Syscoin’s majorly botched launch

Syscoin investors are in somewhat of a panic over what has been an, by most considerations, extremely poor launch.

The Syscoin team promised to use part of pre-sale money to put up a 250 BTC (of 1500 BTC pre-sale) buy wall to prevent price collapse from dumping on launch. This does not appear to have been done.

Syscoin blockchain
Syscoin – Business on the Blockchain

The Syscoin wallet was fraught with glitches. For some people, the wallet would not open, or it would constantly crash. There were problems with the .conf file, meaning that people could not sync to the Syscoin blockchain. Also, Syscoin had apparently borrowed sections of code from Litecoin, as a warning message that comes up in the wallet clearly warns against losing Litecoin instead of Syscoin.

In response to the possibility that the Syscoin team will fail to rectify the coin’s many problems, Moolah is considering refunding what they can from the pre-sale.

UPDATE: As of 10:44 EST, Moopay LTD (username: <Moolah>) has announced via IRC channel #syscoin that they will be “taking responsibility of buy walls.” The Syscoin team has returned the 250 BTC designated for buy support to Moolah.

11:01 EST: Syscoin pool mining has been halted by most pools until problems are fixed.

11:22 EST: Announced via IRC by <WhiteKnight>, tne Syscoin dev team advises all mining pools to halt mining because there will be a hard fork “in a few hours.”

11:35AM EST: via ” [Syscoin] Market and Wallet offline due to block-chain issues.”

11:59AM EST: Trading has resumed at The wallet is still offline.

1:45AM EST: According to Syscoin tweet a “fix [is] in testing.”

9:21PM EST:Syscoin twitter announces completion of a hard fork with mandatory wallet upgrade; which can be found on the Syscoin BitcoinTalk thread.

August 18 7:47PM EST: Syscoin will undergo another hard fork in two hours.

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