Is Bitcoin XT an alt-coin that rewards with free coins current bitcoin users?

[knolix]

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

[achow101]

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.

[Mickeyb]

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

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.

[knolix]

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

[achow101]

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.

[jonald_fyookball]

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

there won't necessarily be a fork.

[harrymmmm]

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.

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)..

[Mickeyb]

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.

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.

[knolix]

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

[harrymmmm]

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.

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.

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.

[turvarya]

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.

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)..

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.

[Snail2]

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 . 

[harrymmmm]

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.

[Habeler876]

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

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

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 . 

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.

[balu2]

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 .  

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

[harrymmmm]

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?

[Snail2]

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.

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".

[balu2]

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

[knolix]

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

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

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 . 

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.

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.

[Snail2]

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.

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.