Possible XT split is advantageous to Bitcoin price!

[becoin]

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

[1715609545]

1715609545

[1715609545]

1715609545

[ajareselde]

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

[becoin]

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

They will be ready for what? I'm not sure you understand what you're talking about?

If there is a XT fork then there will be 2 separate and indipendent networks.

[Meuh6879]

XT fork requiert that 75% of the new block are create with XT.




read what it's happend with the BIP66 ...  

[becoin]

XT fork requiert that 75% of the new block are create with XT.




read what it's happend with the BIP66 ...  

If 75% of new blocks are created with XT then XT fork will take place. From that point on there will 2 separate networks and independent blockchains. 100% of Bitcoin blocks will be created with Bitcoin Core and 100% of XT blocks will be created with XT. What's the problem with BIP66?

[Tzupy]

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

Spending on both networks, if possible, means many businesses will get burned and may turn away from bitcoin, so long term it would be bearish.

[becoin]

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

Spending on both networks, if possible, means many businesses will get burned and may turn away from bitcoin, so long term it would be bearish.

One time spend of same bitcoins on both networks will be possible. Unless XT developer decide to make a sidechain instead of a fork.

Every business can get burned if they don't know what currency they deal with. If they want to use both Bitcoin and XT altcoin currencies they have to run both Bitcoin and XT nodes supporting 2 separate and independent networks.

[AtheistAKASaneBrain]

It think whatever services that don't switch to the most voted fork will instantly reject transactions that don't come from the new fork to avoid the "magic internet cloned money" result.

[Meuh6879]

What's the problem with BIP66?

miners create blocks with 0 transac. in row ... and then, they (the network, the consensus) have erase by rollback bitcoin enforced BIP66 (instead of BIP34).

[RyNinDaCleM]

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

They will be ready for what? I'm not sure you understand what you're talking about?

If there is a XT fork then there will be 2 separate and indipendent networks.

I think what he means is that in order for it to work, bitpay would have to be using both core and XT. If they only use core then they won't accept coins mined from the XT network and vice versa. It will be like trying to spend LTC to a Bitcoin address. Bitcoin core will see these new coins as an alt and will not validate them. Now, if you knew who uses which wallet, you could spend the same coins (acquired before the fork) to Bitpay and also to some guy you are buying a GPU from in the bitcointalk marketplace using XT. My guess is that processors like Bitpay would immediately switch to whichever was the dominant chain
 

[Amph]

XT fork requiert that 75% of the new block are create with XT.




read what it's happend with the BIP66 ...  

If 75% of new blocks are created with XT then XT fork will take place. From that point on there will 2 separate networks and independent blockchains. 100% of Bitcoin blocks will be created with Bitcoin Core and 100% of XT blocks will be created with XT. What's the problem with BIP66?

i don't think it work in that way, the point is to not create an altcoin, so if the majority choose bitcoin xt, then so it will be, no core will exist anymore, so no double spending or other thing like that

at least this how it should be, but i've heard about 90% for consensus

[becoin]

i don't think it work in that way, the point is to not create an altcoin, so if the majority choose bitcoin xt, then so it will be, no core will exist anymore, so no double spending or other thing like that

I don't understand your position.

You say" the point is to not create an altcoin", but the point is that some people are creating XT altcoin?! Are you really against creating altcoins?

You say if majority choose whatever "then so be it", but some people creating XT altcoin are not happy with current choice of the majority?! Are you really happy with the choice of the majority or you support the choice of XT minority?

[Miz4r]

i don't think it work in that way, the point is to not create an altcoin, so if the majority choose bitcoin xt, then so it will be, no core will exist anymore, so no double spending or other thing like that

I don't understand your position.

You say" the point is to not create an altcoin", but the point is that some people are creating XT altcoin?! Are you really against creating altcoins?

You say if majority choose whatever "then so be it", but some people creating XT altcoin are not happy with current choice of the majority?! Are you really happy with the choice of the majority or you support the choice of XT minority?

XT is not an altcoin when there is sufficient consensus among Bitcoin miners/businesses/users that XT is the software we all want to run the blockchain on. Right now there's only a tiny percentage running XT so we're not even near any kind of consensus here, but there may be in the (near) future. Maybe it won't be XT but some other kind of alternative proposal for bigger blocks, or perhaps through Bitcoin Core itself. If Core comes out with a patch for a bigger blocksize will that automatically turn Core into an altcoin? That is just silly reasoning.

[gentlemand]

If there is to be two chains, the weaker chain will be nothing within a few hours. In this case money swats ideology flat.

[belmonty]

If there is to be two chains, the weaker chain will be nothing within a few hours. In this case money swats ideology flat.

Does it make any difference if it's almost 50/50 hashing power between two chains, and the most hashing power keeps flipping backwards and forwards between them? What if it's only 0.01 percent difference between their hashing power? What if one chain wins the battle within hours, then another chain wins another battle within a few hours after that?

[gentlemand]

Does it make any difference if it's almost 50/50 hashing power between two chains, and the most hashing power keeps flipping backwards and forwards between them? What if it's only 0.01 percent difference between their hashing power? What if one chain wins the battle within hours, then the other chain wins another battle within a few hours after that?

The Alternative That Cannot Be Named only kicks in with 75% and it only goes through if it stays over 75% for two weeks. By that point there would be no going back.

No one's going to take the risk of returning to the old chain if no one else plans to. Services, nodes and miners would have migrated by then if that's what they wanted.

I can't see there ever being a fluctuating 50/50 situation. The whole project would be goner if that dragged on and it's never happened so far. A 'new' chain happens only when the majority want it. Until that happens any alternative is an irrelevance.

[Amph]

i don't think it work in that way, the point is to not create an altcoin, so if the majority choose bitcoin xt, then so it will be, no core will exist anymore, so no double spending or other thing like that

I don't understand your position.

You say" the point is to not create an altcoin", but the point is that some people are creating XT altcoin?! Are you really against creating altcoins?

You say if majority choose whatever "then so be it", but some people creating XT altcoin are not happy with current choice of the majority?! Are you really happy with the choice of the majority or you support the choice of XT minority?

i was saying that xt isn't altcoin, but i would find better, if they can implement those changes in core directly, i'm not against the idea of those changes, but the way that those changes are presented, it does not satisfy me much

[belmonty]

Does it make any difference if it's almost 50/50 hashing power between two chains, and the most hashing power keeps flipping backwards and forwards between them? What if it's only 0.01 percent difference between their hashing power? What if one chain wins the battle within hours, then the other chain wins another battle within a few hours after that?

The Alternative That Cannot Be Named only kicks in with 75% and it only goes through if it stays over 75% for two weeks. By that point there would be no going back.

...

Is the rule that it only goes through if it stays over 75% for two weeks hard coded in the XT wallet? Who decided on the 75% for two weeks rule and how is it going to be enforced? Have all the most important exchanges and pools discussed it and agreed to it?

[becoin]

If Core comes out with a patch for a bigger blocksize will that automatically turn Core into an altcoin? That is just silly reasoning.

Your parallel is flawed. If Core does that there will be no alternative Bitcoin. There will be smooth consensus switch to a patched Bitcoin. Not the case with XT altcoin.

If XT altcoin wins over Bitcoin I'll sell all my bitcoins because that will prove Bitcoin can be forked by a very small group of people in whatever way they want! I'm sure that even XT supporters will not be happy about that.

[gentlemand]

Is the rule that it only goes through if it stays over 75% for two weeks hard coded in the XT wallet? Who decided on the 75% for two weeks rule and how is it going to be enforced? Have all the most important exchanges and pools discussed it and agreed to it?

I believe it is hard coded. I don't know who's agreed to it.

Big Chinese players have said they'll have 8mb but aren't turned on by the ever increasing block size that XT offers. That being the case I guess it's a no to XT from them.

Perhaps the whole thing is a way of nudging Core into doing something about the block size.

[Natalia_AnatolioPAMM]

If there is to be two chains, the weaker chain will be nothing within a few hours. In this case money swats ideology flat.

Agreed wholeheartedly

[Miz4r]

If Core comes out with a patch for a bigger blocksize will that automatically turn Core into an altcoin? That is just silly reasoning.

Your parallel is flawed. If Core does that there will be no alternative Bitcoin. There will be smooth consensus switch to a patched Bitcoin. Not the case with XT altcoin.

If XT altcoin wins over Bitcoin I'll sell all my bitcoins because that will prove Bitcoin can be forked by a very small group of people in whatever way they want! I'm sure that even XT supporters will not be happy about that.

If XT wins that means there is widespread consensus that the XT client is better and the way to go forward for Bitcoin. Not supported by a very small group of people like you claim here, the very small group of people will then in fact be the ones supporting Core. Yes, you can be part of a small minority opinion too, and it sucks but that's life! I'm not really a die-hard XT supporter by the way, but I do support bigger blocks and if the Core developers don't find a way to give Bitcoin room to scale then I think I should look for alternative Bitcoin clients. If it turns out I'm one of the few and part of a small minority, well too bad for me! I won't cry about it like you or call Core an altcoin ruled by dictators with only a small group of supporters behind it.

[becoin]

I won't cry about it like you or call Core an altcoin

As far as I can see XT supporters are crying about the "censorship" on this forum.
Certainly, you're free to call Core an altcoin if you like to look funny.

[Mickeyb]

Well I wouldn't call this advantageous, I would call this plain dumb. Games like this will cost Bitcoin a future. For every Bitcoin that I would "earn" from this advantageous endeavor, some other poor soul iut there needs to lose it or to literally get fu**ed up. Many of these people that got screwed and you can only imagine headlines in the world papers. And don't think they are not eagerly waiting for it, the press.

[gentlemand]

Well I wouldn't call this advantageous, I would call this plain dumb. Games like this will cost Bitcoin a future. For every Bitcoin that I would "earn" from this advantageous endeavor, some other poor soul iut there needs to lose it or to literally get fu**ed up. Many of these people that got screwed and you can only imagine headlines in the world papers. And don't think they are not eagerly waiting for it, the press.

You'd have to be monumentally dumb to stick it out on the losing chain be you a holder, miner or merchant. Only the hardest of die hards would attempt to continue and they'd suddenly find all their 'comrades' had abandoned them within a couple of hours. Money's gonna win. It might be a spiritual cataclysm but if there is to be a switch it'll be surprisingly smooth.

[Miz4r]

I won't cry about it like you or call Core an altcoin

As far as I can see XT supporters are crying about the "censorship" on this forum.
Certainly, you're free to call Core an altcoin if you like to look funny.

And you're free to call XT an altcoin if you like to look funny.

[Mickeyb]

Well I wouldn't call this advantageous, I would call this plain dumb. Games like this will cost Bitcoin a future. For every Bitcoin that I would "earn" from this advantageous endeavor, some other poor soul iut there needs to lose it or to literally get fu**ed up. Many of these people that got screwed and you can only imagine headlines in the world papers. And don't think they are not eagerly waiting for it, the press.

You'd have to be monumentally dumb to stick it out on the losing chain be you a holder, miner or merchant. Only the hardest of die hards would attempt to continue and they'd suddenly find all their 'comrades' had abandoned them within a couple of hours. Money's gonna win. It might be a spiritual cataclysm but if there is to be a switch it'll be surprisingly smooth.

So what you are trying to say is that we have nothing to worry about, right?
Whoever wins, the losers will just update the winning client and join the winners thus leaving us with only 1 chain and no division would ever take place!

I sure hope this would be the worst scenario!

[betterangels]

I heard they are using some virtual servers to inflate the numbers.
19.96% - https://getaddr.bitnodes.io/nodes/

[gentlemand]

I heard they are using some virtual servers to inflate the numbers.
19.96% - https://getaddr.bitnodes.io/nodes/

Yup. They outed themselves - https://www.reddit.com/r/bitcoinxt/comments/3i1dra/psa_its_super_easy_to_manipulate_the_node_count_i/

Pointless.

[Spaceman_Spiff]

And of course if both chains continue to co-exist then the value of each bitcoin (XT and Core) will remain the same as before the split 

...Keep dreaming buddy....

[wakasaki808]

Just hold...

this XT drama will be over around january 2016, and the price will go up.