[ANNOUNCE] Ixcoin - a new Bitcoin fork

[JoelKatz]

NMC speculators are banking on the Namecoin system actually being used for its intended purpose someday, and thus increasing in value.  Maybe it'll happen, maybe it won't.  IXC speculators are hoping for what exactly?  What's going to drive an increase in IXC price, other than more speculators?

Bizarrely, it may have all it needs to be a medium of exchange. It's scarce. It's easily exchanged. It can be denominated in units and divided. Identical denominations are interchangeable in the market. It's (at least for right now) easily exchanged for bitcoins, which means it can be easily (indirectly) traded to hard currency. At least right now, that may be enough.

If bitcoins grow much faster than ixcoins, as I expect, it may act in the market as a kind of fractional reserve system for bitcoins. If I know I can trade X ixcoins for Y bitcoins, I may not particularly care whether I get X ixcoins or Y bitcoins (and to the extent I do care, a few extra coins might make me not care so much anymore). So every extra X ixcoins produces may act in the market as Y extra bitcoins because Ixcoins share so many of bitcoin's properties.

I think this is an absurd and mind-bogglingly bizarre result. But it's not entirely implausible. However, if nothing else, there is significant additional risk with ixcoins. I feel perfectly safe leaving assets in BTC overnight or when I go away. If I had a heap of IXC, I wouldn't take my eyes off them for an hour, lest they be worthless when I return.

[m0w3r]

Ha.. Totally missed this thread.  Not planning to mine for ixcoin myself as the OP seems like a weasel in my opinion....probably means ixcoin will hit the magical 1/16th of an ounce of bitcoin.  

[Chris Acheson]

However, if nothing else, there is significant additional risk with ixcoins. I feel perfectly safe leaving assets in BTC overnight or when I go away. If I had a heap of IXC, I wouldn't take my eyes off them for an hour, lest they be worthless when I return.

And this is why pretty much no one will bother to accept them.  Even ignoring the need to download new clients and re-tool exchanges and shopping-cart interfaces, why would you want to accept a currency that's even more volatile than BTC?  If someone offers to pay you in IXC, you may as well just tell them to exchange it for BTC and send that to you.

[indio007]

In the end , IXcoins will have the effect of adding 8 decimal points to bitcoin. I find that absolutely hilarious.

In regard to namecoin, does it work with dynamic ip addresses?

[symbian]

Namecoin value will skyrocket in near future with adding support or merged mining to Bitcoin, so Namecoin difficulty and blockchain will be the same as Bitcoin, so Namecoin will get exactly the same security and properties as Bitcoin plus some advantage with DNS features. I don't think ixcoin will be merged with bitcoin ever.

[Xephan]

In regard to namecoin, does it work with dynamic ip addresses?

It will, until your dynamic IP gets re-assigned.

Right now, domain resolution for .bit TLD are purely manual. Basically, namecoin is not much different from ixcoin except that NMC has the potential to be actually useful... if somebody can convince ISPs all over the world, or add automated decentralized DNS lookup into BIND. A very big if.

[Nasakioto]

My only real and valid concern that may have been addressed earlier, is whether or not ixcoin has the kill switch inside, and if so who holds the key to it?

The Ixcoin code, like the Bitcoin code, does not have a kill switch.

[simonk83]

What's the difficulty right now?

[allinvain]

What's the difficulty right now?

4096

run ixcoind -daemon
and then
run ixcoind getdifficulty

[simonk83]

Ta

[JoelKatz]

My only real and valid concern that may have been addressed earlier, is whether or not ixcoin has the kill switch inside, and if so who holds the key to it?

The Ixcoin code, like the Bitcoin code, does not have a kill switch.

The bitcoin code had a kill switch (called 'safe mode') in versions 0.3.11 to 0.3.19.
http://bitcointalk.org/?topic=898.0
http://bitcointalk.org/?topic=2228

[simonk83]

When did it change to 4096 out of interest?

[hiVe]

IMO a new blockchain called ixcoin is good for nothing, period.

[Kartoff]

So will be "merged mining" implemented to IXCoin ever ? And why it wasnt did in the beginning ? With merged mining everything will be much easier and we dont have to worry about shortage of mining power here or there like what happened to NMC now...

[caston]

I am interested in making a new blockchain currency that is the complete opposite of IXcoin.

I am thinking of calling it longcoin or rarecoin. Basically you get 0.1 rarecoins per block so you need to mine 10 blocks just to get one rarecoin.
There will still be 21 million coins in total but it will probably take 1000 years until all the coins are made.

I will announce this well in advance and have an official date so that everyone knows when this will start the genesis block and everyone can have their clients and miners ready.

[mike85123]

I think this jump to difficulty 4096 did me in... Any one know when it happened??  My mining output has hit the floor!

[borgfish]

who cares ? it should be dead

you cant simply get any merchant to accept blacoins dacoiny mycoins yourcoins, so any more than bitcoins will lower the success of bitcoins.

let it die

[caston]

I think this jump to difficulty 4096 did me in... Any one know when it happened??  My mining output has hit the floor!

Is it still profitable though (in comparison to mining BTC) that is the question?

[bcforum]

1. Mine the hell out of this to increase difficulty 1024,4096,16384,65536,262144,1048576...,
2. Leave,
3. ....,
4. Profit in LuLz.

Awesome idea, I may point a miner at it just for that reason. Need to find a sandbox because I don't want the virus to steal my btc wallet.

[tysat]

I think this jump to difficulty 4096 did me in... Any one know when it happened??  My mining output has hit the floor!

Is it still profitable though (in comparison to mining BTC) that is the question?

The math says yes.