Bitcoin Forum

From what i understand reading this forum:
1. Bitcoin XT is an alt-coin  that rewards with free coins curent bitcoint users matching XBTC with BTC adresses before the fork
2. After the fork the 2 will be separate coins each with it's own blockchain

What do you think?


Best Regards

Their will not be two separate coins since the fork only occurs after 75% of the miners switch to use XT. There will technically be 2 coins, but one will be less secure and less used than the other. Also, it is a fork, so it does not reward current btc users with its coin, but everything in the current blockchain will be in the forked blockchain. Also, there is plenty of debate of whether xt is considered an altcoin.

Hello, you haven't understood right. There will be no free coins for the people running XT. Same balance you have in your core wallet for example, you will have in your XT wallet if you switch over. So don't let this thinking make you switch clients, thinking that you will get free coins, this will not happen.

I don't run any clients, I'm not a miner, but i have some BTC i have bought.
When XBTC fork happens will i have same ammount as BTC ?

Best Regards

Yes, but only because it uses the same blockchain up until the fork. Any transactions that you do after the fork will not show up on both blockchains, only the one that you are using.

there won't necessarily be a fork.

I'm not sure you've thought this through, but correct me if i'm wrong.
Yes, there will be a reward for every bitcoin user if they can grab it quickly enough.
I expect that one second after the first big block is mined, there will be a huge dump of the coins people expect to be the failing chain. The losers at that moment will be anyone who buys them (assuming the dumpers end up crashing that chain's price)..

But hold on, what if I haven't accessed my coins in over a year and in about 6 months I decide to access  my coins. Lets say I have 10 BTCs. In the mean time, fork has happened and XT has won with high majority but core is still running with lets say 5% of the nodes. Wouldn't be enough, for me to just download a XT version of the client to access my coins on the right chain, all 10 BTCs that I have owned when I sas running a core 18 months ago?

Or did I get all this wrong.

Can XBTC have any value after the 21 mil coins have been mined?
If it has no market for fees ( no transaction limit ) there is no incentive for miners to secure the network.


Am i wrong ?


Best Regards

Nothing you said looks wrong to me, but the implications are wider...
For example, you'd then have coins on the 1M blockchain that you're not considering. Probably the market would have priced accordingly, so your xt coins are worth less than expected (to account for the 1mb coin value).
The clearest (the one that doesn't make my brain hurt!) outcome would be for one chain to completely die off.

There is just a fork, if a majority of 75% is reached.
Everybody who thinks, that after this, the 25% will win, must be pretty stupid.

Actually after the fork we are going to see interesting things as, as if I had 1 BTC before the fork I'll have 1 BTC and 1 XBTC after the fork with the same value. So, I can trade both for let's say LTC and when the war ended I'll have 2 BTC/XBTC worth LTC :). Pretty straightforward way to double my holdings for free ;). 

You need to know how to do it though. Tricky to ensure your transaction gets executed on only one blockchain.

Core and XT are virtually the same, other than the increased block size, and some fixes, so afaik there's no difference in mining.


Not exactly; if we assume that the fork actually happens, which means over 75% of the network is on XT fork, you would have to find a service/exchange that's on
original core version in order to spend core bitcoins, which i am certain operators will find a way to prevent.

There is no such thing as 'free money' or a winner in this ...well ... except maybe LTC ...

Imagine a stock split the market hasn't priced in yet. If you're quick enough there's free money. No?

I think it's not quite so difficult, as after the fork the legacy BTC chain not going to accept blocks from the XT chain and vica versa.  However for a short time I think it will be possible to find exchanges on both chains... 25% of the current BTC network is still a huge market. So I just have to use the same pre-fork wallet file in a core and in an XT client. As there are no communication between the two networks these exchanges on different chains not going to know about my "double spending".

This topic is in the wrong place btw. Belongs into altcoin subforum.

It is envisioned that over time the cumulative effect of collecting transaction fees will allow somebody creating new blocks to "earn" more bitcoins than will be mined from new bitcoins created by the new block itself. This is also an incentive to keep trying to create new blocks even if the value of the newly created block from the mining activity is zero in the far future.

They can watch both chains for pre fork addresses but that's not a big deal if I move my very same 1 BTC into new wallets on both chains. As I wrote earlier 25% of the network is still a big market so at least for a short time it will be possible to find exchanges on both chains.

Only God knows. Such a turmoil around BTC could inflate altcoin prices to "da moon" as a lot of people would use alts as "safe heaven", but a forked BTC network could bring down BTC prices to cents and that can drag down every other cryptoes as well for months or years.

Your transaction will be broadcast to nodes of both networks. The addresses you use will be compatible. Mostly, your transaction will execute (appear in a block) on both chains.

XT is an alt with huge premine  :o

A transaction on Core should be as valid as XT.   If there is another spam attack, the spam will all get into the XT chain but some will end up filling up the Core and getting confirmed at a later time than the XT chain.  In the end, your bitcoins that you don't move will stay in the same place.  

XT and core can run side by side until one accepts a block the other wont.  So, this fork would happen if an XT block creates a block longer than one megabyte.

Say, I move my 10 mBTC from my computer to my phone.  I include no transaction fee, and the blocks actually have exceeded the 1 MB size limit.   If this all that happens, a core miner might reject my transaction and leave it in its memory pool.  Then we have an inconsistent state.   Then there is a kind of two altcoins.  The core altcoin and the XT altcoin, and the bitcoins that are still consistent between both block chains.   My coins might turn into xt coins belonging to my phone and core coins that still belong to my computer but is waiting for it to confirm on core.  The block rewards on the two chains would be xt altcoins and core altcoins, 25 of each.  The market will have to decide what is the "true" bitcoin.

Yet as long as the coins don't get transacted after the fork, they will remain belonging to the same key pair on both chains.  Once we know who the winner is, we will be able to buy some cheap coins.

 sdp

sorry I am very simple minded.

If I currently own 1 btc, does it mean that I also own one XT?
If I have BTC on exchange I dont own XT.
If I will buy 10 btc only next year I will not own XT at all.

Right?

Yes, but only after the fork happens, which at its earliest date is 1/11/2016

Unless that exchange is using both XT and Core, which is unlikely

Only if the fork has happened. There is no guarantee the fork will happen by next year. But if it does happen and you buy 10 btc, then you probably won't have XT. It is possible for you to also get Xt if the inputs of the transaction for the 10 btc were from before the fork. If that happens, then you could have both XT and btc since the transaction would be valid on both chains.

Also, keep in mind that if the fork occurs with consensus, then it is very unlikely that any major exchanges, miners, or businesses will continue to use Bitcoin Core on the old chain and will then switch to the XT chain which will be called Bitcoin.

The amount of misinformation in this thread alone, not to mention the massive amount of bullshit in other thread, is the exact reason that I, and many, many others, have lost all respect for Gavin and Mike, who both now have 0 credibility