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

[webay]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

[tcherkin]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

I was also wondering what exactly happens with the unsold presale coins. Since they will be mined, they will already exist somewhere and consist of a high value.

That would be nice to explain..

Thanks!

[dzarmush]

I did some math from miners anlge.

In the first 15 days 22,118,400 will be mined. What are chances that miners won't sell it below 102,85056 BTC for all 22M?

[seek4dream]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

Mining Reward Schedule
Cumulative Days       Days @ Reward Level       Ends @ Blockheight       Block Reward
15   15   21600   1024
60   45   64800   768
240   180   280800   512
510   270   669600   384
875   365   1195200   256
Rewards are 128 per block after height 1195200, until the 2bil coins is reached.

Since this schedule is set. By destroying the unsold coins, you only shorten the period of "Rewards are 128 per block after height 1195200, until the 2bil coins is reached." while is not our concern.
As dzarmush pointed out, we should be concerned about the first 15 or 60 days after launch.

[Korean]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

Mining Reward Schedule
Cumulative Days       Days @ Reward Level       Ends @ Blockheight       Block Reward
15   15   21600   1024
60   45   64800   768
240   180   280800   512
510   270   669600   384
875   365   1195200   256
Rewards are 128 per block after height 1195200, until the 2bil coins is reached.

Since this schedule is set. By destroying the unsold coins, you only shorten the period of "Rewards are 128 per block after height 1195200, until the 2bil coins is reached." while is not our concern.
As dzarmush pointed out, we should be concerned about the first 15 or 60 days after launch.

Not a concern at all. You still have 15% of 2 billion coins released compared to significantly less than that

[seek4dream]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

Mining Reward Schedule
Cumulative Days       Days @ Reward Level       Ends @ Blockheight       Block Reward
15   15   21600   1024
60   45   64800   768
240   180   280800   512
510   270   669600   384
875   365   1195200   256
Rewards are 128 per block after height 1195200, until the 2bil coins is reached.

Since this schedule is set. By destroying the unsold coins, you only shorten the period of "Rewards are 128 per block after height 1195200, until the 2bil coins is reached." while is not our concern.
As dzarmush pointed out, we should be concerned about the first 15 or 60 days after launch.

Not a concern at all. You still have 15% of 2 billion coins released compared to significantly less than that

dont rush into that conclusion.
you should have realized that 15% can be hardly sold out.

[Korean]

Not sure whether this option has been raised or discussed earlier with regard to the presale potentially not selling out have you considered destroying the the unsold coins instead of returning them to the pool of un-mined coins? Lots of other IPO/ICOs have gone down this route. It does protect the early investor somewhat as in theory the value of each coin they purchased is valued more in this scenario.

for Syscoin, destroying or not doesn't make any difference.

Please elaborate.

Mining Reward Schedule
Cumulative Days       Days @ Reward Level       Ends @ Blockheight       Block Reward
15   15   21600   1024
60   45   64800   768
240   180   280800   512
510   270   669600   384
875   365   1195200   256
Rewards are 128 per block after height 1195200, until the 2bil coins is reached.

Since this schedule is set. By destroying the unsold coins, you only shorten the period of "Rewards are 128 per block after height 1195200, until the 2bil coins is reached." while is not our concern.
As dzarmush pointed out, we should be concerned about the first 15 or 60 days after launch.

Not a concern at all. You still have 15% of 2 billion coins released compared to significantly less than that

dont rush into that conclusion.
you should have realized that 15% can be hardly sold out.

Nah it will. Also, you can't really mess the ratios because miners won't like it as well. It's a question, who do you want to pump and dump more miners or investors. ..

[coderboo]

How easy will it be to build a decentralized eBay out of Syscoin? Will people be able to buy and sell items through Moolah in a decentralized manner utilizing Syscoins, or will it be through some special portal or app or something? I'm not too down with the "technical" side of all this, so I'm not even sure if it's possible with Syscoin's offerings, but I imagine this with a user-friendly approach would go far in terms of initial adoption.

Well, it depends on what you define as easy!  If designing and coding app interfaces is easy to you, then yes, as syscoin takes care of the 'decentralized ebay' infrastructure part of the equation. Since syscoin's marketplace-related primitives allow for the implementation of a range of markets and hide that complexity behind its JSON-RPC interfaces, developers are left to focus on creating systems that add value. Interfacing with syscoin is straightforward and easy; if you have any experience as a programmer you'll have your code coded and talking to syscoin within a few hours.

Dan or one of the other Syscoin members can best discuss our Moolah partnership, but I can tell you that syscoin certainly has no dependencies on Moolah or any other entity.

[coderboo]

So - aside from all the details relative to the launch itself, coin valuation etc, anyone out there have some interesting technical questions for us? We can talk use cases, implementation details, etc.. just ask!

How easy will it be to build a decentralized eBay out of Syscoin? Will people be able to buy and sell items through Moolah in a decentralized manner utilizing Syscoins, or will it be through some special portal or app or something? I'm not too down with the "technical" side of all this, so I'm not even sure if it's possible with Syscoin's offerings, but I imagine this with a user-friendly approach would go far in terms of initial adoption.

This is a great question. Let me try and answer initially and then @coderboo may come through with a more technical answer.

Let's play out a hypothetical use case as i think that might be the easiest way to convey how this might play out- let's call it SysBay. Initially there will be some effort involved to create a decentralized SysBay, a developer would need to build a front end on top of the Syscoin marketplace service to display only a subset of offers (just those related to SysBay) in a user-friendly display (think something that looks like ebay). Then, regular users would use this front end to list items for sale on SysBay or buy items from other users who sell things on SysBay. This would also provide the SysBay developer with some revenue as they will have the option of adding fees for their users to leverage their frontend which makes all of this interaction with decentralized markets much more user friendly.

As it is implemented today, SysBay would have to be "fixed price" because marketplaces within Syscoin don't currently have the construct of bid/asks but we are already looking at that and may be enhancing that prior to launch. At the moment though its a fixed price mechanism for marketplace offers.

Additionally, we are working with Moolah to make this type of experience more readily available to a wider audience. They already have a complete merchant platform and are working on more things I'm not able to disclose at the moment related to marketplaces. This is one of the reasons we partnered with them and vice versa; we have a technology solution that facilitates decentralized end-user services that they want to offer to users via the Moolah platform and we're working with them to make that happen.

So even as a user that may not be very technical, Syscoin provides business opportunities to developers (any developer) that will make user-friendly marketplaces on top of Syscoin pop up very fast. Additionally the Syscoin Team is looking to release something generic/whitelabel to serve as a basis for others to build out. We definitely realize at the bare-bones level this is technical stuff and in order for mass adoption to occur there will need to be layers between "raw Syscoin services" and the "end user" that make this easy and consumable from the start.

Dan, this answer is more thorough than the one I just posted no need for me to elaborate further unless more specific questions arise.

[U]

they mention moolah has 90k users and lot of merchants. they have been in business for 7 months.

where is the source or proof? what business they have done so far?

I'll let Moolah answer that one.

the answer is ?

[snipsnoop]

they mention moolah has 90k users and lot of merchants. they have been in business for 7 months.

where is the source or proof? what business they have done so far?

I'll let Moolah answer that one.

the answer is ?

I sent them a PM, should come back in and comment when time permits.

[snipsnoop]

they mention moolah has 90k users and lot of merchants. they have been in business for 7 months.

where is the source or proof? what business they have done so far?

I'll let Moolah answer that one.

the answer is ?

I should also note that for those who have not been following Moolah and the features they are slowly but surely introducing to the markets.
They have started offering direct coin/fiat conversions for a few selected altcoins.
Not going to speculate on what that means for syscoin, but....

[mwheeleruk]

I'm not trying to fud or anything, but I was wondering if its possible to get a refund for my syscoin presale purchase? I bought 0.1 btc worth of it. I just changed my mind about investing, the numbers don't look too good.

From the OP:

PLEASE READ: Presale purchases are final. There will be no individual refunds unless the Syscoin Team does not deliver. Delivery is defined as: Syscoin as a universally merge-mineable coin with the 4 features outlined in preann (marketplace, certificates, name aliases, and data aliases). Double check your numbers before sending BTC! In the event the Syscoin Team does not deliver Syscoin, all presale purchases will be refunded. In that event Moolah will reach out to investors to verify the refund-address before issuing the refund.

May we ask what numbers you are running.

[kirivas_s]

ethereum presale has started. If deves don't amend the ipo price, investors will go there

[snipsnoop]

ethereum presale has started. If deves don't amend the ipo price, investors will go there

Personal note:
From the details on that presale.
"The Ether will not exist until the developers mine the Genesis block, which they anticipate happening in the winter of 2014-2015"
Seems a long time where you have your BTC locked in.
Maidsafe all over imo

Syscoin mode:
Again we are looking at mining numbers, please see previous posts.

[snipsnoop]

Ethereum should not be a concern, it's a completely different thing, its not a coin, and it will not be available for use until December or January and not sure when or where it will be able to be traded.

The concern is that the syscoin presale was originally expecting 1500 btc (very ambitious), and looks like people have already stopped buying at 212.6 btc.

UP TO 1500btc. I think its natural (and from looking at any other pre-sales & IPOs) that there is initial interest and then the number flat out and then go up as we get closer to deadlines.

We have plenty more news and details to come.. Patience.

[profitofthegods]

ethereum presale has started. If deves don't amend the ipo price, investors will go there

lol...  so those complaining about the Syscoin price being too high will opt for a 100 times higher price instead...  makes sense...   

Lol, I know, I've been looking forward to the etheruem IPO for ages, but if it keeps going the way it is then the valuation of what ether is supposed to be worth is going to reach truly absurd levels.

[Soul_eater_123]

ethereum presale has started. If deves don't amend the ipo price, investors will go there

If people don't like this they aren't going to like Ethereum.  They don't even have anything ready, there are no refunds if they don't deliver, and the planned delivery is for the end of the year anyway.  I would rather invest in something that is here now.

[snipsnoop]

ethereum presale has started. If deves don't amend the ipo price, investors will go there

If people don't like this they aren't going to like Ethereum.  They don't even have anything ready, there are no refunds if they don't deliver, and the planned delivery is for the end of the year anyway.  I would rather invest in something that is here now.

(Personal mode on)
Still think its mad they way they did it.. Setup a company in Switzerland that sells this software (Ether), then liquidate it when pre-sale is over.
No comeback whatsoever in case they don't release it. But there you go.

(Syscoin mode on)
Anyways, lets stay on topic.

[GTO911]

So when will the changes be announced?