Fake segwit2x fork by Jaap Turlouw

Jaap Terlouw is the founder of a bitcoin fork. He usurped the names as segwit2x, B2X on the website b2x-segwit.io and it is one of these scams we, in the crypto currency community, have to deal with.

Let’s go back to segwit technology, an update which happened on August first on the bitcoin blockchain, as a soft fork. It entailed that normal bitcoin legacy blocks could exists with their current 1Mb per block limit, whilst other miners could mine up to 4Mb blocks by using segregated witness. Miners running the segwit protocol would be mining full blocks of more than 1Mb whilst sending to legacy bitcoin miners content limited to 1Mb of transactional data withholding the witness data. For more information about segwit do read https://medium.com/@jimmysong/understanding-segwit-block-size-fd901b87c9d4

Now what is segwit2x? It consist of increasing the legacy bitcoin to 2Mb of block size and therefore having the segwit block size increase from 4Mb to 8Mb.

To learn more, check this link, https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-about-the-2mb-hard-fork-27749e1544ce

However, segwit2x fork did not happen, to understand why go check his article by Jimmy Song https://bitcointechtalk.com/segwit2x-bugs-explained-8e0c286124bc

Now about this supposed segwit2x from b2x-segwit.io, they are talking about a 4Mb block size which isn’t consistant with a segwit2x protocol of a 8Mb Block size. Despite distributing a 1:1 bitcoin for new bitcoin b2x fork, they are also hiding a bitcoin coin size increase into their FAQ. Let’s look at what they say:

« In addition, we will distribute a proportional number of “Bitcoins of Satoshi Nakamoto” to all those who support hardfork!
By “Bitcoin of Satoshi Nakamoto” we mean what the founder and chief developer of Bitcoin [BTC] mined at the time of zero network activity. They will be credited to the crypto-exchanges and wallets of our partners gradually. The list of partners will be constantly updated on our website! Even if Satoshi Nakamoto wants to get B2X for his pre-mining, he is not able to do this, as we blocked the initial blocks for conversion to Bitcoin Segwit2X. »

This project is announcing the mysterious creation of bitcoins (supposed B2X) to the equivalent of Satoshi Nakamoto’s originally mined coins! Not only don’t they announce how many coins they will create but also how they will create it. One logical way to do it, is similarly to bitcoin gold, which pre mined 8000 blocks before releasing it to the community and allowing them to mine coins.

Photo by Osman Rana on Unsplash

Now we don’t know how many coins segwit2x supposed project will pre mine, but on top of that they will distribute it to their partners which are exchanges and various wallets services barely known by the market. The credibility behind the fork is unsustained with lack of information and transparency as to how many coins will be created and how they will be distributed as well as to whom. This creates a new supply of coins not respecting the fork with an equivalent disposable supply of the current bitcoin legacy. Suddenly the trading volume will increase to the benefit of a handful of people for whom the sole purpose is to present a fork as the segwit2x plan whilst not providing the true technology advancements, hiding the details of the technology, creating a coin reward supply, changing the block times down to 2.5 minutes and hiding the true purpose of the fork! Personal enrichment.

This masquerade is frustrating in a growing market where the credibility of bitcoin has to be confirmed and established and where many Altcoins are being responsible and growing strong whilst scams and get rich quick ponzi schemes are being created and confusing the market as well as hurting small investors.

This is my take on this fork by Jaap Terlouw concerning the supposed segwit2x fork presented on b2x-segwit.io

Written by Nicolas Etienne