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RoadTrain

legendary

Activity: 1386

Merit: 1009

Quote from: zeroday on August 18, 2015, 11:34:05 AM

This is really disturbing and may damage BTC reputation.
Also, it's not developers, but miners decide which version will prevail.

Not developers, not miners, but the economic majority.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1011

In Satoshi I Trust

Quote from: zeroday on August 18, 2015, 11:25:19 AM

9% of XT nodes doesn't really matter. Did XT mine any blocks ?

11% in 3 days.

core should increase the blocksize to 4-5MB and would win these nodes.

zeroday

donator

Activity: 784

Merit: 1000

This is really disturbing and may damage BTC reputation.
Also, it's not developers, but miners decide which version will prevail.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: zeroday on August 18, 2015, 11:25:19 AM

9% of XT nodes doesn't really matter. Did XT mine any blocks ?

No.

This is exactly what XT can only cause. Minimum benefit from the increase but a lot of harm be it with a split or negative press. This wasn't what Bitcoin needed. Unfortunately both Core and XT developers are acting like little children. They should have been able to reach a compromise. The activity around the development is similar to what happens with politics.
If they had only agreed together and implemented something all would be fine. However, I suspect this was planned way back.

zeroday

donator

Activity: 784

Merit: 1000

9% of XT nodes doesn't really matter. Did XT mine any blocks ?

meono

full member

Activity: 196

Merit: 100

Quote from: turtlehurricane on August 18, 2015, 09:36:47 AM

All these articles are from the past few hours, they are misrepresenting the situation with fear inducing titles. This is the main effect XT will have on Bitcoin, they will never get enough power to fork but they are damaging the reputation of Bitcoin far and wide. Community needs to aggressively exterminate BitcoinXT and its supporters.

http://www.psfk.com/2015/08/bitcoin-xt-bitcoin-fork-cryptocurrency-bitcoin.html

http://www.economist.com/news/business-and-finance/21661404-spat-between-developers-may-split-digital-currency-forking-hell

http://www.businessinsider.com/bitcoin-xt-launches-block-size-debate-hearn-andresen-2015-8?r=UK&IR=T

http://www.bbc.com/news/technology-33974826

http://www.coindesk.com/bitcoin-software-forked-in-bid-to-resolve-scalability-issue/

lol

how?

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

What's new? They adore this type of strife. I think it's a demonstration of how dynamic it can be. Unfortunately most of the world doesn't think that way.

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: Dissonance on August 18, 2015, 10:40:07 AM

Quote from: Amph on August 18, 2015, 10:29:11 AM

Quote from: Kazimir on August 18, 2015, 10:13:42 AM

Exactly.. Regardless whether Bitcoin XT will get enough nodes or miners to fork, or not, is not very important. And sure, Bitcoin will be able to handle this, technically.

What IS important is the very bad influence this all has on the market and trust in Bitcoin by the general audience. Lots of (unnecessary) confusion, panic, harm to Bitcoin's reputation, stalling it's acceptance and growth.

the very bad influence seems already started the price is tanking slowly but inexorably, i'm sure it has to do with the fork and XT, but if true that it will be possible to double spend your coins then in the case that the price will fall to 50% we have still the same value

Its bad for price in the short term but I expect that once this isssue is resolved bitcoin will get a bid again.

I was wondering what is going on with the bitcoin price recently. After there were no negative news about some failed project or business, or new negative law.
But this mess with XT vs Core is really bad for publicity, even tho it is not so gravely important matter overhype around this topic bring bitcoin only negative press.

Dissonance

full member

Activity: 167

Merit: 100

Quote from: danielW on August 18, 2015, 10:51:38 AM

Quote from: Dissonance on August 18, 2015, 10:42:26 AM

Quote from: danielW on August 18, 2015, 10:18:07 AM

If the community is split and both coins have some financial value, people will mine both of them. People mine Litecoin afterall, which is kind of a fork of bitcoin.

that's not how it will work miners aren't going to take a moral stand if one side starts to min the rest will follow within a day or 2. It will likely go to whatever side the exchanges are on because miners need to sell their coins.

Its not about moral stance. In the case that user base is split, exchanges and infrastructure is split, both coins can hold some financial value.

If both coins hold financial value there is profit to be made by mining both coins.

Of course the value of a united bitcoin would be more then the sum of it split parts.

There is no value in mining two different protocols. One will always have an advantage and that is the side that people will flock to. If bitcoin really does split it 2 it will make bitcoin near worthless and it won't matter what side your on because nobody will buy into a payment system that could split apart like that. It will be a true failure of the protocol and bitcoin will likely be abadoned for an alt coin.

It wouldn't happen anyway because one side will become more valuable and more widely used. The miners aren't going to want to get caught on the wrong side. Again A fork will get resolved quickly because nobody wants to be sitting on coins they can't sell. Greed will resolve this conflict faster then you realize.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1011

In Satoshi I Trust

panic? normal swing, welcome in bitcoin-land.

tadakaluri

hero member

Activity: 616

Merit: 500

The controversial Bitcoin hard fork — as reported by QNTRA — has been unable to mine even a single block since its launch on Saturday, indicating a low adoption rate from the miners. A possible reason for this ignorance could be the negative public opinions on the new client, considering it is launched without forming a proper consensus — a factor that goes well against the ethos of the Bitcoin community.

There is no guarantee: whether or not a majority of miners would move to the new forked Bitcoin client. But the confidence the digital currency’s stability is definitely suffering as of this moment. We can duly note this in the bearish price action in the Bitcoin markets.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: Dissonance on August 18, 2015, 10:08:25 AM

Complete lack of understanding on how bitcoin works. Any splits will be resolved quickly due to the incentive of miners to agree. Bitcoin is designed to do this.

Yes, but that doesn't matter to the media. They are here to write what they are paid for, and trust me, they will be payed more to write against than for Bitcoin.

So they are blowing the things out of proportion, as they know the best. Of course this will spread the fear and confidence will become shaky. Price will go down, accordingly.

This is what you get when you can't reach consensus for months.

danielW

sr. member

Activity: 277

Merit: 253

Quote from: Dissonance on August 18, 2015, 10:42:26 AM

Quote from: danielW on August 18, 2015, 10:18:07 AM

If the community is split and both coins have some financial value, people will mine both of them. People mine Litecoin afterall, which is kind of a fork of bitcoin.

that's not how it will work miners aren't going to take a moral stand if one side starts to min the rest will follow within a day or 2. It will likely go to whatever side the exchanges are on because miners need to sell their coins.

Its not about moral stance. In the case that user base is split, exchanges and infrastructure is split, both coins can hold some financial value.

If both coins hold financial value there is profit to be made by mining both coins.

Of course the value of a united bitcoin would be more then the sum of it split parts.

RoadTrain

legendary

Activity: 1386

Merit: 1009

Quote from: Kazimir on August 18, 2015, 10:13:42 AM

What IS important is the very bad influence this all has on the market and trust in Bitcoin by the general audience. Lots of (unnecessary) confusion, panic, harm to Bitcoin's reputation, stalling it's acceptance and growth.

That's funny, given that the main idea of XT is to allow for increased adoption, yet still it seems to be doing quite the opposite. Cheesy

Dissonance

full member

Activity: 167

Merit: 100

Quote from: danielW on August 18, 2015, 10:18:07 AM

If the community is split and both coins have some financial value, people will mine both of them. People mine Litecoin afterall, which is kind of a fork of bitcoin.

that's not how it will work miners aren't going to take a moral stand if one side starts to min the rest will follow within a day or 2. It will likely go to whatever side the exchanges are on because miners need to sell their coins.

HeroCat

hero member

Activity: 658

Merit: 500

That is the way, how media works Wink

Of course they do not know BTC market Grin

Dissonance

full member

Activity: 167

Merit: 100

Quote from: Amph on August 18, 2015, 10:29:11 AM

Quote from: Kazimir on August 18, 2015, 10:13:42 AM

Exactly.. Regardless whether Bitcoin XT will get enough nodes or miners to fork, or not, is not very important. And sure, Bitcoin will be able to handle this, technically.

What IS important is the very bad influence this all has on the market and trust in Bitcoin by the general audience. Lots of (unnecessary) confusion, panic, harm to Bitcoin's reputation, stalling it's acceptance and growth.

the very bad influence seems already started the price is tanking slowly but inexorably, i'm sure it has to do with the fork and XT, but if true that it will be possible to double spend your coins then in the case that the price will fall to 50% we have still the same value

Its bad for price in the short term but I expect that once this isssue is resolved bitcoin will get a bid again.

Dissonance

full member

Activity: 167

Merit: 100

Quote from: danielW on August 18, 2015, 10:18:07 AM

If the community is split and both coins have some financial value, people will mine both of them. People mine Litecoin afterall, which is kind of a fork of bitcoin.

If it doesn't work that way then bitcoin has failed as a decentralized currency because it will have a single point of failure in its software development.

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: Kazimir on August 18, 2015, 10:13:42 AM

Exactly.. Regardless whether Bitcoin XT will get enough nodes or miners to fork, or not, is not very important. And sure, Bitcoin will be able to handle this, technically.

What IS important is the very bad influence this all has on the market and trust in Bitcoin by the general audience. Lots of (unnecessary) confusion, panic, harm to Bitcoin's reputation, stalling it's acceptance and growth.

the very bad influence seems already started the price is tanking slowly but inexorably, i'm sure it has to do with the fork and XT, but if true that it will be possible to double spend your coins then in the case that the price will fall to 50% we have still the same value

danielW

sr. member

Activity: 277

Merit: 253

If the community is split and both coins have some financial value, people will mine both of them. People mine Litecoin afterall, which is kind of a fork of bitcoin.

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