IxCoin is a SCAM

[Nasakioto]

I don't see a problem here. Change the code and most of the users will use the new version. Problem solved.

I don't either. There are several updates in the works for the Ixcoin client so we'll address any issues such as these in the upcoming releases. In any case, thanks for raising the point.

I'm not clear why this makes it a scam though, as this would make earlier versions of Bitcoin scams too.

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[qikaifu]

I'd rather people see this here before more people jump in on this. Already people have been buying lots of them and wasting mining power on generating them.

People can do what they like - I thought that was the point of Bitcoin. This forum doesn't feel like that.  There is an aristocracy here.

As you said, People can do what they like. He just want  "people to see this here before more people jump in on this"

[Steve]

I certainly don't see much value in IxCoins right now.  To demonstrate this point, some people should start IxCoin2, XCoin, YCoin and SuckerCoin...and about a dozen more.  Right now, no merchants that I know of will accept IxCoins...no exchanges that I know of will trade IxCoins, there are no tools that let me see up to the minute values, charts, graphs or get real time trade information.  The IxCoin network is very insecure relative to where bitcoin is today.  And, to boot, the person that started IxCoin decided to generate quite a few for himself before letting anyone else participate.

The only thing of value in IxCoin is that it's an experiment in changing the inflation rate.  But maybe someone should suggest they fix the issue genjix pointed out and start over with a fresh chain to give all people that are interested in such an experiment a fair shake at generating IxCoins.  I don't think such experiments are a bad thing.

However, I do agree with genjix that IxCoin are likely a pump and dump scam rather than a legitimate experiment in fine tuning the inflation rate.  The danger that I see is that if people begin to start alternative block chains with the intention to scam people, it could have a very detrimental effect on the perception of digital currencies in general and that would be harmful to Bitcoin.  Perhaps that is the real motivation behind IxCoin.

[Nasakioto]

re: creator as early adopter from get go, I just now thought of this: nasakioto generated first 6,000 blocks and then released the blockchain publicly, which at the time of release had a difficulty of 1.  How can 6,000 blocks be generated and still offer difficulty of 1?  Perhaps that means each 2016 blocks generated must be generated at 2 weeks or longer to preserve difficulty of 1.  Thus, 6,000 blocks (or 3 sets of 2016 blocks) must be generated in 6 weeks or 1.5 months.  He ended up generating 6,000 blocks in 3.5 months.

This is because mining was not a continuous process over the 3.5 months. We intended to release Ixcoin earlier but for various reasons, it was released later. During the waiting periods, mining was stalled because our intention was not to mine millions of IXC, but enough to cover the bounties and other incentives we have planned to promote Ixcoin.

[qikaifu]

I don't see a problem here. Change the code and most of the users will use the new version. Problem solved.

I don't either. There are several updates in the works for the Ixcoin client so we'll address any issues such as these in the upcoming releases. In any case, thanks for raising the point.

I'm not clear why this makes it a scam though, as this would make earlier versions of Bitcoin scams too.

Good, try it.

and you will understand the foolishness of yourself when you're a old man, and regret the stupid, narcissism and arrogant.

[qikaifu]

Bitcoin is a work of an artist.

However, IxCoin is totally different.

IxCoin is just a work of megalomania, who are so eager to become the Rothschild of the 21 century.

[Nasakioto]

Right now, no merchants that I know of will accept IxCoins...no exchanges that I know of will trade IxCoins, there are no tools that let me see up to the minute values, charts, graphs or get real time trade information.

In the two days since Ixcoin's introduction, there's already an exchange (which compares very decently in BTC volume to other early exchanges), a pool, two blockexplorers in the works www.ixcoin.net and www.ixcoin.info. There are also several people working on charts. Note these are all independent initiatives.

[Mousepotato]

I certainly don't see much value in IxCoins right now.

You don't see much value in significant mining bandwidth being diverted from the Bitcoin network?

[fitty]

I certainly don't see much value in IxCoins right now.

You don't see much value in significant mining bandwidth being diverted from the Bitcoin network?

I have no clue what you're going on about.

He doesn't see value in it. You're arguing he should value IxCoins? He should worry IxCoins is stealing hasing power? He should worry IxCoins is a scam?

Regardless, whatever point you're trying to make is more or less retarded. Show me the significant bandwidth that has left Bitcoin for IxCoin. Secondly, if 3000 ghash left Bitcoin (25%) that's really not a big deal. The network runs just as well at 1k ghash as it does at 15k ghash. Miners work through it, difficulty adjusts, it's not a big deal.

Shit 80% of miners could start a mass exodus and the effects are minimal. It would take 1-2 weeks for that many miners to GTFO and during that time difficultly would already be adjusting. Even if they magically left at once we work through it, transactions go from 6 minutes to 30 minutes. People survive and within a few weeks things are back to normal.

I've diverted more hashing power typing this post then IxCoin has "stolen" from Bitcoin.

[kgo]

Someone let me know when IxCoins get too difficult to mine, and I'll create IIxCoins, which payout 500 IIxCoins per block!

I've talked plenty of trash on NameCoins in my day, but at least they do something more novel than trying to somehow let me get get more coins, and expecting the value to eclipse BTC.

[Tasty Champa]

it's not a scam, it's a power grab and a very interesting one.
Currently there isn't any bot enabled exchanges that use ixcoin therefore no bots vampirizing it's value yet; the root problem of bitcoin exchanges and stupid wallstreet.

[Mousepotato]

I certainly don't see much value in IxCoins right now.

You don't see much value in significant mining bandwidth being diverted from the Bitcoin network?

I have no clue what you're going on about.

Doesn't surprise me in the least.

[indio007]

Nasakioto <-- not even a Japanaese name

Holy crap are you finally answering comments about the "WHY?" of ixcoin. We have been asking from the start . WHY??

You basically changed a couple lines of code and copied everything else down to the website and nationality of the creator of bitcoin. At least your forum is different.

Originality 1
Unoriginality 1000

I have an open mind. You have yet to state a legitimate purpose. The deflationary thing is a false paradigm and I dare say a shabbily concocted rationale.....Solved by moving a decimal point in exchange value.
Creating a new block chain is doing the most work imaginable  to solve the alleged problem.


So again WHY IXcoin? Is the idea the most work for the least value?
I yet to even deny an ulterior motive. It's hard to catch people in lies when they don't speak.
I suspect you eventually be exposed.

All it takes is a simple explanation of thought process as to why you did this fork.

Satoshi revealed his motivations and goals.

[Tx2000]

Scam... not in the literal sense.  It is a pump and dump operation, though.  He obviously mined all those coins before releasing it to make profit.  He's basically feeding off the dreams of people to become "Early adopter millionaires".  But hey, forget Ixcoin for a second, look at the person behind it.  He came here posting and basically showing himself as another "japanese guy with an idea".  Someone found out his avatar is actually someone else's pic but it's conveniently someone he just likes, that's why he has it as his avatar.  Solid.  Not to mention his name was found to be an anagram of Satoshi's name.  And to boot, he has a facebook paged registered with the same name and picture.  No doubt in attempt to make himself come off as the "real" person.  Sure you could say Satoshi himself played the same game but he made sure to cover his tracks, not to put more evidence out there to say "hey, look, this is me!".

Literally just changes a few values and copies the Bitcoin webpage and replaces it with a new banner.

[Tasty Champa]

read more, talk less.

[BTC_Junkie]

I don't understand how finding 2x as many per block solves any problems.

[Steve]

Has anyone worked out how many bitcoins you could earn by mining IxCoins?  Just wondering if anyone is spending any bitcoins to buy IxCoins right now and how many bitcoins I could earn by mining IxCoins and selling them for bitcoin.  If people really are speculating on the future value of IxCoins, then perhaps a miner could actually earn more bitcoins by mining and then selling IxCoins than by mining bitcoin directly.  Of course, this might put a little damper on the IxCoin speculator knowing that this may effectively put an upper bound on the potential appreciation in value of IxCoin.

[Phinnaeus Gage]

I certainly don't see much value in IxCoins right now.  To demonstrate this point, some people should start IxCoin2, XCoin, YCoin and SuckerCoin...and about a dozen more.  Right now, no merchants that I know of will accept IxCoins...no exchanges that I know of will trade IxCoins, there are no tools that let me see up to the minute values, charts, graphs or get real time trade information.  The IxCoin network is very insecure relative to where bitcoin is today.  And, to boot, the person that started IxCoin decided to generate quite a few for himself before letting anyone else participate.

The only thing of value in IxCoin is that it's an experiment in changing the inflation rate.  But maybe someone should suggest they fix the issue genjix pointed out and start over with a fresh chain to give all people that are interested in such an experiment a fair shake at generating IxCoins.  I don't think such experiments are a bad thing.

However, I do agree with genjix that IxCoin are likely a pump and dump scam rather than a legitimate experiment in fine tuning the inflation rate.  The danger that I see is that if people begin to start alternative block chains with the intention to scam people, it could have a very detrimental effect on the perception of digital currencies in general and that would be harmful to Bitcoin.  Perhaps that is the real motivation behind IxCoin.

To demonstrate this point, some people should start IxCoin2, XCoin, YCoin and SuckerCoin...and about a dozen more.

Upon reading that sentence, I immediately thought of MurdochCoin to be used by prisoners worldwide. All that would have to be done is:

Literally just changes a few values and copies the Bitcoin webpage and replaces it with a new banner.

Use the same model outlined above to create:

• SpongeBobCoin for the Kids
• HeeHawCoin for the Rednecks
• HDCoin for the Bikers
• CarnyCoin for the Fairgoers

...to name a few.

[TraderTimm]

The only two reasons I'll care (if ever):

1) IxCoin can be traded for Bitcoin and vice-versa
2) Major hack attempt against the exchange trading them or the end-users

He's got the freedom to do as he sees fit, but true value is seen by the participants. If the above isn't true, then people don't value them much at this point.

[Digigami]

1) IxCoin can be traded for Bitcoin and vice-versa

https://ixchange.bitparking.com