BitcoinXT, Fork, Miners... This is how they look like from here

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: johnyj on August 19, 2015, 07:40:14 AM

Quote from: mindrust on August 19, 2015, 05:11:51 AM

Am I close?

I read a bit about the xt thing, tried to understand it, but this is how they all look like to me now. Heh.

Mostly correct but the XT should be already happening before the fork, and after the fork the core chain would be relatively thin due to less hash power staying on it

Of course this is only one scenario that when XT really gain 75% of hash power, otherwise the fork won't happen

Yeah i was also thinking about that, but then i forgot to picturize it. When the %75 of miners mine XT chain, original bitcoin becomes Bitcoin XT right? After this happened original chain will mean nothing i guess.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: pedrog on August 19, 2015, 07:46:10 AM

What was your rationale to elaborate that cartoon?

Do you think mining would be more profitable with XT?

Well, nope. It wasn't about profit. Tbh i don't even know what the hell XT is. But obviously there is a XT Hype all over the forums.

So those happy XT miners symbolize that hype.

ticoti

hero member

Activity: 854

Merit: 1000

I don't really understand your point of view

Actually I think XT is not profitable cause is not accepted

pedrog

legendary

Activity: 2786

Merit: 1031

What was your rationale to elaborate that cartoon?

Do you think mining would be more profitable with XT?

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Quote from: mindrust on August 19, 2015, 05:11:51 AM

Am I close?

I read a bit about the xt thing, tried to understand it, but this is how they all look like to me now. Heh.

Mostly correct but the XT should be already happening before the fork, and after the fork the core chain would be relatively thin due to less hash power staying on it

Of course this is only one scenario that when XT really gain 75% of hash power, otherwise the fork won't happen

tadakaluri

hero member

Activity: 616

Merit: 500

The Bitcoin XT software has been programmed so that no change will happen before Jan. 11. If, by that stage, 75 per cent of the “miners” – computers that validate bitcoin transactions – have signed up, the software will automatically switch to Bitcoin XT. If 75 per cent is not reached, it will not.

desired_username

hero member

Activity: 886

Merit: 1013

It's completely inaccurate.

XT and core is identical at this stage.

The difference is that XT implemented BIP101.

Quoting my recent comment on this topic:

Quote

At least 75% of the mined blocks have to be on XT nodes after January.2016 for 2 weeks for the blocksize increase to take place. If super majority does not form around XT then everything stays the same.

You cannot use the number of nodes as metric, as it can be easily spoofed.

On the other hand, the existence of miners depend on the userbase, so they are restricted to follow the user's needs.

Anyone can make their own decision.

Personally, when I got into bitcoin I subscribed to independence, transparency and freedom. Not tyranny, censorship and serving a company (Blockstream).

unamis76

legendary

Activity: 1512

Merit: 1012

I don't think you're close... Miners will eventually converge to the same chain

mindrust

legendary

Activity: 3276

Merit: 2442

Am I close?

I read a bit about the xt thing, tried to understand it, but this is how they all look like to me now. Heh.

Topic: BitcoinXT, Fork, Miners... This is how they look like from here (Read 755 times)