Ninjastic
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Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
Peter R
on 23/10/2015, 13:53:00 UTC
Quote from: VeritasSapere on October 23, 2015, 01:03:28 PM
Quote from: muyuu on October 23, 2015, 12:59:58 PM
Quote from: VeritasSapere on October 23, 2015, 12:56:22 PM
Saying that XT is an altcoin is factually incorrect, this is also a false narrative. Bitcoin XT is compatible with the Bitcoin blockchain. The fork will only be triggered once a majority of mining power supports it, which means that post fork Bitcoin XT will also be compatible with the largest surviving Bitcoin blockchain. There is a fundamental difference between a blockchain fork and an altcoin. It would be wrong to equate these two separate phenomena.

That entirely depends on what the actual definition of altcoin is, this is an evolving space and definitions are being settled.

If Feathercoin is an altcoin then so would be XT.
If we define an altcoin as being a blockchain that is incompatible with the main Bitcoin blockchain then according to this definition Bitcoin XT is not a altcoin.

The definition of an "alt coin" that I like is the one based off Satoshi's description on page 3 of the Bitcoin white paper:



I summarize this as: "Bitcoin is the longest chain composed (exclusively) of valid transactions."  

With that definition, a coin is "not Bitcoin" if:

(a) it's based on a blockchain that doesn't begin from the Satoshi genesis block,

(b) the blockchain does begin from the Satoshi genesis block but is not the longest chain composed of valid transactions.