months preparation and this is what we get.

My suggestion is for Moolah to not hand the devs over the 1500 BTC until issues are completely fixed.

This isn't just a hiccup. It is a disaster. It's an outrage. This was rushed and overpromised. It's the kind of garbage delivery I'd expect from low-level South Asian freelancers. Not from a professional American/European development team that includes a designer/programmer who works at a government contractor in Washignton, D.C.

You're dealing with a community accustomed to the sleek interfaces of Android and iOS smartphones which I'm sure you use yourselves. And you deliver this?

This launch experience and the wallet really DO NOT merit release of the Moolah escrow - not until all of the issues are fixed and investor confidence is restored.  The escrow as insurance against poor delivery was one of the very key reasons the pre-sale had the appeal it had. Because it offered some security from disappointment by holding the promise of penalty for failure.

Beyond MOOLAH retaining the escrow, a broader plan is also needed to restore market confidence and ensure early investors who took the biggest risk see the kind of return they invested in, if only for the sakes of your own reputations.


The suggestions:

1. You should formally apologise to all who bought into the pre-sale. You did not offer a launch experience worthy of a 1500 BTC (approximately $750,000) investment and the months of prep we were told you put into this. It did not inspire confidence in your ability to deliver on future promises and manage things (including expectations) going forward.

2. As I said earlier, politicians "accept responsibility" all the time without actually accepting responsibility and being held accountable. Accepting responsibility and accountability doesn't mean anything without accepting consequences: Moolah should retain the entire escrow until a new wallet with *all* of the promised new features are easily accessible and fully usable via a user-friendly, point-and-click GUI interface that an average, non-technical user can easily use. A feature that most people can't use isn't a feature.

3. There needs to be a full explantion of what happened and who was responsible that sheds light on who is doing the hard-core coding work on your team and who will be doing it going forward. How much outsourcing of core functionality is going on and to whom?

4. Based on that honest accounting of what happened, the management team should be reorganised to downgrade the person responsible (if not "fire" him) and upgrade whoever warned about this internally (I hope there was at least one person who did) to give everyone greater confidence this sort of thing wont happen again and will be penalised if it does to maintain a strong incentive to perform.

5. Buy support needs to be established and maintained, not just to shore up confidence while the brand-restoration process works itself out. It's not just about supporting the price and ensuring a fair return for early investors. More importantly, it's about demonstrating to the market, beyond words, that you yourselves are that confident about the future of Sys coin, community and platform and are ready and willing to put your money where your mouths are.

6. There needs to be a future wallet revision that looks like a genuinely new wallet of a new blockchain 2.0 platform - it shouldn't look like another standard, copy-paste QT wallet with same old tired interface that looks virtually like every other clonecoin out there (complete with the unremoved Litecoin reference). The wallet should look new, innovative, sleek, state-of-the art - more like the NXT, NEM or SIlk wallet, not like the same tired QT wallet interface we've all seen dozens of times before.

7. Underpromise and overdeliver. Do not promise what you are not sure you can deliver. Always underpromise. Never disappoint. Not with this kind of money and attention at play.

8. Recommit to keeping this message board open and transparent and not deleting any messages (except for obvious useless FUD). This is a commitment to being kept honest and willingly open to the kind of scrutiny and constructive criticism that makes us all perform better over the long run.

Other people on this message board might have other, better ideas on how to restore confidence in SYS.

So, rather than saying everything's ok, or "don't worry, it's all going to get better from here", I'd come out with a "Mission Statement"/"Recovery Plan"/"Redemption Plan" along the lines I mentioned (including a statement from Moolah that they will not release the escrow until the conditions are truly met to the satisfaction of your investment base) as soon as the start of business Monday.

This needs to be a statement that convinces people you've learned from these completely avoidable mistakes, have truly owned up to them and have a solid plan for bringing this coin and its community back to their original potential. No political weasel-words. No empty talk with wiggle room. Just a direct and honest accounting and a simple commitment to follow through immediately with concrete, measurable actions.

Once you come out with such a committed statement and associated actions, I am certain this will be reflected positively in the markets, that there will be more demand and support to push the platform forward and that you will be richly rewarded beyond whatever you net from the presale.

Do the right thing, guys. It's in your own interests, including your reptuations going forward in the cryptospace.

Only by owning up to what you did/didn't do, can the coin move successfully forward and distinguish itself as something other than another blipcoin with non-serious, non-dev devs. Convince the market that you're not in this for just the short-term pre-sale money, but for the much bigger money and much bigger reputation and opportunity that will come with building one of the earliest, successful blockchain 2.0 platforms.

^This

[madmartyk]

Guys as I have said. Getting the team up and looking at the issues.

I think the better question to ask is.  What have you been doing for the past few months aside from ripping 98% of the Litecoin code made by a real programmer.

sssshhht. Don't disturb. The dev is sleeping.

Wonder if he stayed at a Holiday Inn Express last night?

[sdersdf2]

I am the CEO and Founder, I have the final say on any matter relating to Moopay LTD. Slex just happens to be my nickname :-).

Indeed, on our end it would represent a loss of time, money and even more importantly - reputation.

If we do have to go down the process of refunds, we can automate for the most part by sending out a unique form link to associated email addresses. I would much prefer this be fixed however.

I can only speak for myself, but there's no loss of reputation for Moolah if it successfully compels the devs to deliver what they promised and provide a convincing plan for going forward (including a reorganisation of their team) and retains the escrow until they do or gives back a refund if the devs don't/can't deliver. In fact, Moolah's reputation is enhanced under either scenario, as far as I'm concerned.

[sdersdf2]

Guys as I have said. Getting the team up and looking at the issues.

I think the better question to ask is.  What have you been doing for the past few months aside from ripping 98% of the Litecoin code made by a real programmer.

+1

[wpstudio]

All of this could have been avoided if they had a competent project manager running the show.  How??

They could have scheduled (in their FOUR months of preparation) a test launch on the testnet a week ago... Rented a truck load of hash to stress test the blockchain and worked the kinks out BEFORE launch date.  

How anyone could have FOUR months of prep time and still screw the pooch shows the unprofessionalism that this dev team has brought to the table.

I fully understand issues happen and releases get pushed.  But in software development a hard deadline is a hard deadline and you make sure all your ducks are lined up BEFORE the hard deadline.

[Qiuyue201]

Moolah, could you please confirm/deny that you will be providing 100% refund for people who bought this crap in the ICO stage?

This.

They cannot. Best they can do at this point is 2/3 as they sent 250BTC to the team already as they claimed they needed it for buy support.

I hope the escrow has got IDs off the devs

If ANY impropriety has gone on then they will receive a visit from the FBI or some other agency that specializes in fraud. You would have to be a damn fool to attempt to get away with 250 Bitcoins worth of others money when a reputable party has all your ID. You ain't going any where.

Don't be naive. This is crypto, totally not regulated. Don't play the FBI card since it is silly. The coin failed, despite lots of devs effort. Those things happen in crypto. Trust is gone and there is nothing they can do about it now, however there are no bases for legal action. Altcoins are like gambling, we all lost on this one, devs are probably unhappy because the put lots of effort into this project, so I pity them since they might feel really bad now. Don't post any silly FBI threats, better concentrate on saving your money. Moolah spent some funds already, but the rest of the funds should be used on rebuying the coins. Period.

[ellen.yan]

I am sleeping

[slex]

Moolah, could you please confirm/deny that you will be providing 100% refund for people who bought this crap in the ICO stage?

This.

They cannot. Best they can do at this point is 2/3 as they sent 250BTC to the team already as they claimed they needed it for buy support.

I hope the escrow has got IDs off the devs

We have enough information in general.

For what it is worth, I honestly believe that the SYS team will be fixing this. Our role in this partnership was essentially to be a safety net (and core service provider), and we are still here fulfilling that role.

We will not be making any hasty decisions, and will be given the team a chance to explain themselves, and communicate things clearly and concisely to the general public.

[ThousandFaces]

So people are aware, if the Syscoin developers do not deliver a working coin - we will be looking in to the process of investor refunds. It will be a pain in the ass, but it is within our capabilities.

We have requested an update from the Syscoin team, and made our disappointment very clear. A clear plan of action and timeline needs to be communicated.

In the interests of public transparency, 250 BTC was released purely for buy support (by request of the Syscoin team). It does not appear that this has been done however, and I am awaiting a response from Dan Wasyluk.

We will not be releasing any additional coins until all issues are resolved.

Are you a representative of Moolah? If so, good on you and good for Moolah's reputation - I'd be more inclined to sign up for Moolah-backed/escrowed ICO's in the future if that's the case.

Best-case scenario of course for the devs to simply own up to what they did and fix this so we can get everything back on track. If not, even a refund at this stage would be a loss - it would represent a loss of time at the very least. Time that buyers could have spent on other opportunities. Let's all hope it doesnt come to that, but it's up to the devs. It's in their court.

I am the CEO and Founder, I have the final say on any matter relating to Moopay LTD. Slex just happens to be my nickname :-).

Indeed, on our end it would represent a loss of time, money and even more importantly - reputation.

If we do have to go down the process of refunds, we can automate for the most part by sending out a unique form link to associated email addresses. I would much prefer this be fixed however.

Will you take back the coins bought by us traders? After all it is us who bought most of the coins off the ICO holders who have now made a fat profit while we are screwed. A user suggested buying all the coins back with the funds below the ICO entry.

For coins that have been sold, this would be the likely plan.

Well I bought the ICO, and I should get precedent over traders who are bagholding...

[darioc]

Wow bitcoin talk I cant process such stupity with this kids

Please stop calling yourself investors a go play some
Xbox please

[CuriousBenjamin]

Big drop in BTC, they cashed out the 250 TC?  

[ethought]

Sheesh put the pitch forks away guys.

What is the problem here?

Client works, has features that I don't see in any other coins as yet - give the devs some time to fix whatever it is you are whining like little girls about.

If all you are watching is the price, then you are in it for the wrong reasons anyway.

Talk about shooting first and asking questions later..

[Klittan]

https://twitter.com/EdRaket31/status/500986644116553729

[Quantumbud]

1500 BTC

[helloge]

Moolah, could you please confirm/deny that you will be providing 100% refund for people who bought this crap in the ICO stage?

This.

They cannot. Best they can do at this point is 2/3 as they sent 250BTC to the team already as they claimed they needed it for buy support.

I hope the escrow has got IDs off the devs

If ANY impropriety has gone on then they will receive a visit from the FBI or some other agency that specializes in fraud. You would have to be a damn fool to attempt to get away with 250 Bitcoins worth of others money when a reputable party has all your ID. You ain't going any where.

Don't be naive. This is crypto, totally not regulated. Don't play the FBI card since it is silly. The coin failed, despite lots of devs effort. Those things happen in crypto. Trust is gone and there is nothing they can do about it now, however there are no bases for legal action. Altcoins are like gambling, we all lost on this one, devs are probably unhappy because the put lots of effort into this project, so I pity them since they might feel really bad now. Don't post any silly FBI threats, better concentrate on saving your money. Moolah spent some funds already, but the rest of the funds should be used on rebuying the coins. Period.

how can you say the coin is failed??
do you see the effort to fix it?
don't judge before the end.
be smart.

[Epimetheus]

100 sats soon.. I said I would buy for 100 sat but now I am in doubt.

[Conurtrol]

My main concern right now is
1. Buy support upon launch was promised
2. Moolah gave devs 250BTC for buy support
3. There was no buy support

[madmartyk]

I didn't buy into this coin (WHEW!!), posted about 150 pages ago a 1500 BTC IPO/ICO whatever is insane!!  Everyone who bought in was looking for a quick buck.  A newbie says he's the CEO of Moolha and everything will be all right.  Waiting for the official statement on Moolah's page.  Glad I didn't even start mining this turd...

[armin22]

My main concern right now is
1. Buy support upon launch was promised
2. Moolah gave devs 250BTC for buy support
3. There was no buy support

Probably cos they ran with it.