Post
Topic
Board Altcoin Discussion
Re: Are BanxShares as good as GAW Paycoin?
by
Hullabaloo
on 18/09/2015, 01:15:16 UTC

BANXshares has a pretty bumpy history, I just want to clear up some of the confusion. [obDisclosure: I own BANXshares, but I don't believe anyone is the crypto-messiah. I don't have insider info. I'm also not a lawyer. Smiley ]

1. One source of confusion is the old BANX/Fork/New BANX issue.  The original BANX was a PoW coin that was released in 2 phases; as far as I can remember the mining reward was much smaller in v2, there was no incentive for miners to update so a group didn't.  Someone at Banx must have noticed the overmining and instead of a rollback, created a new chain and transferred value to it. I guess a couple of exchanges didn't want to switch (since they were stuck with the 'overmined' shares).  At least that's what some of the nastier messages on the official thread are about.

So I don't believe the fork itself was done maliciously, but might have been caused by the plans changing on the wallet dev after the release.  In any case, all the posts about mining and exchanges other than banx.io are relating to that older blockchain and mostly irrelevant to BANXShares and Banx.io at this point.

2. Banx purchased Atomic-Trade (renaming it Banx.io) and released the new BANXShares (a PoS coin) at about the same time.  I have no idea what the deal was between them (and they don't have to tell us if banxshares aren't actually shares of the company but shares of the profits, as is claimed) but I'm pretty sure Byron (Banx.io) is now just a cog in the Banx machine, and that the profits from trading on Banx.io are supposed to be only one part of the dividends from banxshares.  I imagine some other parts are profitable too, but right now dividends are paid once a month at a rate set by Mark.

So please ignore the old block explorer; the only BANX explorer I know of at the moment is http://block.banxcapital.com/chains ... Unfortunately it doesn't have a richlist but it's what I believe CMC is actually using (+ trade price on banx.io) to establish market cap or volume or whatever. So the numbers aren't 100% pulled out of Banx.io's hat.  And anyone could create a new explorer with the wallet from the git...

I have withdrawn and deposited BANXShares from banx.io and it works fine, so CMC is not to blame; it's not their fault there's no other exchange that lists a trade price. And BANX isn't the only coin that doesn't get listed a lot.

So anyway, just trying to put some facts straight, not trying to change opinions. Smiley