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Topic: Big question about Bitcoin XT. - page 2. (Read 2082 times)

legendary
Activity: 3472
Merit: 4801
June 14, 2015, 07:51:46 AM
#14
So the chain that is controlled by 51% of total nodes will win?

That depends on what you mean by "controlled by" and what the creators of Bitcoin XT decide to do.

In other words, if 51% nodes decide to move to XT wallet, the other 49% will also be forced to move to XT?

No.

the fork will in this case happen if and when 90% of the nodes are XT

No.

It is not possible to accurately count how many "nodes" there are.  None of this is based on any percentage of nodes.

Right now the creators of Bitcoin XT are stating that they will wait for 90% of the economic power to switch to Bitcoin XT compatible wallets before their Bitcoin XT wallet will accept a larger (and therefore fork inducing) block.  It is possible that they could change their minds and modify Bitcoin XT to accept larger blocks sooner, but I feel that is very unlikey.

I believe when they say "90% of the economic power" they are generally talking about 90% of the hash power (and therefore 90% of the blocks in the blockchain), although I think they have talked about getting some of the merchants that handle the largest amount of bitcoins (such as Coinbase, BitPay, and Circle) to switch before increasing the block size as well.

If, for some reason, they decide to allow Bitcoin XT to accept larger blocks when only a little bit more than 50% of the hash power is using Bitcoin XT compatible software, then there will be two blockchains.  There would be no "winning" and nobody would be "forced" to switch if they didn't want to.  Instead, each blockchain would act like its own cryptocurrency, and you'd have to check with each merchant (or any individual) before you sent them anything to find out which bitcoin they are using.  In that situation, many merchants might choose to accept transactions on both blockchains until one chain reaches an economic superiority.

hero member
Activity: 910
Merit: 1000
June 14, 2015, 05:09:35 AM
#13
Can someone explain why we're still talking about the XT fork? Is the BIP 100 not ideal for some reason I am missing? I don't even see any threads about it on the forums: https://www.reddit.com/r/Bitcoin/comments/39kzyt/draft_bip_100_soft_fork_block_size_increase/
legendary
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
June 14, 2015, 05:05:33 AM
#12
So the chain that is controlled by 51% of total nodes will win?
In other words, if 51% nodes decide to move to XT wallet, the other 49% will also be forced to move to XT?

No, against popular opinion, the fork will in this case happen if and when 90% of the nodes are XT ones, not 51% of them. So it's wrong to say anyone will be "forced" to switch to XT.
imho this fork is a good one, and i sure hope the majority of the network switches to XT and we have a new fork.

cheers
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
June 14, 2015, 03:46:42 AM
#11
@eXpl0sive

dont worry about that stuff - make sure you dont get hacked and lose your coins that way. that is the real danger  Kiss
hero member
Activity: 574
Merit: 502
waiting to explode
June 14, 2015, 03:22:09 AM
#10
When the fork , is it totally idfferent 2 chains ? or same chain ?

If a blockchain fork ever happens, and there is no guarantee that it ever will, then there would be two chains that are EXACTLY IDENTICAL up to the forking block.  Then after the forking block, the chains would be completely different forever.  Any unspent transaction outputs that exist in blocks from before the fork would be valid on BOTH blockchains.  Unspent outputs that are created in blocks after the fork will generally only exist in that specific blockchain (although in some special instances might still exist in both blockchains).

So the chain that is controlled by 51% of total nodes will win?
In other words, if 51% nodes decide to move to XT wallet, the other 49% will also be forced to move to XT?
legendary
Activity: 3248
Merit: 1070
June 14, 2015, 02:55:34 AM
#9
So when is date for BitcoinXT will occur on the network ?
I mean the fork.

they estimate a date around march 1 2016, but they will talk about it in the future before the changes will kick in

nothing is guaranteed at the moment
sr. member
Activity: 638
Merit: 250
June 13, 2015, 11:26:31 PM
#8
So when is date for BitcoinXT will occur on the network ?
I mean the fork.
legendary
Activity: 1316
Merit: 1004
June 13, 2015, 10:32:43 PM
#7
No need yet! Bitcoin XT doesn't change anything about block size limits at the moment. It is more experimental than Bitcoin Core, and focuses on supporting the needs of app developers and merchants. As an individual we could wait later announcement. Besides that, Bitcoin XT is not recommended to download yet officially at the bitcointalk.org yet.
legendary
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
June 13, 2015, 10:20:16 PM
#6
Do we need to upgrade to bitcoin XT right now ?

U dont need to, until proven otherwise; since the fork will happen (if it does at all) when 90% of the network is on XT chain.
On the other side, you can go on XT right now, it wouldnt made any difference, and if the fork happens, you wouldn't have to switch clients again.
imho,  its a "nothing to loose, nothing to gain" situation, since i doubt the fork will happen anyways.

cheers
legendary
Activity: 3472
Merit: 4801
June 13, 2015, 10:10:21 PM
#5
When the fork , is it totally idfferent 2 chains ? or same chain ?

If a blockchain fork ever happens, and there is no guarantee that it ever will, then there would be two chains that are EXACTLY IDENTICAL up to the forking block.  Then after the forking block, the chains would be completely different forever.  Any unspent transaction outputs that exist in blocks from before the fork would be valid on BOTH blockchains.  Unspent outputs that are created in blocks after the fork will generally only exist in that specific blockchain (although in some special instances might still exist in both blockchains).
sr. member
Activity: 638
Merit: 250
June 13, 2015, 10:06:15 PM
#4
When the fork , is it totally idfferent 2 chains ? or same chain ?
legendary
Activity: 3472
Merit: 4801
June 13, 2015, 09:04:45 PM
#3
Do we need to upgrade to bitcoin XT right now ?

You don't ever NEED to switch to Bitcoin XT unless or until you want to.
legendary
Activity: 1512
Merit: 1012
June 13, 2015, 05:59:42 PM
#2
No, why should we need to? Smiley
sr. member
Activity: 638
Merit: 250
June 13, 2015, 05:52:52 PM
#1
Do we need to upgrade to bitcoin XT right now ?
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