• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin XT Launched amid Ugly Debates. newsbtc latest bitcoin news.
Sensei Inu Logo

Bitcoin XT Launched amid Ugly Debates

Yashu Gola by Yashu Gola
8 years ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin core developers Gavin Andresen and Mike Hearn have forked the Bitcoin code in an attempt to support more transactions per hour.

Titled Bitcoin XT, the new client has split itself from all the previous Bitcoin Core versions, for it has increased the digital currency’s current block size limit, and has further introduced new patches to resolve issues related to double spending, DDOS attacks, and network robustness.

Despite its well-intentioned innovation, the forked version hasn’t been received well by the Bitcoin community. There are debates going on various social media forums — especially Reddit — that — in one or another — oppose the idea of forking the Bitcoin code. Both Andresen and Hearn are facing a lot of heat from the people to force a solution that was originally rejected by a consensus. In true sense, they are more worried about the centralization of Bitcoin development which, as one of the critics quote, is “against the ethics of Satoshi Nakamoto”.

The community is finding it hard to trust Andresen, for the foundation he represents is known to have eaten a lot of development funds for nothing. The others, meanwhile, are trolling Hearn for supporting the fork to feed his own private project.

In a recent blogpost, Mike Hearn rubbished such theories, saying that Bitcoin XT had reached a deadlock state due to a flawed governance model, that allows trollers — especially the ones with a non-technical background — to reject almost everything that is proposed to improve blockchain.

“They see a golden, one-time opportunity to forcibly divert Bitcoin from its intended path and onto a wildly different technical trajectory,” Hearn stated. “They don’t know exactly what the alternative design will be, and certainly haven’t built it  —  but that doesn’t matter.”

He continued: “They think that by blocking the blockchain’s growth they can “incentivise” (i.e. force) the Bitcoin community to switch to something different, something more in line with their personal technical tastes.”

Hearn further says that the situation to increase the block size limit will arrive anyways.

“As Bitcoin spreads via word of mouth, we will reach the limit of the current system some time next year, or by 2017 at the absolute latest,” he writes. “So it is now time to raise the limit, or remove it entirely.”

The 75% Theory

To ensure that Bitcoin XT client actually gets to the point of functionality, it would require miners, exchanges, businesses and people to join its network. Specifically, the forked version would need the consensus of at least 75% miners to mine on the new network. Once this consensus is reached, the new network will become incompatible with Bitcoin Core. It simply means that the transactions we do on the present blockchain wouldn’t be confirmed by the Bitcoin XT client.

The Censorship Trouble, Meanwhile

The promotion and the debate over Bitcoin XT was, meanwhile, stalled by the Reddit’s Bitcoin forum moderators. Many threads, that were published to discuss the forked client, were pulled down without notice. Among these posts, some were directly targeting the moderators for promoting censorship, and murdering free speech.

In their response, the moderators explained how they noticed Bitcoin XT to be nothing but an alternative of Bitcoin Core, and therefore no longer to be treated as Bitcoin, but an altcoin. The current policy restricts /r/Bitcoin members from any other cryptocurrency, and hence the deletion. An excerpt:

“/r/Bitcoin exists to serve Bitcoin. XT will, if/when its hardfork is activated, diverge from Bitcoin and create a separate network/currency. Therefore, it and services that support it should not be allowed on /r/Bitcoin. In the extremely unlikely event that the vast majority of the Bitcoin economy switches to XT and there is a strong perception that XT is the true Bitcoin, then the situation will flip and we should allow only submissions related to XT.”

Tags: bitcoinbitcoin blockchainBitcoin CoreBitcoin forkbitcoin miningbitcoin qtblock size limitblockchain size limitBlockchain Technologygavin andresenMike HearnNews
Tweet123Share196ShareSend
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin monthly close September

Bitcoin Price Trend At Stake: How September’s Close Could Change Everything

18 hours ago
Bitcoin

BULLISH: Bloomberg Analyst Points Out Two Key Bitcoin Metrics Demonstrating Historic Strength

2 days ago
Spot Bitcoin ETF

Market Analysts Outline When The First Spot Bitcoin ETF Will Be Approved

2 days ago
Bitcoin price predictions 2024

Bitcoin Price Predictions For 2024: Insights From Major Banks To Hedge Funds

2 days ago
Bitcoin price

Crypto Analyst Says Prepare For 100% Increase In Bitcoin Price As Historical Pattern Forms

3 days ago
Bitcoin price

Will Bitcoin Drop To $20,000? EURUSD Correlation Indicates It Might

3 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Can Ethereum (ETH) and Bitcoin (LTC) bounce from current...

    14 hours ago
  • Solana Defies Price Fears, Bitcoin Spark Leads ICO...

    19 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    20 hours ago
  • Expert Reviews Of IBKR vs eToro And The Promising Broker...

    1 day ago
  • Meta Force by Lado Okhotnikov Launches SWAP: Secure and...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.