Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
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And just because of this, anyone who understand a little bit more about bitcoin will strongly against it. So they will prevent the hyper inflation by instantly sell the weaker fork into alt-coin level value and once that coin's value has crashed, miners will immediately leave it due to the loss of mining worthless coins, it will end pretty quick
You are wrong, first of all when Bitcoin splits it does not increase the supply of Bitcoin, that remains the same, they just become two separate currencies. In the same way that the Zimbabwe dollar does not make the US dollar more inflationary, and altcoins do not make Bitcoin more inflationary.Such a fork can only really take place when there is a fundamental disagreement, I am not sure what you are even suggesting as an alternative, the tyranny of consensus? I even expect Bitcoin to split, if not over this blocksize debate then it will be over something else in the future, I see this as being of political necessity.
If you truly believe that Bitcoin would be broken when there is a split then you should probably leave now, even a minority could bring about a hard fork and a split and there is nothing any one could do to stop it. According to your own logic Bitcoin is therefore already broken.
It is also wrong that you say that people are forced without their consent, this process of hard forking is exactly what allows Bitcoin to remain voluntary and consensual even when developers make controversial changes, people can choose not to adopt these changes, or conversely introduce changes that the "reference client" refuses to merge. It is this mechanism that ensures the continued decentralization and freedom of the protocol, it protects against the tyranny of the majority and minority, it protects our right to self determination. If it was not for the ability to hard fork and split I would not even be interested in Bitcoin, since for me it is this that solves some very fundamental governance issues.
The ability to hard fork is the very mechanism that is meant to keep any development team in check. If you think that hard forks and the possibility of splitting are the equivalent to mutually assured destruction, then you basically end up with centralized technocratic control over the protocol by Core. What I am suggesting is decentralized governance of the protocol through proof of work, the ability to hard fork is critical in this conception.
One of the things that I always loved about Bitcoin is the concept of "trust" without centralized authority, and that Bitcoin is freedom. If what you are suggesting is true then Bitcoin would no longer represent these things, fortunately I do not think that you are correct and I am confident that the original vision of Satoshi will triumph.
https://bitcointalk.org/index.php?topic=532.msg6306#msg6306
It is very misleading claim that bitcoin users do not need to trust centralized authority, in fact every one uses bitcoin is trusting this centralized protocol originally designed by Satoshi: Every miners, nodes, exchanges, merchants, users, no exception
You can use what ever alt-coin you like, but those coins do not have any meaningful value, because they are inflation in cryptocurrency world. In order to have limited total money supply, you can not have more than one coin, otherwise there will just be endless inflation in the name of fork freedom, what is the purpose for anyone participating in such endless money printing game?
And the analogy of Zimbabwe dollar vs US dollar is wrong, since they are two different economy. Now we are talking about increase the money supply in existing ecosystem, equal to double the amount of USD in US. It is not another alt-coin, because all the pre-fork coins can be spent on both chains, thus a double of the existing coin supply overnight, but you can not double the economy overnight, so the result is a total crash of the whole monetary system or one of the fork die immediately
Regarding the governance of the protocol, I think it is not very difficult to reach a consensus if it is a simple fact and everyone understand it. However if you go the radical or complex route, then your fork will just become orphaned
You can look at Litecoin, having a different hash mechanism and higher block rate, theoretical higher transaction capacity, why it is still minimum in market capital? Because it is inflation in cryptocurrency world