I was looking at Syscoin today and their project. I like the decentralized marketplace that they are working on and also liked the consistent progress that they have been making with improvi g their project.
I see that the market will accept Syscoin and Bitcoin and that leads to my question: Doesn't the fact that the market takes Bitcoin make an investment in Syscoin (the coin) a bad idea? Won't everyone just use Bitcoin? Where does the demand for Syscoin come from?
Please, I'm not using this thread to discuss similar projects. I'm just trying to figure out if the Syscoin coin would substantially increase in value IF the market were to become a big success.
Accepting Bitcoin attracts a larger audience. Using Syscoin's services still requires a small amount of Syscoin to pay for fees (much less expensive than fees associated with hosting for Openbazaar) and does much more. The payment of those fees are what we believe will drive demand up. Using bitcoin also reduces the amount of possible dumping, if someone wants to sell their car on the marketplace, it's sale will create a huge sell pressure unless the seller wants to hold his/her coins.