[ANN] Syscoin- FINAL 2.0 LAUNCHED! *ENCRYPTION, MARKETPLACE, BTC INTEGRATION*

[Piston Honda]

Any new word on the release date or, approximate release date?

Hi! Maybe someone can tell me when is there any news on Sys coin?

http://syscoin.market
if you click on the countdown box it opens a video tutorial on their youtube channel.

seems like 30 minutes left on the countdown only

don't you have viral coin to work on?!?!

lmao!

[DARKHOLDER]

its after countdown and.. nothing happened Big green dildo on Poloniex 

I just in last minutes jump in sys train thanks:)

[jbreher]

I am new to SYS. Help me struggle through some possible misconceptions.

There is talk of a "conversion" of 'SYS1' to 'SYS2' at a rate of 299.4:1. However, reading what little description I have been able to find, it appears this is not a conversion at all. Instead, it looks to me as if a second coin is being created, and each holder of 'SYS1' will be issued some 'SYS2' at the rate of 299.4:1. IOW, this looks to actually be a new coin (i.e., new blockchain), with initial distribution determined by a snapshot of 'SYS1' distribution.

is this accurate? If not, what am I misunderstanding?

[johnp]

I am new to SYS. Help me struggle through some possible misconceptions.

There is talk of a "conversion" of 'SYS1' to 'SYS2' at a rate of 299.4:1. However, reading what little description I have been able to find, it appears this is not a conversion at all. Instead, it looks to me as if a second coin is being created, and each holder of 'SYS1' will be issued some 'SYS2' at the rate of 299.4:1. IOW, this looks to actually be a new coin (i.e., new blockchain), with initial distribution determined by a snapshot of 'SYS1' distribution.

is this accurate? If not, what am I misunderstanding?

Syscoin will be converting from Merge mined Scrypt to Merge mined sha256 and at the same time the coin supply will be reduced by a factor of 299 to 1 but will retain its name its all on syscoin.org

[ethought]

I really don't understand why the swap is needed. Is there an official reason being given for this?

[nickenburg]

I really don't understand why the swap is needed. Is there an official reason being given for this?

Well it is only a good thing, because there are to many sys1 coins in my opinion anyway.
So for the holders it will be good since there will be a lot less sys to sell, so price goes even up more.

I also made a post for Syscoin Since we are doing so good and people don't miss out:

https://twitter.com/CryptoTradeADay/status/712790421215297536?lang=nl

If you could please Retweet, follow and like that would be nice
Thanks!

[jbreher]

I am new to SYS. Help me struggle through some possible misconceptions.

There is talk of a "conversion" of 'SYS1' to 'SYS2' at a rate of 299.4:1. However, reading what little description I have been able to find, it appears this is not a conversion at all. Instead, it looks to me as if a second coin is being created, and each holder of 'SYS1' will be issued some 'SYS2' at the rate of 299.4:1. IOW, this looks to actually be a new coin (i.e., new blockchain), with initial distribution determined by a snapshot of 'SYS1' distribution.

is this accurate? If not, what am I misunderstanding?

Syscoin will be converting from Merge mined Scrypt to Merge mined sha256 and at the same time the coin supply will be reduced by a factor of 299 to 1 but will retain its name its all on syscoin.org

Perhaps I was not clear in my question. From my perspective I have an issue with the bolded parts above:

1) An entirely new coin is being created. Holders of what is today being referred to as SYS (which I will refer to here as 'old-SYS' for clarity) will be issued 1 of these new coins for every 299.4 'old-SYS' coins they hold. Right?

2) Everyone will be expected to stop calling 'old-SYS' SYS. However, all holders of 'old-SYS' will still have all their 'old-SYS', and there is no technical reason that the 'old-SYS' blockchain cannot continue as a viable coin. Right?

3) Everyone will be expected to refer to this new coin as simply 'SYS', despite the fact that it has an existence completely independent of 'old-SYS', which was previously known as simply 'SYS'.

That about sum it up? Or am I wrong in one or more of the above points?

[Blockchain.Ventures]

Congratulations to the SYS Team for all the work they did since launch!
SYS prices are reflecting all your hard work.

[jokumat]

s I was not clear in my question. From my perspective I have an issue with the bolded parts above:

1) An entirely new coin is being created. Holders of what is today being referred to as SYS (which I will refer to here as 'old-SYS' for clarity) will be issued 1 of these new coins for every 299.4 'old-SYS' coins they hold. Right?

2) Everyone will be expected to stop calling 'old-SYS' SYS. However, all holders of 'old-SYS' will still have all their 'old-SYS', and there is no technical reason that the 'old-SYS' blockchain cannot continue as a viable coin. Right?

3) Everyone will be expected to refer to this new coin as simply 'SYS', despite the fact that it has an existence completely independent of 'old-SYS', which was previously known as simply 'SYS'.

That about sum it up? Or am I wrong in one or more of the above points?

I think you are wrong. The old blockchain will die. There will be no miners to mine it. There will be only one SYS. The new SYS.

[jokumat]

I must say this: the nominal value change 1:299st was not the best move.

Many people seem to be confused by this. It is only a symbolical change. But looks shady, like a pump attempt

[RJF19]

I must say this: the nominal value change 1:299st was not the best move.

Many people seem to be confused by this. It is only a symbolical change. But looks shady, like a pump attempt

I think people see it as loosing overall value. In the simplest terms, if you have 1000 SYS and the price goes up 1 USD then you just made 1000 USD. If you convert to sys2 at 299/1 you only have 299 SYS2 and if the price goes up the same 1 USD, you only made 299 USD. Large price swings will not bring the same profit unless the value of SYS2 goes through the roof. I think this is where the complaint lies. It's hard to visualize a value large enough for SYS2 where the same ratios would exist. Those of us holding high numbers of SYS are concerned about the new coin's real market value.

[randywald]

I need to say it depends on the use case of the currency. In the marketplace, you will buy all stuff in USD and the Syscoin Marketplace/App will automatically convert to the right amount of SYS/BTC. So the users don't need to care about how much one SYS is worth or how many SYS are available.

I am sure there is more than one reason for the conversion. The team is doing awesome in my view.

Correct me if i am wrong

with kind regards,
randywald

[danosphere]

I must say this: the nominal value change 1:299st was not the best move.

Many people seem to be confused by this. It is only a symbolical change. But looks shady, like a pump attempt

There is clearly a lot of confusion on this although its been explained a few different ways. We have an update coming up within the next week that will clarify all of this. If you have any other questions or problems with the current public beta please post them up.

We'd appreciate if people could stop asking questions about when this news will be pushed (within a week of this posting!). All the questions and concerns about the topic of the conversion and the 299.4:1 figure will be addressed in the upcoming post. Very much appreciate everyone's patience.

[Rw13enlib88]

I must say this: the nominal value change 1:299st was not the best move.

Many people seem to be confused by this. It is only a symbolical change. But looks shady, like a pump attempt

There is clearly a lot of confusion on this although its been explained a few different ways. We have an update coming up within the next week that will clarify all of this. If you have any other questions or problems with the current public beta please post them up.

We'd appreciate if people could stop asking questions about when this news will be pushed (within a week of this posting!). All the questions and concerns about the topic of the conversion and the 299.4:1 figure will be addressed in the upcoming post. Very much appreciate everyone's patience.

No confusion. You're great devs but you have no fucking clue of the long term economic consecuences of reducing the stash

[MaGNeT]

I must say this: the nominal value change 1:299st was not the best move.

Many people seem to be confused by this. It is only a symbolical change. But looks shady, like a pump attempt

There is clearly a lot of confusion on this although its been explained a few different ways. We have an update coming up within the next week that will clarify all of this. If you have any other questions or problems with the current public beta please post them up.

We'd appreciate if people could stop asking questions about when this news will be pushed (within a week of this posting!). All the questions and concerns about the topic of the conversion and the 299.4:1 figure will be addressed in the upcoming post. Very much appreciate everyone's patience.

It's not about "confusion". Most of us are in Crypto for over 3-4 years now and we know a bit about coins and economics.

I really like the development of SysCoin, the team is doing great things and I see a great future for it.

I'm a big holder but I don't support the conversion. Period.

[danosphere]

No confusion. You're great devs but you have no fucking clue of the long term economic consecuences of reducing the stash

It's not about "confusion". Most of us are in Crypto for over 3-4 years now and we know a bit about coins and economics.

I really like the development of SysCoin, the team is doing great things and I see a great future for it.

I'm a big holder but I don't support the conversion. Period.

First off thanks and maybe "concern" would have been a better choice of words than confusion (but there is/was confusion too). We have always listened to our community when it comes to big changes like this and will continue to do so- in that regard we will be posting more info related to the community's concerns this within a week. We would post sooner but we're also changing up our marketing communication strategy, particularly how we communicate things to external stakeholders (outside of the direct-crypto space) thus the slight delay as we rearrange.

[jbreher]

s I was not clear in my question. From my perspective I have an issue with the bolded parts above:

1) An entirely new coin is being created. Holders of what is today being referred to as SYS (which I will refer to here as 'old-SYS' for clarity) will be issued 1 of these new coins for every 299.4 'old-SYS' coins they hold. Right?

2) Everyone will be expected to stop calling 'old-SYS' SYS. However, all holders of 'old-SYS' will still have all their 'old-SYS', and there is no technical reason that the 'old-SYS' blockchain cannot continue as a viable coin. Right?

3) Everyone will be expected to refer to this new coin as simply 'SYS', despite the fact that it has an existence completely independent of 'old-SYS', which was previously known as simply 'SYS'.

That about sum it up? Or am I wrong in one or more of the above points?

I think you are wrong. The old blockchain will die. There will be no miners to mine it. There will be only one SYS. The new SYS.

It seems that all that you are countering is whether or not the 'old-SYS' will have continued users. Correct?

And that there is no technical mistake in what I conclude, correct?

[jbreher]

We'd appreciate if people could stop asking questions about when this news will be pushed

Note that I have not asked questions regarding when the announcement will be made. I am asking very specific questions. So far, others in the community -- doubtless well-meaning, but not authoritative -- have made poor attempts to answer. However, these questions remain unaddressed - at least directly.

Please get some one on your team to clarify the questions at:

https://bitcointalk.org/index.php?topic=757255.msg14297301#msg14297301

To wit:

1) An entirely new coin is being created. Holders of what is today being referred to as SYS (which I will refer to here as 'old-SYS' for clarity) will be issued 1 of these new coins for every 299.4 'old-SYS' coins they hold. Right?

2) Everyone will be expected to stop calling 'old-SYS' SYS. However, all holders of 'old-SYS' will still have all their 'old-SYS', and there is no technical reason that the 'old-SYS' blockchain cannot continue as a viable coin. Right?

3) Everyone will be expected to refer to this new coin as simply 'SYS', despite the fact that it has an existence completely independent of 'old-SYS', which was previously known as simply 'SYS'.

That about sum it up? Or am I wrong in one or more of the above points?

[danosphere]

We'd appreciate if people could stop asking questions about when this news will be pushed

Note that I have not asked questions regarding when the announcement will be made. I am asking very specific questions. So far, others in the community -- doubtless well-meaning, but not authoritative -- have made poor attempts to answer. However, these questions remain unaddressed - at least directly.

Please get some one on your team to clarify the questions at:

https://bitcointalk.org/index.php?topic=757255.msg14297301#msg14297301

To wit:

1) An entirely new coin is being created. Holders of what is today being referred to as SYS (which I will refer to here as 'old-SYS' for clarity) will be issued 1 of these new coins for every 299.4 'old-SYS' coins they hold. Right?

2) Everyone will be expected to stop calling 'old-SYS' SYS. However, all holders of 'old-SYS' will still have all their 'old-SYS', and there is no technical reason that the 'old-SYS' blockchain cannot continue as a viable coin. Right?

3) Everyone will be expected to refer to this new coin as simply 'SYS', despite the fact that it has an existence completely independent of 'old-SYS', which was previously known as simply 'SYS'.

That about sum it up? Or am I wrong in one or more of the above points?

Sorry I missed those:

1) Yes, based on users' old-sys address balance as of the fork block

2) Technically speaking yes- if miners don't adopt the update to old-sys we'll be releasing at the same time as we release SYS. The old-sys update will warn users to switch/won't connect to older clients. The team will no longer be maintaining old-sys.

3) Yes

[halibit]

Hello from alcurEX exchange.
SYS - BTC market has been added in alcurEX.
https://alcurex.org/index.php/crypto/market?pair=sys_btc

Welcome
-halibit-

One question.
What SYS withdraw fee I should add to covering transaction costs?


ALCUREX is an cryptocurrency financing company registered in Finland.