Topic: IxCoin is a SCAM - page 4. (Read 18499 times)

No, it wouldn't. You see, Bitcoin weens the mining reward away, allowing it to be slowly replaced with transaction fees. IXCoin does no such thing. One day you are making 96 coins + fees, the next day you only make the fees.

The only thing this experiment tells us is what the initial difficulty should be for a new, competing blockchain.

Note that the thread to which I decided to reply was the thread titled "IxCoin is a SCAM."  I'm not exactly trolling the actual IxCoin threads. 

From what I understand, he is just saying that he won't support it. I won't support it either because I don't believe in ixcoins. It's nothing personal. It's just that not everything is about profit for me. I was like the 4th person to comment the thread so I could have been a really early adopter, but I chose not to. I don't like it.

I really like the idea behind bitcoins and I want it to succeed. With ixcoins...Well, I just see profit profit profit. Nothing new.

I did the same thing. I mined a couple thousand at difficulty 4 and just felt dirty. Short term profit might be a long term loss.

Please, then take your words and stay away from it and threads that even have the word "IXCOIN" in it.

DoubleC did you read that above? He doesn't think your exchange is legitimate.

I'm not expecting a personal boycott to have any significant effect.  My participation in the economy is quite a small drop in the bucket.  The whole thing leaves a bad taste in my mouth, thus I choose to distance myself from it.  I'm not calling for anyone else to boycott anything.  I just wanted to express my opinion as everyone else has already done.

It's not any different than the brief periods of time where namecoin is more profitable than bitcoin, really. Check out http://tvori.info/bitcoin/charts/ if you're not familiar with this phenomenon. Specifically go to the "all time chart" at the bottom and watch the relationship between the green line (BTC profit) and the blue line (NMC profit). If we had several more popular and well-known forks we might see network hopping as widespread as pool hopping is today. As long as you can determine (in real time) the BTC value of NMC/IXC/whatever and the difficulty of each network, it's trivial to determine where your GPU will make the most cash.

For the record, I do expect the profit differential to be arbitraged away quite quickly, but we probably won't see a stable exchange rate until we see a stable difficulty. Every increase thus far has been a factor of four (currently at 4096) and block times have been well under a minute. With the exception of the brief times when NMC mining is more profitable, NMC seems to have a stable value of 0.03 BTC or so, meaning that it's usually worth about 68% of what you'd get for the same time/equipment mining BTC. We're still in the "initial climb" phase of difficulty with IXC, but I'd expect a similar result once the initial climb is over.

Only time will tell of course.

As for the "value" IXC adds? I'm not so sure that too many exist, certainly less value than namecoin - but one look at the trade volume on bitparking's NMC exchange compared with the actual number of .bit registrations should tell you it's as much a speculative commodity as bitcoin. Speculators in NMC are betting that its potential as a DNS replacement will make it more valuable in the future, and with IXC the bet is that hitting a deflationary curve earlier than BTC will increase its relative value as it will be deflating while BTC is still inflating.

If nothing else, trading BTC for IXC or NMC and then trading them back goes a long way toward anonymizing non-generated BTC since the IXC and NMC exchanges don't deal in regular fiat and therefore don't care so much about who their customers are.

Problem with IxCoin is it replicates bitcoin.org waaaayyy too closely. That doesn't sit well.


Tho....that said.....free market! If they can make their model take off, then good luck to them. I doubt they will tho, unless they start innovating in ways that bitcoin doesn't cover.

My point is that if an established Bitcoin exchange were to decide to offer Ixcoin exchanges as well, I would boycott that business altogether.  The same goes for merchants.  As someone else said, this is a blatant attempt at a power grab, nothing more; and I for one shall not support any business that would choose to associate with it.

I "create" a new bitcoin fork, I said that I have already 500.000 ixcoins, tell anybody the advantages to make them fall in the trap, I sell enough ixcoins and run!

check this exchange out...

https://ixchange.bitparking.com/main

I've mined them for like a day so I wasn't speaking for myself. I was speaking for those skeptics and late adopters.

 

If they did, I would boycott their services as a matter of principal.

Nice...if that is true, then it should get arbitraged away *very* quickly.  I think if I had any IxCoins I'd want to sell before that happens.  It's not too often that you can more than double your mining yield like this (but again, it's probably a good idea to act quickly).

+1 and a scam for avaricious.

So basically, at current Ixcoin difficulty, in the time it takes me to mine 1 Bitcoin, I could mine about 1000 Ixcoins and sell them for about 2.4 Bitcoins.

https://ixchange.bitparking.com