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

[GTO911]

WOW, delighted by the mining reward change now. This is exactly what was needed. No overflowing flooded market. But controlled stream of supply.

Can anybody do some math and post some new economy figures now before i send truckloads of BTC

btw i want everyone to bombard this forum with sys education posts. This is the more fair ethereum we got here

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[Traderberg]

Very interesting.

First 6 months a total of 33,177,600 coins. That is 184,320 a day. At presale price 0.95btc a day.

That should help the market since if the price triples that's still 3btc worth a day being mined. Those buying into the presale and selling higher will help distribute the coins a bit too.

After that the next 360 days which is basically a year is only 24,883,200 total or 259,200 a day. At presale price that is 1.34btc a day.

Year and a half in 58,060,800 total coins + devs + bounties + presale.

Just take the mined coins in the first 18 months and say the price is 2000 (4x more than presale price) sat then market cap for mined coins is 1161btc or $719,820 at current price.

Factor in a sold out presale and devs coins then market cap at 2000 sat will be 8361btc or $5,183,820

And going hard on the escrow system is huge too. Some sellers on market places are requesting money up front because they do not trust anyone else holding the money and they are even looking to start their own private market place. Hopefully they will take a good hard look at Syscoin when it launches. (Although they probably want TOR / anon as much as possible)

Buy and hold.

Hey, your math is a bit off. The number you see in the table in not a number of blocks for each mining period, but a block height.
Therefore the second mining period will provide 138,240 a day (not 259,200, still not sure how exactly you got that number). Daily supply will gradually drop all the way to 46,080 in a few years.

[realestmofo]

Very interesting.

First 6 months a total of 33,177,600 coins. That is 184,320 a day. At presale price 0.95btc a day.

That should help the market since if the price triples that's still 3btc worth a day being mined. Those buying into the presale and selling higher will help distribute the coins a bit too.

After that the next 360 days which is basically a year is only 24,883,200 total or 259,200 a day. At presale price that is 1.34btc a day.

Year and a half in 58,060,800 total coins + devs + bounties + presale.

Just take the mined coins in the first 18 months and say the price is 2000 (4x more than presale price) sat then market cap for mined coins is 1161btc or $719,820 at current price.

Factor in a sold out presale and devs coins then market cap at 2000 sat will be 8361btc or $5,183,820

And going hard on the escrow system is huge too. Some sellers on market places are requesting money up front because they do not trust anyone else holding the money and they are even looking to start their own private market place. Hopefully they will take a good hard look at Syscoin when it launches. (Although they probably want TOR / anon as much as possible)

Buy and hold.

Hey, your math is a bit off. The number you see in the table in not a number of blocks for each mining period, but a block height.
Therefore the second mining period will provide 138,240 a day (not 259,200, still not sure how exactly you got that number). Daily supply will gradually drop all the way to 46,080 in a few years.

Note that BTC price has dropped a bit so USD numbers may be a bit off.

Here check this over. https://i.imgur.com/cDPsvri.jpg

Here is a Google Docs link.
https://docs.google.com/spreadsheets/d/1xuippA288LWasihZAZAPJ7c2UVhzewrxdWZiNqkIsBY/edit#gid=0

[sisx2007]

it's funny,every day you have a new change...is it mean something?

[snipsnoop]

it's funny,every day you have a new change...is it mean something?

Well I would not agree with that. First we have made since pre-sale started.
Concerns were expressed by the community about the mining figures.
We listened, looked at it and made the changes we felt would make the most sense.

[vishi_tup]

when is the release?

[snipsnoop]

when is the release?

From the OP

...
Q: When will the coin launch?
A: We will launch by Aug 16th 2014 or possibly sooner if the presale sells out sooner and the platform is ready.
...

[profitofthegods]

Great news on the change to mining rewards! That gives me much more confidence that the price will rise - and keep rising - after launch.

[Traderberg]

Here check this over. https://i.imgur.com/0KFnxJ9.jpg

Here is a Google Docs link.
https://docs.google.com/spreadsheets/d/1xuippA288LWasihZAZAPJ7c2UVhzewrxdWZiNqkIsBY/edit#gid=0

You have a very similar typo. 96 block reward = 138,240 per day and not 69,120 (69,120 number is copied from the 48 reward section by mistake).

No need to show me that table, because this updated reward scheme is my proposal (and it's good to see it accepted by the Syscoin team without any changes). You're certainly welcome  

[snipsnoop]

Here check this over. https://i.imgur.com/0KFnxJ9.jpg

Here is a Google Docs link.
https://docs.google.com/spreadsheets/d/1xuippA288LWasihZAZAPJ7c2UVhzewrxdWZiNqkIsBY/edit#gid=0

You have a very similar typo. 96 block reward = 138,240 per day and not 69,120 (69,120 number is copied from the 48 reward section by mistake).

No need to show me that table, because this updated reward scheme it's my proposal (and it's good to see it accepted by the Syscoin team without any changes). You're certainly welcome  

aha its you . Dan did indeed mention your name. We had multiple options we were looking at, but all agreed that this was the one to use that would work out the best going forward.
Nice work and thanks for the feedback. Always value it.

[michaelb87]

Nice change in mining reward, will be investing some more now

[Traderberg]

aha its you . Dan did indeed mention your name. We had multiple options we were looking at, but all agreed that this was the one to use that would work out the best going forward.
Nice work and thanks for the feedback. Always value it.

Also people seem to overlook a simple fact that this is a merge-mined coin, i.e. most miners will get SYS for free while mining litecoin/dogecoin/whatever scrypt coin is profitable via a network of merge-mining pools. It's not a coin made for the sake of mining/trading, the number one priority is still having a secure network with high hashrate to run build-in services. And, of course, another main idea is to reward IPO buyers as much as possible because their money is what will make SYS happen (further development). Therefore it required a different approach in mining rewards design – it's good to see the community is reacting positively to the new schedule  

[snipsnoop]

aha its you . Dan did indeed mention your name. We had multiple options we were looking at, but all agreed that this was the one to use that would work out the best going forward.
Nice work and thanks for the feedback. Always value it.

Also people seem to overlook a simple fact that this is a merge-mined coin, i.e. most miners will get SYS for free while mining litecoin/dogecoin/whatever scrypt coin is profitable via a network of merge-mining pools. It's not a coin made for the sake of mining/trading, the number one priority is still having a secure network with high hashrate to run build-in services. And, of course, another main idea is to reward IPO buyers as much as possible because their money is what will make SYS happen (further development). Therefore it required a different approach in mining rewards design – it's good to see the community is reacting positively to the new schedule  

Nailed it. Spot on.

[nomoreheroes7]

Here check this over. https://i.imgur.com/0KFnxJ9.jpg

Here is a Google Docs link.
https://docs.google.com/spreadsheets/d/1xuippA288LWasihZAZAPJ7c2UVhzewrxdWZiNqkIsBY/edit#gid=0

You have a very similar typo. 96 block reward = 138,240 per day and not 69,120 (69,120 number is copied from the 48 reward section by mistake).

No need to show me that table, because this updated reward scheme is my proposal (and it's good to see it accepted by the Syscoin team without any changes). You're certainly welcome  

I took a look at these numbers, and it looks like realestmofo's calculations are correct based on the table shown. I'm thinking the problem lies in the 96 block reward row; in order to be 138,240 coins per day (which makes the most since, linearly decreasing as time goes on) the total reward days at this level would need to be 180 (96 reward * 259,200 blocks / 180 days = 138,240 coins per day). The more logical option is to increase the block height of the second mining tier to 777,600, so there are 518,400 blocks to be mined over 360 days (96 reward * 518,400 blocks / 360 days = 138,240 coins per day). This would of course push all the subsequent tiers' block heights higher by 259,200 blocks. Does this sound right?

Anyways, great jobs guys! This is what Syscoin needed.

[KonstantinosM]

That's a big change in the right direction.

After the first 5 years inflation will be about 4% a year and falling. That is an excellent number! (I count new coins as inflation)

A number much higher than 2% would worry me. 4% seems to strike a good balance.

The first 5 years might be somewhat unpredictable but in case of success and growth it is necessary to have higher inflation in order to grow the market cap.

I use the term inflation not in the traditional sense of Money vs Goods instead:

Monetary supply vs Future monetary supply.

[michaelb87]

When will there be a public ledger available?

[michaelb87]

Received a Moolah confirmation mail for my investment a few days ago after I actually made the investment and got exactly the same email today again. Some issue with email confirmations at moolah?

[slex]

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 ?

We are not in the habit of breaking laws surrounding confidentiality and providing customer information.

What I can tell you, is that we are fairly well known, handled the recent Dogecoin NASCAR initiative, are one of the easiest ways to accept digital currency for goods and services; and were one of the first "BitPay" style merchant platforms for altcoins (with FIAT support). The majority of our customers are on the consumer platform, with a little over 1,000 storefronts setup - and a few thousand merchants on the platform in general.

[slex]

Received a Moolah confirmation mail for my investment a few days ago after I actually made the investment and got exactly the same email today again. Some issue with email confirmations at moolah?

Due to some people stating they never received an email, we have resent it to everybody :-).

[michaelb87]

Ahh too bad, hoped for a free double investment. Instant 100% ROI