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Title: What would stop some from creating a secondary BTC blockchain? Post by: OneEyedJack on January 13, 2014, 05:51:27 PM What would stop some from creating a secondary BTC blockchain?
I mean, in theory, all we are doing is solving transaction puzzles to generate Bitcoins. So, what would stop someone from creating a new blockchain based on Bitcoin and allowing people to mine it for BTC? Or did I miss something on the security of the Bitcoin blockchain? I mean if people can create alt coins, then why can't they create another BTC? Title: Re: What would stop some from creating a secondary BTC blockchain? Post by: trace666 on January 13, 2014, 06:07:28 PM That would be an altcoin. Transactions would not be compatible with the existing blockchain.
Title: Re: What would stop some from creating a secondary BTC blockchain? Post by: Holliday on January 13, 2014, 11:09:58 PM This has already been done. An alt-coin which was an exact copy of Bitcoin. I don't think it lasted very long (I could be wrong).
Title: Re: What would stop some from creating a secondary BTC blockchain? Post by: DannyHamilton on January 14, 2014, 10:27:31 PM Or did I miss something on the security of the Bitcoin blockchain? You missed the part where there are no "actual" bitcoins. All that exists are transactions that are stored in a blockchain. If you create a new blockchain, then it will have it's own transactions. Those transactions won't exist in the bitcoin blockchain (and vice-versa). Therefore, they won't be "bitcoins" , they'll just be alt-coins that have the same protocol rules as bitcoin. There won't be a way to send a transaction from your blockchain to the bitcoin blockchain, since in order to be valid EVERY bitcoin transaction must contain a reference to previous unspent transaction outputs elsewhere in the bitcoin blockchain. |