Will my Safex still be valuabe?


#1

Newb question time. So the way I understand it, the Safex team is working on a separate coin, to be used exclusively on the Safex marketplace. So when that coin finally becomes available for purchase, should I sell my current Safex holdings and buy the coin that is designed to be used only on the Safex marketplace? Which one is actually the better investment? I believe in Safex, and I have no intention of leaving the company as a long term investor. I’m just trying to figure out which of these two coins (tokens?) is better to hold. Yeah, I know, newb question.

Next question:

The Safex team is building their own blockchain from scratch, correct? If so, how are the old Safex coins going to be usable on this blockchain. If the original Safex is made in the Bitcoin blockchain, then how can they be used on this new Safex blockchain that is being created? Seems like they wouldn’t work, since its going to be two different blockchains.


#2

You didn’t understand it right. There is no other coin (there is, but not the way you think). Your current SAFEX tokens are going to transfer from bitcoin blockchain to new SAFEX blockchain and than, depends on your current SAFEX token holdings, you will get SAFEX cash coins, in proportion 0.0023 to 1, as airdrop. You will still have your SAFEX tokens and SAFEX cash after the airdrop. So in conclusion, your current SAFEX holding will get you all the goods :slight_smile:


#3

Have you read the blue paper ?

It explains a lot.

Bottom line is it is good to hold on to a lot of Safex in a Safex wallet, and then get and -use- “Safex cash” to buy or sell on the market…


#4

So the old safex coins from 2017 aren’t going anywhere. Correct? There is no need to ever trade them in, or otherwise switch them over to some newer version of the coin?


#5

Incorrect, but eventually you will need to migrate them from Omni to its own blockchain (thru Safex wallet).


#6

There will be 2 coins.
The one you have right now you must -keep-,and keep it in the safex wallet until the transfer (not on exchanges).
Once that happened there will be another coin (not to replace but in addition).
So there will be Safex token (you have right now) and also Safex Cash That you will receive (at first an air drop) and then depending on how much Safex token you held on to, you will receive Safex Cash From the sales on the market place.
You can then do what you want with Safex Cash.
Use it on the market place, trade it, buy more etc.
But you should keep the Safex token.


#7

Appreciate your question, and to clarify:

The Safex tokens in circulation right now called: Safe Exchange Coin that are hosted on Bitcoin’s Blockchain will be essential and usable in the migration to the Safex Blockchain.

You will transfer them to the Safex Blockchain via the Bitcoin -> Safex Bridge

Then you will receive equal amount of Safex Tokens (which are needed for earning residual Safex Cash, Airdrop, and Making Accounts on the Marketplace)

You will also receive your share of the Safex Cash Airdrop.

Going forward you need the same tokens we have right now to:

  1. Earn residual income of Safex Cash from the transactions taking place on the marketplace.
  2. Make accounts to gain or give reputation to participants in the marketplace.

More features to Safex Token will emerge in the future.

In the end we will have 3 coins:

  1. Safe Exchange Coin which lives on Bitcoin’s Blockchain and which will burn into Safex Token at launch of Safex Blockchain
  2. Safex Token which will be only redeemable by owning Safe Exchange Coin before Safex Blockchain Launch
  3. Safex Cash which is earned from mining, airdrop, or from “staking” your Safex Tokens.

#8

Kiyoshi Hirohito
Apr 27
The Safex Token vs. Safex Cash

Which is right for you?
Stuck on which of the two Safex cryptocurrencies is the best option for you? Read on to find out the benefits of each.

The Safex Token
The Safex Token currently resides on the Omni Protocol of the Bitcoin Blockchain, but in the coming months, it will be migrated to the newly developed Safex Blockchain. Here’s a high-level overview of the Safex Token:

Safex Cash
Safex Cash will be created through an initial airdrop as the Safex Token migrates to the Safex Blockchain. From that point forward, Safex Cash will be mineable. Here’s a high-level overview of Safex Cash:

The Case for Owning Safex Tokens
Incentives

In addition to the initial airdrop of Safex Cash as Safex Tokens migrate from the existing blockchain, the Safex Blockchain pays ongoing incentives! Someone with Safex Tokens can “lock in” their tokens in the Safex Wallet and begin receiving fees from the marketplace. The “lock” is not permanent; you can unlock your tokens at any time. Incentives are anticipated to be 5% of total transaction volume, payable solely to the Safex Token holders who have “locked-in” their tokens. There is a 1 Safex Token burn every time you perform the lock/unlock process.

Title Markets

The cost of establishing a Title Market and becoming its curator requires a Basic Account to pay and burn 200 Safex Tokens at the time of establishment. Curators of Title Markets can enable/disable anyone from participating within their market, set rules (like escrow policies, whether digital receipts are provided, etc.), and charge vendors a fee for selling within their market.

Account Profiles

A Safex Account is able to display its identity and be stored in the blockchain. A Basic Account consists of a Name, Avatar, Website URL, Unique ID, and an array of PGP Keys. The most important aspect is the fact that a Basic Account holder can receive and give reputation (feedback/ratings). The cost of a Basic Account is the burning of 2 Safex Tokens.

Price Appreciation

There are many things that will make the price of the Safex Token increase. Of primary note is the “incentive” dividends that are paid based on marketplace volume. For a more detailed view on how I believe dividends will impact the value of the Safex Token, read more here:

The Case for Owning Safex Cash
Buying on the Marketplace

Safex Cash will be the preferred currency of the Safex Marketplace. If you want to buy a product from one of the many collections of markets and sale listings within the Safex Marketplace, you’ll want to use Safex Cash.

Price Stability

Demand for Safex Cash depends on platform growth — growth of new active users (both buyers and sellers) and the number of transactions. Consequently, the emission curve for Safex Cash is designed to follow the rate of marketplace adoption. While the initial “price” or “value” of Safex Cash is unknown, the emission curve is expected to result in it being stable over time. Price increases will likely happen initially, but in the long term, this is meant to be a form of currency that sustains the same level of purchasing power over time.

Safex Cash Mining

Safex Cash is distributed using an egalitarian proof of work mining algorithm. The algorithm is based on the CryptoNight algorithm. It’s up to you whether you spend your mined Safex Cash in the marketplace or trade it for more Safex Tokens (or other cryptocurrencies).

Anonymity of the Safex Blockchain
Now that you have an overview of the differences between the Safex Token and Safex Cash, let’s talk about the anonymity factor. A critical element of a private cryptocurrency is that it must be “mutually interchangeable”. One unit of Safex Cash must be in the same perception as another Safex Cash unit. This is what makes the “Cash” term of “Safex Cash” function as a “currency”.

Therefore, the Safex Blockchain employs the use of Ring Confidential Transactions in order to preserve the fungibility of the currency so that each Safex Cash is viewed in the same way.

Utilizing RingCT allows you to maintain the privacy that one should expect with their finances when utilizing a fully transparent and decentralized blockchain.

Both Safex Cash and the Safex Token will have this same level of privacy and anonymity.

Encrypted Marketplaces

While the every day user of the Safex Marketplace will be able to see public listings, any user has the ability to fully encrypt their market, and in order to view or participate in that market, the other users must acquire the decryption key. That can apply to both a curated Titled Market, or a “Void Market”, where the market bares no title, and is free formed with arbitrary parameters.

_What’s right for you?
If you are looking to use the Marketplace as a way to buy goods and services, you’ll want to own Safex Cash.

If you are looking to make an “investment”, you’ll want to own Safex Tokens. Similarly, if you want to become a Title Market curator, or establish a reputation on the marketplace, you’ll need to own a (very) small amount of Safex Tokens.

A couple of final notes:

The terms “shares”, “ownership”, and “dividends” used are not legal definitions related to the nature of these coins, but are used in the context of the commonly accepted meanings of each respective word. The Safex development team has undertaken significant steps to demonstrate why the Safex Tokens do not meet the legal definitions of shares, and why Safex Cash will not meet the legal definition of dividends. For further reading, here’s the legal analysis from Safex, which discusses the token in the context of the Howey Test: https://medium.com/@DanielDabek/safex-bittrex-delisting-situation-d8ebfb82d2d1

Finally, while I do own a significant number of Safex Tokens, I have no relationship with the Safex development team or Balkaneum nor did I receive any compensation to write this article. Also, this article should not be considered financial or investment advice.

You can find out more information on safex.io or by reading the Safex Bluepaper at https://safex.io/SafexBluePaperJan3.pdf.

Also, be sure to check out the “markets” tab on https://coinmarketcap.com/currencies/safe-exchange-coin/ to find out where to buy Safex for your own portfolios.


#9

Will Safex still be available @TradeSatoshi when we get the new blockchain


#10

How will this process be accomplished? One day I will open my Safex wallet and see that my coins have automatically been converted to the equivalent amount of Safex Tokens? Or is this something I must do on my own? And if I must do it on my own, what would happen if I never did? Would I have the option to sell the old safex coins on an exchange?


#11

I have a couple of questions which I hope dont come across as too naive. Firstly , will there be a v07 of the wallet or is the current wallet set up for the migration. Secondly , will safex cash holders be able to trade their coins directly for the migrated safe ecchange tokens. And lastly , how long is it anticipated for enough safex cash volume to exist , to accommodate aggressive trading on the marketplace.


#12

Id also like to know if there’s a point where coinmarketcap’s misrepresentation of safex volume will see them accountable for some form of price manipulation. The way I see it they represent it’s " supply and demand" by a factor of minus about 40%. Is this a stupid question? Alot of what attracts me to safex , is the team’s consideration to price manipulation, thus the very clever proposed emission rate.


#13

I think this will be a case of, if they consider that the complexities of integration, justify the outcome , for them.