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mauriek
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October 20, 2014, 02:32:54 AM |
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Not trying to FUD, but how can you NOT stop?
The IPO was to raise funds to run SYS long term. Now those funds are gone. The BTC was gone once it left the investors hot, little hands because Moolah had no intention of returning it for any reason. I didn't think the launch was botched that badly, but even if it had been Moolah wasn't going to return our money because Green intended to steal it. So there was no fair launch. There couldn't be. The SYS devs and the investors were the victims of a long con.
And now the money is gone and it doesn't look like it's coming back anytime soon. So how is SYS going to grow if that BTC is gone? And if you can do it without the BTC, why did you have the IPO in the first place? I just don't see how this can continue to go forward. Once again, not trying to FUD, just would love some kind of map or plan.
There are many ways for business or innovation to survive, many human tend to have more creativity when under difficult situation, there are other coins in worst situation before and they survive some of them even getting better, the most important thing we would like to see are the commitment of the Syscoin team, their persistence and creativity to overcome this, and judging by their action after launch until now i believe in their ability and i think community can and willing to helps, even i willing to spare some work time for Syscoin if it within my qualification, i believe many other too. I wouldn't worry about price too much, although higher price may ease some of the financial burden of the team, maybe it's time to brainstorm and opening community suggestion to help with the price. We realize that this may slow down development but still we would like to see progress even in slower pace. Coin with innovation and unique technology is very rare and nothing can stop innovation in syscoin except from the sys team itself. |
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danosphere (OP)
Legendary
 Offline
Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
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October 20, 2014, 03:00:32 AM |
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Not trying to FUD, but how can you NOT stop?
The IPO was to raise funds to run SYS long term. Now those funds are gone. The BTC was gone once it left the investors hot, little hands because Moolah had no intention of returning it for any reason. I didn't think the launch was botched that badly, but even if it had been Moolah wasn't going to return our money because Green intended to steal it. So there was no fair launch. There couldn't be. The SYS devs and the investors were the victims of a long con.
And now the money is gone and it doesn't look like it's coming back anytime soon. So how is SYS going to grow if that BTC is gone? And if you can do it without the BTC, why did you have the IPO in the first place? I just don't see how this can continue to go forward. Once again, not trying to FUD, just would love some kind of map or plan.
This is a totally fair question and to be honest it has hurt the dev/operations wallet - no doubt. But we also manage our funds extremely diligently. Even though this really hurts since the initial payment (500btc) went into covering backdue costs and only a portion of it was allocated to forward-moving efforts it was still a significant portion. I'm not going to disclose exact numbers but its more than enough to fuel our legal battle and keep things moving in a scaled back capacity hiring-wise. I'm working on a blog post right now. Surely we could use the lost funds, and we may try to raise another round through some route if we find ourselves in need of something like that but right now we're hoping we can recover the lost funds. As we work through that process, we'll just tighten our belts and keep working on major features. I want to stress that what I am allowed to say is very restricted right now, there is more we have planned out and we have discussed several "what if" scenarios internally on the team but until cleared by counsel I can't say anything in that regard. People have been asking for public paperwork that is proof of this action- we can't make this public for 72hrs from initiating the action, so it'll be public very soon as we started this Friday night. Again we thank the community for the support, stay tuned for a blog post and RC4 with fixed DNS seeds! All team-controlled this time  |
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danosphere (OP)
Legendary
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Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
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October 20, 2014, 03:01:15 AM |
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What a mess. The moolah collapse highlights the problems with crypto, mainly with alt crypto currencies.
And this is why this issue isn't just something that impacts Syscoin.  |
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Sons_of_Crypto
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October 20, 2014, 03:12:28 AM |
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hmmmmmmmm, i guess SYS will be a longer investment that I had originally thought, lol......
(just checked price with news/etc)
see you all in 3-6 months? lulz
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***Whale watching***
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IMJim
Legendary
Offline
Activity: 1260
Merit: 1000
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October 20, 2014, 03:40:53 AM |
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Has anyone given consideration to the good that could come of all this for SysCoin?
How many more people have heard or read the term SysCoin in all the news over this mess?
What will it do to instill confidence, trust and exposure for SysCoin in a year to have survived this news worthy devastation.
All I can really think about as I watch from the sidelines......how the SysCoin team has handled themselves, not only through this but also through a problematic launch the entire crypto community was watching intentily!
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danosphere (OP)
Legendary
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Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
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October 20, 2014, 05:18:02 AM |
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Development UpdateWe Will Carry On.
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shadowduck
Full Member
Offline
Activity: 840
Merit: 100
Oikos.cash | Decentralized Finance on Tron
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October 20, 2014, 05:37:30 AM |
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Please check PM I sent to you ragarding the RC4 |
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sdersdf3
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October 20, 2014, 06:28:21 AM |
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What a mess. The moolah collapse highlights the problems with crypto, mainly with alt crypto currencies.
And this is why this issue isn't just something that impacts Syscoin. Indeed - old money has been abandoning a lot of altcoins over the past couple of months (many coin charts are looking the same lately) and new money hasn't been coming in. |
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Beachguy
Legendary
Offline
Activity: 1019
Merit: 1001
Spectreproject Community Manager
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October 20, 2014, 11:35:53 AM |
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What a great Dev group we have here.
It's amazing how they're continuing to work on Syscoin AND dealing with
all the headache of trying to recover the BtC.
Any other dev group probably would have folded their tent by now with all the stuff in the fan.
To the community......hold the questions, be patient, do your research and watch their blogs.
They're communicating and working their tails off.
Somewhere your question has probably already been covered.
They'll get through this.......and be better for it.
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mig5000
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October 20, 2014, 12:27:18 PM |
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You guys might want to check over what XC is currently doing with their BlockNet project.
They are trying to bend coins together trough their XBridge API with an income stream in the near future.
They need a coin exchange of sort to facilitate the conversion between different coins when a service is required and I think you guys could be a good addition to this project.
Seriously please consider this. Dan is probably one of the most legit dev out there.
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gefafwisp
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October 20, 2014, 01:24:36 PM |
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Coin does look a little bit unwell at the moment ... devs need to move faster imo, other coins are doing well with very little funding. coin dead
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Conurtrol
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October 20, 2014, 01:39:35 PM |
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You guys might want to check over what XC is currently doing with their BlockNet project.
They are trying to bend coins together trough their XBridge API with an income stream in the near future.
They need a coin exchange of sort to facilitate the conversion between different coins when a service is required and I think you guys could be a good addition to this project.
Seriously please consider this. Dan is probably one of the most legit dev out there.
+1. I'd love to see SYS involved with Blocknet. |
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optigon
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October 20, 2014, 01:44:48 PM |
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Coin does look a little bit unwell at the moment ... devs need to move faster imo, other coins are doing well with very little funding. coin dead
progress we need, hurry up : https://twitter.com/BlockBazaar Since sys is merged-mineable 1 satoshi is still good price for miners, btw. |
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madmartyk
Legendary
Offline
Activity: 2674
Merit: 1030
Yes I am a pirate, 300 years too late!
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October 20, 2014, 01:49:39 PM |
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Coin does look a little bit unwell at the moment ... devs need to move faster imo, other coins are doing well with very little funding. coin dead
progress we need, hurry up : https://twitter.com/BlockBazaar Since sys is merged-mineable 1 satoshi is still good price for miners, btw. But not for people who ICO'ed at over 500!! LOL |
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optigon
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October 20, 2014, 01:56:38 PM |
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Coin does look a little bit unwell at the moment ... devs need to move faster imo, other coins are doing well with very little funding. coin dead
progress we need, hurry up : https://twitter.com/BlockBazaar Since sys is merged-mineable 1 satoshi is still good price for miners, btw. But not for people who ICO'ed at over 500!! LOL that's the point, no LOL at all |
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danen
Newbie
Offline
Activity: 20
Merit: 0
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October 20, 2014, 02:10:15 PM |
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It's not dead, but initial investors are currently looking at a huge 85% loss on their investment. I know that guys are still working on this, but with all the problems since the start, confidence has been lost. You can probably name a bunch of coins that have less development, but much more stable price, confidence being the difference. 5x below IPO price certainly doesn't mean anything good. That being said, I am still holding, but this is looking more and more ugly by the day. No one can deny that. I hope the project survives, but if the trend continues, eventually devs will have to pull the plug on this, since they obviously depend on the IPO funds. This would be the worst case scenario and we all loose. Coin does look a little bit unwell at the moment ... devs need to move faster imo, other coins are doing well with very little funding. coin dead
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Beachguy
Legendary
Offline
Activity: 1019
Merit: 1001
Spectreproject Community Manager
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October 20, 2014, 02:19:21 PM |
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Thank you for your observation....and how many Sys do you own?
You don't just "pull the plug" on a coin this unique and that has had so much work put into it.
How many times do the devs have to say it....we're not going anywhere.
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catotune
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October 20, 2014, 03:28:36 PM |
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I figured this is an excellent time to get into Syscoin - just grabbed a bunch at around 130 satoshis! Funny how prices plummet at the first hint of bad news in the crypto world... At these prices, this coin seems like a no-brainer to me.
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gnargnar
Legendary
Offline
Activity: 1111
Merit: 1000
crypto-enthusiast since 2012
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October 20, 2014, 03:33:24 PM |
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I figured this is an excellent time to get into Syscoin - just grabbed a bunch at around 130 satoshis! Funny how prices plummet at the first hint of bad news in the crypto world... At these prices, this coin seems like a no-brainer to me.
and it is a no-brainer!  i'm totally buying |
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