IXcoin -- enough is enough!

[AngelusWebDesign]

I hope not too many people are taking this "fork" seriously.

Come on. Taking the BTC source code, changing almost nothing but the name, and trying to compete with Bitcoin (after mining 500K coins for himself, of course)?

It's not like he's actually solving any problems with this rollout. If anything, several problems with BTC (inflation, for example) are being made *worse*.

And people are falling for it?

To better illustrate what's wrong with IXcoin, try to picture what *would* be a welcome rollout. Say a developer came up with a fork, but also had a business partner who had lined up several websites/programs/an exchange/trust system/reviews system/etc. and rolled it all out at once. Then you might be tempted to think, "Hey, maybe this will be just what we need! This could take over where Bitcoin left off!"

But this fork is a total wannabe in every way. I don't know why anyone's buying into this nonsense.

Here is a post someone else wrote, which sums up the situation nicely. I will only add that "Thomas Nasakioto" is a re-arrangement of the letters in "Satoshi Nakamoto":

I mean it should be obvious from his original post.  He comes up with a japanese name and puts a japanese picture as his avatar so he can siphon off a supposed "Satoshi"-esque aura "hey, he is from japan.  must be awesome!!11!".  Then someone finds out he stole some random dude's picture.  He responds by saying "oh, I have him as an avatar because I like that guy".  Convenient.  On top of that, his name is found to be an anagram of Satoshi's full name.  Which is particularly odd because he advertises his real name as such and even went as far as to create a facebook account with the same/name picture to make himself appear as a real person. http://www.facebook.com/profile.php?id=100002513086401

And obviously the whole mining 500k coins before presenting it to the rest of the community.  All it takes is a little bit of research to find this all out.

I mean, is he claiming to be Satoshi? He better be. You just don't have two guys with the same letters in their names independently coming up with BTC and IXC.
Sorry, I don't believe in those kind of coincidences. I'm not a fool.

I mean, the British Pound and US Dollar weren't invented by two guys named George Franklin and Franklin George!

[ribuck]

I hope not too many people are taking this "fork" seriously.

I think it is you who is taking IXcoin too seriously!

[AngelusWebDesign]

I thought about that -- just starting a thread about it gets people talking about it. I know what you mean.
I certainly don't intend that!

If this is a tempest in a teapot, I apologize.

[Oldminer]

If you don't like it - just ignore it.

Wow...

[Clipse]

All these stupid threads about a new fork, wether it changed just the name or not is pointless.

Do you understand the concept of free market? If people want to use ixcoins and make profit or lose money then its up to them.

Thus far ALOT of people have been profiting from ixcoins, not just the creator.

If I start up a new fork and call it bitixcoins and people want to trade it, its up to them and I have the freedom to decide wether I want to invest even 5minutes to create such a fork.

You will be surprise what people see as value were you can have just the name ixcoin meaning potentially more to alot of people than the name bitcoin and it doesnt matter which came to be first. Only a namechange can have a bigger impact or a greatest downfall, no one can say for sure right now.

[timmey]

Come on. Taking the BTC source code, changing almost nothing but the name, and trying to compete with Bitcoin (after mining 500K coins for himself, of course)?

#2
The pre-mining of 580K Coins was just too much.

I've just bought my 2000 IXC for a very cheap 12BTC

http://img204.imageshack.us/img204/9859/eb6c.jpg

[PiGames]

I doubt anyone will take it to seriously. Maybe some miners will just because they can mine 'bigger' numbers. But like you said..it didn't change anything but the name.
I've mined namecoins (because I like the idea behind them) but haven't done so with ixcoins, I don't really see the point.

[Oldminer]

The pre-mined coins were held so bounties could be offered to promote and expand iXcoin

https://ixcoin.org/wiki/index.php?title=Category:Bounties

[timmey]

The pre-mined coins were held so bounties could be offered to promote and expand iXcoin

Even if he pays all the bounties as promised there is still a +380K overhead, the bounties sum up to ~200K.

[Brian DeLoach]

The pre-mined coins were held so bounties could be offered to promote and expand iXcoin

https://ixcoin.org/wiki/index.php?title=Category:Bounties

Which only adds up to 228,500 ixcoins. He kept 351,500 for himself! (you really think he'll even pay a quarter of those bounties?)

He's got 2,109 equivalent in bitcoin at .006 exchange rate. Bitcoins are trading at 11.5 at the moment, so he's holding about $25,000. That's not to mention that tens of thousands he mined after announcing. The only person benefiting from ixcoins is the Nasakioto, who only ripped off bitcoin and added minor changes. I've got to hand it to him, he knows how to profit big off suckers.

[MaGNeT]

IXCoin is fine.
You are just making free publicity...

The software is open-source and everyone can start a new blockchain...
If you don't like the chain, don't use it...

[payb.tc]

I will only add that "Thomas Nasakioto" is a re-arrangement of the letters in "Satoshi Nakamoto":

On top of that, his name is found to be an anagram of Satoshi's full name.

seems you didn't 'add' much

[Nefario]

He did change something, two numbers.

The number of blocks to be solved in specified time.

And the number of coins per block.

The consequences of said changes are:

A much larger block chain (storage wise), and the 21million limit will be hit much earlier than with bitcoin.

Looking at it from a free market point of view, comparing two products, bitcoin and....ixcoin.

What are the advantages of ixcoin:Get's to leverage bitcoin technology base, essentially it would be trivial for people who are already accepting bitcoin to accept ixcoin.

what are the dissadvantages: no one is really accepting ixcoin yet, massive initial inflation, steep drop when minting ends.

What are the dangers of holding ixcoin? Apart from their possible loss of value (if there is any there already) the possible (probable?) collapse of the network when minting limit is hit, or even if the network is abandoned before this event.

Sure go ahead with ixcoin, but don't say you haven't been warned.

[payb.tc]

What are the dangers of holding ixcoin? Apart from their possible loss of value (if there is any there already)

seems it reached a peak of about 0.009 btc and is now hovering between 0.004 and 0.005.

[Gabi]

Better i make gabicoin then...

[Oldminer]

Even if he pays all the bounties as promised there is still a +380K overhead, the bounties sum up to ~200K.

You will see at the bottom of the page it also says - 'Please add your bounties here' (I'm guessing this means more monies will be needed to cover these bounties?). As I understand it it has already been stated publicly that some of the remaining coins have been set aside for additional promotional purposes.

Btw, didnt Satoshi mine Bitcoins before releasing it to the public? And what were these coins used for?

[wallet.dat]

IXCoin is fine.
You are just making free publicity...

The software is open-source and everyone can start a new blockchain...
If you don't like the chain, don't use it...

This.  I don't understand why this infinitely simple concept is so hard for some people to wrap their heads around.

[shotgun]

The pre-mined coins were held so bounties could be offered to promote and expand iXcoin

https://ixcoin.org/wiki/index.php?title=Category:Bounties

Which only adds up to 228,500 ixcoins. He kept 351,500 for himself! (you really think he'll even pay a quarter of those bounties?)

He's got 2,109 equivalent in bitcoin at .006 exchange rate. Bitcoins are trading at 11.5 at the moment, so he's holding about $25,000. That's not to mention that tens of thousands he mined after announcing. The only person benefiting from ixcoins is the Nasakioto, who only ripped off bitcoin and added minor changes. I've got to hand it to him, he knows how to profit big off suckers.

People are suckers and only suckers care about IXcoin.

[Mousepotato]

People are suckers and only suckers care about IXcoin.

That's what everybody told me about Bitcoin.

[AngelusWebDesign]

When you're talking about an open-source alternative currency, forks are NOT a good thing.

If you're talking about software, electronics, etc. then competition is great. The more the merrier.

But Bitcoin is already around -- it's open source, not owned by one company. We should *want* everyone's efforts concentrated on one electronic currency. Competition is a bad thing in a case like this.

It's less like Verizon vs AT&T and more like VHS vs Beta or HD-DVD vs Blu-ray. Until one prevails, everyone's going to "wait and see". You can't have umpteen open formats competing for the same 5,000 people.