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

[snipsnoop]

When will there be a public ledger available?

Should be finished shortly.

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[deadliftbrah]

I'm new on this thread - sorry if this has been asked before, but what's the difference between Sys vs Ether? I'm about to change some litcoin to BTC for an investment. Any advice would be much appreciated.

[jibble]

I'm new on this thread - sorry if this has been asked before, but what's the difference between Sys vs Ether? I'm about to change some litcoin to BTC for an investment. Any advice would be much appreciated.

If you want to see your investment this year, then sys coin it is.

the amount of ether that will be mined every year is dependent on how many they sell during IPO. so the more they sell the more that will be mined the year of release, giving a bigger dilution to the already mined/bought coins.

Sys coin will be released fully working with apps and working code by 16th of august.

Ether you have another 12 days to purchase at this price and then another 28 days after that to further buy some. then you have to wait till at least December/January to see anything if at all.

Sys coin offers refund on failure to deliver (escrow thru moolah)

Ethereum team are allowed to use upto 5000 btc before anything is even done properly or working and if it is a complete failure not a single refund.

[deadliftbrah]

I'm new on this thread - sorry if this has been asked before, but what's the difference between Sys vs Ether? I'm about to change some litcoin to BTC for an investment. Any advice would be much appreciated.

If you want to see your investment this year, then sys coin it is.

the amount of ether that will be mined every year is dependent on how many they sell during IPO. so the more they sell the more that will be mined the year of release, giving a bigger dilution to the already mined/bought coins.

Sys coin will be released fully working with apps and working code by 16th of august.

Ether you have another 12 days to purchase at this price and then another 28 days after that to further buy some. then you have to wait till at least December/January to see anything if at all.

Sys coin offers refund on failure to deliver (escrow thru moolah)

Ethereum team are allowed to use upto 5000 btc before anything is even done properly or working and if it is a complete failure not a single refund.

Thank you very much, I did some further reading as well. I'm off to drop some BTC on Sys!

[Traderberg]

Hey, sorry to pushing the same topic again and again. Just wanted to make sure the math is right.
I assume that the block time is constant (60 seconds) and therefore 1440 blocks are mined daily.

UPDATED:

Mining Reward Schedule

Days @ Reward Level	Cumulative Days	Ends @ Blockheight	Block Reward	Coins mined daily
180	180	259200	128	184320
360	540	777600	96	138240
720	1260	1814400	80	115200
1080	2340	3369600	64	92160
1440	3780	5443200	48	69120
1800	5580	8035200	40	57600

Rewards are 32 per block after height 8035200, until the 2bil coins is reached.

red data was corrected by me (mistake: in the 2nd line the # of blocks was written instead of the block height). green data was added by me.

[snipsnoop]

Hey, sorry to pushing the same topic again and again. Just wanted to make sure the math is right.
I assume that the block time is constant (60 seconds) and therefore 1440 blocks are mined daily.

Sorry, mad busy today.. Yes block time is indeed constant

UPDATED:

Mining Reward Schedule

Days @ Reward Level	Cumulative Days	Ends @ Blockheight	Block Reward	Coins mined daily
180	180	259200	128	184320
360	540	777600	96	138240
720	1260	1814400	80	115200
1080	2340	3369600	64	92160
1440	3780	5443200	48	69120
1800	5580	8035200	40	57600

Rewards are 32 per block after height 8035200, until the 2bil coins is reached.

red data was corrected by me (mistake: in the 2nd line the # of blocks was written instead of the block height). green data was added by me.

Yes that is correct, Dano will fix this as soon as time permits (He has not had a chance to get on the thread today just yet).

[nomoreheroes7]

Okay, in case anyone is interested...

I got bored at work today and decided to create a master spreadsheet of the mining numbers/coins available over time (thanks to realestmofo for providing me a template to work off of!)

Hopefully all the formulas are correct. With this spreadsheet you can simply change the variables in cells B28:B30 to any value you wish (amount sold in premine, syscoin price, and current BTC price) and all of the reward tiers/number of coins/market cap required to maintain that price will automatically update.

https://drive.google.com/file/d/0B5go0y5VNSYwZDdEQzdUN3NDN1U/edit?usp=sharing

Feel free to give it a shot and let me know what you think. If there's any errors I'll be happy to fix them.

[snipsnoop]

Always hated the way SMF did tables.



Again thanks to Traderberg for your input

[Winslow Strong]

I tried searching this thread and the whitepaper, but couldn't find much discussion of any reputation system for the syscoin marketplace.  What good is a markeplace without a rep system?  Any plans for one?

[sidhujag]

Always hated the way SMF did tables.



Again thanks to Traderberg for your input

THis should be stickied on the main post!

[kingscrown]

IMO SYS > Ether
If you didnt get on the IPO - now is the time.

[snipsnoop]

I tried searching this thread and the whitepaper, but couldn't find much discussion of any reputation system for the syscoin marketplace.  What good is a markeplace without a rep system?  Any plans for one?

Coderboo/Dano will answer this one.

[snipsnoop]

Always hated the way SMF did tables.



Again thanks to Traderberg for your input

THis should be stickied on the main post!

Aye, just adding the based on 518sat to it and then Dano will put it there in a bit

[Winslow Strong]

So we don't have escrow yet (working on it!) and we don't have reputation yet... but I think that escrow would facilitate reputation as outlined above. If this is the case then adding that reputation to a seller would be very simple, its more the construct of making sure that reputation is accurate which imo can only really be derived from verified escrow transactions (they said they'd send me the item, i paid for the item, I got the item as described). Similarly if the buyer receives the item not as described they could file a dispute which could decrement the reputation of the seller. Again keep in mind this is off the top of my head after a full workday

With an escrow system like that, it seems to me that the main need for reputation (beyond the escrow agent,s which is obviously important) would be reputation of buyers rather than of sellers (since buyers get the goods before sellers get the SYS). 

I know very little of reputation systems, other than defense against sybil attacks is a basic concern.  There was a very detailed discussion on a recent Beyond bitcoin.  Fruitful ideas coudl probably be drawn from that.

http://letstalkbitcoin.com/blog/post/beyond-bitcoin-9-a-new-breed-of-exchange
The discussion I'm referring to is about http://bitsquare.io/

[danosphere]

So we don't have escrow yet (working on it!) and we don't have reputation yet... but I think that escrow would facilitate reputation as outlined above. If this is the case then adding that reputation to a seller would be very simple, its more the construct of making sure that reputation is accurate which imo can only really be derived from verified escrow transactions (they said they'd send me the item, i paid for the item, I got the item as described). Similarly if the buyer receives the item not as described they could file a dispute which could decrement the reputation of the seller. Again keep in mind this is off the top of my head after a full workday

With an escrow system like that, it seems to me that the main need for reputation (beyond the escrow agent,s which is obviously important) would be reputation of buyers rather than of sellers (since buyers get the goods before sellers get the SYS).  

I know very little of reputation systems, other than defense against sybil attacks is a basic concern.  There was a very detailed discussion on a recent Beyond bitcoin.  Fruitful ideas coudl probably be drawn from that.

http://letstalkbitcoin.com/blog/post/beyond-bitcoin-9-a-new-breed-of-exchange
The discussion I'm referring to is about http://bitsquare.io/

Excellent link thanks I'll review this and see what insights we can draw from it

Just a quick update- got the main thread all updated with the final rewards schedule as posted from last night (with correct blockheights!) and I also posted a few more translations people have claimed the bounties for; we still have a number of presale bounties open, claim them on altcoingiveaways to start earning SYS right now!

Working on feature demo videos...

[AllAltNews]

New blogpost posted!

http://allaltnews.blogspot.com/2014/07/syscoin-scrypt-based-coin-with.html

Enjoy! 

[mwheeleruk]

New blogpost posted!

http://allaltnews.blogspot.com/2014/07/syscoin-scrypt-based-coin-with.html

Enjoy! 

Nicely formatted and has the information and reference links people need, Thankyou. We will add your details to the Bounty Ledger

[SirEGB]

New blogpost posted!

http://allaltnews.blogspot.com/2014/07/syscoin-scrypt-based-coin-with.html

Enjoy! 

Nicely formatted and has the information and reference links people need, Thankyou. We will add your details to the Bounty Ledger

That is true, you usually don't find that much and sometimes not even in the OP, which is kind of hilarious if you ask me.   :Very nice blog indeed.   

[awais3344]

hi, i invested some btc already, and thought i might invest some more. but i wanted to know.

until height 259000 every 24hr there will be 184320 coin.
Won't that be way too many coins for the current price of 465 satoshi?
No fud, just want to know. thanks

Also how do we obtain those shinny little gifts in return of our investment?  

[sdersdf2]

Thanks again for all the positive words, must admit its nice to come back and see 3 new pages of positive content ! Will be around later tonight to answer more questions- great one regarding market/seller rep!

I hope you guys have a plan (including the FAQ in the OP) for dealing with the next inevitable wave of FUD that always comes with success.