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Author Topic: Don't forget about SegWit!  (Read 172 times)
hatshepsut93
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December 01, 2017, 10:39:55 AM
 #1

After browsing different social media I've noticed that Bcash shills and anti-bitcoiners in general use the same old argument: "Bitcoin is the worst coin because it can handle only 3 transactions per second due to 1 MB blocks, Bitcoin Cash and Ethereum are superior because they have bigger blocks". But with activation of SegWit, which happened more than 3 months ago, it is no longer true - the block size can be as big as 4 MB already, although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit. When translated to transactions per second, the theoretical maximum has increased by the factor of ~2.4
You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first, but SegWit is a great example that developers work on improving Bitcoin, and unlike altcoins that just mindlessly increase their blocksize while ignoring the potential issues for decentralization, SegWit increased efficiency of Bitcoin's blockchain and made possible the Lightning Network which may completely solve the scaling problem.

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stripykitteh
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December 01, 2017, 10:51:57 AM
 #2

After browsing different social media I've noticed that Bcash shills and anti-bitcoiners in general use the same old argument: "Bitcoin is the worst coin because it can handle only 3 transactions per second due to 1 MB blocks, Bitcoin Cash and Ethereum are superior because they have bigger blocks". But with activation of SegWit, which happened more than 3 months ago, it is no longer true - the block size can be as big as 4 MB already, although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit. When translated to transactions per second, the theoretical maximum has increased by the factor of ~2.4
You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first, but SegWit is a great example that developers work on improving Bitcoin, and unlike altcoins that just mindlessly increase their blocksize while ignoring the potential issues for decentralization, SegWit increased efficiency of Bitcoin's blockchain and made possible the Lightning Network which may completely solve the scaling problem.
Lightning Network developers are trying to give a false hope to the people that are looking forward to it. They've been stating that they will have that thing launched for a while now.

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junoreactor
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December 01, 2017, 10:52:29 AM
 #3

After browsing different social media I've noticed that Bcash shills and anti-bitcoiners in general use the same old argument: "Bitcoin is the worst coin because it can handle only 3 transactions per second due to 1 MB blocks, Bitcoin Cash and Ethereum are superior because they have bigger blocks". But with activation of SegWit, which happened more than 3 months ago, it is no longer true - the block size can be as big as 4 MB already, although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit. When translated to transactions per second, the theoretical maximum has increased by the factor of ~2.4
You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first, but SegWit is a great example that developers work on improving Bitcoin, and unlike altcoins that just mindlessly increase their blocksize while ignoring the potential issues for decentralization, SegWit increased efficiency of Bitcoin's blockchain and made possible the Lightning Network which may completely solve the scaling problem.
Yes Segwit2x is very necessary at this stage, with the demand increasing, this fork should happen soon or later to solve some of the problems you mentioned (biggest problem was a few weeks ago when loads of transactions were stuck on the blockchain). However, I have not read any news regarding this hard fork, it was postponed but no date is known for now. Probably early 2018.
tokensale.wtf
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December 01, 2017, 10:55:13 AM
 #4

Thanks for your point of view!

I hear a lot lately that Bitcoin is more a digital gold than a usable currency.
talkbitcoin
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December 01, 2017, 10:59:41 AM
 #5

Bitcoin Cash and Ethereum are superior because they have bigger blocks".

true, but another thing that is true is the fact that you can no longer sync your Ethereum full node client with the network because of the gigantic blockchain and the fact that it is super slow.

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although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit.

in practice it can be 4 MB. but in reality it is still 1 MB and the record is a one time 1.5 MB (last time i checked).

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You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first,
those who say this, say it because they are bag holding some altcoin and try to pump that.

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... made possible the Lightning Network...

LN is possible without SegWit.

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hatshepsut93
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December 01, 2017, 12:01:21 PM
 #6

Yes Segwit2x is very necessary at this stage, with the demand increasing, this fork should happen soon or later to solve some of the problems you mentioned (biggest problem was a few weeks ago when loads of transactions were stuck on the blockchain). However, I have not read any news regarding this hard fork, it was postponed but no date is known for now. Probably early 2018.

It's actually not necessary because Bitcoin is not utilizing the current capacity to its limit, it's too early to talk about the block size increase while we had one just a few months ago.
SegWit2x failed because because there was just 1 developer and he made a lot of mistakes so his software came out bugged. After this fiasco the chances of SegWit2x succeeding decreased to near-zero, because they were pretty low even when everything seemed smooth for it - despite support from miners and businesses, it never had support from community and developers.

Thanks for your point of view!

I hear a lot lately that Bitcoin is more a digital gold than a usable currency.

Digital currencies have to be scalable to support global economy, they need to process at least hundreds of transactions per second to start being used as a currency, but to replace giants like Visa they would need many thousands of transactions per second. Currently, cryptocurrencies with the biggest blocks can theoretically process only a couple of dozens of transactions per second, but their blockchain would quickly bloat, making it impossible to run a full node by average users, resulting in a quick loss of the most valuable property of cryptocurrency - decentralization.

Tony_Nguyen
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December 01, 2017, 12:09:34 PM
 #7

After browsing different social media I've noticed that Bcash shills and anti-bitcoiners in general use the same old argument: "Bitcoin is the worst coin because it can handle only 3 transactions per second due to 1 MB blocks, Bitcoin Cash and Ethereum are superior because they have bigger blocks". But with activation of SegWit, which happened more than 3 months ago, it is no longer true - the block size can be as big as 4 MB already, although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit. When translated to transactions per second, the theoretical maximum has increased by the factor of ~2.4
You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first, but SegWit is a great example that developers work on improving Bitcoin, and unlike altcoins that just mindlessly increase their blocksize while ignoring the potential issues for decentralization, SegWit increased efficiency of Bitcoin's blockchain and made possible the Lightning Network which may completely solve the scaling problem.
Lightning Network developers are trying to give a false hope to the people that are looking forward to it. They've been stating that they will have that thing launched for a while now.

Yes. I do not really care about forks anymore. Just like a new altcoin is arriving and grab some if you believe.
care2yak
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December 01, 2017, 12:33:19 PM
 #8

Digital currencies have to be scalable to support global economy, they need to process at least hundreds of transactions per second to start being used as a currency, but to replace giants like Visa they would need many thousands of transactions per second. Currently, cryptocurrencies with the biggest blocks can theoretically process only a couple of dozens of transactions per second, but their blockchain would quickly bloat, making it impossible to run a full node by average users, resulting in a quick loss of the most valuable property of cryptocurrency - decentralization.

So what can be done to keep cryptocurrency decentralized and still be able to process thousands of transactions per second? Perhaps bitcoin developers are finding solutions and just taking things a step at a time? After all, nothing can be perfected after only a few tries.... after segwit and the lightning network, devs will come out with a new technology that will make it possible to deal with large transactions per second just like Visa.....
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December 01, 2017, 12:53:13 PM
 #9

After browsing different social media I've noticed that Bcash shills and anti-bitcoiners in general use the same old argument: "Bitcoin is the worst coin because it can handle only 3 transactions per second due to 1 MB blocks, Bitcoin Cash and Ethereum are superior because they have bigger blocks". But with activation of SegWit, which happened more than 3 months ago, it is no longer true - the block size can be as big as 4 MB already, although on practice it will be closer to 2 MB when most of the transactions will switch to SegWit. When translated to transactions per second, the theoretical maximum has increased by the factor of ~2.4
You can often hear from altcoin supporters that Bitcoin is a dinosaur and is valuable only because it was first, but SegWit is a great example that developers work on improving Bitcoin, and unlike altcoins that just mindlessly increase their blocksize while ignoring the potential issues for decentralization, SegWit increased efficiency of Bitcoin's blockchain and made possible the Lightning Network which may completely solve the scaling problem.
Unlike other hard forks that created solely to compete bitcoin's supremacy and price over the market by adding some unique features that bitcoin can't provide Segwit2x tend to help the bitcoin to improve its network about the scaling and transaction problems, then add the Lightning Network after the hard fork to make the transactions efficient, productive and faster, that would be a fantastic experience from bitcoin's network.

Thanks for your point of view!

I hear a lot lately that Bitcoin is more a digital gold than a usable currency.
Traditional fiat is still a usable currency for our everyday lives and that's right, Bitcoin these days are more for investments rather than  buying things due to its rapid increase in transaction fees and sometimes slow confirmation of the transfer, bitcoin is still ineffective on that feature but we will see in the future what are the developments that will update the current features of the it.

malikusama
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December 01, 2017, 01:48:46 PM
Last edit: December 01, 2017, 01:59:07 PM by malikusama
 #10

This is really weird seeing people still talking about 1MB and 2MB blocks, i don't know what they are up to or they lack the knowledge of Segwit because SegWit is already activated and having 4MB block size. No doubt efficiency has increased due to segwit and we are ready to pave way for the upcoming solution for scalability i.e "Lightning network" which will make network more efficient.

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