Why Scrypt?

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  • Last Post 22 June 2018
locohammerhead posted this 15 June 2018

ICO Investor and been following the project.  We were told that this would be a CPU only coin thus I was thinking an algo along the X series, skein, Groestl, Lyra2RE, Blake2s or even cryptonote or something like that.  I was quite shocked to see that this would be scrypt since it's in no way CPU only and hasnt been for nearly 4-5 years at this point.  Yes the chain works but in it's current development is as basic as it gets.  There is no reason it should have taken the soferox team as long as it did to get a scrypt clone out.
Since this is supposed to be "Duel chain" (now im putting marking terms in quotes since the "CPU only" promise was a lie) I'm assuming they are just meaning merged mining which will be another letdown.

I've been very optimistic about this project but was willing to over look the development time since we were promised a brand new duel chain blockchain but what we so far have is a single scrypt clone with likely merge mining in the future.  If that's the case this project wont survive since it offers absolutely nothing new to crypto.

That being said, at least i can turn my L3+ and mine more in a few days that I got from the ICO in general, which I will need when the price tanks as soon as it hits exchanges.  

Just my 2 cents as an early investor and someone who has been incredibly patient. 

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btcwalletusa posted this 16 June 2018

What is it about Soferox that will make the coin increase in value? It doesn't seem to be anti-inflationary. With computer mining, it costs more to mine than the value of the coin. And there's no apparent market besides other investors wanting more coins quicker than it takes to mine them. 

I wanted to leave my initial investment in the company's vault until trading goes full open. But I may, like other investors, withdraw the initial investment and let it sit in my wallet.

Good post.

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locohammerhead posted this 16 June 2018

That is exactly why their decision to use scrypt is so disappointing to me since there is no reason to mine with CPU, it's not possible to mine scrypt with CPU and actually earn something from it.  As soon as I saw they used scrypt I immediately turned my ASIC to it and completely bipassed my CPU because I knew I'd just waste CPU cycles.  They could have even used a heat intensive/power hungry version like neoscrypt and at least then it would still be CPU only.

At this point there is nothing that makes soferox worth anything on the second hand market.  The only thing that makes it deflationary is the decrease in block rewards and that kind of thing takes years to see any effect.  Their already using an algo that is 4+ years old with a wallet that is WAY behind the times at version 0.8.7.4.  To put that into perspective.  Litecoin is on version 0.16.0 so that tells me there is a lot of security measures and optimizations that haven't been put into the wallet before the release.  They couldnt even take the time to fork the current litecoin wallet. 

Another thing I noticed is that some of the wallet and copy right info provided under help > about soferox.  Unless they took bitcoin core V 0.8 and rewrote it to work with scrypt (exactly what litecoin did several years back) then they stripped some copyright info out of the box.  This is most likely a wallet forked from litecoin with the litecoin copyright removed.  Yet they kept the bitcoin copyright info.  So incredibly weird to do that.

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cwick posted this 16 June 2018

 sigh....

Not sure what to [email protected] made some very valid points. I still believe in the project, but 2b totally honest, I am disappointed with what's been accomplished in the amount of time that's been given.

All I ask is to be honest with us (esp those that've been w/the project since day 1...)...period.

 

Thnx...

cwick

cwick posted this 16 June 2018

wow...I didn't even see that til you mentioned it. excellent work, whatever it means...

btcwalletusa posted this 19 June 2018

It is not out of the question that someone is using the Soferox servers to mine a secondary coin. If this is the case, then we will get a double notice in July.

Collectively, investors have spent nearly $1 million to purchase and invest in SFX. Investors know that the cost and value of SFX are inverted. It costs more to mine than the value of the coin. 

On a December 10 update, the following statement was made: We have decided that we will commit to begin the listing process of SFX no later than the END OF Q2 2018. https://forum.soferox.com/thread/soferox-update-5-setting-dates-officially/

That means that SFX will begin trading within the next two weeks. We'll see.

cwick posted this 20 June 2018

Umm....ok I'm confused.

You say in Notice 2 thar SFX will no longer be traded, but then make reference to what was said on Dec 10th.

I for one sure as hell WANT SFX TO BE TRADED...period.

 

Oh yeah...lastly - when the hell is the mac wallet going to be ready??? It's getting a little ridiculous.....

 

locohammerhead posted this 20 June 2018

I've contacted their support twice to get my coins from the ICO.  Several days later they still haven't been sent and their shit transaction system is preventing me from creating a new one to try again.  Says I need to contact their non-existent support.  I've already mined pretty much my own ICO balance so it's not like its going to matter in the long run, there is no way im going to see an ROI from these coins.  But I would like to at least recover some funds instead of losing all of my money because their system isn't capable of even the most basic blockchain tasks.

locohammerhead posted this 20 June 2018

at this point im mining only to dump the price below what would be worth while for the devs to exit.  If their going to actively work on screwing us, I say we work on actively screwing them.  They have a premine of SFX, we know the coin is worthless and that the dev team here is incapable of producing what they've promised.  At this point the only thing the investors can do is ensure the developers can't cash out if we ever hit an exchange.

locohammerhead posted this 21 June 2018

So since I can't get an answer from the "support team" about anything at all here is the ICANN info on soforex if anyone wants it.  I'm doing more digging to get the identities of the soforex team so we can make them into an honest team.  

@Soferox I have NO PROBLEMS Doxing you if you don't come through with your promises or if you fail to admit that everything about PoP and the duel chain system you promised was a complete lie and scam

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Soferox posted this 22 June 2018

Before issuing threats please actually read and follow along with updates. We are developing a brand new product and this takes time. You think Ethereum, Stratis and many others were built over night, No. 

We have been an open and honest team from the start. Your only concern is money and that is not what Soferox was about. Our goal was to create a tool to help bring blockchain tech into the future. We will be on an exchange, but we first must get wallet in order. I am sorry support has not reached out to you, but I will be sure they follow up. If you are trying to withdrawal funds and it is not working I will happily assist. Message me on telegram @mathis1337 and I will make sure you get things taken care of. 

New innovations take time. We were VERY CLEAR about this during and before ICO. There was no misleading or telling people we were gonna be listed/ready/anything right away or soon. To then post things like you are doing in the form of threats in not acceptable. I can understand frustration, but you are not acting properly. WE are always on telegram and that is a great way to get ahold of someone. You are more than welcome to dig into team. We are all real people, and can be found. 

I will have support reach out to you and get this resolved ASAP as far as withdrawal from platform goes. 

Thanks,

Aaron

Soferox posted this 22 June 2018

Also support just let me know there was a bug with your withdrawal and it was filed into a reject pile. The bug has been resolved and your withdrawal was processed as normal. 

 

Thank you,

Aaron

locohammerhead posted this 22 June 2018

You promised us a brand new system, so far you have produced a SCRYPT shit coin.  There is NOTHING NEW ABOUT THAT.  If you were creating your own consensus algorithm then I would agree but you're not.  You promised us a new CPU only coin.  You did not provide us with anything even remotely close to that, and you want me to believe that you're "PoP" consensus won't be just simple merge mining.  HA!  We have given your team multiple months to get this out, and the best you could give us is a scrypt coin and a walking back of your CPU only promise.

I'm seriously pissed.  I am not someone to make threats lightly.  When I believe investors are being scammed, I will stand up for them.  Majority of investors in this space are brand new and don't have a clue about whats new or old tech.  I am a veteran in this field.  I've seen all of the scams played out in their various forms and I will make sure they get the facts.

BTW You also didn't cover why you choose scrypt instead of some of the actual CPU only coins. 

You didn't cover why the litecoin copyright was removed from the wallet. 

You didn't cover why the wallet is using software that is at least out of date by two years at this point. 

But I'm going to guess if you do manage to respond again, it will be over me refusing to let you continue on your marry way without any kind of accountability and not the poor decisions your team has made so far.

Also if you read my original post, I didn't say anything about the lack of exchange listing.  I understand how hard it is and how expensive it is to get listed on an exchange.  I know this first hand.  Hence why it's not something I care about.  Plus no exchange means you as devs have a harder time offloading your premined coins.  So as long as you're in the same boat there, I don't have any complains about the exchange.

locohammerhead posted this 22 June 2018

Also support just let me know there was a bug with your withdrawal and it was filed into a reject pile. The bug has been resolved and your withdrawal was processed as normal. 

 

Thank you,

Aaron

 

Thank you, I received the coins now. 

However I do want to add something to what I said above.  If you decided to use scrypt as an ERC20 substitute, honestly you would have been better off keeping SFX as a SAFT until your real chain is out.  But because you didn't and you decided to move forward with scrypt, now you will have to run a coin swap to move over to the new chain, (when/if its ever ready).  This costs extra money for exchange to comply, uses a lot of precious time and resources, plus majority of investors normally don't know coin swaps are going on and don't know how to claim their new tokens.  You were better off keeping this as a SAFT until the full chain was released.

Soferox posted this 22 June 2018

So it would seem your questions all revolve around mining/scrypt. We chose this as Soferox was never intended to be the next generation of mining coin. Soferox is being designed to be the next gen  in how blockchain consensus is achieved and by allowing no longer a need for hard forks to add new features. 

The transaction chain does use older tech that is secure and stable. Thats EXACTLY what we need it to be. The rule chain once released is the new and innovative approach and will be in all C# and is designed 100% from scratch and will sit on top of the transaction chain. Also that switch won't require users to claim coins. It will work with current wallet.dat files once we release final version of tran chain. Nothing is ASIC proof, and this was something our community opted to not battle. 

I sense the frustration, and can appreciate it. I know things are taking time, but we have always tried to be open and upfront about all our decisions and inner workings here. Also you need to tone back the rudeness. We are ALWAYS on telegram and don't get to things here always in a speedy fashion, but we will work on that. 

There is no need to hold us accountable, we are plenty capable and are working every day. Also the idea of offloading coins is just silly. There is no market yet, nor do we have any desire to do this.

As to scams Soferox is in no way a scam. We are a real team, with real faces. We are 100% liable and accountable for our actions, or lack there off. We have maintained updates and kept people informed. This was one post that went unanswered when we have been responsive to so many others. Stratis took 1.5 years to be released, and other projects are still in development. Things don't just happen over night and we are working hard to get things moving along. 

Thanks,

Aaron

Soferox posted this 22 June 2018

It might also help to mention that the rule chain is 100% CPU based. So users will be able to mine that with CPU only. I think I understand now that this clarification was not made clear. We are creating a new post now, to answer all these questions and allow users to ask new ones. We appreciate the kick in the rear to re-engage with our community and we will be better and you deserve that from us.

locohammerhead posted this 22 June 2018

Thank you very much for this.  I'm sticking to my guns that using scrypt for this was the wrong choice.  Yes you are correct it is secure, however with the sheer number of L3+ Scrypt asics out there in the world the potential for a 51% attack against your chain is real.  We have seen several chains taken over for extended periods of time (XVG for example) which caused millions of dollars in losses.  Miningrigrentals and nicehash make it very easy to perform 51% attacks especially on small chains like yours.  At the moment your chain has a network hashrate of 22.2735 GH/s.  To achieve 51% I would need just 11.81619 GH/s which would cost a mere .005 BTC to run a 1.15 hr attack on the network.  Just .5 BTC brings the attack length to 6 days, 17 hours and 13 minutes. That's enough to outright kill a project and at this point I could do what ever I wanted including double spending.


Obviously I won't do this but I wanted to point out the actual severity of the problem you got yourself into.  For the moment the coin is secure but if you continue on this path and keep pissing off investors because of poor communication or expediting the project and making big mistakes in the mean time then, as someone who has been in crypto for as long as I have, I can say without a shadow of a doubt expect people to start taking advantage of the low network hash rate.

I want this project to work otherwise I wouldn't have invested in it.  Soferox was one of two ICOs i invested in this year and sometimes having an investor bring up these concerns is needed.

If you need help or advice feel free to reach out to me.  I want your project to be successful.

Soferox posted this 22 June 2018

Thank you very much for this information. We will take it too heart. Moving algo's at this point would be a rather risky jump, however, if you had a favored CPU only one, which one would be your favorite ?

 

Thanks,

Aaron

locohammerhead posted this 22 June 2018

I would tend to agree moving algos at this point is risky but it's less risky to do it now than wait for an exchange and have to pay them extra plus manage all of the additional wallets that came online because of the exchange.

I would suggest looking into the following for CPU/GPU only options

Lyra2RE
Lbry
Sia
Blake2S
Groestl
M7M

I didn't suggest CryptoNight simply because it is an anon algorithm, which would not play well with running a crypto exchange which requires transparency.

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locohammerhead posted this 22 June 2018

I could even suggest forking from CLO, which is DaggerHashimoto but is being run by competent devs so they are working out the bugs that ETH has.  I don't suggest Equihash since there are several exploits for it at this time.

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bradtcad posted this 22 June 2018

Seems like we could do with you on the team.I have only invested in sfx as it looked like the best ico to me.And i done a load of reading and looking around.And i liked what Aaron was saying.

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