Bitcoin Forum

Running XT at this time is equivalent with running Core. It's the same network, and the same Bitcoins. At some point in the future, if 75% mining majority is reached (but not before January 2016), the network will split whenever a miner creates a block larger than 1MB. This will not be accepted by Core unless they adopt a large blocks patch, but will be accepted by XT, and at this point there will effectively be two chains.
Running XT means that you will always be on the largest (75%+) chain, regardless of whether the fork actually happens or not. Running Core means that you will be left behind if a 75% majority is reached. Regardless of which version you run, coins will be safe (on both chains) as long as you acquired them prior to the fork, and for some time the chains will largely mirror each other, but eventually they will diverge due to different coinbases (mining rewards).

different mining reward?

different mining reward?

Yes. At some point a miner will mine 1mb+ block, the chains will be different. Because, at that point, the 1mb+ block will have different mining reward for the miner, which 1mb chain will not accept. From then on the amount of bitcoin held by different addresses will be different accrding the two chain.

No the reward will remain the same unless you mean they will get more transaction fees for accepting more transactions in a block.

From what i understood:
- Until it's at 75% of the network, it's virtually the same
- Even after 75% coverage, it's still the same until a block >1mb in size comes.

So what happens then, when the forks start ignoring one another ?! How will services agree on what chain is the real one?
Even tho it seams that you're safest on the XT fork (<75% it's same, >75%..well 2/3 network is then on that fork) , i still doubt that there really will be 2/3 supporters.

Chinese miners have already declared their support to 8mb. So, they probably already have declared support from 2/3 of the network. Though, I heard, Core might increase the block size a little bit as well, probably 2mb. In that case, I dunno, whether XT will be able to gain 75% or not.

https://www.reddit.com/r/Bitcoin/comments/3h424p/why_is_bitcoin_forking/cu43w4a

At least the mods did not take that post down. Someone else tried to explain it and their comment was gone within 10 minutes.

Chinese miners have already declared their support to 8mb. So, they probably already have declared support from 2/3 of the network. Though, I heard, Core might increase the block size a little bit as well, probably 2mb. In that case, I dunno, whether XT will be able to gain 75% or not.

Running Core means that you will be left behind if a 75% majority is reached.

Lol, define "behind".

What will happen to the exchange rate of Bitcoin XT if it becomes a surveillance based, non-fungible nightmare? Say hello to your new benevolent dictator, XT fans...

why should that happen?

it's just Bitcoin Core but with ability to have larger blocks, a bug fix, and two minor things that are useful for app developers.

The reason is because Mike Hearn will become the new lead developer. He has expressed his desire to censor transactions before, and he didn't change his mind about that belief. He simply accepted that the majority disagreed with him.

Now, Mike is proposing XT that has the appearance of looking after user's interests. But it needs that same majority (the majority he couldn't get before) to agree and roll out his version of the client.

It's basically a way for Mike to stage a coup d'etats on the leadership of Bitcoin. You will get bigger blocks and higher tx rates. You will also get any other changes that he decides on in future. I don't trust him to give him that level of control over my money.

Mike will not be the new leader.

in my view this update is good and valuable. so i support it. i want bitcoin to scale, to be the worldwide free and open transactions system without a centralised service like blockstream.

The reason is because Mike Hearn will become the new lead developer. He has expressed his desire to censor transactions before, and he didn't change his mind about that belief. He simply accepted that the majority disagreed with him.

Now, Mike is proposing XT that has the appearance of looking after user's interests. But it needs that same majority (the majority he couldn't get before) to agree and roll out his version of the client.

It's basically a way for Mike to stage a coup d'etats on the leadership of Bitcoin. You will get bigger blocks and higher tx rates. You will also get any other changes that he decides on in future. I don't trust him to give him that level of control over my money.

why should that happen?

it's just Bitcoin Core but with ability to have larger blocks, a bug fix, and two minor things that are useful for app developers.

it's just Bitcoin with ability to censor illegitimate transactions (why care if you're not a pedophile), a bug fix and two minor things that are useful for our tax agency.

The more the mods tighten their grip, the more nodes will slip through their fingers...