Bitcoin Forum

Hey,

IxCoin simply has increased the reward for each block from 50 to 96. That means that every 4 years the reward halves so it should eventually reach 42 million.

However the hard coded max value in the code is 21 million. There are checks (see MoneyRange and ProcessBlock) in the source code which haven't been changed to still limit it to 21 million.

Once it reaches 21 million, all new blocks minted by miners (which are still using the same reward) will be all rejected and the network will shut down overnight.

Reasons I now think it's a scam after playing with it:
- They only made one minor modification to the source code (changing 50 -> 96)
- Already mined 400k IxCoins themselves.
- Copied and leveraged bitcoin community with minimal input. Product doesn't have much value on its own.
- wallet.dat is 52mb already. Within a year that will be 3gb. This is not sustainable in terms of computer resources.

Initially I was ambivalent about them, but after talking with the other guys here (at Bitcoin Consultancy), it's looking like a classic pump and dump.

IxCoin: https://bitcointalk.org/index.php?topic=36218.0

http://ixcoin.org/wiki/images/7/74/Ixcoin_Inflation.png (http://ixcoin.org/wiki/images/7/74/Ixcoin_Inflation.png)

Also all the devs on the front page of bitcoin.org (me included), got this message:

Whoa. :o

Perhaps modify the hardcoded limit to 42 million and push a new version?  Scam is no longer?

Also,

How is it a scam?

When Bitcoin reaches 21 million all new blocks minted by miners will be rejected.

They fact they didn't raise the max blocks hardly makes it a scam.

i dont see why you guys even need to see this. the guy privately mined like 400000 coins before he published it.

No, check CreateNewBlock. It calculates the value using GetBlockValue which doesn't hard limit the value to 21 million. This means that the network will break overnight once it reaches 21 million.

So he has like 6-7 years to push a new client with the fix? Or people fork it and make the fix themselves? I mean at least within lets say 5 years.

Yeah, it's dodgy. But this is off topic - please relocate this post to off-topic so we off-topic people can discuss it freely without fear of the Nazi elite who want to control all we do and think.

That was all I needed as well along with the no improvements.  It might have been an improvement if they REDUCED the block reward by 4 and doubled the speed of blocks.  Maybe.  But the only change they made was actually something most people would point to as going in the wrong direction. 

I'd rather people see this here before more people jump in on this. Already people have been buying lots of them and wasting mining power on generating them.

Increasing block speed has been discussed. All it would do to double block speed is to halve the security of each block so instead of needing to wait 6 blocks before considering a transaction to be confirmed/secure you'd have to wait 12.

People can do what they like - I thought that was the point of Bitcoin. This forum doesn't feel like that.  There is an aristocracy here.

Agreed.  But for fast cheap transactions, a faster single confirm would be a benefit.  That is why I said 'Maybe.' above.  
Changes like what I described are a trade off and I think Satoshi made a very good set of choices at where he set them.

The idea of an 'alternate' block chain would make some sense if it had differences that could be positive (maybe not to everyone) in some way.  What they did is make changes that only benefited themselves.  

I don't see a problem here. Change the code and most of the users will use the new version. Problem solved.

That's more than 800BTC worth of money now and it might go more in the future :)

Maybe the people here crying loud just want to buy low  ;D

Does that imply that the current chain is invalid, or we just need to update the client?

re: creator as early adopter from get go, I just now thought of this: nasakioto generated first 6,000 blocks and then released the blockchain publicly, which at the time of release had a difficulty of 1.  How can 6,000 blocks be generated and still offer difficulty of 1?  Perhaps that means each 2016 blocks generated must be generated at 2 weeks or longer to preserve difficulty of 1.  Thus, 6,000 blocks (or 3 sets of 2016 blocks) must be generated in 6 weeks or 1.5 months.  He ended up generating 6,000 blocks in 3.5 months.

Yes, you're right.

Or he simply tweaked the timestamps on the miner (he was mining alone!) and made time fold back on itself, managing to generate 6k blocks spanning 3.5 months in an afternoon of watching supernanny.

I don't either. There are several updates in the works for the Ixcoin client so we'll address any issues such as these in the upcoming releases. In any case, thanks for raising the point.

I'm not clear why this makes it a scam though, as this would make earlier versions of Bitcoin scams too.

As you said, People can do what they like. He just want  "people to see this here before more people jump in on this"

I certainly don't see much value in IxCoins right now.  To demonstrate this point, some people should start IxCoin2, XCoin, YCoin and SuckerCoin...and about a dozen more.  Right now, no merchants that I know of will accept IxCoins...no exchanges that I know of will trade IxCoins, there are no tools that let me see up to the minute values, charts, graphs or get real time trade information.  The IxCoin network is very insecure relative to where bitcoin is today.  And, to boot, the person that started IxCoin decided to generate quite a few for himself before letting anyone else participate.

The only thing of value in IxCoin is that it's an experiment in changing the inflation rate.  But maybe someone should suggest they fix the issue genjix pointed out and start over with a fresh chain to give all people that are interested in such an experiment a fair shake at generating IxCoins.  I don't think such experiments are a bad thing.

However, I do agree with genjix that IxCoin are likely a pump and dump scam rather than a legitimate experiment in fine tuning the inflation rate.  The danger that I see is that if people begin to start alternative block chains with the intention to scam people, it could have a very detrimental effect on the perception of digital currencies in general and that would be harmful to Bitcoin.  Perhaps that is the real motivation behind IxCoin.

This is because mining was not a continuous process over the 3.5 months. We intended to release Ixcoin earlier but for various reasons, it was released later. During the waiting periods, mining was stalled because our intention was not to mine millions of IXC, but enough to cover the bounties and other incentives we have planned to promote Ixcoin.

Good, try it.

and you will understand the foolishness of yourself when you're a old man, and regret the stupid, narcissism and arrogant.

Bitcoin is a work of an artist.

However, IxCoin is totally different.

IxCoin is just a work of megalomania, who are so eager to become the Rothschild of the 21 century.

In the two days since Ixcoin's introduction, there's already an exchange (https://ixchange.bitparking.com/main) (which compares very decently in BTC volume to other early exchanges), a pool (http://ixpool.bitparking.com/pool), two blockexplorers in the works www.ixcoin.net (http://www.ixcoin.net) and www.ixcoin.info (http://www.ixcoin.info). There are also several people working on charts. Note these are all independent initiatives.

You don't see much value in significant mining bandwidth being diverted from the Bitcoin network?

I have no clue what you're going on about.

He doesn't see value in it. You're arguing he should value IxCoins? He should worry IxCoins is stealing hasing power? He should worry IxCoins is a scam?

Regardless, whatever point you're trying to make is more or less retarded. Show me the significant bandwidth that has left Bitcoin for IxCoin. Secondly, if 3000 ghash left Bitcoin (25%) that's really not a big deal. The network runs just as well at 1k ghash as it does at 15k ghash. Miners work through it, difficulty adjusts, it's not a big deal.

Shit 80% of miners could start a mass exodus and the effects are minimal. It would take 1-2 weeks for that many miners to GTFO and during that time difficultly would already be adjusting. Even if they magically left at once we work through it, transactions go from 6 minutes to 30 minutes. People survive and within a few weeks things are back to normal.

I've diverted more hashing power typing this post then IxCoin has "stolen" from Bitcoin.

Someone let me know when IxCoins get too difficult to mine, and I'll create IIxCoins, which payout 500 IIxCoins per block!

I've talked plenty of trash on NameCoins in my day, but at least they do something more novel than trying to somehow let me get get more coins, and expecting the value to eclipse BTC.

it's not a scam, it's a power grab and a very interesting one.
Currently there isn't any bot enabled exchanges that use ixcoin therefore no bots vampirizing it's value yet; the root problem of bitcoin exchanges and stupid wallstreet.

Doesn't surprise me in the least.

Nasakioto <-- not even a Japanaese name

Holy crap are you finally answering comments about the "WHY?" of ixcoin. We have been asking from the start . WHY???????????

You basically changed a couple lines of code and copied everything else down to the website and nationality of the creator of bitcoin. At least your forum is different.

Originality 1
Unoriginality 1000

I have an open mind. You have yet to state a legitimate purpose. The deflationary thing is a false paradigm and I dare say a shabbily concocted rationale.....Solved by moving a decimal point in exchange value.
Creating a new block chain is doing the most work imaginable  to solve the alleged problem.


So again WHY IXcoin? Is the idea the most work for the least value?
I yet to even deny an ulterior motive. It's hard to catch people in lies when they don't speak.
I suspect you eventually be exposed.

All it takes is a simple explanation of thought process as to why you did this fork.

Satoshi revealed his motivations and goals.

Scam... not in the literal sense.  It is a pump and dump operation, though.  He obviously mined all those coins before releasing it to make profit.  He's basically feeding off the dreams of people to become "Early adopter millionaires".  But hey, forget Ixcoin for a second, look at the person behind it.  He came here posting and basically showing himself as another "japanese guy with an idea".  Someone found out his avatar is actually someone else's pic but it's conveniently someone he just likes, that's why he has it as his avatar.  Solid.  Not to mention his name was found to be an anagram of Satoshi's name.  And to boot, he has a facebook paged registered with the same name and picture.  No doubt in attempt to make himself come off as the "real" person.  Sure you could say Satoshi himself played the same game but he made sure to cover his tracks, not to put more evidence out there to say "hey, look, this is me!".

Literally just changes a few values and copies the Bitcoin webpage and replaces it with a new banner.

read more, talk less.

I don't understand how finding 2x as many per block solves any problems.

Has anyone worked out how many bitcoins you could earn by mining IxCoins?  Just wondering if anyone is spending any bitcoins to buy IxCoins right now and how many bitcoins I could earn by mining IxCoins and selling them for bitcoin.  If people really are speculating on the future value of IxCoins, then perhaps a miner could actually earn more bitcoins by mining and then selling IxCoins than by mining bitcoin directly.  Of course, this might put a little damper on the IxCoin speculator knowing that this may effectively put an upper bound on the potential appreciation in value of IxCoin.

Upon reading that sentence, I immediately thought of MurdochCoin to be used by prisoners worldwide. All that would have to be done is:


Use the same model outlined above to create:

• SpongeBobCoin for the Kids
• HeeHawCoin for the Rednecks
• HDCoin for the Bikers
• CarnyCoin for the Fairgoers

...to name a few.

The only two reasons I'll care (if ever):

1) IxCoin can be traded for Bitcoin and vice-versa
2) Major hack attempt against the exchange trading them or the end-users

He's got the freedom to do as he sees fit, but true value is seen by the participants. If the above isn't true, then people don't value them much at this point.

https://ixchange.bitparking.com

So basically, at current Ixcoin difficulty, in the time it takes me to mine 1 Bitcoin, I could mine about 1000 Ixcoins and sell them for about 2.4 Bitcoins.

I've got two words for ya: "DONT INVEST"

+1 and a scam for avaricious.

Nice...if that is true, then it should get arbitraged away *very* quickly.  I think if I had any IxCoins I'd want to sell before that happens.  It's not too often that you can more than double your mining yield like this (but again, it's probably a good idea to act quickly).

If they did, I would boycott their services as a matter of principal.

I've mined them for like a day so I wasn't speaking for myself. I was speaking for those skeptics and late adopters.

 ;D ;D ;D ;D ;D ;D ;D ;D

check this exchange out...

https://ixchange.bitparking.com/main

I "create" a new bitcoin fork, I said that I have already 500.000 ixcoins, tell anybody the advantages to make them fall in the trap, I sell enough ixcoins and run!

My point is that if an established Bitcoin exchange were to decide to offer Ixcoin exchanges as well, I would boycott that business altogether.  The same goes for merchants.  As someone else said, this is a blatant attempt at a power grab, nothing more; and I for one shall not support any business that would choose to associate with it.

Problem with IxCoin is it replicates bitcoin.org waaaayyy too closely. That doesn't sit well.


Tho....that said.....free market! If they can make their model take off, then good luck to them. I doubt they will tho, unless they start innovating in ways that bitcoin doesn't cover.

It's not any different than the brief periods of time where namecoin is more profitable than bitcoin, really. Check out http://tvori.info/bitcoin/charts/ if you're not familiar with this phenomenon. Specifically go to the "all time chart" at the bottom and watch the relationship between the green line (BTC profit) and the blue line (NMC profit). If we had several more popular and well-known forks we might see network hopping as widespread as pool hopping is today. As long as you can determine (in real time) the BTC value of NMC/IXC/whatever and the difficulty of each network, it's trivial to determine where your GPU will make the most cash.

For the record, I do expect the profit differential to be arbitraged away quite quickly, but we probably won't see a stable exchange rate until we see a stable difficulty. Every increase thus far has been a factor of four (currently at 4096) and block times have been well under a minute. With the exception of the brief times when NMC mining is more profitable, NMC seems to have a stable value of 0.03 BTC or so, meaning that it's usually worth about 68% of what you'd get for the same time/equipment mining BTC. We're still in the "initial climb" phase of difficulty with IXC, but I'd expect a similar result once the initial climb is over.

Only time will tell of course.

As for the "value" IXC adds? I'm not so sure that too many exist, certainly less value than namecoin - but one look at the trade volume on bitparking's NMC exchange compared with the actual number of .bit registrations should tell you it's as much a speculative commodity as bitcoin. Speculators in NMC are betting that its potential as a DNS replacement will make it more valuable in the future, and with IXC the bet is that hitting a deflationary curve earlier than BTC will increase its relative value as it will be deflating while BTC is still inflating.

If nothing else, trading BTC for IXC or NMC and then trading them back goes a long way toward anonymizing non-generated BTC since the IXC and NMC exchanges don't deal in regular fiat and therefore don't care so much about who their customers are.

I'm not expecting a personal boycott to have any significant effect.  My participation in the economy is quite a small drop in the bucket.  The whole thing leaves a bad taste in my mouth, thus I choose to distance myself from it.  I'm not calling for anyone else to boycott anything.  I just wanted to express my opinion as everyone else has already done.

DoubleC did you read that above? He doesn't think your exchange is legitimate.

Please, then take your words and stay away from it and threads that even have the word "IXCOIN" in it.

I did the same thing. I mined a couple thousand at difficulty 4 and just felt dirty. Short term profit might be a long term loss.

From what I understand, he is just saying that he won't support it. I won't support it either because I don't believe in ixcoins. It's nothing personal. It's just that not everything is about profit for me. I was like the 4th person to comment the thread so I could have been a really early adopter, but I chose not to. I don't like it.

I really like the idea behind bitcoins and I want it to succeed. With ixcoins...Well, I just see profit profit profit. Nothing new.

Excellent Analysis.  So I think you could say that for a new digital currency that offers nothing that is perceived to be inherently more valuable than bitcoin, the upside potential is no greater than bitcoin, while the downside risk is far greater.  Of course, if the perception changes, then this dynamic would invert, but that is a substantial hurdle to overcome.

Note that the thread to which I decided to reply was the thread titled "IxCoin is a SCAM."  I'm not exactly trolling the actual IxCoin threads. 

No, it wouldn't. You see, Bitcoin weens the mining reward away, allowing it to be slowly replaced with transaction fees. IXCoin does no such thing. One day you are making 96 coins + fees, the next day you only make the fees.

The only thing this experiment tells us is what the initial difficulty should be for a new, competing blockchain.

theoretically, that will never happen, there are far more ixcoin than bit coin, almost double

Currently you are wrong.

wait, i was thinking of something else, but for the time being, there will be far more, but your right it does cap at 21 million.

As miners drop off from bitcoin they will move to alternative blockchains thus increasing the return for highly efficient bitcoin miners. You can thank ixcoin and other blockchains for that.

not really, you still get the same amount, in theory. when people leave bitcoin, its value will drop.

I'm quite surprised the original poster referenced it as IxCoin instead of the correct Ixcoin, just like Bitcoin is correct and BitCoin is incorrect.  Buuuuuuuuuuuuuuut, wtfevarz!

Ixcoin would be a good giveaway for a business, like a gift certificate. Maybe you should approach some business to buy them as a promotion.

So, because other people are complicit in your scam, it is legitimized? You 'paid' people your scamcoins to get those services created.

Long Con

Of course!
Look at Madoff!


Oh wait...

Take this with a grain of salt, but there is one use case where ixcoins/namecoins/forkcoins or any other spin off that has an automated exchange with enough volume can fit, and that's laundering... wait, did I say laundering? I meant anonymizing :)

But we already have that for btc, right? What was it called again? MtGox?

What's next ? bitcoin to ixcoin and back repo's agreements ?

Yeah I was really looking for a new block chain project to get involved in and I didn't find out about this project until it was yesterdays news. I then jumped in and lost money. Just before this happened though I got into devcoin after trying out groupcoin and won some "bounties" almost instantly and before I knew it I was recruited to be a purser without really knowing what it meant. I then tried to build up  a devcoin community hoping it would be such a really awesome and exciting project. I setup forums to it and tried to suggest changes that would help everyone make a profit from it. All I did was end up pissing off the developers. I was so emotional from the fallout of that and feeling sorry for myself I missed out on ixcoin at the crucial time. FML

If I had of done things differently I could be out of debt now. Instead I wonder what to do next and hopefully won't screw up next time. If people do want to start a new blockchain though please PM me so I have a bit of a chance.

This is the first post I made in the devcoin thread.

https://bitcointalk.org/index.php?topic=24813.msg422960#msg422960

Here are the forums I ended up making http://www.devcointalk.org

Here is the other thread where my efforts just ending up "pissing off the developers"

https://bitcointalk.org/index.php?topic=34586.msg439754#msg439754

As you can see my life is a comedy of errors.

A clone of bitcoin is completely useless. The point of currency is to store value, so attempts to reboot the value people have reduces consumers' confidence in peer-to-peer currency. By all means, people should feel free to get involved in it, but I won't out of principle.

As opposed to the slow and steady loss of value due to inflation? I don't know which is better pump and dump with increasing value in the long or steady loss of value in the long term.

I'm not suggesting fiat currencies are better, just that contributions to the main block chain are better for peer-to-peer currency than constant attempts to reboot it.

I don't know how we can stop it though. I still want to start another one at some point.

Please start one and let me know I'll help you mine.

Ixcoin is almost a big a scam as Bitcoin.  At least people don't actually lose real money with Ixcoin.  It's just a matter of time before the governments of the world crack down on these sham "currencies".

Was that fun to post? Did you enjoy posting that? Did it give you pleasure to post that? Did that, huh? Oh you are so clever, Tomatocage. How's that working out for you? Being clever, that is.

People lost money reading your post. Re: medical bill from having to bash head against wall.

Don't you worry, people will lose "real" money with ixcoins too..soon. Just you wait now.

That would make you feel better yeah given that you were too dumb to secure your bitcoin wallet and lost a bunch of bitcoins yourself yeah?

 ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)::) ::) ::) ::) ::) ::) ::) ::) ::) ::) ::)

Ha, nice try troll. No it would not make me feel better. Unlike you I do not enjoy laughing at other people's misery and misfortune. But keep on pattying yourself on the back for being so "smart" ;)

All I was saying is that sooner or later people will buy ixcoins with REAL money instead of bitcoins and some will lose just like as with bitcoins. But I guess you were too dumb to read between the lines and discern what I was saying.

The money is not lost, just someone else has it. The same argument applies also to BTC.

Haha you sound like you're trying to cover up being majorly butt-hurt haha.

OWNED! LOL

Nah, no hurt feelings bro. It sounds like you're not even trying to cover up how much a prick you are. Now where the other members of the asshole brigade - TraderTimm I'm looking at you :)

Honestly if I had to say one negative thing about bitcoin, it would be that its community has an unusually high concentration of conspiratorial, selfish, greedy, rude, arrogant, and disrespectful fucks.

I do not know what all the fuss is about. We have encouraged everyone to fork bitcoin, so finally someone done it. Great! Some miners have decided to waste some gigahashes on it. This is even better! More bitcoin left for me to mine.

People do need a demonstration of the network effect and bitcoin's first mover advantage. Let's see... pass the popcorn.

Honestly I'm not sure what it is, but it is what it is. If I had to guess I'd say that many of these people are huge pricks because they know that they won't incur any consequences. In other forums people who are pricks are usually warned or threatened with some sort of punishment if they spew vitriol towards other members, but that is not the case here. I get the impression that the moderators/admins share a "let anything go" attitude and I'm sure that I guess in a odd way ties in with the anarchistic nature of bitcoin in some way. In a sense this lack of moderation perhaps makes it seem as if this forum has a higher concentration of these types of people.

Anyways, how about we get back to the subject at hand and move on....

You forgot incompetent bitcoin holders. LOL

I've also sold about the same BTC worth of Ixcoins but the difference is that I only had 4 GH/s to mine at difficulty 16 and 64 etc. You may have sold a bit early lad.

But oh well!

I wonder if Vladimir put his billion trillion gazzilion hashes into the ixcoin network yet. If he got into it early like BitcoinExpress he would be a ixcoin billionaire so freaking easily - he'd then have to change his profile tag line :) lol

Wait until they reach 0.50 btc then sell...profit!

Naw he probably didnt get in early enough.

When difficulty was 16 there was maybe 40 GH/s on it until it turned to 256 difficulty or so.

He he he good job man! I hope more of these forks come out so I can rape the difficulty. =)

lol, nahh I am on vacation. The goal is to do as little as possible at least until September.

Anyway let's keep an open mind. At bitcoin.org.uk we support all cryptocurrencies and "block chain; proof of work" related technologies. I even set up separate section for alternative crypto currencies and forums specifically for namecoin and ixcoin at https://bitcoin.org.uk/namecoin and https://bitcoin.org.uk/ixcoin correspondingly.

I will support any such technology (even if I am not a big fun myself). If people behind namecoin and ixcoin desire moderatorial privileges there it can be arranged too.

This guy can't be real! I haven't found any videos of him signing songs he wrote in S. Korea.

If there's one project on here I really can't see the point of it's devcoin, sounds like it's run by greedy control freaks who take themselves too seriously. If there is such tight control of where the coins go, why should they have value to anyone else? As for Ixcoin, I don't believe it's a scam so much as a token for speculative gambling, one of the major uses of bitcoins today and arguably the foundation of bitcoin valuations. Prices can go anywhere for no definite reason because they are supported almost exclusively by investor confidence. In practice the same seems to have been pretty much true of namecoin too but it never really seemed to piss anyone off in spite of some big time price rallies, go figure. Maybe it's just that 'Nasakioto' seems like a joke persona.

They're all scams.  Devcoin is probably the scamiest of them all since it seems they've waited and let others get their feet wet first and take most of the risk. So by the time Devcoin hits the scene, the path to prosperity is more or less formulaic. 

A fix was committed to address the concerns about the hard limit at 21M ixcoin. Thanks Genjix.

https://github.com/ixcoin/ixcoin/commit/7110ddf25667f059ebcee159963b6703fff53e13 (https://github.com/ixcoin/ixcoin/commit/7110ddf25667f059ebcee159963b6703fff53e13)

If you have any comments/suggestions/reservations concerning this, please respond or post on http://ixcoin.org/forum (http://ixcoin.org/forum).

Nasakioto: Are you excited about the launch of I0coin?

Of course he is. He got to mine ZERO coins prior to public launch just like the rest of us. Even playing field so Im sure he is stoked about that. ;D ;D

Yeah but it could flop too. If all the small miners like me get crushed in the stampede and end up with little more than a few orphan blocks and all the investors are still broke or feeling burned from the ixcoin fiasco there might not be much of a market for this.

I'm not annoyed at Nasakito for mining those blocks before going public i'm pissed because I didn't get invited in on it too.

I think many of us dream of releasing a new block chain mining the first X number of blocks ourselves.

Oh and I might as well throw in a conspiracy theory... "I0Coin brought to you by the same people that brought you IXcoin... "  new and improved but 9 of 10 consumers can't tell the difference

It will flop since it's just another pump & dump like Ixcoin was.  The author even touts it as an Ixcoin fork.  Now that doesn't mean I'm not going to mine it.  I'm going to take advantage of it while it lasts before it dies out like Ixcoin.

BTW I am saying *could* flop. Possibly the fork that has the least amount of success should concede defeat by merging itself with the other.

I dumped all my Ixcoin and can't wait to start mining on a LEGIT alternative block chain like I0coin!

At least its safe to say the pre-mining of coins in ixcoin prevented the ridiculous, albeit amusing kick off to i0coins.  

i0coin network start was a disaster.

1. 75 minutes late
2. Posts up dead link for windows zip
3. Once win exe is up he doesnt have the right dll files in the zip

Worst start to a network ever!

Agreed.. fortunately so far, circumstances meant I could do nothing but sit back and watch the launch. If it works past these issues and becomes something of value I'll have missed out. So far, looks like by chance I have dodged the mishap instead. If things were different I was going to try and mine these things too.

But hey at least that Art guy go to pre-mine several hundred thousand for himself.

Actually I was wondering if someone had already checked out what subdomains the server had they good have easily found forum.i0coin.org at least 10 minutes before the link was posted on the forums here.

Why would I advise you whether your patch is good or not when the evidence points towards it being a scam.

I had a friend who heavily invested in IxCoin when it first came out, and I kept urging him to buy out ASAP... Nonetheless he has now lost cash.

Good job scammer. Die in a grease fire.

Your friend gambled and lost and now you're upset at the casino? I'm sure people have done the same with bitcoin. Are you railing at the evilness of Satoshi too?

This was more like ponzi scheme than casino. Both require some degree of lying, but the former requires downright dishonesty.

When asked about what ixcoin offers over bitcoin, Thomas Nasakioto said the following:

LINK: https://ixcoin.org/forum/index.php?topic=67.15

"Smoothie, I'm sorry to hear you take issue with the possibility that Fred and I have an incentive and might eventually make a return on Ixcoin. We are committed to making Ixcoin a success and have invested time and money towards this. For example, we just spent over $500 sponsoring the bitcoin conference to promote Ixcoin.

You might also eventually make a return yourself if you invested a handful of BTCs at Ixcoin's launch to purchase the same amount of Ixcoins we both have. The going rate was 15K IXC for 1 BTC back then. It's still very affordable right now. Or maybe you mined ten of thousands of Ixcoins during the initial mining rampup.

You feel that Ixcoin has no value? I've heard similar arguments from Bitcoin neophytes about Bitcoin. It's their perspective. I see value in Ixcoin and that's why I'm sticking with it. I see other people trading Ixcoins so apparently they see value in it too. If you don't, then please do not feel obliged to focus your energy on something you do not value."

I find his response to why ixcoin has value is rather empty.

I offered the following proposal based on his request of one user on how ixcoins could be more transparent:

LINK: https://ixcoin.org/forum/index.php?topic=67.0
--------------------------------------------------------------------------------
LINK: https://ixcoin.org/forum/index.php?topic=52.0


Perhaps we could do a network restart where no ixcoins are pemined and some actual changes that mean something in the source code are modified to give them value. This would make things more transparent because then you are giving everyone equal opportunity to mine ixcoins as opposed to giving yourself a huge advantage prior to public release.

That would be fair and transparent. Until then many of us will likely stay away from ixcoins given that you could potentially crash the exchange(s) with your large amount of ixcoins in one sitting.

If this is not a money/power grab then you would be okay with restarting the network with zero premined coins and start the network off at a higher difficulty giving ixcoins more rarity because of how difficult they will be to mine them. Say the start difficulty was 10,000 instead of 1.

You would gain more interest in your project if everything I listed above was executed and the network was restarted.

But then again, your motives for having this network will show based on how you do or do not respond to this posting. Everyone else is watching too.

Isn't it funny to see people repeating the same mistakes all over again? All of you supporting the latest scamcoin should read this thread.

Good point.

bbqcoin is the only one  ;D

What happened to the forum, the link gives an error message?

What happened to the ixCoin.info site, it's just a blank page now?

What happened to the ixCoin.net site, it's something weird and doesn't look in any way related to ixCoin.


This is beyond scammy, it's weird as those domains should have gone back into the open and for sale pool of domain names yet that doesn't seem to have happened.


Can you comment on this?

Can anyone comment on this?  TIA.

Oh great, Vlad made a new name

so this was a dodgy at start? then resurrected after premine and then mined for years in shadows

what is going on with this, anyone know?  ???

www.ixcoin.co is the new site.

I am the new developer.

Not sure what happened 2 1/2 years ago.   

All I know was the founder supposedly pre-mined like 500k coins.

Who knows how much he kept since then, but if you look at the cryptometer.org charts for iXcoin,  the mining has been pretty fair.