The Segwit2x "fork" seems a bit shady. It may be a pump-and-dump scheme devised by a few developers to grab some quick cash with no real hopes of any lasting or usable network.
However, that doesn't make it a "SCAM" per say. There's no actual hard proof of this either, but there's quite a few things pointing that direction.
[warning title="SCAM ALERT! Avoid Online BX2 Wallets"]
Avoid any online wallet promising to issue you BX2 in exchange for your bitcoin private key. IT IS A SCAM!
[/warning]
The main thing to avoid is any online wallet asking you for your private keys to get your BX2. That is almost certainly going to result in loss of bitcoin in your actual bitcoin wallet.
That is true for any "bitcoin fork" including Bitcoin Cash. As a rule, before attempting to cash in on forked coins be absolutely sure to move bitcoin from the wallet where the coins existed at the time of the fork to another wallet and throw it away. That way if your private key is compromised in any way, it simply won't matter.
Pump and Dump
The biggest concern here with the "fork" was what we mildly pointed out yesterday regarding the Satoshi coins. There is simply no way to access those coins realistically, however through some intricate programming or pre-mining, it could be made to appear as though this were the case. Eventually this would be discovered by others.Secondly the 4MB blocks promised is inconsistent with the 8MB the actual Segwit2x team had set.
Third, the teams are completely different. None of the original Segwit2x team are involved and there is little to no involvement currently from any of the so called fork team.
Fourth, pre-mining. Pre-mining is almost always a sign of pump-and-dump schemes, however not necessarily always the case. ZCash even performed a sort of "pre-mine" in that allot of the upfront mining reserves were for investors. This may well be the "satoshi coins".
Fifth, timing. This came out of nowhere almost overnight with a few days notice. Never a good sign.
Proceed with Caution
All of that said, it still doesn't make it a scam. We certainly recommend against buying any BX2 until more is made apparent, but nobody can definitively call it a scam.There is a blockchain. It is running. It is trading now on several exchanges. There is a downloadable wallet and open source software (hence the premine discovery).
It does exist and even if the initial developers vanish there is no reason others couldn't pick up and run with the code.
However again, none of that makes any asset a good investment so extreme caution should be exercised when considering investing in BX2 at this point or trying to collect forked coins.
BX2 is currently trading around $284 USD and down about 64% since it's debut yesterday.
Image Credits: Banner Image by dinbits.com staff
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