BITCOIN HEX
Normal Bitcoin forks have a few problemsWeak security: Double spends
If the fork uses the same proof of work, or mining hardware, it's trivial for miners from the larger original project to attack it. Medium
BitcoinHEX uses the well tested ERC20 standard to avoid any of these problems.
Weak progress: Fewer developersIn theory, a larger community of developers will try more cool things and get more done than a smaller community.
BitcoinHEX by being an ERC20 token gets full advantage of the largest pool of developers in crypto (Ethereum developers), and all of the cool new inventions they create, such as distributed exchanges, atomic swaps, etc
Poor incentive alignment: Free ridersYou and your team work hard to make something new and cool, to have a whale wake up one day and flash crash the market on you. Why? Free loaders suck.
BitcoinHEX "We're all Satoshi" feature which gives all unclaimed coins to people that did claim at 2% a week over 50 weeks means that in less than a year, only truly interested parties will hold the token.
Unfair distributionShould the guy that lives in china with free electricity and nearly free labor available get the majority of all the newly minted coins (inflation)? While increasing centralization, and not caring to negotiate with the writers of the software they run (core developers.)
BitcoinHEX is fairly distributed to those that promote it through:
the 5% referral
hold it, through staking,
or help get the project to critical mass and adoption (bonuses for claims and claim size.)
The rich getting richer unfairlyExchanges and funds reward themselves while giving nothing to the little guys whose Bitcoin they're supposed to be in custody of. Exchanges are the opposite of what Bitcoin was made for. Peer to peer currency. Not peer to exchange to peer currency. They're big security holes that have l ost millions of dollars of customer funds.
Whales claiming BitcoinHEX are penalized 50-75% because who really needs some giant exchange or fund claiming a large portion of your token to dump on you at their leisure? Penalty triggers from 1k-10k+ coins.
Inflation for securityWhereas Bitcoin has inflated its supply by 17 million coins over its existence by paying miners to mine (block rewards.) BitcoinHEX doesn't need inflation for security. Enough people are mining Ethereum for all kinds of reasons that we don’t have to pay them BitcoinHEX to do so.
Demonization of the originalSome forks like to pretend they're the real thing, and not just a copy. They do this by having a very similar name, logo, and even buy twitter handles and websites that used to promote the real thing, to promote the copy. In the real world a copy does best when it sets itself apart with better features, pricing, or marketing. If your business model includes pretending to be something you're not, it's a bad business model.
BitcoinHEX is not Satoshi's vision, it's also not Bitcoin. It's Bitcoin forked into Ethereum. That has advantages normal Bitcoin forks do not. It is fun to tease other forks when satoshisvision.com points to BitcoinHEX.com though
They earned that teasing.
Why BitcoinHEX is greatLow inflation
All the cool game theory that accelerates adoption of the project terminates in less than 1 year. Then the only inflation in the project comes from people that've taken coins out of circulation by staking. When the only inflation you have is from rewards to people that have trustlessly and securely locked up their tokens for a long period of time, that's great for value.
No paying miners for security with block rewards
Distribution to those most likely to have been in crypto the longest
Easy for exchanges to integrate due to familiarity and trust of ERC20 standard.
Works with distributed exchanges easily
Works with atomic swaps easily
Most devs in the crypto (Ethereum)
Easy claim tool, claims all UTXOs in an address at once
Great marketing. Hi there
Low fees. A bitcoinHEX transaction would only cost about 27 cents or less on 5/24/2018
Scaling solutions on the horizon. Vitalik Buterin has been publishing work on proof of stake and sharding which could reduce waste and increase transaction capacity greatly.
Great practice, especially if you've never experienced the largest crypto ecosystem and 2nd largest by marketcap.
Promotes free speech. You can transmit your commercial and economic energy that used to only exist in the Bitcoin language, in the Ethereum language. Widens your range of people you can trade with, speak tokens to.
TokenomicsInstant Referral Bonus
People you refer get paid in full, and you get a 5% referral bonus.
Adoption bonuses to stakers (terminate on 50th week, because all claims will be complete)
We're all Satoshi (weekly)
Every 7 days a bonus equal to 2% of unclaimed funds is distributed to people that did claim. Bonus capped at 100% of unclaimed tokens. For instance, if Satoshi doesn't claim, people who did will get a bonus equal to his coins over time, but not more.
Speed Bonus (paid to claimant on claim)
Claimable: Balance plus [math below]
1st week 10%<
2nd week (10% x (.95 to the power of [week number])
SpeedBonuss
Viral Bonus (weekly)
The more people that claim, the larger the bonuses
Total bonus upmod
(Claim % of 1/3 total possible claim events)/10
Critical Mass Bonus (weekly)
The larger the claims the larger the bonuses.
Total bonus upmod
(Claim % of total possible coins)/10
Thanks for the bonuses
Origin contract gets the same bonus you do.
Adoption bonuses to stakers (terminate on 50th week, because all claims will be complete)Silly whales
Individual claims 1k to 10k+ btc penalized 50 to 75% linearly scaled before bonuses.
Goxmenot
Gox trustee addresses can't claim
Normal Staking (Not considered a bonus and doesn't terminate at 50 weeks)
1% per 10 days. Longer lockup= incentive multiplier Example Time bonus: 360 day lockup = 129.6% (because 3.6 times 36%= 129.6%)
Time divider
As % of avail tokens is locked up, reduces bonus multiplier. If 50% locked up at start, then multiplier reduced 50% Early birds get the worms.
ClaimingA snapshot of the Bitcoin UTXO will be taken at block height (to be announced after contract is audited). The UTXO set will be flattened for gas efficiency, and the Merkle tree root of that set will be embedded in an ERC20 token contract to allow Bitcoin holders to redeem their tokens.
If you hold Bitcoin at the snapshot block. You can use this the BitcoinHEX.com open source claim tool to claim your tokens.
website
https://bitcoinhex.com/discord:
https://discordapp.com/invite/gvyFnKutelegram
https://t.me/Strapetwitter
https://twitter.com/RichardHeartWin
