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

[snipsnoop]

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.

Oh we are ready (have not forgotten about the ideas you gave us). Always going to have haters, nothing you can do about that.

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[sdersdf2]

Questions to the devs:


--how long have you been working on this project? And could you briefly describe your planned time commitment to this going forward?
--how does the coin production/distribution setup provide insulation from the risk of massive miner/whale dumps? Is there an estimate out there of the max # of daily BTC trading volume that might be needed to absorb mined coins?
--how will delivery be verified. Is there a disinterested third party that will verify the guaranteed-or-refund features are 100% delivered (marketplace, certificates, name aliases, and data aliases) and work well?
--what immediate plans do you have beyond delivery of these core guaranteed features to further increase the value of the coin/network?
--along those lines, are smart-contracts/prediction markets/futures/options things you plan to implement, or can see being (fairly quickly) implementable into this framework?
--what do you consider the three biggest uncertainties regarding development implementation (either with core or future-beyond-core features)?

[awais3344]

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

Nice to see your wanting to invest more - the momentum on the Presale price is increasing as its going to end soon 

I've omitted the question RE numbers as it's going to be better coming from others - But for the Presale Goods just go via www.syscoin.org and follow the link to claim Presale bonuses at the top.

actually i invested twice, first one was .3 btc, then another 1.2btc. One was from brother and the other was from myself. Do I get to take both of these bonuses or only one? I hope both   thanks

[Tompa]

I just made a comment on this youtube film: http://youtu.be/Y9hR1yGOaNs?t=19m35s
When they started talking about the blockchain I automatically thought - Syscoin :-)

[snipsnoop]

Questions to the devs:
--how long have you been working on this project? And could you briefly describe your planned time commitment to this going forward?
--how does the coin production/distribution setup provide insulation from the risk of massive miner/whale dumps? Is there an estimate out there of the max # of daily BTC trading volume that might be needed to absorb mined coins?
--how will delivery be verified. Is there a disinterested third party that will verify the guaranteed-or-refund features are 100% delivered (marketplace, certificates, name aliases, and data aliases) and work well?
--what immediate plans do you have beyond delivery of these core guaranteed features to further increase the value of the coin/network?
--along those lines, are smart-contracts/prediction markets/futures/options things you plan to implement, or can see being (fairly quickly) implementable into this framework?
--what do you consider the three biggest uncertainties regarding development implementation (either with core or future-beyond-core features)?

Good questions. But will need some thought (And internal discussions) before answering. Will get back to this one asap. But good questions to ref as you suggested.

[snipsnoop]

I just made a comment on this youtube film: http://youtu.be/Y9hR1yGOaNs?t=19m35s
When they started talking about the blockchain I automatically thought - Syscoin :-)

Ha indeed Actually not a bad video

[Traderberg]

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?  

That would be 0.857088 BTC/day worth of SYS mined. I'm not saying it's negligible for an altcoin market (well, that definition is damn close), so let me just give you some numbers:

DogeCoin: 33.30 BTC/day
DarkCoin: 29.25 BTC/day
LiteCoin: 375.26 BTC/day

you can do calculations for other altcoins yourself.


Also, keep in mind that mining SYScoin is essentially free (merged) and therefore old rules of hashrate/profitability dependance don't apply. Once there's a good network of merge-mined pools, Syscoin hashrate will stay very high and unprofitable to mine directly. At a certain point the amount of SYS mined by average ASIC miner will be so low, that it won't even be worth dumping on an exchange. Instead, a miner may actually buy more coins to increase his SYS holding to reasonable level.

In case there're only 1 or 2 miners mining SysCoin (extreme case), they'll both get ~0.43 BTC/day worth of SYS and of course it would make sense for them to dump it immediately. This is not a realistic scenario, but is still very easy to absorb for any market (with a volume around at least 10 btc/day, which isn't high even for cloned altcoins with no innovation)

[mwheeleruk]

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

Nice to see your wanting to invest more - the momentum on the Presale price is increasing as its going to end soon 

I've omitted the question RE numbers as it's going to be better coming from others - But for the Presale Goods just go via www.syscoin.org and follow the link to claim Presale bonuses at the top.

actually i invested twice, first one was .3 btc, then another 1.2btc. One was from brother and the other was from myself. Do I get to take both of these bonuses or only one? I hope both   thanks

Thats fine, claim via www.syscoin.org in top right and put REF 7845 above your address so i know which one it is.

[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?  

That would be 0.857088 BTC/day worth of SYS mined. I'm not saying it's negligible for an altcoin market (well, that definition is damn close), so let me just give you some numbers:

DogeCoin: 33.30 BTC/day
DarkCoin: 29.25 BTC/day
LiteCoin: 375.26 BTC/day

you can do calculations for other altcoins yourself.


Also, keep in mind that mining SYScoin is essentially free (merged) and therefore old rules of hashrate/profitability dependance don't apply. Once there's a good network of merge-mined pools, Syscoin hashrate will stay very high and unprofitable to mine directly. At a certain point the amount of SYS mined by average ASIC miner will be so low, that it won't even be worth dumping on an exchange. Instead, a miner may actually buy more coins to increase his SYS holding to reasonable level.

In case there're only 1 or 2 miners mining SysCoin (extreme case), they'll both get ~0.43 BTC/day worth of SYS and of course it would make sense for them to dump it immediately. This is not a realistic scenario, but is still very easy to absorb for any market (with a volume around at least 10 btc/day, which isn't high even for cloned altcoins with no innovation)

hi, okay it makes better sense now. because before I read on another thread there was bigger reward. So I was confused.

Looks like the block reward has been changed to lower number of coins than the initial decision?
thanks

[snipsnoop]

...
Looks like the block reward has been changed to lower number of coins than the initial decision?
thanks
....

That is correct, we changed it based on the very good feedback we got.

[kencoles]

I am following this project for many days and had came to an conclusion that this is very nice project but there is One problem and that is the price ,it is too high if we compare with total number of coins (2,000,000,000).In my opinion they should decrease the price .

Thank you.

[snipsnoop]

I am following this project for many days and had came to an conclusion that this is very nice project but there is One problem and that is the price ,it is too high if we compare with total number of coins (2,000,000,000).In my opinion they should decrease the price .

Thank you.

Well that is your opinion as you say.
See https://bitcointalk.org/index.php?topic=587080.msg7966865#msg7966865

[Traderberg]

I am following this project for many days and had came to an conclusion that this is very nice project but there is One problem and that is the price ,it is too high if we compare with total number of coins (2,000,000,000).In my opinion they should decrease the price .

Thank you.

But you completely missed that 2 billion coins are to be mined in 86 years, don't you? First year will provide 58 million SYS. Second year - 45.6 million. And so on.

[frankkkkkkk]

I have invested,and where can i find the invested list?

[sdersdf2]

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.

This needs to be added to the FAQ

[kencoles]

I am following this project for many days and had came to an conclusion that this is very nice project but there is One problem and that is the price ,it is too high if we compare with total number of coins (2,000,000,000).In my opinion they should decrease the price .

Thank you.

Well that is your opinion as you say.
See https://bitcointalk.org/index.php?topic=587080.msg7966865#msg7966865

I am following this project for many days and had came to an conclusion that this is very nice project but there is One problem and that is the price ,it is too high if we compare with total number of coins (2,000,000,000).In my opinion they should decrease the price .

Thank you.

But you completely missed that 2 billion coins are to be mined in 86 years, don't you? First year will provide 58 million SYS. Second year - 45.6 million. And so on.

Thanks to both of you ,I think I have missed it.

[sdersdf2]

When will there be a public ledger available?

Should be finished shortly.

Does he mean block explorer? So this (and rich list?) would be available before IPO ends?

[xx63245613]

a huge project!but is too expensive

[snipsnoop]

When will there be a public ledger available?

Should be finished shortly.

Does he mean block explorer? So this (and rich list?) would be available before IPO ends?

A simplistic block explorer will 100% be available at launch. A more feature rich one if time permits.
Moolah is working on a public ledger.

[snipsnoop]

In other news. the numbers seems to be picking up. 302.93863753 / 465 in phase 1 of the pre-sale.
Around 29 hours to go or so.