I have messaged you on Skype, but have not received a response. I am now posting here to clear up some of the confusion you appear to be having.

1. 0.4M VRC was used to refill the VRC hot wallet on MintPal V1.
2. Roughly 1M VRC was withdrawn when MintPal V2 was live and running.
3. Roughly 1.8M VRC has been refunded since MintPal V2 was shut down.
4. We currently hold roughly 0.7M VRC after all of the above has been deducted.
5. 0.2M VRC is currently pending withdrawal, and will be processed over the next few days (along with our other continuing withdrawals).

I would like to go on record and categorically state that we have not executed any form of trade using customer funds, or withdrawn to another address, using customer funds.

Any dumps you have seen are the result of legitimate trades, and are users most likely looking to cash out full stop.

I assumed they had data sanity checks in place. I'll see what we can do, but it'll have to be after we've dealt with the current priority (finishing the migration).

750 BTC? Where the hell are you pulling that figure from?

14 units at $550 a piece is $7700. Right now that is 16.32 BTC - not enough to kickstart anything.

It's quite simple actually. Mutual agreement between the two parties. There is no indefinite holding of coins, there is a staggered release of the remaining 750 BTC over the next 3 months - a move that the vast majority of the community supported. This same move was agreed between ourselves and the Syscoin development team, in order to ensure continued development and provide increased community support in light of this move. For some reason, you're having a tantrum over this, for reasons I cannot quite fathom.

On a side note, I do find it hilarious that you're calling me fat. I'm 5'9, weigh about 68kg currently... with a BMI of 22 or so. If that's fat, then I have lost all concept of what fat actually is. Either way, feel free to continue your trolling - it is actually mildly amusing.

I am unsure as to what you are requesting clarification on, as the terms have been made extremely clear to the Syscoin development team. In case there has been some confusion however, I'll publicly clear this up now.

We currently have 750 BTC, as well as 250 BTC worth of Syscoin. Your development team has already received 500 BTC ($245,000) for pre-existing expenses, and we are holding on to the remaining 750 BTC to release on a staggered basis, as per the public agreement that you committed to. The 250 BTC worth of Syscoin is set to be released along with the final staggered BTC payment, which is something you are additionally aware of.

I am mostly unavailable this week due to prior commitments, but will respond as and when available.

We have now reached the deadline for the ultimatum we previously issued to the Syscoin team, and while we are entering in to a review period; we have made the following preliminary decision (that is subject to change).

Our preliminary decision is that we will not be refunding the coin, but with the agreement of the Syscoin development team, will be changing release and development schedules moving forward. This decision will either be confirmed (or rejected and modified) publicly at 6PM GMT on Tuesday 26th August, 2014. While we could make the decision in full now (which would be to not refund), this review period will also include us engaging with various members of the community, over the best course of action to take. Please do not scream FUD at us, engage with us constructively.

While the launch of the coin was fraught with issues, the coin still launched. It worked at first, albeit erratically - and before the blockchain and daemon encountered severe issues, was in a usable state. This was not the case for everybody, but it was the case for many. At this stage, because initial obligations were met, we moved in to the inspection period (originally intended to last 72 hours). During this period, the coin encountered a number of major issues and became non-usable very rapidly.

As a result of this, and general public opinion, we issued a deadline-based ultimatum to the Syscoin team in regards to steps that need to be taken in order to ensure that funds would be released. If they took no action or made no progress, then they wouldn't be seeing a single satoshi. If they made good progress, we would re-review. We are now at the end of the ultimatum window, and we have made an initial judgement based on what the developers of the coin have done, and what they are continuing to do.

However, we are not comfortable to release the funds in full to the developers at this stage, and have put the following agreement to the Syscoin team. We are putting, and will be putting our own resources on the line in order to help protect the supporters of the coin, and encourage general adoption of this. I personally have faith in this coin, despite the abysmal launch - though this did not play a part in my decision.

Clause 1
Staggered release of funds.

The escrowed funds will not be released in full. They will be released in 6 monthly payments. The first payment will be for 250 BTC once this agreement is made formal, and then there will be an additional 200 BTC released each month for the next five months. At the end of this period, the Syscoin accrued during the early buy walls, will also be released. Release each month will be subject to the developers actively working on the coin, and making good progress in any necessary areas (to be determined on a monthly basis).

Clause 2
Moolah to support developers.

Moopay LTD will provide the Syscoin development team with access to our team of developers, for assistance with development issues, for a period of 6 months. Help will be given on a best-effort basis, with priority help granted for urgent issues.

Clause 3
Moolah to guarantee continued development.

If the developers decide to bail in full, and abandon development of the coin before this agreement is up; then Moopay LTD will supply a minimum of 3 developers to continue work on the coin - until the end of the agreement window. Moopay LTD will then continue to supply developers until adequate external contributors can be found. Moopay LTD will guarantee priority 24/7 response to urgent issues, and best-effort response to all other cases. This includes fixing broken services, the QT wallet, and blockchain issues. We will also seek to expand upon the coin when there are no issues. Moopay LTD will also always make a developer available for urgent issues, regardless of contributor state, for a minimum of 18 months from the time this agreement is made formal.

Our (now expanded) development team has experiencing in working for Microsoft, Citigroup, Telefonica and more - and each and every member has substantial experience in crypto development (including daemon and reference client work).

A staggered release over 6 months is the current plan, if they meet their obligations.

Changes to reasons to withhold funds, would require public involvement.

Changes to how those funds are released (to be more restrictive), if approved, only requires the approval of ourselves and the Syscoin team.

We can by mutual agreement, this is true of any contract.
At 6PM GMT, we will be moving in to a review period. Others have said that, true; but others have also said they have no problems. It is a clusterfuck of a situation.

If we decide not to refund, the escrow will be released in a series of staggered phases to ensure continued development. We are also considering contributing an experienced developer to the team temporarily to help them with minor issues.

While I am sure there will be some damage, we cannot breach our contract and the terms stipulated.

I am not disputing that fact at all. However, the fact that the coin did work (albeit for a very brief period of time); is what led us in to mediation and giving a window of opportunity to fix the issues that had popped up. This is not another clone coin, at the end of the day.

You are the cutest little thing.


I wouldn't say we win anything. We expended a considerable amount of time and manpower in the past few days in relation to this issue, and have the joy being the arbitrator. No matter what decision we make, there will be a select few whining regardless.


Thankfully; the vast majority of our consumers and merchants have never heard of BCT, would not grasp the concept of an ICO, and don't base their opinions on what you spout out here. They have common sense.

We have been very open regarding our role as an escrow provider. I personally bought coins when people started dumping them, I also hold balances in 17 other digital currencies.

At launch, could you import a private key and then send/receive funds? Yes, you could. This is a fact. There would have been zero coin movement otherwise. We would not have even been able to distribute. Shortly after launch however, a number of issues popped up that led to the coin being in an almost unusable state, which led to our review period.

If our review shows that the Syscoin team has completely failed, and refunds are necessary, there will be a full refund.

If our review shows that the Syscoin team has met their contractual obligations, and refunds are not necessary, there will not be a partial refund. However, we are recommending a staggered release to ensure continued development.

Yes, it was.

A large quantity of people had no issues in importing their keypair, moving funds, and buying/selling. Shortly after launch, issues occurred - and this is when we moved in to an arbitration/mediation period from our inspection window.

Had nobody been able to do a damn thing, then Syscoin would have failed completely in their obligations.

At the end of the day, our legal and contractual obligations take precedence. The Syscoin team has been very accommodating in regards to our additional demands (staggered release, etc), and we gave them a window of opportunity smaller than we originally envisioned.

No terms were changed.

Enjoy your BTER scam coins then.

How much SYS do you currently own?


We are not being remotely biased, we are sticking to what we have clearly communicated to the general public. People refrain from spreading misinformation.


Initial launch conditions were met. We imposed additional conditions after the coin started to show instabilities. Anybody else would have released the coins at that moment of launch.