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Author Topic: Why no BTC-Fork Altcoin?  (Read 540 times)
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April 28, 2014, 07:27:31 AM
 #1

With dozens of more or less worthless altcoins released every month, I wonder why none (?) of them are forks of bitcoin.

With a fork I imagine a new protocol that starts with the current bitcoin blockchain but has a new set of rules for adding blocks to it. Anyone who owns BTC today will automatically own just as many of the new coin as well. Pre-mining is therefore not an issue, and those who own Bitcoin would find their ownership in the new coin interesting even if it only has a remote value.

The new protocol would be an improved bitcoin. It could be called Bitcoin 2.0. Confirmation could be much faster, mining could use a CPU-friendly algorithm, proof of stake could reduce power consumption, etc.
ThePurplePlanet
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April 28, 2014, 08:24:16 AM
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Altcoins initial goal is to enrich the founders by attracting newbies. If the founders start from bitcoin they cannot make money.
chandan123
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April 28, 2014, 09:00:54 AM
 #3

u mean whole existing bitcoins address and the keys to be in network  ?

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April 28, 2014, 09:32:03 AM
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u mean whole existing bitcoins address and the keys to be in network  ?

Yes, I guess.
I'm no expert and I don't know if it is possible.
The idea is just that it would have the same blockchain until block X and from then on become a parallel blockchain. All addresses and keys would be identical, but after block X I assume it would only make sense to give each fork its own life (payment in one is not a payment in the other).

If you own 10 BTC before block X you will after have both 10 BTC and 10 BTC-2.0.

I believe such an altcoin would quickly die unless it offers some very good advantages. On the other hand, if one day there really is a need for a better protocol (e.g. turns out bitcoin addresses can be hacked), then maybe something like this will be the solution.
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April 28, 2014, 12:26:14 PM
 #5

Thanks for doubling my money.

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