Topic: [ANN] Syscoin- FINAL 2.0 LAUNCHED! *ENCRYPTION, MARKETPLACE, BTC INTEGRATION* - page 24. (Read 582979 times)

hey dano, u should post the testnet sys2.0 link on the front page top of main ann so we got more ppl to help us test for bugs!!

http://syscoin.org/help-us-test-bitcoins-killer-app/

this link!!

For those wondering what will happen to the price of their SYS coin after conversion, I see it rather like a stock split or merge. For example:

Company as 1,000,000 outstanding shares at 2$ each. Market cap is $2,000,000.
Case 1: Company performs a 2 for 1 split. Holders of 2 shares now have 4 shares. There are 2,000,000 outstanding shares at 1$ each. Market cap is $2,000,000
Case 2: Company performs a 2 for 1 merger. Holders of 2 shares now have 1 share. There are 500,000 outstanding shares at 4$ each. Market cap is $2,000,000.
The above assumes no market movements.

So after the conversion, SYS value will be like case 2. Holders of approx 300 sys at say 500 sats will have 1 sys worth 150,000 sats.

yup

Any plans for a linux wallet?

We are currently beta testing the wallet, until that testing is complete, there is no way that we can give you a firm date/block on when this will happen.

If you would like to speed things up, then please help us out with testing, join us on slack at http://join.syscoin.org , we have a dedicated room called #bugs for testing purposes.

On slack are now 344 active user.  


I hope the dev will write here official what will happen this month.

Yes, if your coins are on Poloniex the conversion will happen automatically

My question is how will this work at a exchange?

I have NO Wallet, all my coins are on Poloniex, will the coin reducing there happen automaticly.?

fees were reduced to dust amounts to be attractive and scale once blocks become full. With a billion coins the fee market wont really scale with the price aswell, at dust amounts fees cant go any lower thus we can lower coin count (as its a service based coin).

Yes bitshares is another great innovation that has gone unnoticed. I plan on integrating via bitassets to sys one day to partner up with graphene toolkit.

Could you explain the theory behind this reasoning, I'm very sorry, I do not understand it. The marketcap will only reduce if people decide to value it that way, that's all speculation, it could go up, or could go down.




Sure, we agree, this is just the beta phase, we are looking to test the functionality first, the design will come later. Either way, the Syscoin marketplace is meant to be much more than a wallet; with plugins any store will be able to easily integrate the Syscoin blockchain into their business. Our vision is much bigger than a decentralized marketplace, hence the motto "Business on the Blockchain". Bringing competition in the ring, I assume you are speaking of OB..



If that's not enough for you, how does needing to keep a node on 24/7 to actively sell your products sound?


Absolutely! via certificates, our goal is not to provide heavy-duty data storage, this would in effect bloat the blockchain and is not advisable. Certificates is a storage of a small amount, they can be created, transferred, bought and resold; all with an escrow system.


No one is paying for development, this is all done on our own free time, without profit, you can join us in development via github as this is a fully open-source project. I personally have been investing many hours a day for the last two years because I believe in this movement. Purchasing Syscoin is not paying for development, although we have a good stake in Syscoin individually as team members, which is obviously an incentive for us to want to make this project work.


Yes! Thanks for pointing that out, that's our press release that we send to the media.

Yes, and in addition to this, to answer your question directly. We are decreasing the total amount there will be at the time of the fork by roughly 300 times. If you have 300000 coins, you will get 1000. So if the total amount of coins and the amount in your wallet are both reduced by 300 times, then it will take the exact same marketcap to hold the value after conversion.

How the beta is going on?

Everythin fine?

if the marketcap stays the same, or keeps on dropping, then I assume one "tentative" day in "March", I will look at my polo wallet to find 1300 coins at like 20 cents a piece, effectively reducing my investment by 60 percent - in theory. The communication on the matter has been minimal, so we are left to our assumptions. Market looks ok. Like an in-app craigslist from 2002. Next to cometitors, its gui design is... lacking. Facebook and Twitter responses regarding early merchant signup and market release have been... dismal. Facebook banner still says "Coming in February". The roadmap stops in June. People look to these details (social media response to assess value and competence). I do not deny the appeals of the technology, but the obvious lack on interest by the crypto community is yet to be deciphered. I do not intend to sell yet, but I am terrified about the conversion, as not many people know how its going to work. Has the data storage been tested? As we creep into March with tentatives, the sys holders who have essentially paid for development thus far may worry about being left holding the bag. Bitshares, for example, has lots of amazing decentralized products that nobody is using. Its a mystery as to why the crypto community is apprehensive to jump onboard with decentralized applications. I am looking forward, bravely, but not without fear, into the future...

Did you see this exciting little article? http://themerkle.com/news/syscoin-to-accept-bitcoin-payments-in-its-decentralized-marketplace/

So there will be a new coin?

Because how they can change the coins from Sys1 to Sys2 for example on Polo?

Or Polo change the coins?

what is the difference from sys1 sys2
Far less coins the conversion rate is 299.4 SYS1 to 1 SYS2 if I understood it correctly.

I am part of the market, and I seek to determine the price accordingly. Thanks for your help.

what is the difference from sys1 sys2

The price doesn't convert! This isn't the stock market.
The market will determine the price accordingly.

Very excited about this.

Question.

I have 500,000 SYS coins. Worth 3.715 BTC

Conversion will leave me with 2,145.

2145 SYS2 @ 0.00173 BTC = 500,000 SYS1 @ 0.00000715 BTC

That puts it at $0.72 cents per coin after conversion @ today's rate.

Wouldn't the marketcap need to increase significantly for my investment to hold today's value after conversion?

Maybe I have it all wrong...

Ugh I hate it when smart people lack vision....