[ANNOUNCE] Ixcoin - a new Bitcoin fork

[Oldminer]

Holy crap, the price has crippled! I'm buying in! The more people that buy in the higher the price will rise

The price is scaled against the current price of Bitcoin (which is up atm)

[zebedee]

Edit:  Also seems to be laziness on the part of the original developers of ixcoin that they didn't keep that consistent.

When you're in a rush to start a worthless copy and scam people out of their money, it's hardly surprising you don't take the time to really understand what TF is going on.  The main thing is to get it out there as quickly as possible and get an army of monkeys working hard to make you rich.  Figure the rest out as you go along.

Too bad for those "early adopters" duped by this.  No matter what happens the "contract" is going to be changed under their feet from what they thought (again, their own laziness) they were promised.

[Trini8ed]

Edit:  Also seems to be laziness on the part of the original developers of ixcoin that they didn't keep that consistent.

When you're in a rush to start a worthless copy and scam people out of their money, it's hardly surprising you don't take the time to really understand what TF is going on.  The main thing is to get it out there as quickly as possible and get an army of monkeys working hard to make you rich.  Figure the rest out as you go along.

Too bad for those "early adopters" duped by this.  No matter what happens the "contract" is going to be changed under their feet from what they thought (again, their own laziness) they were promised.

Not real sure how being an earlier adopter of Ixcoin is being duped.

Mined and sold IXC for over 450BTC in the past week since it launched.

You're only duped if you actually believe in the long term of it.

 I am in it for pure profit.
I don't believe in Bitcoin, Namecoin, Ixcoin or the next one that will launch soon.

None of it has a snowball's chance in Phoenix LOL

You lucky son of a bitch XD

[phelix]

some more stats are available at http://bitcoinx.com/ixcoin

edit: corrected; thanks payb.tc

[bansal]

Edit:  Also seems to be laziness on the part of the original developers of ixcoin that they didn't keep that consistent.

When you're in a rush to start a worthless copy and scam people out of their money, it's hardly surprising you don't take the time to really understand what TF is going on.  The main thing is to get it out there as quickly as possible and get an army of monkeys working hard to make you rich.  Figure the rest out as you go along.

Too bad for those "early adopters" duped by this.  No matter what happens the "contract" is going to be changed under their feet from what they thought (again, their own laziness) they were promised.

It also exposes a poor coding practice by the original developers.  They hardcoded both 50 & 21000000 in the code, and I guess that's why I assumed that the 21mill that MAX_MONEY was set to was being used to limit the money supply.  What should've been done is to also make 50 a constant, and then at startup calculate the total number of coins that can be created based on that constant.  That way ixcoin could've just changed the constant from 50 to 96 and it all would've magically worked for him, no extra brainpower required lol...

[payb.tc]

some more stats are available at http://bitcoinx.com/ixcoins

http://bitcoinx.com/ixcoin

[Xephan]

It also exposes a poor coding practice by the original developers.  They hardcoded both 50 & 21000000 in the code, and I guess that's why I assumed that the 21mill that MAX_MONEY was set to was being used to limit the money supply.  What should've been done is to also make 50 a constant, and then at startup calculate the total number of coins that can be created based on that constant.  That way ixcoin could've just changed the constant from 50 to 96 and it all would've magically worked for him, no extra brainpower required lol...

MAX_MONEY is perhaps poorly named. What I see from a quick glance at the source (yes I finally decided to just download it), it is only referenced for a basic sanity check on the transaction output amount. Perhaps more a better name would be MAX_TRANSACTION_AMOUNT

In any case, whether it's Bitcoin or Ixcoin, a 21M coin limit per transaction is ridiculously high

Again, there is NO hard limit on the number of coins that can be generated in Bitcoin.

[enmaku]

It also exposes a poor coding practice by the original developers.  They hardcoded both 50 & 21000000 in the code, and I guess that's why I assumed that the 21mill that MAX_MONEY was set to was being used to limit the money supply.  What should've been done is to also make 50 a constant, and then at startup calculate the total number of coins that can be created based on that constant.  That way ixcoin could've just changed the constant from 50 to 96 and it all would've magically worked for him, no extra brainpower required lol...

MAX_MONEY is perhaps poorly named. What I see from a quick glance at the source (yes I finally decided to just download it), it is only referenced for a basic sanity check on the transaction output amount. Perhaps more a better name would be MAX_TRANSACTION_AMOUNT

In any case, whether it's Bitcoin or Ixcoin, a 21M coin limit per transaction is ridiculously high

Again, there is NO hard limit on the number of coins that can be generated in Bitcoin.

Yeah, my understanding is that the 21M total coins is not derived from a set variable, but is mathematically derived from the coin reward and reward halving frequency. The "final coin" is in the last block before the mining subsidy rounds itself down to zero.

[bansal]

It also exposes a poor coding practice by the original developers.  They hardcoded both 50 & 21000000 in the code, and I guess that's why I assumed that the 21mill that MAX_MONEY was set to was being used to limit the money supply.  What should've been done is to also make 50 a constant, and then at startup calculate the total number of coins that can be created based on that constant.  That way ixcoin could've just changed the constant from 50 to 96 and it all would've magically worked for him, no extra brainpower required lol...

MAX_MONEY is perhaps poorly named. What I see from a quick glance at the source (yes I finally decided to just download it), it is only referenced for a basic sanity check on the transaction output amount. Perhaps more a better name would be MAX_TRANSACTION_AMOUNT

In any case, whether it's Bitcoin or Ixcoin, a 21M coin limit per transaction is ridiculously high

Again, there is NO hard limit on the number of coins that can be generated in Bitcoin.

It will eventually hit zero.  You are right shifting the number 5000000000 one extra time every 210,000 blocks, eventually you will right shift out to zero.

[wallet.dat]

I've added the currency to the list I'm maintaining but I won't touch this currency because I don't like it at all.
On the other hand, I own namecoins and I'm waiting for the rise in difficulty that merged mining will cause.

I think it would be great to see ixcoin fail for not adding any advantage (in fact, adding a disadvantage) over bitcoin. This way some concerns about forks "stealing" value from bitcoin may disappear.

Wait, you don't like Ixcoin, but you own Namecoins? *boggle*  If you think Ixcoin is bad, just look at what's coming up on the horizon in the way of a bunch of *coin clones.  Devcoin and I0coin are up next with many more to follow.  It's just one big cash grab after another.

[Xephan]

It will eventually hit zero.  You are right shifting the number 5000000000 one extra time every 210,000 blocks, eventually you will right shift out to zero.

Yes of course, but there's no inherent hard coded limit that must be edited. i.e. if you start with 150 coins per block, you are not going to get stuck at 21M simply because there's some magic number hard coded in. The algorithm will just run along until the maths produce a zero, so a sufficiently higher initial bounty will always end up with more coins in the system unless the algorithm is changed.

[jtimon]

I've added the currency to the list I'm maintaining but I won't touch this currency because I don't like it at all.
On the other hand, I own namecoins and I'm waiting for the rise in difficulty that merged mining will cause.

I think it would be great to see ixcoin fail for not adding any advantage (in fact, adding a disadvantage) over bitcoin. This way some concerns about forks "stealing" value from bitcoin may disappear.

Wait, you don't like Ixcoin, but you own Namecoins? *boggle*  If you think Ixcoin is bad, just look at what's coming up on the horizon in the way of a bunch of *coin clones.  Devcoin and I0coin are up next with many more to follow.  It's just one big cash grab after another.

This is what I think about namecoin and ixcoin:

-NameCoin (like bitcoin, but allows to instantly pay for domains registered in the same chain) [Already working] They've implemented merged mining and it will start working soon.

-SteadyCoin (The curve for coins creation is changed to reduce the reward for early adopters) It is proposed somewhere in the BCP thread.

-IXcoin The opposite of steadyCoin, announced after 580k have been mined. [Already working] It seems the description of the currency is wrong in their web. The curve is the same but more ixcoins are going to be generated (40.32 M ??) and there is a transaction limit of 21M. So it's just an implementation of otherCoin.

-OtherCoin (EuroBitcoin, AmeroBitcoin, AfroBitcoin...AgBitcoin, Bitgold...; just another chain with no different properties than bitcoin, maybe a different total target money supply) This proposal is all around the forum, but I think it doesn't make much sense.

I'm not a Devcoin enthusiast but at least is different from bitcoin. I'll have to include it in my list though.
I don't really know if something makes IOcoin different. I'll ask.

[smoothie]

Ixcoin sure looks like it is dying today. I could be wrong but the price is tanking and is less profitable now to mine Ixcoins than bitcoins.

I'm going to keep watching because I am curious what Thomas believes will happen with this network once the profiting dries up.

[tysat]

Ixcoin sure looks like it is dying today. I could be wrong but the price is tanking and is less profitable now to mine Ixcoins than bitcoins.

I'm going to keep watching because I am curious what Thomas believes will happen with this network once the profiting dries up.

It'll be just like namecoin, where people hop on when it's profitable to mine but don't do it otherwise.  Though I think the price of ixcoin will be extremely volatile (compared to namecoin).

[jtimon]

I can understand that some of you mine these ixcoin to sell them, but who is buying?

[smoothie]

I think Thomas is unloading some of his Ixcoins for BTC. I am hard pressed to believe he would hang on to them for very long.

[wallet.dat]

I think Thomas is unloading some of his Ixcoins for BTC. I am hard pressed to believe he would hang on to them for very long.

If he is, he isn't using ixchange.bitparking.com to do it.  Most of the trades I'm seeing on there are under 100 Ixcoins and they're not exactly flying across my screen.

[wallet.dat]

Well, whatever the intended purpose of Ixcoin was, it's going to serve as an invaluable tool in the future as it lends another layer of obfuscation with the ability to quickly and easily exchange between BTC, NMC, and IXC... and soon a few other *Cs as well.  If you missed the early adopter boat for IXC, no big deal.  There will be others.

[smoothie]

I think Thomas is unloading some of his Ixcoins for BTC. I am hard pressed to believe he would hang on to them for very long.

Those were dumped in the first day when there was 400000+ of volume on the exchange never seen over 200000+ after that...

If you watched the market that day the market only went up. So if he was dumping coins on the market two would the price go up? It would go down because of oversupply. I'm sure Thomas is smart enough to know not to make huge trades on the exchange. But I am sure he is cashing out over time. 580k coins come on that's alot of money made in less than a week worth of official public mining.

[kano]

Ixcoin sure looks like it is dying today. I could be wrong but the price is tanking and is less profitable now to mine Ixcoins than bitcoins.

I'm going to keep watching because I am curious what Thomas believes will happen with this network once the profiting dries up.

It'll be just like namecoin, where people hop on when it's profitable to mine but don't do it otherwise.  Though I think the price of ixcoin will be extremely volatile (compared to namecoin).

Well, since the point of this one was to make a certain aliased person profit, it wont be the same as namecoin.
One point of namecoin is to get domain names using a different DNS TLD to the standard.
You can still do that with namecoin.

At some point IX will no longer be worth trading and then what use is there left for IX?
The only use was to trade them for BTC ...
So the net result will be lots of people will lose a small amount of BTC that they traded for IX (that will become worthless and eventually untradable) and the early smart ones will have (already) traded most of their mined IX (be it 580K or otherwise) and made a lot of BTC.

As for selling them off - as I have already stated before, of course he wont just dump them, that would destroy the value of what he has and hardly sell any.
He probably has been trickle converting them to BTC since it reached some worthwhile value.

Well, it's lasted 4 days so far ... who knows how long until people realise the problem of giving BTC in exchange for IX and trading dives to zero ...