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Posted on 2/5/14 at 2:14 pm to C
quote:
Right. There have been 1 or 2 of these already, correct?
Well, there are hundreds, probably thousands of alt-coins out there, most heavily based on bitcoin. But I wouldn't call them a hard fork, per se.
A hard fork would be if, for instance, I tried to change the total amount of bitcoin from 21,000,000 to 42,000,000. I could download the bitcoin source code right now, and make a few changes and publish it and try to get people to run it. I may succeed in getting a few people to run my code, but the overwhelming majority of them would just ignore it. So what would happen is that my new network would contain all of the past bitcoin history but would be processing totally different new transactions from here on out from the original network. So we would exist in parallel.
However, if no one assigned any value to the coins on my new network then they would be worthless.
That might be clear as mud. Sorry.
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