Safex Token Overflow: January 6, 2020

so now we have a new max supply ??? Did someone lost coins because of this ?
Can we start a New Blockchain to be clear ?

Yes, a new max. Coin #
No, nobody lost coins, except the exploiter and the coins in the identified outputs.
The hard fork today patched the issue.

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No way to start a new chain, to much legit transactions since then. If something like that is found a day or two after exploit you can consider it, but not month after.

It’s terrible news, but it’s handled quite well. Life goes on and since most of it is probably selled already it’s not that big of a pain anymore when Marketplace is live and dives flowing.

Glad to see that earnest communication :blush::+1:

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@dandabek why the increase in circulating supply did not show up on CoinMarketCap and other block explorers?
Is the circulating supply just made up based on what it’s supposed to be rather than being calculated by the blockchain?

Usually attackers do not hold on to their loot, so i assume it was all sold and since not all people migrated the damage is “low” for token holders today. The total amount of tokens are still below the inital v1 token amount.

10M Token were sold during the first round of funding for 500USD - so the damage would be 12200USD if you want to look on the bright side.

Going forward it could have been worse - 1.8Billion would have killed the project instantly and a loophole is fixed. Once the marketplace goes live nobody will talk about it …

On a sidenote - nice to see the token is really untraceable and unblockable!

All the best

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yeah it’s great that safex is untraceable and unblockable !!!
I think releasing the MP soon will be a mistake after what happened.No matter what we believe and know it’s bad publicity for the newcomers. Maybe it’s better to let it cool down for one or two years and then release MP not after 2022 of course. By then nobody will remember it and we will have a great opportunity of buying underpriced coins and restore our damage for the new Max Supply. The bull run will be alive in 2022 so we are cool.

We were already planning a third party audit of the marketplace application.

In terms of the token flow, Igor is pretty much a third party since he was not the one who developed it. There is not too much code to check there.

So a third party audit before launching the marketplace must definitely be done and I agree with the approach.

@athan, launching in years? I don’t understand what the suggestion is there… the tokens are already thoroughly reduced in price from these hackers in the first place. The last time we saw 20 sat safex was before we even started developing actively.

@bigash the token supply displayed on the explorer is derived from the migration, which are distinctly different than how these tokens appeared to the blockchain so it was not discernible unless one saw that specific block and saw that specific transaction.

Starting a new chain is not feasible since these tokens started moving in July, so it has been quite some time and plenty of normal activity since then preventing a reset of the chain.

From the 244 million that are unknown, it is still possible that some of them are blocked as well, we just won’t be able to confirm it in our lifetime, unless the hackers publish their keys that would let us know.

1.6b are blocked and can not be un blocked.

@jtwalker42 I am gathering that the hackers already sold and the indicator is from the fact that the price is unreasonable. I hope we will hear from the exchanges if they would be willing to notify us if there is any information can be shared about tokens sold.

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So this why why the exchanges have their wallets turned off.

Lunching in 2022?

By then there is probably another decentralized marketplace that took over as the main crypto marketplace and even when our technology is 100x better it’s always hard to be the later one coming.

Better they remember in two years, that the marketplace is running for 1 1/2 years already and innovators are happy, so that early adopters are ready to come in.

It does not have to be perfect when it comes out first, just no security issues, functions can always be added with time…

v1 in 2022 would almost mean that it’s a fail for sure.

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The exchanges would need to update their node for sure.

And given the cause of the hardfork, they may also want to look at any big deposits of SFT. :man_shrugging:

unfortunately for us safex bag holders, there is already another decentralized marketplace, Particl, that launched in 2019 and is moving forward fast

I wonder what sets Safex apart from the likes of OpenBazaar, Particl and Syscoin? I believe there are other centralized and decentralized markets. Do we know how these other marketplaces are doing, and if there is room for Safex to compete profitably?

None of these platforms have elements that allow them to be decentralized. They are using masternodes whereas currently our community is smaller, as it continues to grow it becomes more branched. A masternode network is rarely at all decentralizing because it can not realistically since tokens make more tokens.

It would be good to check if they are progressing with market volume; yet, again there is no incentive for any of these platforms to reach any market volume: safex token is highly incentivized to generate market activity.

Also, at this stage of the industry and even into the future there is room for more than one platform. Just because Safex takes a majority of the marketshare going forward does not mean that these other guys need to hang their hat and forget about what they were doing.

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Hi Dan

Why do you continue doing this? Everyone knows there’s no marketplace coming ever. Take the money you scammed from the investors. Give Rich his cut in this scam and then disappear somewhere. At least it will enable the investors who lost all their money in this to move on.

From a Q2-2018 marketplace launch, to a Black Friday 2018 launch, to a “we are so close to launching” Tweet from March 21, 2019 to an October 15 “target” to an end of year 2019 launch on Yahoo Finance. Nothing ever happens with you and everyone knows it.

Even in your last video, you couldn’t help yourself and lied AGAIN saying the marketplace would have been launched if it weren’t for that supposed hack.

No one believes you anymore. Quit it.

Thank you @dandabek for this explanation!
It hadn’t occurred to me that there is not much incentive to reach any market volume for these other platforms, whereas it’s just the opposite for Safex. Thank you again for all your hard work :+1:

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Sorry Gabbie: but I did not profit from safex tokens issuance apart from 50k in 2015 when issued 99%.

So I don’t understand to which investors you are referring exactly.

The only folks I am thinking about are those who are contributing to the movement however they can through volunteer work or a donation for example to exchange listing. It’s ok I understand you can be frustrated with buying a token or investing your energy in waiting for this as a merchant.

You can not discount either that there is a marketplace iteration on the testnet. So you are just idk who you are or what your intentions are with your comment, but they are completely unfounded.

No problem. This model what we are doing is not so easy to pull off. The other token projects issue and issued coins where they are owners 100% for example particl sells to the market their coins and are funding development that way: they had an ico and have a pile of the tokens for free and sell consistently to the market. We don’t have a funding mechanism at all of that sort and the only reason we were able to even get a handful of developers going is from funding from my own earnings.

I do hope that if we are successful with the platform that token holders contribute to the development costs going forward: it will be the only sustainable way.

I care only about this work and I believe that it will pay off when a decent version is clickable by merchants.

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You’re absolutely wrong, there are a lot of people - me included - that follow the development and see how a lot is moving forward and marketplace is coming, there might still be some delay, I don’t hope there is anymore, but if you ever have written any software you know how much unforseen can happen and it’s great to see Dan and the team still working hard despite all the difficulties.

I just wonder if you are thar ignorant and just not seeing what’s all happening or if you intentionally try to seed some negative thoughts to discourage the community…

But calling it a scam is rootless nonsense, sorry, and whoever this “everyone” you are speaking about is : tell him he’s wrong and he should gather some informations before he forms his opinion.

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Wish I could do more! I’m attempting to pick up some coding experience online now through the likes of edX and Coursera. I’m 58 years old so learning moves along much slower for me these days. But I’m getting a good sense how difficult all this is that your trying to do. I hope you are still enjoying it :relieved:

I don’t mean to speak for anyone other than myself, but if this project is successful then I as a Token holder am successful and I would want to do my part to contribute to that. When the mainnet marketplace launches it would be good to ask the community what they think is fair to help fund development costs. I do think the community would need to have some say in that matter. In a way we are all stock holders.

All the best @dandabek

Hope we get there soon :chart: :new_moon_with_face:

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I don’t know if your on Discord Gabbie but one of the other team players posted this good for you to read(I used to give my peeps Info on what I was working on :ok_hand: I learned part of the peeps understood I was sharing my goals and plans, the other part resorted to you lied , you don’t keep your word etc Morals of the story it’s all about perception You invest your money into a project,. Logic dictates delays, problem, issues missed deadlines. The question I have, why you peeps invest your money If you prefer to post negativity on here driving others away. Definitely not team players IMO) Reading this your definity not a team player, why are you here is the ?? Now

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Thanks for Posting :rofl:

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