Possible XT split is advantageous to Bitcoin price! - page 2.

Amph

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Quote from: becoin on August 16, 2015, 06:04:21 AM

Quote from: Meuh6879 on August 16, 2015, 05:50:30 AM

XT fork requiert that 75% of the new block are create with XT.

read what it's happend with the BIP66 ... Roll Eyes

If 75% of new blocks are created with XT then XT fork will take place. From that point on there will 2 separate networks and independent blockchains. 100% of Bitcoin blocks will be created with Bitcoin Core and 100% of XT blocks will be created with XT. What's the problem with BIP66?

i don't think it work in that way, the point is to not create an altcoin, so if the majority choose bitcoin xt, then so it will be, no core will exist anymore, so no double spending or other thing like that

at least this how it should be, but i've heard about 90% for consensus

RyNinDaCleM

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Legen -wait for it- dary

Quote from: becoin on August 16, 2015, 05:36:05 AM

Quote from: ajareselde on August 16, 2015, 05:26:42 AM

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

They will be ready for what? I'm not sure you understand what you're talking about?

If there is a XT fork then there will be 2 separate and indipendent networks.

I think what he means is that in order for it to work, bitpay would have to be using both core and XT. If they only use core then they won't accept coins mined from the XT network and vice versa. It will be like trying to spend LTC to a Bitcoin address. Bitcoin core will see these new coins as an alt and will not validate them. Now, if you knew who uses which wallet, you could spend the same coins (acquired before the fork) to Bitpay and also to some guy you are buying a GPU from in the bitcointalk marketplace using XT. My guess is that processors like Bitpay would immediately switch to whichever was the dominant chain

Meuh6879

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Quote from: becoin on August 16, 2015, 06:04:21 AM

What's the problem with BIP66?

miners create blocks with 0 transac. in row ... and then, they (the network, the consensus) have erase by rollback bitcoin enforced BIP66 (instead of BIP34).

AtheistAKASaneBrain

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It think whatever services that don't switch to the most voted fork will instantly reject transactions that don't come from the new fork to avoid the "magic internet cloned money" result.

becoin

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Quote from: Tzupy on August 16, 2015, 06:12:55 AM

Quote from: becoin on August 16, 2015, 05:21:26 AM

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

Spending on both networks, if possible, means many businesses will get burned and may turn away from bitcoin, so long term it would be bearish.

One time spend of same bitcoins on both networks will be possible. Unless XT developer decide to make a sidechain instead of a fork.

Every business can get burned if they don't know what currency they deal with. If they want to use both Bitcoin and XT altcoin currencies they have to run both Bitcoin and XT nodes supporting 2 separate and independent networks.

Tzupy

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Quote from: becoin on August 16, 2015, 05:21:26 AM

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

Spending on both networks, if possible, means many businesses will get burned and may turn away from bitcoin, so long term it would be bearish.

becoin

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Quote from: Meuh6879 on August 16, 2015, 05:50:30 AM

XT fork requiert that 75% of the new block are create with XT.

read what it's happend with the BIP66 ... Roll Eyes

If 75% of new blocks are created with XT then XT fork will take place. From that point on there will 2 separate networks and independent blockchains. 100% of Bitcoin blocks will be created with Bitcoin Core and 100% of XT blocks will be created with XT. What's the problem with BIP66?

Meuh6879

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XT fork requiert that 75% of the new block are create with XT.

read what it's happend with the BIP66 ... Roll Eyes

becoin

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Quote from: ajareselde on August 16, 2015, 05:26:42 AM

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

They will be ready for what? I'm not sure you understand what you're talking about?

If there is a XT fork then there will be 2 separate and indipendent networks.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

for this to be plausible, you would have to spend those bitcoins after the chains become split, and use them on services, or exchanges that are on separate forks.
There's no doubt there will be people that will try to exploit this, but the service providers are aware of this as well, so i'm positive they will be ready.

cheers

becoin

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Activity: 3431

Merit: 1233

It may sound weird but that's the way it is!

Possible XT fork will have beneficial effect on current bitcoin price. If you buy bitcoins before the split, if it ever happens, will give you the opportunity to spend same coins twice both on Bitcoin and XT networks. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true and equal alternative to bitcoin!

Topic: Possible XT split is advantageous to Bitcoin price! - page 2. (Read 2549 times)