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Another great interview. However, I did get very confused when @dallyshalla said to hold on to your bitcoins because of the fork. One bitcoin will not turn into 2 with each side of the fork recognizing your bitcoin correct? This fork is not like in the case of a stock split where one stock turns into two correct?
Also, I think one of the reasons Dash is doing so well is because of their governance model and that they can continue to fund development through their treasury. Will the chile blockchain have a governance model? How will development be funded?
Dallyshalla was 100% correct. If bitcoin hard forks, bitcoin will be split into two working blockchains. Holders of bitcoin will have tokens on both chains and currently bitfinex is speculating the going price of the forked chain. Currently, the forked chain (bitcoin unlimited) is going for 240.00. So one bitcoin holder would have 1100.00 worth in bitcoin and 240.00 worth in bitcoin unlimited. Though I would imagine insane price correction once the fork takes place measuring the price of the combined forks to parody each other.
If I’m understanding correctly, Safe Exchange will have a governance system controlled by the Safe Exchange Coin holders. The home page only says this “Using these coins you are able to vote and make decisions alongside other shareholders.” This does not mean that there will be a SAFEX treasury similar to DASH but it does tell me investors will have voting power and help decide exactly how the Chili Blockchain will evolve with time.
What are your thoughts on a percentage of the transaction fee’s going to a treasury of some kind. If anything, just for marketing purposes. There should be no reason why the foundation should have to pony up the costs for the marketing, it can all be taken out from the treasury (if the SAFEX holders deem it so)
So after this fork if I check my bitcoins balance (which are currently in paper wallets) on Omni, I will see a BTC and BTU balance? Will both blockchains show my SAFEX balance as well? Will this double my SAFEX also?
It is nothing like that. One version of software will recognize your bitcoins, as well as the other. Depending on who are’re trading with will determine which Bitcoins they will recognize.
I do believe though that we will wind up conforming to one. However! I think it is important to have both in possession because who knows what may happen in the future so you don’t want to just throw one or the other away.
Just keep your bitcoins in a private key that you possess and be cautious before you proceed to redeem each version of Bitcoin.
On the second point about Omni tokens. It is said that the longest chain is Bitcoin. And I have not yet addressed any Omni Developers though I will imminently to find out, and I will report back the answer. But we will not be having two sets of SAFEX. I think that there will not be any support for two versions, someone would need to bring up that support to recognize the second set of Omni coins and then to convince exchanges to accept both. It just doesn’t sound like anything realistic.
THis is an address that had 1% of Safex and I had added more coins to it. This is a “treasury” so its earnings we will be able to spend from here to fund further development after launch and fund marketing as well. We will definitely implement a bounty system like Dash has.
I think that the fact that Chille coins and Safex are different gives us a huge advantage. It doesn’t seem right that people horde the “currency” to keep the currency flowing. It’s better you own something like a share that earns, and its interest is the economy it built and supports. It’s a much cleaner model I think that will have a better sustainable rate of growth.
Looks like @Rob answered my second question on the Safe Network forum.
"Also MAID is a omni-protocol coin and omni would decide which blockchain to continue on and MAID will continue on whichever fork they decide to use.
This applies to any hard fork of BTC that might occur in the future"
Putting a note here: The development update will take place tomorrow. At this time we are sorting through deploying the website.
About the Omni coins, I got this reply from Craig Sellars - core developer on Omni:
BTC - Bitcoin
Further follow up: everything should be Okay and no concerns should weigh on your decisions. As long as you’re in control of the private key, or at an exchange that has USDT (Tether) you’re A OK. This goes for Omni Layer coins.
Some more detail in a further follow up.
You also get it, right?! I see that Dash losed its way… is it supose to be a privacy coin (original conception) or is it the ultimate coffee coin? The latter is being the focus latelly, but there are two things that contradict this goal. You can’t have a “penny” system, with a incresing money velocity (or the speed which money change hands, which necessarily forces price down!) and a masternode concetration of 1000 Dash that artificially suffocate the supply… this won’t end well, i’m afraid…
Why do we want a private penny coin, right? Maybe in the future when the ecossystem wants marginally enhancements like this.
In bold i believe you nail it! Chilles have to be initially cheap, in order all to of this adventure to grow. And it makes sense a fixed ammount of SAFEX tokens freezed, it will not “polute” Chilles Blockchain as Dash does. And this ammount could be greater, maybe 10-15% (our economist could elaborate a better number), i believe this 1% was a sacrifice made by you and you should be refunded.
P.S.1: I didn’t metioned earlier , but love that yellow “e” in Chille’s logo!
P.S.2: Great video, very informative… but when you mention “2,xx billion SAFEX”, it lacked a “s” in billion(s). It may be a stupid observation, i’m sorry, but people pay attention to this.