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Author Topic: ELI5 about Bitcoin XT  (Read 2148 times)
LiteCoinGuy
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August 16, 2015, 09:16:42 AM
 #21

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. There should be no leader at all. and it is not only Mikes work, gavin and jeff support that idea too.

you have the same choice with every software update - use it or now.

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.

8MB blocks are no problem.


maybe this will help us all but i would not bet on it:

https://bitcointalk.org/index.php?topic=1154033.0

Carlton Banks
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August 16, 2015, 09:25:21 AM
Last edit: August 16, 2015, 09:45:23 AM by Carlton Banks
 #22

Mike will not be the new leader.

That's not what Mike is saying.


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.


I agree with all of that, except:

  • XT isn't the only possible way to do it
  • Blockstream isn't a centralised service, sidechains will be mined by miners, not by Greg Maxwell giving each transaction royal assent

I don't know where you got that idea about sidechains being centralised, that's a totally bizarre assertion

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August 16, 2015, 03:46:14 PM
 #23

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.

@Carlton Banks, at bitcoin.org the core developers are listed as Wladimir J. van der Laan, Gavin Andresen, Jeff Garzik, Gregory Maxwell and Pieter Wuille.

Was Mike Hearn ever an official core developer for Bitcoin Core? Was he dismissed and now has a grudge, or is Bitcoin XT just an attempt by Hearn to gain power and influence? Thanks.

RoadTrain
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August 16, 2015, 03:58:01 PM
 #24

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.

LiteCoinGuy 5 years later:
Quote
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.
I wonder if you actually reviewed their code. Why didn't that 'bug fix' get into Core if there was actually a bug?
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August 16, 2015, 04:01:46 PM
 #25

Someone forgot about checkpoints that will ignore the longest chain. - Hearn  Roll Eyes
That post pretty much misses some information. Also nobody mentioned the damage that the split is going to cause. 75% vs 25% is a big split; this should not be considered as consensus.

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December 30, 2016, 09:14:00 PM
Last edit: December 30, 2016, 09:36:22 PM by iCEBREAKER
 #26

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

Said the guy who rage quit the forum because XT posed zero threat to Core and became a laughingstock....




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