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

[HjalmarX]

The price that was comfortable for me was about 160 satoshi

[snipsnoop]

The problem here is that the price is already set, total coins to be distributed, and total BTC to be expected if all coins are sold.

It should be flexible, IPO like this should follow like what VIA did. Coin price is set by how coins are there to pre-sale divided by how many investors invested.

VIA is like: X / Y = unknown

while

Sys is like : X / Y = Z

All rules are set, no space for the market or people to suggest or what.

Just like Martial law, no democracy lol

Funny, I would have done it diff.

VIA = Simple scryptcoin + promises of future development.
Sys = Innovative scryptcoin + promises of future development.

[dzarmush]

how are people valuing this at 10,000 BTC market cap. multiply coins in circulation by price. 2 billion coins do not exist yet and they will not on launch either so why are people mutliplying max coins by price. im failing to understand. BTC has 21million coins max does that its market cap right now should be 16billion dollars.

the value of a coin can only be valued at coins in existence, how can you value a coin at 10,000btc when there will not be 2billion coins on launch. its is clearly there. mac btc on ipo is 1500btc. so on launch the value of our coin will be 1500btc or less. the rest will be mined over the years. if you can't do simple maths please do not post about market caps

It actually makes sense. I guess everything depends on miners then. If they mine fast they might dump lower than IPO price. If they mine slowly they'll be selling higher.

it's a business evaluation; nothing about market cap at all. total valuation looks at to see if the IPO asking price is fair, we are not talking about future market cap. we look at the 10,000 BTC at 100% to see if this is a fair asking price.

You may be right.

I've got two questions though.
1. What will happen to unsold coins.
2. Someone said Moolah is 2 days old. Is that true? Can we trust them our money? Is it possible someone created the website to make IPO looks legit?

[HjalmarX]

I hate to say it, but I too think it's only fair to distribute remaining unsold coins to investors. I mean -- we are the early adopters. We are the ones who believe in Syscoin enough to take part in this relatively risky presale. We are the ones giving the funding needed so that Syscoin can take off as we feel it should. It seems only right that the earliest risk takers should enjoy the greatest reward, since we believed in Syscoin from the very start.

Of course you think this, because it coincidentally makes you a LOT more money when Syscoin takes off and you dump, but we aren't doing it. While it may benefit YOU, it would harm the coin in the long term. Investors aren't publishing their wallets and promising to hold like the Syscoin Team. We are NOT DOING THIS. STOP ASKING. You get what you pay for, period. That has not changed, nor will it.

That is what happens to unsold coins

[realestmofo]

how are people valuing this at 10,000 BTC market cap. multiply coins in circulation by price. 2 billion coins do not exist yet and they will not on launch either so why are people mutliplying max coins by price. im failing to understand. BTC has 21million coins max does that its market cap right now should be 16billion dollars.

the value of a coin can only be valued at coins in existence, how can you value a coin at 10,000btc when there will not be 2billion coins on launch. its is clearly there. mac btc on ipo is 1500btc. so on launch the value of our coin will be 1500btc or less. the rest will be mined over the years. if you can't do simple maths please do not post about market caps

It actually makes sense. I guess everything depends on miners then. If they mine fast they might dump lower than IPO price. If they mine slowly they'll be selling higher.

it's a business evaluation; nothing about market cap at all. total valuation looks at to see if the IPO asking price is fair, we are not talking about future market cap. we look at the 10,000 BTC at 100% to see if this is a fair asking price.

You may be right.

I've got two questions though.
1. What will happen to unsold coins.
2. Someone said Moolah is 2 days old. Is that true? Can we trust them our money? Is it possible someone created the website to make IPO looks legit?

I'll be happy to answer almost all questions.

1. They will only mine what was sold.

2. Moolah just relaunched and they are in this thread answering questions too. They have been around for awhile and are registered in 2 locations (USA being one of them). Feel free to look into Moolah some more if you are still uneasy.

[danosphere]

2. Someone said Moolah is 2 days old. Is that true? Can we trust them our money? Is it possible someone created the website to make IPO looks legit?

This are lies/FUD just trying to slow down the presale. Moolah has been around longer than most exchanges, it is FinCen registered and is a legit business with multiple platform offerings. Look them up, their registered biz ids are on every page of their website. Additionally they have never been hacked while other exchanges have or have crumbled. They are definitely not only trustworthy, but secure.

[HjalmarX]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin? Do you know if there are robust laws for digital contract/certificates/wills/deeds yet?

What are plans to increasing for adoption to obtain users for this application of syscoin

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

[Yuzu]

2. Someone said Moolah is 2 days old. Is that true? Can we trust them our money? Is it possible someone created the website to make IPO looks legit?

I believe I registered with Moolah in December 2013.  It may have been January 2014.  But it was long before I heard of Syscoin.  Moolah is completely independent of Syscoin.  

[Yuzu]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin/

What are plans to increasing for adoption

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

I can't answer your questions about adoption, but I can tell you categorically that a contract does NOT have to be notarized to be legal.  A contract is simply an agreement between two or more parties.  It doesn't even have to be written, except in the case of real estate.

[fastminer]

moolah is registered in countries where they can be held liable, look it up, they are in wales, england and usa.

[HjalmarX]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin/

What are plans to increasing for adoption

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

I can't answer your questions about adoption, but I can tell you categorically that a contract does NOT have to be notarized to be legal.  A contract is simply an agreement between two or more parties.  It doesn't even have to be written, except in the case of real estate.

Oh, I see. Thanks for clearing that up. I always thought there was a third party for some contracts, such as wills and stuff

[fastminer]

how are people valuing this at 10,000 BTC market cap. multiply coins in circulation by price. 2 billion coins do not exist yet and they will not on launch either so why are people mutliplying max coins by price. im failing to understand. BTC has 21million coins max does that its market cap right now should be 16billion dollars.

the value of a coin can only be valued at coins in existence, how can you value a coin at 10,000btc when there will not be 2billion coins on launch. its is clearly there. mac btc on ipo is 1500btc. so on launch the value of our coin will be 1500btc or less. the rest will be mined over the years. if you can't do simple maths please do not post about market caps

It actually makes sense. I guess everything depends on miners then. If they mine fast they might dump lower than IPO price. If they mine slowly they'll be selling higher.

it's a business evaluation; nothing about market cap at all. total valuation looks at to see if the IPO asking price is fair, we are not talking about future market cap. we look at the 10,000 BTC at 100% to see if this is a fair asking price.

IT IS NOT A 6 million market cap right off the batt

in a business evaluation your right, but the fact is this on launch the valuation of the coin is $944k. if you want to value the coin at 10k btc based on business that would be after 20years when all coins exist. i understand your saying 15% of all coins then multiply etc, but the fact still remains, valuation of the coin will be $944k on launch. if you think the valuation of the coin is lower then thats you. we have 7 btc being mined a day hardly anything. as for people selling unless they buying in now to sell at loss then thats them. don't forget dev is releasing everything on ann on launch, it is not all promises so if you still think even with what we will have the coin is not worth 10k btc then can't say more.

when i invest in the coin im looking at the current market cap.

[realestmofo]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin? Do you know if there are robust laws for digital contract/certificates/wills/deeds yet?

What are plans to increasing for adoption to obtain users for this application of syscoin

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

I'm not on the team at all just incase anyone is wondering. Just a person following along.

What I have read about increasing adoption has been,

"building partnerships with large players in the crypto space"

"the deals we're working on aren't cheap, but will ultimately take Syscoin to the next level."

I'm sure in the short term it is about getting the word out via websites, blogs, person to person, building web sites and telling people to check it out.

Then work on partnerships with people already used to cryptos.

Then mass adoption to people who may be interested in cryptos and what syscoin is working on.

That I assume is the outlook.

[danosphere]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin? Do you know if there are robust laws for digital contract/certificates/wills/deeds yet?

Good question. Syscoin actually acts as a replacement for those notary publics and other centralized systems around legal agreements in that regard. The network acts as the unbiased third party. Remember Syscoin's feature is digital certificates which can act as a form of a contract. We are working on expanding the use cases of this feature into what are commonly known as "Smart Contracts" which require signatures (as in pub/priv keys) from more than one party. This smart contract feature is something we're still working on and will be an additional feature/enhancement on top of the certificates functionality which acts as a foundation for this- trying to get this in at launch but it will most likely be post-launch, and initially we'll just have the certificates portion.

Regarding laws related to digital contracts/certs/wills/deeds I don't think there are any that speak to this kind of application (or I don't know of them). I think its a new field in that sense and if this catches on (which it will, since almost all bitcoin 2.0 implementations are focusing on "smart contracts") then we'll see more laws that speak specifically to this type of thing.

What are plans to increasing for adoption to obtain users for this application of syscoin

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

I answered this question earlier but it was a few pages back, I'll dig it up and add it to the FAQ. In short- using presale funds to reduce friction moving your assets to Syscoin, making the value proposition to "Joe User" clear and salient, marketing to the crypto world and partners in that space (of which we already have a few) and marketing to the non-crypto world to increase real world adoption. Real world adoption is going to start slow, just like with Bitcoin this is a paradigm shift. Real world adoption is the main focus though. We know Syscoin can enable "shadier things" so to speak but we want to enabled larger, legitimate decentralized financial systems. It will take time, we expect bumps in the road. It impossible to predict how this will all play out once we launch as there is nothing that is 1:1 comparable to Syscoin on the market at this time.

Remember when Bitcoin first came out? Who would have thought Overstock.com, Newegg.com, Dell, and others would start accepting it as actual currency? Yet here we are years later in basically a completely different world because of Bitcoin; but no one could have predicted that with any accuracy, it'd just be speculation.

[HjalmarX]

How do you make contract legal digitally? In real world, contracts are notarized by notary public to make it legal. Who notarizes Syscoin? Do you know if there are robust laws for digital contract/certificates/wills/deeds yet?

What are plans to increasing for adoption to obtain users for this application of syscoin

1 month outlook

3 month outlook

6 month outlook

1 year outlook?

I'm not on the team at all just incase anyone is wondering. Just a person following along.

What I have read about increasing adoption has been,

"building partnerships with large players in the crypto space"


"the deals we're working on aren't cheap, but will ultimately take Syscoin to the next level."

I'm sure in the short term it is about getting the word out via websites, blogs, person to person, building web sites and telling people to check it out.

Then work on partnerships with people already used to cryptos.

Then mass adoption to people who may be interested in cryptos and what syscoin is working on.

That I assume is the outlook.

 something specifically like hiring a full time call person to persuade companies that are offering these services to try to convince them to use Syscoin is doable with the funds?

[dzarmush]

I must admit, after all explanaitions this IPO looks pretty good.

[danosphere]

I was hoping more in the lines of something specifically like hiring a full time call person to persuade companies that are offering these services to try to convince them to use Syscoin....

In that previous answer I need to dig up I did call out we would be hiring crypto devs, increasing marketing, etc. I don't know that hiring a full time call person to try and persuade companies to switch would be the best approach here. I think we'd probably wait for some smaller indie shops to be stood up using Syscoin, work with them to see how hard it was and how we can ease that pain. Then we as a team (not an anonyous username) would take those lessons learned to some crypto-friendly mainstream companies and see if we can get signed up for some pilots with those larger players.

It would then be an evolving relationship from there that would [hopefully] lead to a larger rollout once the company is satisfied with the security and accessibility of their decentralized marketplace. Our focus isn't just adoption, we know we'll need more features to really make this a holistic financial services solution so we're planning on investing in that as well.

[Soul_eater_123]

I was hoping more in the lines of something specifically like hiring a full time call person to persuade companies that are offering these services to try to convince them to use Syscoin....

In that previous answer I need to dig up I did call out we would be hiring crypto devs, increasing marketing, etc. I don't know that hiring a full time call person to try and persuade companies to switch would be the best approach here. I think we'd probably wait for some smaller indie shops to be stood up using Syscoin, work with them to see how hard it was and how we can ease that pain. Then we as a team (not an anonyous username) would take those lessons learned to some crypto-friendly mainstream companies and see if we can get signed up for some pilots with those larger players.

It would then be an evolving relationship from there that would [hopefully] lead to a larger rollout once the company is satisfied with the security and accessibility of their decentralized marketplace. Our focus isn't just adoption, we know we'll need more features to really make this a holistic financial services solution so we're planning on investing in that as well.

I do hope this is a success because it seems to be one of the few cryptos which has had a lot of thought put into it.  That said the presale selling has slowed down.  The community needs to get the message out more on social media and the like.  When it's finished I guarantee people will be complaining "I never heard about the presale" etc.  So start letting everybody on your FB/twitter etc know that this is something not to miss out on and emphasise urgency for the early bird discount which is only 3 days.

[slex]

how are people valuing this at 10,000 BTC market cap. multiply coins in circulation by price. 2 billion coins do not exist yet and they will not on launch either so why are people mutliplying max coins by price. im failing to understand. BTC has 21million coins max does that its market cap right now should be 16billion dollars.

the value of a coin can only be valued at coins in existence, how can you value a coin at 10,000btc when there will not be 2billion coins on launch. its is clearly there. mac btc on ipo is 1500btc. so on launch the value of our coin will be 1500btc or less. the rest will be mined over the years. if you can't do simple maths please do not post about market caps

It actually makes sense. I guess everything depends on miners then. If they mine fast they might dump lower than IPO price. If they mine slowly they'll be selling higher.

it's a business evaluation; nothing about market cap at all. total valuation looks at to see if the IPO asking price is fair, we are not talking about future market cap. we look at the 10,000 BTC at 100% to see if this is a fair asking price.

You may be right.

I've got two questions though.
1. What will happen to unsold coins.
2. Someone said Moolah is 2 days old. Is that true? Can we trust them our money? Is it possible someone created the website to make IPO looks legit?

We have been around for quite some time, we are primarily a consumer/merchant platform. We recently relaunched our exchange platform, which may be where the confusion lies. We are registered in the United Kingdom and United States, and additionally with FinCEN and HMRC.

We have a little over 90,000 registered users at this stage.

[Soul_eater_123]

We have been around for quite some time, we are primarily a consumer/merchant platform. We recently relaunched our exchange platform, which may be where the confusion lies. We are registered in the United Kingdom and United States, and additionally with FinCEN and HMRC.

We have a little over 90,000 registered users at this stage.

I can vouch for Moolah.  They have been around for a while in crypto terms - at least since I first started looking into (non BTC) crypto-currencies late last year.  Also they are located in the UK so there is no way they would be able to get away with ripping people off (unless they wanted to end up in jail).