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

[slex]

In that scenario, we would have to seek legal counsel (and are planning to do so tomorrow) to see if the agreement can be amended while active, to allow for a partial refund policy based on investor demand.

Yes...  please do.

Usually...  if the person you are holding funds in escrow for asks you to release funds...  you do so.

Yes, except our conditions were in relation to an overall group pool.

[1714680657]

1714680657

[discodancer]

Any escrow process has a 3rd party that will arbitrarily decide the final outcome of the funds. That is our role in this scenario, we are the 3rd party with that power. That is where our discretion comes from, and based on general public sentiment across a wide range of social media; people seem very happy with this. That is the point of us. We make the final decision. If anything, 4 days is too short - but due to community outcry, this is the timeframe we are offering.

To be frank, if we were to stick to normal escrow terms - they would get 10 days. We are offering them 48 hours in light of what has happened so far, and their ongoing attempts to resolve these issues. We are not favoring anybody however, so please refrain from spreading false and inaccurate information.

Now this is getting tiring. I praise you actually not pulling the trigger and instead question me for spreading false information?

Lets do this the third time again with the frustration which has been part of this coin:

Where in the T&C does it mention 2-4-10 days of escrow mentioned in the T&C. A simple section number so and so would have sufficed. Given that you cant answer this straight up, I am sure there is no mention of it. Is there? Just pulling numbers out of your ass.
So stop with the bullshit about normal escrow terms. It is not like an unwritten samurai code which is followed but not written.

Our terms of service in relation to escrow services are not a matter of public record, they are done on a case by case basis with each party we enter in to an agreement with.

We decided on an arbitration window of 96 hours, in order to give the team to fix issues that popped up at launch in relation to the forking, etc. The original planned timeframe was 7 days, after discussions with the Syscoin team. We have reduced this window by exercising our right to do so.

This is our final say on this matter.

Let me get this straight. So what you are saying is if I were to ask you to escrow a deal for me to setup an ICO, you wouldn't share the T&C with all parties concerned? Specially if it concerns the general public? Well to that I can only say WOW!!! So there is no trust when it comes to general public buying anything from you, is there?

You really have a law degree or just making shit up? I don't believe there is any law which will support what you just said - escrow details not being shared with all parties.

GOD and here I was bashing danospehere alone. You guys are doing a great job. I hope no one even thinks of escrowing (or rather screwing others with you).

@Others - Read above and then sell if you are hoping any kind of fair arbitration from moolah. I am sure if things don't work out in 48hrs, they are going to pull another condition out of their "international arbitration" ass.

Any escrow deal includes a mediation and arbitration period. We are currently in that period.

Our conditions in this window are final, there are no more extensions. Either they deliver, or we refund. It is that simple. That is a matter of public record. Investors can rest happy that no matter what happens, they will get back ICO value for their coins in the event of total failure.

And thats just your word isnt it? Cause you have failed to mention and T&C which allows this and now all you can offer is words about the 48hrs window. Sorry but given the way this conversation has gone, I have lost all faith in you and this project. I am just waiting for the wallet to work so that I can get it over with.

[CryptoPinkman]

For those of us that had a transaction in progress before all this and had our SYS "trapped in transit" on the blockchain, will we be getting our coins back and how will we go about this? I had 9k SYS in transit from Bittrex to C-Cex that never arrived. How will these situations be addressed?

[snipsnoop]

Yes, but the devs are working on it, give them time! People can give Crypti weeks and can't give SYS team couple days?

You are missing the point. Crypti dint stick a non-working wallet to everyone and then disappeared for 12hrs. Its better to delay the product than to release a non working one. I for one would have been happier if that had been the case. Would I have moaned and bitched about it? Sure. But being unable to get out of a position which I dont want (read the wallets are still not working fine) is not something I want the syscoin developer to decide.

For the love of .. You really are in total and utter FUD mode..
This is the ONLY escrow I know of where the BTC was not released as soon as the coins were delivered and coin launched (As I said that I know off, could be wrong).
I think its laughable that people are moaning so much over the escrow. We have been fully transparent about everything.
Moolah have been fully transparent about everything.

We have not gone missing at any one point for 12 hours, the amount of FUD on BCT caused us to to move to IRC to help people. We communicated this and told people that we were there answering questions.
And no I am not going to reply to any further "comments" from you. We have code to fix and test.

[mackbells]

Tomorrow will be the good time for buying some SYS.

[discodancer]

Yes, but the devs are working on it, give them time! People can give Crypti weeks and can't give SYS team couple days?

You are missing the point. Crypti dint stick a non-working wallet to everyone and then disappeared for 12hrs. Its better to delay the product than to release a non working one. I for one would have been happier if that had been the case. Would I have moaned and bitched about it? Sure. But being unable to get out of a position which I dont want (read the wallets are still not working fine) is not something I want the syscoin developer to decide.

For the love of .. You really are in total and utter FUD mode..
This is the ONLY escrow I know of where the BTC was not released as soon as the coins were delivered and coin launched (As I said that I know off, could be wrong).
I think its laughable that people are moaning so much over the escrow. We have been fully transparent about everything.
Moolah have been fully transparent about everything.

We have not gone missing at any one point for 12 hours, the amount of FUD on BCT caused us to to move to IRC to help people. We communicated this and told people that we were there answering questions.
And no I am not going to reply to any further "comments" from you. We have code to fix and test.

Dude, I am one of the investors. Spreading FUD is not going to help me if the price crashes. Now if speaking the truth is FUD then please get me a working wallet so that I can sell off my coins. Is that so hard?

And don't give me the bullshit about "transparency". As it was clearly seen with my conversation with moolah.io there is zero transparency. he/she is unable to provide any escrow terms which were made with you, its just their word. If you call that transparent, yeah why not.

I never asked you to reply to me, did I? Go through all my posts, I even posted a suggestion to stabilise the network which you have failed to do yet. So instead of bullshitting get the damn wallet working so that I can exit my position.

Edit: Above comment from snipsnoop has finally made me realise devs dont give a shit about people asking them hard questions. Its all FUD to them. To avoid any more unnecessary confrontations, I am out of this thread. Just hoping we can get a working wallet in 12hrs so that I can recoup my initial investment.

[sdersdf2]

Any escrow process has a 3rd party that will arbitrarily decide the final outcome of the funds. That is our role in this scenario, we are the 3rd party with that power. That is where our discretion comes from, and based on general public sentiment across a wide range of social media; people seem very happy with this. That is the point of us. We make the final decision. If anything, 4 days is too short - but due to community outcry, this is the timeframe we are offering.

To be frank, if we were to stick to normal escrow terms - they would get 10 days. We are offering them 48 hours in light of what has happened so far, and their ongoing attempts to resolve these issues. We are not favoring anybody however, so please refrain from spreading false and inaccurate information.

Now this is getting tiring. I praise you actually not pulling the trigger and instead question me for spreading false information?

Lets do this the third time again with the frustration which has been part of this coin:

Where in the T&C does it mention 2-4-10 days of escrow mentioned in the T&C. A simple section number so and so would have sufficed. Given that you cant answer this straight up, I am sure there is no mention of it. Is there? Just pulling numbers out of your ass.
So stop with the bullshit about normal escrow terms. It is not like an unwritten samurai code which is followed but not written.

Our terms of service in relation to escrow services are not a matter of public record, they are done on a case by case basis with each party we enter in to an agreement with.

We decided on an arbitration window of 96 hours, in order to give the team to fix issues that popped up at launch in relation to the forking, etc. The original planned timeframe was 7 days, after discussions with the Syscoin team. We have reduced this window by exercising our right to do so.

This is our final say on this matter.

Let me get this straight. So what you are saying is if I were to ask you to escrow a deal for me to setup an ICO, you wouldn't share the T&C with all parties concerned? Specially if it concerns the general public? Well to that I can only say WOW!!! So there is no trust when it comes to general public buying anything from you, is there?

You really have a law degree or just making shit up? I don't believe there is any law which will support what you just said - escrow details not being shared with all parties.

GOD and here I was bashing danospehere alone. You guys are doing a great job. I hope no one even thinks of escrowing (or rather screwing others with you).

@Others - Read above and then sell if you are hoping any kind of fair arbitration from moolah. I am sure if things don't work out in 48hrs, they are going to pull another condition out of their "international arbitration" ass.

Any escrow deal includes a mediation and arbitration period. We are currently in that period.

Our conditions in this window are final, there are no more extensions. Either they deliver, or we refund. It is that simple. That is a matter of public record. Investors can rest happy that no matter what happens, they will get back ICO value for their coins in the event of total failure.

How will compliance with the terms be independently verified - and whose to say, based on what we've seen, that there won't be hidden bugs? The way this was launched, the delays and the market's reaction to it all through the weekend certainly show deep skepticism about the competence and capabilities of this team beyond the immediate wallet issues.

Basically, is there a guarantee the escrow wont be released until it's independently verified that this isn't a lemon and that something basic wont break later?

Moolah, for the sake of its own reputation, needs to be very careful about the conditions under which the escrow is released. It's already clear investors in this coin didn't get the experience they were paying for, obviously.

[welchy8764]

Investors crying aren't fixing the issue

[dragnar]

Stop cying for a refund!

If you marry a hot babe, and she turns out to have a few flaws would you cry for a divorce? NO.

Have some patience, things will work out. Go do some promotion instead, and let the devs work!

Says a guy who has never been married

actualy a lot of peeps do

http://entertainment.ie/wtf/Chinese-man-divorces-and-sues-wife-over-ugly-children-And-wins/227669.htm < example the wife looks HOT AS FUCK
due to plastic surgery ( flaws )

[Soul_eater_123]

Our agreement was in relation to an "all or nothing" scenario.

Either the developers release a working platform and get the coins, or they don't and investors get refunded. We have now moved in to the arbitration window of our agreement, and have imposed a 48 hour deadline to resolve the current problems. Had they released nothing before now, they would not have this window, the agreement would have been voided before now. The issues occurred after launch, and that is why they have an extension.

What if the people asking for refunds are less than the ones willing to wait for the devs to resolve issues past the 48 hours? 

In that scenario, we would have to seek legal counsel (and are planning to do so tomorrow) to see if the agreement can be amended while active, to allow for a partial refund policy based on investor demand.

Just burn the refunded coins in that situation.  That would bring the coin back to life fast.

[sdersdf2]

Tomorrow will be the good time for buying some SYS.

Yeah, just like today was supposed to be, right? We shall see.

[Cointang]

I know I'm insignificant and my business won't hurt but both moolah and mintpal have lost a future customer. As soon as this mess is squared away I'm dumping all sys and pulling all my btc out of mintpal. Bittrex will have my business from now on, good day sir
 /rant over

[madmartyk]

I take it the wallet being out of sync again is normal?

[aandroidd]

Yeesh, more and more people with negative posts. You'd have to go through dozens of pages to get to a useful/positive post.

Someone needs to explain to me how these kinds of posts are helping, or better yet, show me a perfectly made alt-coin and then we can look into that instead. Otherwise, everyone needs to chill.

[awais3344]

well. if the coins promised eatures work. no matter how long devs take. the price will go up. if theycant deliver we'll get refund. whats the cry about?

[kelvng105]

well. if the coins promised eatures work. no matter how long devs take. the price will go up. if theycant deliver we'll get refund. whats the cry about?

Because ppl are  being A.N.A.L about every little small thing...

[Ganrom]

I'm guessing that I do not need to try to download my wallet yet??

I have bee trying since Saturday to download on both my laptop w/ Windows and my iMac desktop. Both wallets keep saying out of sync.

Not angry, but a little frustrated. I will wait until everything is back up and running before I ask for anymore assistance.....right??

Thanks for all the help a lot of people gave me while I was trying on Sat and Sun and today. I appreciate it.

[madmartyk]

well. if the coins promised eatures work. no matter how long devs take. the price will go up. if theycant deliver we'll get refund. whats the cry about?

Because ppl are  being A.N.A.L about every little small thing...

All I can say is that if I had a $750,000 payday on the line, I would be scrambling and pooling every recourse I could to get this problem resolved!!

[Yuzu]

I'm guessing that I do not need to try to download my wallet yet??

I have bee trying since Saturday to download on both my laptop w/ Windows and my iMac desktop. Both wallets keep saying out of sync.

Not angry, but a little frustrated. I will wait until everything is back up and running before I ask for anymore assistance.....right??

Thanks for all the help a lot of people gave me while I was trying on Sat and Sun and today. I appreciate it.

Yeah, don't do anything yet.  Wait until the devs make an announcement.  That probably won't be until tonight.

[kelvng105]

well. if the coins promised eatures work. no matter how long devs take. the price will go up. if theycant deliver we'll get refund. whats the cry about?

Because ppl are  being A.N.A.L about every little small thing...

All I can say is that if I had a $750,000 payday on the line, I would be scrambling and pooling every recourse I could to get this problem resolved!!

So would I..... but shit happened and dev have to deal with it. as simple as that...