[PSA/Article] This coin called Syscoin has a working decentralized market operating on the blockchain... why the hell aren't we using it?

Been reading a lot about all these coins trying to build decentralized markets and the "race". Fuckin Syscoin already has that up and running:

http://www.reddit.com/r/CryptoCurrency/comments/30katj/xpost_check_out_our_decentralized_marketplace/

Seems like they're targeting more mainstream markets but I'd assume their tech could just as easily be used to build a DNM that can never be taken down. If I read their blog post right, the markets that could sprout up based on their platform are pretty varied and flexible - beyond anything else I've seen (even though I know SHADOW is all the rage lately but its based on p2p not blockchain). Here's their post - http://syscoin.org/blockmarket-power-to-the-merchants/

What do y'all think?


Comments


[4 Points] throwahooawayyfoe:

why the hell aren't we using it?

because it has a total market cap of less than $200k USD and a 24-hour moving volume of ~$1,700 with the large majority of that volume being on one single altcoin exchange. with the books being as thin as that, one whale could come along and crash it through the basement in just a few hours minutes. and nobody wants to lose all their money due to a single greedy speculator or vendor that suddenly decides they want to convert all their syscoins into btc so they can then cash out into fiat.

tl;dr - it's just not stable enough and doesn't offer enough liquidity at this point to be considered a viable option.

http://coinmarketcap.com/currencies/syscoin/


[1 Points] Ivebeenreal:

advertising you alt shits is on con coin thursday but thanks


[1 Points] emeraldgemini:

Personally we are open to using a market like this. However they would need to accept bitcoin as it is the only coin with the power and popularity to work. Unless of course they had a way to deposit bitcoin and convert it to their coin with a fiat value and then also convert and cash out in bitcoin. They would also have to make that option hedged in case their coin crashed during the escrow period.