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

[Pmalek]

Thats true but unfortunately, like Whale1234 said, the price should be atractive for the market in order for services to shine in full light... Its how the things work

[peekay6969]

For those of you who are interested in creating cold storage go here:

http://cryptolife.net/upwg/

Then select 63 as the decimal number to generate paper wallets.

[trythisnow]

All of the little people put together don't have as many BTC and SYS as us bigger players. For us, 25000 is pocket change. If I put up 100000, another big player would buy it all up in one go. It is the small guys with only 1000 or 5000 or 10000 SYS to their name that are fighting each other to sell cheapest. If all of you would just park your SYS together at say 570 or 600, we would still buy you up at the higher price - because we can. Quite a few of us have 2.5BTC or 5BTC or 10BTC to buy with. So, when you all sell for 424 and 380, you're making yourself poorer and us richer. Have some respect for yourself and try to sell at double what you paid. If you only have $0.5 dollars worth, why sell it for $0.25 when you can double it and have $1.00 to buy a whole candy bar?

How do you do that? There is basically no volume to buy 25000 without jumping the price out of the 400 range.

I started with 3 BTC. In a few swings from 400 to 500 I've made over 1 BTC. I will continue to do so until I double my investment, then I will sell half and let the rest sit in my wallet, while people like you will still have what they started with. This is a speculative coin now, not one of those that have huge price spike after launch. And I hope we will swing like that for many months, because it is good for traders.

You are not doing this atm though. There isn't much f trading going on in sys for the last days.

Actually I am doing it right now - buying SYS in small chunks and I have already set some of my sell orders, however I won't be sharing exact prices, because I think I've already told too much. Anyway, there is still lot of room for more traders, so I don't risk anything. The lower the price, the bigger my profit. Buying for 200 and selling for 250 would be better than buying for 400 and selling for 450.

I just lol at some of these posts. If you are actually a trader, then you can see SYS is making lower lows and lower highs for quite sometime now. There was a time when a smallish pump happened when moolah announced their takeover but that too dint last long. This means: a. there is no so called "range". b. buying now is like catching a falling knife as the coin is literally on an edge, even a shitty FUD can drive the price to the ground whereas even the best of the best news will only momentarily prop the price up but not for long.

That all said, the volume is good for 1-2BTC a round and if you have mad skills like the poster above, maybe just barely maybe you are making money

[madmartyk]

Worse part is, where the prices are now it's not even worth mining.

[Cointang]

I'm out, luckily I made my money back in the beginning of all this. Wish you guys luck. I'll hold some just incase but it's not looking good...

[snipsnoop]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

[madmartyk]

Has Moolah released any funds to the DEV team yet?

[legoman39]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

thanks for keeping us updated, we the supporters really appreciate it 

[Pmalek]

I am not the supporter of that BUY wall things, but it would be smart to think about it now not to let the price fall down to 100-200sat, because no matter how advanced the tech is, miners will avoid this coin. Without healthy minning every POW coin is as good as dead... The BUY wall should not let the price fall under certain point, but the question is at what price is smart to put it. I support this coin and will not sell, but looks like people are loosing faith in it.

And also maybe total amount of coins are scaring the investors. I know the specs, and it would take 72y to mine all coins, but it may be wise to cut this amount to 1bn with the same specs and reward. So just to shorten the mining period to 36years..

Think about it guys please.

[teamlottowin]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

[stereotype]

We have now reached the deadline for the ultimatum we previously issued to the Syscoin team, and while we are entering in to a review period; we have made the following preliminary decision (that is subject to change).

Our preliminary decision is that we will not be refunding the coin, but with the agreement of the Syscoin development team, will be changing release and development schedules moving forward. This decision will either be confirmed (or rejected and modified) publicly at 6PM GMT on Tuesday 26th August, 2014. While we could make the decision in full now (which would be to not refund), this review period will also include us engaging with various members of the community, over the best course of action to take. Please do not scream FUD at us, engage with us constructively.

While the launch of the coin was fraught with issues, the coin still launched. It worked at first, albeit erratically - and before the blockchain and daemon encountered severe issues, was in a usable state. This was not the case for everybody, but it was the case for many. At this stage, because initial obligations were met, we moved in to the inspection period (originally intended to last 72 hours). During this period, the coin encountered a number of major issues and became non-usable very rapidly.

As a result of this, and general public opinion, we issued a deadline-based ultimatum to the Syscoin team in regards to steps that need to be taken in order to ensure that funds would be released. If they took no action or made no progress, then they wouldn't be seeing a single satoshi. If they made good progress, we would re-review. We are now at the end of the ultimatum window, and we have made an initial judgement based on what the developers of the coin have done, and what they are continuing to do.

However, we are not comfortable to release the funds in full to the developers at this stage, and have put the following agreement to the Syscoin team. We are putting, and will be putting our own resources on the line in order to help protect the supporters of the coin, and encourage general adoption of this. I personally have faith in this coin, despite the abysmal launch - though this did not play a part in my decision.

Clause 1
Staggered release of funds.

The escrowed funds will not be released in full. They will be released in 6 monthly payments. The first payment will be for 250 BTC once this agreement is made formal, and then there will be an additional 200 BTC released each month for the next five months. At the end of this period, the Syscoin accrued during the early buy walls, will also be released. Release each month will be subject to the developers actively working on the coin, and making good progress in any necessary areas (to be determined on a monthly basis).

Clause 2
Moolah to support developers.

Moopay LTD will provide the Syscoin development team with access to our team of developers, for assistance with development issues, for a period of 6 months. Help will be given on a best-effort basis, with priority help granted for urgent issues.

Clause 3
Moolah to guarantee continued development.

If the developers decide to bail in full, and abandon development of the coin before this agreement is up; then Moopay LTD will supply a minimum of 3 developers to continue work on the coin - until the end of the agreement window. Moopay LTD will then continue to supply developers until adequate external contributors can be found. Moopay LTD will guarantee priority 24/7 response to urgent issues, and best-effort response to all other cases. This includes fixing broken services, the QT wallet, and blockchain issues. We will also seek to expand upon the coin when there are no issues. Moopay LTD will also always make a developer available for urgent issues, regardless of contributor state, for a minimum of 18 months from the time this agreement is made formal.

Our (now expanded) development team has experiencing in working for Microsoft, Citigroup, Telefonica and more - and each and every member has substantial experience in crypto development (including daemon and reference client work).

Maybe a good time to re-acquaint ourselves with the stated way forward.

[Pmalek]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

Also this +1

[pinemool]

I've been told that someone else is working on it however its almost a week since we started, people ask constantly for it...
Here you can find a richlist:
http://sys.coinzone.info/RichList

ps it took me 30 seconds to launch it, geez, this is must have thing for any serious coin

[ellen.yan]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

Also this +1

agreed！

[peels]

I've been told that someone else is working on it however its almost a week since we started, people ask constantly for it...
Here you can find a richlist:
http://sys.coinzone.info/RichList

ps it took me 30 seconds to launch it, geez, this is must have thing for any serious coin

Thanks! I see #1 is the devs wallet. I wonder what ones are Mintpals. There are no other large wallets.

[profitofthegods]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

Also this +1

agreed！

Why so needy? They'll give updates and announcements when there's something to announce. Its not like its been months or something, this coin has only just launched.

[DreamSpace]

Is there already a working merge-mining pool?

[CunzhangInCHN]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

Also this +1

agreed！

Why so needy? They'll give updates and announcements when there's something to announce. Its not like its been months or something, this coin has only just launched.

just launched has broken the ICO price.. why? all  or most coin like this?

[Soul_eater_123]

Since mining is unprofitable anyway I think the best way to get this back on track is a switch to POS only with a very low interest rate (1% max) and a coin cap of 400-500 million (which is already more than enough).  Unfortunately it seems that total coin cap does have a psychological effect and ignoring that fact is just reckless

[cryptzo]

Lots of stuff going in the backgrounds guys..
I dont think a lot of people are even looking at the tech part sadly. But they will soon enough.

LOTS OF STUFF GOING IN THE BACKGROUND

but you need to give us constant updates and announcements.  Otherwise people will get over this coin and dump to hell.  We do care about the tech part but you are now giving us anything to bite on.  

Also this +1

agreed！

Why so needy? They'll give updates and announcements when there's something to announce. Its not like its been months or something, this coin has only just launched.

just launched has broken the ICO price.. why? all  or most coin like this?

More people impatiently waiting to sell than people eager to buy. Judging by the intermittent large buys, I'd say whales are letting the market sink by providing no buy support and putting up large sell walls, then buying up everyone stupid enough to sell.

Without news compelling the masses to buy, the market is at the mercy of the whales, and they won't pump on their own until they have all the coins that they want, which would be damn near all of them.

Edit: good point about miners. Miners dump. There's about .7 btc sell pressure per day potentially coming from miners. Not a lot, but with volume so abyssmal...