Storm in a teacup: how fraudsters prey on behalf of «the deceased» SegWit2x

The bitcoin community still remembers very well the project Segwit2x, which was established in may 2017 next largest cryptocurrency companies as a result of the new York agreement (NYA), and cancelled in early November after the largest-ever cryptocurrency confrontation in the community and information war, which lasted several months.

We will remind that the initiator of SegWit2X was the founder of Digital Currency Group is Barry Silbert, and its development was led by Jeff garzik’s — a former member of the Bitcoin Core team and founder of a startup Bloq, also signed the agreement. In addition, the project supported large companies such as Bitpay, Coinbase, Blockchain, Xapo, Bitmain, BTCC, Bitfury, and many others, including the vast majority of miners.

Scheduled for mid-November, hardwork Segwit2X was cancelled under pressure from supporters of Bitcoin Core team, and the only attempt to revive it was the statement of an anonymous group of miners Bitpico, which did not lead to action. Despite conflicting opinions about this project, unambiguously positive was the result of his activation technologies SegWit, which can give impetus to the development of new solutions for scaling bitcoin, but still its use remains extremely low.

However, the abolition of hard forks SegWit2X was one interesting detail. According to the statement project managers, hardwork was not canceled and postponed indefinitely. This did not fail to take advantage of a group of swindlers, which is now supposedly trying to «revive» SegWit2X, although these people have no relation to the old team, and their «development» is also nothing but name, is not associated with the old project.

According to statements on the website alleged new SegWit2x, 28 December 2017, at block 501 451 there will be another attempt to hold hardwork. Actually, the Nouveau project is no different from a company walk-through forks, which came and still come out in December and January, but around him suddenly turned wide media campaign, which was «noted» more than a dozen major media. Among them such well-known publications like Life.ru media, Tape, vc.ru and many others. Interestingly, in the English press this topic is actually silent on major media. There are several publications, including special editions on the cryptocurrencies, but they all represent one and the same standard text and are in the category of paid press releases, for example: Bitcoinist, CCN, Bitcoin.com, Cointelegraph and The Merkle. Also, not too a lively discussion is in the thread of the project on Bitcointalk, and his tone is very far from enthusiastic articles about the «new Bitcoin perfect and scriptorially», which is rife with the Runet. Perhaps the Russian-speaking community is the target audience of the project, or Russian language is native for its creators?

This media-phenomenon, bloated a week (advertising campaign began on 18 and 19 December), interested in the editorial Bits.media, we decided to investigate the «purity of the inheritance», and how the promises of his team are real.

What the team promises «a new SegWit2x»

So, what is sedately «revived» Segwit2x decided to involve the community? At the moment, the day before the hard forks, we know much less than you would expect from a serious project:

  • Hardwork will be held on December 28 on the block 501451 and will be listed on the stock exchanges that you wish to add, under the Ticker B2X.

  • The owners of BTC (as in the case of launching other copies of Bitcoin) will receive a B2X in the ratio of 1:1. Additionally, there will be a proportional distribution «of bitcoins Satoshi Nakamoto» — that is, those that are attributed to Satoshi and are still not moved. However, to obtain a «bonus» you need to keep your bitcoin wallets or exchanges, partners of the project, which is ridiculously little. All other «extra» coins, obviously, will remain with the creators.

  • Issue volume B2X : 21 million coins;

  • Protection against duplicate transactions;

  • The creation time of the block: 2.5 minutes;

  • Mining algorithm X11;

  • Increased the block size to 4Mb;

  • Recalculation of difficulty after each block;

  • A unique address format.

According to the road map project, «Segwit2x» will be implemented following functions:

  • Lightning Network support and instant transaction;

  • Offline codes;

  • Technology ZkSnark;

  • Smart contracts;

  • Anonymous transaction.

However, the «road map» is made only in the form of a simple step-by-step scheme, which did not indicate the approximate date of each stage.

Recall that the original SegWit2x assumed only one operation — a one-time increase unit to 2 MB, while the original Bitcoin blockchain. Team Segwit2x not plan to create alithina.

The reality of the «resurrected Segwit2x» and compare with the original

Well, promises are very interesting, but in the cryptocurrency community are accustomed not to trust one words, especially from anyone previously unknown anonymous. At least it was worth a hope, but judging by the enthusiastic publications and statements in social networks, the self-preservation instinct does not work at all.

A lot of interesting information can be gleaned at the official thread on Bitcointalk B2X. Moreover, for the experienced user of cryptocurrencies there will be no doubt about the nature of the «resurrected» Segwit2x. However, let’s be consistent.

So, the first step is to get the coins B2X. To do this, your bitcoins should be stored in a premises (including a cold or hardware) wallet, to which you have private keys or on online services and exchanges that expressed support for the B2X. Getting the coins on other sites and services is not guaranteed.

Among the partners of the project, as well as those who have already declared their support for today are: exchange HitBTC, YObit.net, Exrates, and Localtrade, purse Zumminer, and also the payment service Webmoney. Already this short list was to arouse suspicion. None of the major exchanges has not stated his support.

However, on the above futures exchanges B2X just a week reached the price of $ 600 and above! Who buys them? The creators or credulous users who accepted Segwit2x for real?

Recall that the futures on the original Segwit2x, under the name B2X, BT2 and other trading on several major exchanges, including Bitfinex, which says nothing about the new project, and HitBTC, which apparently moved trade them for the unexpected «heir». What is it? The presence of insider information, irresponsibility or greed?

There are other interesting facts. Looking at the site of the new project, striking minimalism presented on this useful information, be amiss to look in the FAQ, which is striking in its brevity and shamelessness. Of course, the new project is specified as the resumption rescinded in Nov hard forks. But no evidence of when the last team there. That is, no one on the team of the new project was not involved in the development of the old, and none of the participants in the original Segwit2x not confirmed the resumption of work on the project.

Of interest is also the domain name itself. The website b2x-segwit.io was registered on 15 Dec for a Glib Ushakov, which indicates at once the Ukrainian roots of the project. However, the team’s name was not listed.

The original client BTC1 was developed mainly by American and Chinese programmers under the leadership of Jeff garzik’s. Here is his website and a repository on Github where there is no activity for more than two months and, of course, no indication of «the heirs».

Now look at the repository of the «new Segwit2x», opened as recently as December 21, based on the copies Bitcoin Core 0.15.1. Isn’t that the week is more than enough for development, testing and launch of «a new revolutionary bitcoin»? By the way, the last change in it is dated 22 Dec. The development is striking for its intensity, the more that two days of activity in the repository made 12 commits (entire previous code copied from Bitcoin Core repository).

The extent and nature of changes to the code are also very revealing, but let’s leave the analysis to the programmers, if any of developers will wish to inspect the project. But even the uninitiated is of interest to one file, consisting of only four lines of code. It is written PreMain (i.e., instant) two million coins on block B2X hard forks (501451). Of course, after all, need somewhere to appear «bitcoin Satoshi»? However, Satoshi Nakamoto is credited with the possession of just over 1.1 million BTC, premine also contains almost twice as much.

New details from discussion at Bitcointalk

Despite the reckless optimism and paid publications in the media, the community as a whole is not so trustingly. And in already mentioned branch B2X on the Bitcointalk forum users found a lot of interesting, and present the topic «official representative» of the project _SegWit2x_ fighting off attacks by extremely sluggish and hesitant, in fact, not giving any facts.

For example, the user msurendra447 says that he spoke with one of the developers of the original project and he confirmed that neither he nor anybody else from those who worked on Segwit2x, have nothing to do with his resurrection. Msurendra447 tried to post screenshots of correspondence in the telegram channel in the current project, but was immediately banned. However, he sent a screenshot of each participant of this channel. Also, according to msurendra447 blocked everyone who asks uncomfortable questions.

About the «Ukrainian roots» of the new project, his representative said that the team is international and there are also people from Ukraine. In the original team there were none.

Then started the most interesting. Despite the declared «support of many leading exchanges,» spokesman of the new project asks users to sign the petition on a large list of exchanges for the imposition of trade new token B2X. The team obviously lacks the strength to achieve this.

In recent days, has repeatedly stated that the submitted site development team in reality does not exist, and none of them are impossible to contact via email contacts.

There are four people listed on the website:

  • Jaap Terlouw — Founder — Refusing to acknowledge that he is the founder.
  • Sairam Jetty — Team Lead Developer — Completely denied any involvement with the project.
  • Donna Khyuz — Business Developer — LinkedIn profile taken down, Unreachable.
  • Robert Szabo — Core Developer Is Unreachable.
  • But a few hours before the articles appeared and more detailed information. She indicates that two of the founders of the project, namely Jaap Terlouw and Donna Khuyz live in Kiev, and «Donna» is actually not a developer, and a promotional model and also keeps the flower shop. However, the project representative for all such «insinuations» certainly stated that the founders of the project can live anywhere, and nothing prevents the model to be a developer. Well, at least the community can now determine the degree of confidence in this project.

    The results

    Of course, without a more detailed study, you can get much more information, but already available is sufficient to support a reasonable supposition that this project is nothing more than an attempt to earn money on behalf of «the deceased» SegWit2x, and attempt to be well organised and not without the share of arrogance.

    Here are the main points:

  • Does «restored» Segwit2x a link to the original project, which enjoyed the broad support of business and miners? There is nothing in common between the project teams.

  • What is common in the technical implementation? Nothing. Original SegWit2x assumed a single change in the original Protocol of Bitcoin. The new project involves the creation of new alithina with many differences from the original.

  • What rights team of the new project is to use the name of the old? SegWit2x was not registered as trademarks or company names, so the use of this term is not formally prohibited. However, the attempt to impersonate a continuation of the popular project in the past without any connection with it, if there are clear commercial interests, means the introduction of confusion by speculating on the name of another project. In the case of the collapse of the latter-day B2X with the profit makers this can be considered fraud. Furthermore, the title does not reflect the stated functions of the new alithina, and is therefore used for promotional purposes.

  • On the website b2x-segwit.io has no information about premine, its size and distribution, however it is available in the code hard forks.

  • Is there unique technology in the new Segwit2x? No, even if all plans are realized, it uses existing technology. However, all this set of functions still does not work in any of the existing cryptocurrencies with the already known and highly skilled developers. So, at this point of the claimed benefits of this project exist only on paper.

  • Team new Segwit2x virtually anonymous and does not inspire confidence. In addition, it has made efforts to maintain anonymity and provides false information. Judging by the barely begun development, her expertise is also highly questionable and nothing is confirmed. All of these people had not previously participated in the famous cryptocurrency projects.

  • Does hardwork «Segwit2x» 28 Dec threat to the Bitcoin network? No, because its the consensus rule are significantly different from the original network and the support of the miners is still not known. In addition, the launch of B2X blockchain, similar to Bitcoin Gold, may occur much later.

  • Waiting to see whether any changes in the bitcoin and cryptocurrency industry in General, as stated by articles in the media? No, because this project is nothing unique. This fork is largely similar, for instance, Bitcoin Gold, which with all its shortcomings is still a public team, but the support community is close to zero and it exists mainly as a speculative asset.

  • So, who is this unexpected but very wide advertising campaign? Most likely, primarily at novice investors who have not yet figured out all the intricacies of the cryptocurrency sector and therefore largely trust the articles in the media, especially if a lot of them. And this is coming from nowhere project is striking in its scope and lack of critical approach to the placement of untested materials.

    What is the strategic goal of «revival» Segwit2x? «Merge» as fast as possible created in premine coins, or all the effort is really to develop the project? With the current resources of the team and the volume of work already accomplished everything points to the first. However, now and totally useless copy of the cryptocurrency in the Wake of universal cliptomania find their buyers. Even at the minimum active development any project, particularly a widely publicized, has a chance for survival and even growth. However, we recommend our readers to treat it with caution, because the techniques of the team are not credible, and inexperienced users may become victims of phishing or Trojan and lose your bitcoins when you try to B2X and also lose the money invested in the purchase B2X on the exchange.

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