
New fake SegWit2X: premining millions - jasonjmcghee
https://github.com/SegwitB2X/bitcoin2x/commit/08220e2a3c8ba8f53801302a8b7b6d6da5a39645
======
Klathmon
Again, I'll repost what I posted in another thread this morning:

This Segwit2X has almost nothing to do with the original "Segwit2X". They are
basically taking what they think is the good parts of all cryptocurrencies,
and are putting it into one monstrosity.

\- X11 based algorithm from DASH

\- 2.5 minute blocktime from litecoin

\- 4mb (closer to 8mb with segwit) blocksize from Bitcoin Cash

\- difficulty adjustment algorithm from Bitcoin Cash

Plus they are promising some pretty impossible stuff in the "future":

\- ZkSnarks from ZCash (which they list on the same line as "anonymous
transactions" in some areas, and on a different line in others...)

\- Lightning Network from Bitcoin

\- Smart contracts from ETH

\- Something called "offline codes" which god only knows what it means

Basically it's a shitcoin that is trying to lure people in with impossible
promises and just taking what they think is the best thing from every major
cryptocurrency and putting it into one disgusting abomination.

Oh, and they chose a loaded name to make sure they'd get some coverage in the
"news".

This "Segwit2X" has literally nothing in common with the previous "Segwit2X"
from november except for the name. Nothing else is the same. How they got any
exchanges to list it under the same name i'll never know...

~~~
wereHamster
Just tell me how to claim these new coins and convert them to BTC once they
are worth a bit (price usually spikes just after the fork). I'm extremely
sceptical of altcoins which fork off of the Bitcoin blockchain, but welcome
the free contribution to my retirement fund.

~~~
londons_explore
I am less skeptical of coins which split from the bitcoin blockchain than
coins which are entirely new.

By splitting from the bitcoin blockchain, the authors of said coin have no
easy way to 'premine' or get any other kind of 'first in' benefit without it
being visible in the transaction history (like this is).

That should help the coin succeed on technical merits alone, rather than
PR/marketing stunts and pump and dump schemes which work much better on new
coins.

It also prevents 'coin inflation', where value gets split across a potentially
infinite number of coins. By splitting from the original blockchain,
businesses which don't want to take a risk on which coin/coins will succeed
can simply demand equal amounts of every coin (or take payment in one coin,
and then diversify into equal amounts of every coin). People who hold coins
take no risk if additional coins fork off.

~~~
flashdance
You can premine chain splits. See bitcoin gold, which had a premine of 100k
coins, or the very coin this thread is about, with a premine of millions.

~~~
londons_explore
You can't _secretly_ do it though.

With a new coin on a fresh chain, a premine can be secret, and outsiders can't
tell the difference between a premine and the initial few users.

~~~
flashdance
Oh, I see what you mean.

------
aviv
Imagine if in the real world we would have people come up with new metals to
compete with gold, silver, platinum, etc. as viable stores of value. This
dilution and unlimited supply of cryptocurrency types will not be good for
Bitcoin in the long run.

~~~
jstanley
What evidence have you seen that suggests this project is remotely a viable
store of value?

~~~
scalablenotions
Massive and growing consensus and significant transfer of representative value
from FIAT.

------
nerdponx
So that explains the bizarre email I got from Yobit today:

 _Bitcoin Segweet in 18 hrs!

Dear YoBit Users!

Bitcoin Segweet [B2X] balances (1:1 btc) will be added in 18 hrs (27 dec)

Timer: [https://yobit.net/en/b2x/timer/](https://yobit.net/en/b2x/timer/)

Sincerely yours, Team of Yobit.Net_

It's a junk exchange anyway, but now seems like a good time to reiterate my
question from the other day, which started an interesting discussions but not
actually an answer: who exactly is buying into these junk forks, when there
are high-quality altcoins on the market?

