Story - Segwit2x? More Like 16x 1:00
http://b2x-segwit.io/
I really didn’t want to spend any time talking about this but enough people have asked about it that I’ll at least touch on it briefly.
The word is that the contentious Bitcoin hard fork which ultimately got cancelled at the beginning of November, is back.
Let’s be clear, it’s not back.
A group of developers are using the Segwit2x name for the purposes of PR, and it has worked.
As you’ll see from the media section of the B2X website, they have managed to fool all of these media outlets into publishing stories calling this a ‘rebirth’ of Segwit2x.
But like I said, this is not a rebirth. It is Segwit2x in name only for the purposes of PR.
It’s being talked about as if the thread that ended at the beginning of November has started up again, it hasn’t.
This is a brand new project, with a different team and a completely different plan.
You only need to take one look at the features section of their website and you’ll see they’re increasing the block size to 4 MB, making it Segwit4x really.
Then they are cutting down the block time by a factor of 4, making it more like Segwit16x, because that would be 16 MB’s of transactions processed every 10 minutes.
They’re also changing the way mining difficulty is recalculated and changing the mining algorithm to X11 which is what Dash uses.
That’s bears little to no resemblance to the original Segwit2x project.
And down to the fact that it has a different team.
Despite all that, the fork happens at Bitcoin block 501,451 and at time of recording we are at…
...according to https://btc.com/ but you can get a more accurate number on that by checking btc.com whenever you want an update.
For now that’s all I want to say on the subject.
Story - Trading Begins on Ethfinex 5:00
This is for all existing Bitfinex account holders. They get exclusive access for the first two weeks.
Then from the 15th of January new accounts can be created.
I personally do not have an account with Bitfinex so I was not able to take a look inside Ethfinex.
And when you go to Ethfinex and click open account…
You get a message that Bitfinex, Bittrex and I think a few other major exchanges have been displaying lately.
It basically says they are closed to new customers at the moment to give them the opportunity to upgrade their infrastructure, hire more staff etc.
While this may be frustrating for new customers, it’s a very responsible thing to do. The alternative is to let everyone in and allow the exchange to become slow and unstable.
For anyone who is not familiar with Ethfinex, the long term goal is for Bitfinex one of the biggest exchanges, to transform into a decentralised exchange.
Ethfinex, as the name suggests, is going to become an increasingly decentralised exchange for Ethereum tokens and maybe others.
I say it’s going to become increasingly decentralised because that’s their plan. At the moment Bitfinex is a centralised exchange but step by step they are going to make changes that move them further and further down the scale towards greater decentralisation.
Even to the point where customers who hold the Nectar token will effectively have a stake in Ethfinex.
I think this is a smart move for Bitfinex. They are engaging in that thing I call ‘creative destruction’.
They know that sooner or later their centralised exchange model is going to become disrupted by a decentralised competitor, so they are getting busy becoming that decentralised competitor before someone else does.
If you manage to get in to Ethfinex, leave a comment letting us know what it’s like if you would be so kind.
Story - SALT Loans Are Live 17:22
https://blog.saltlending.com/salt-loans-are-live-cf0f7c8e5d69
SALT is a platform where you can borrow fiat currency and put up your crypto assets as collateral.
They are launching with the ability to borrow US dollars and back those loans with Bitcoin or Ethereum.
They expect to have over $10m in loans by the end of the year, impressive if you ask me.
If you don’t think so, how about between $50m and $75m in loans by the end of January 2018?
I’m sure the answer to this is in their whitepaper when I get round to reading it, but the obvious question is what happens if the value of the Bitcoin backing the loan drops?
My guess is that the borrowing would have to top up their account to at least the value of the amount they borrowed.
https://membership.saltlending.com/dashboard
The SALT token itself is used to buy memberships on the platform that in turn give you access to different tiers of borrowing.
For example here in my SALT dashboard, the base membership costs 1 SALT per year and allows me to borrow up to $10,000.
The premier membership costs 10 SALT per year and increases the borrowing limit to $100k and then to borrow over $1m the membership fee is 100 SALT per year.
*5,000 Character YouTube Description Limit Reached
▶️ DTube
▶️ IPFS
You know you made it when bad people try to impersonate you.
But now worries, the steemit.chat admins took care of it.
Thanks. That is not me!
This is not you but your finger typing :P
I need to read the SALT white paper too, because the borrower couldn't possibly be expected to put in more Bitcoin after receiving the loan. What if they don't have any?
SALT too much of question to be answer, have been watchlist, potential token to empower the economic into better states.
Segwit2x(today's fork) is a pre-mined scam. Just ignore.Completely agree!
Very interesting read, thanks you for sharing it. :)
Hope hork issues don't impact in altcoin coin market.
Thanks for pointing out that SALT's live - I think that's gonna be huge, especially when they roll the credit card out next year. The banks must be shitting it..! :)
Ugh crypto is so... sleazy (sometimes).
Thanks for this info that somehow all the major crypto media outlets forgot to cover!
That's why I am happy to be following you @marketingmonk! :)
I sold all of my SALT... mistake?
He told me to give him money and he will return more than what I would give him and I blocked the chat, please return my money
That was not me. Someone has used my name to scam you. I will never ask you for money like this.
Friend, I was worried about my money :( Sorry but someone used all their user and I steal all my money
Is'nt it creazy.
This is what I have been saying all along they just stole the name and it looks like a scam to me as they are stealing the name and claiming to redistribute satoshi's bitcoins whatever that means :s
Its always better to give a bit of description :) it really helps in better marketing ..thanks to you @marketingmonk
Ethfinex could be an upgrade. If it's really more decentralized that is. Current Bitfinex I'm not a fan of. They have too many restrictions and KYC.
That's quite an article !
The ambiguity over Segwit2x looms large !
Cool beans! Keep on writing those awesome articles!
Hi @marketingmonk am first read your blob all post are very helpful and informative. i hope next you post more helpful post . Thanks
thanks you for sharing it, Very interesting post
Its hard to believe that steemin of your stature is duping people, not wise in name of help, u r just taking away the faith
It is not actual segwit2x. It is just bunch of developers who r backed by exchanges , they r using the name segwit2x to make a new coin. The main aim of segwit2x was to upgrade the software not to make a new coin.
It is an extensive economic issue.
Thanks for sharing this article...
Just found your podcast! subscribed! Thank you for the info!
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 240.27 SBD, based on the pending payout at the time the data was extracted.
If you do not wish to receive these messages in future, reply with the word "stop".
Good Information....
SALT has a lot of potential in my opinion. Very few projects in the area of lending and this could potentially be very successful. Got into SALT a while ago and seen the price going up recently. The new "Segwit2x" seems as useless as the BitcoinX and SuperBitcoin that came out previously. Thanks for the article, was a pretty good read!
Great post there, keep up good work !
This replay was created using STEEMER.NET Alpha ( support STEEMER.NET / Wallet / Exchange Project here: https://steemit.com/investors-group/@cryptomonitor/steemer-net-steem-blockchain-transactor-for-windows-android-app-funding-update-243-1200-sbd-28-12-2017 )
very useful, your post is so inspiration for me and all users of steemit,
good post. boss I want to be a lot of dollars can not help.
Thanks
Very interesting and valuable post. thanks for sharing this post.
Hello colleague @marketingmonk, I hope you feel very well :D. Very good post, I voted for it. I would like to invite you to follow me on my page @emmanuel250998 where I will be uploading every day the latest news about the world of cryptocurrencies. I also invite you to vote for my last post:
https://steemit.com/bitcoin/@emmanuel250998/ukrainian-technology-specialist-blockchain-and-cryptocurrencies-sequestered-in-ukraine
I would very much appreciate your support. A big hug and greetings from Venezuela ;)
Please don't SPAM... Take a look in this:
https://steemit.com/steemit/@miti/a-complete-guide-for-newcomers-and-minnows-to-avoid-a-possible-spam-and-to-write-good-comments
Thanks for pointing out that SALT's live - I think that's gonna be huge, especially when they roll the credit card out next year. The banks must be shitting it..! :) plzzz upvote plzzz
Please don't SPAM... Take a look in this:
https://steemit.com/steemit/@miti/a-complete-guide-for-newcomers-and-minnows-to-avoid-a-possible-spam-and-to-write-good-comments