Topic: Consensus Reached - page 7. (Read 5225 times)
[HKmtg] Finally, the statement done! Will be uploaded to medium soon! 3m
With SegWit your looking for aditional 0.5 MB at best, if you aim aditional 1 MB instead, a higher than today percentage of transactions must be multisig instead. So realistically we get 0.5 MB for almost 2 years, definitively not enought even if Bitcoin adoption continues with current trends...
No. This is false. Calculations have been done and we are looking at a realistic 2 - 2.5 MB (forgot the exact number) increase. So it should be enough. The increase does not happen over night though, the growth will happen slowly over time. It's not "almost 2 years" it is 1 and a half year. Where is your data that proves the '0.5MB at best' claim? 
Does not look good, it seems the 2 MB will be activated 1 year after 95% of miners agree. Deffinitively too late, it might be not even in 2017 when just 5% of miners continue vetoing.
It is not late. It took us years to get close to filling up 2 MB blocks. How do you think that an additional 1 MB (provided by Segwit) is going to filled within 1 year? Do you expect a 100% year-on-year growth to occur?With SegWit your looking for additional 0.5 MB at best, if you aim aditional 1 MB instead, a higher than today percentage of transactions must be multisig instead.
So realistically we get 0.5 MB for almost 2 years, definitively not enought even if Bitcoin adoption continues just with current trends...
This is not 100% confirmed info yet but seeing how community is reacting positively I have no doubt that consensus in that form will be reached.
Technicalities apart, this amount of positive news should take bitcoin price higher as we speak!
Technicalities apart, this amount of positive news should take bitcoin price higher as we speak!
I give you that.We still have to wait for the official announcement.But it's looking really good imo.
And yes while we are writing price is indeed showing some response.
Does not look good, it seems the 2 MB will be activated 1 year after 95% of miners agree. Deffinitively too late, it might be not even in 2017 when just 5% of miners continue vetoing.
It is not late. It took us years to get close to filling up 2 MB blocks. How do you think that an additional 1 MB (provided by Segwit) is going to filled within 1 year? Do you expect a 100% year-on-year growth to occur?Seems sketchy, HF SegWit could be considered more than 2 MB and less than 4 MB, unless they define 2 MB blocksize limit with up to 4 MB with SegWit signature part, it might be misinterpreted
It isn't. Wait for the final statement and elaborations. Here's the draft (this is not the final version):
Quote
- The code for the hard-fork will therefore be available by July 2016.
- If there is strong community support, the hard-fork activation will likely happen around July 2017.
Does not look good, it seems the 2 MB will be activated 1 year after 95% of miners agree. Deffinitively too late, it might be not even in 2017 when just 5% of miners continue vetoing.
- This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community.
Seems sketchy, HF SegWit could be considered more than 2 MB and less than 4 MB, unless they define 2 MB blocksize limit with up to 4 MB with SegWit signature part, it might be misinterpreted
This is not 100% confirmed info yet but seeing how community is reacting positively I have no doubt that consensus in that form will be reached.
Technicalities apart, this amount of positive news should take bitcoin price higher as we speak!
Technicalities apart, this amount of positive news should take bitcoin price higher as we speak!
Reads good to me.
An increase of more than 2MB and less than 4MB should hopefully also make Classic supporters happy.
This shitty debate has to find an end. I'm getting tired of all that hate to each other.
This debate has caused a lot of fatigue indeed. However, unfortunately I think that this is just the beginning. You never know when the next contentious HF is lurking behind the corner. Could it be, 'Bitcoin Reloaded' or 'Bitcoin Original'? You never really know.An increase of more than 2MB and less than 4MB should hopefully also make Classic supporters happy.
This shitty debate has to find an end. I'm getting tired of all that hate to each other.
Our real enemies are out there and I'm sure they were laughing about us the last few weeks.
Now it's time to strike back and kick some butts!
This is their way of fighting us. Divide et impera.Now it's time to strike back and kick some butts!
However, it is very nice to reach consensus. Let's wait for the final statement though (some of them already fell asleep).
I was ready to create a thread after the announcement, but this works.
Quote
Meeting participants:
CN: Ant, F2Pool, BW, BTCC, Huobi, OKCoin, Haobtc, LightingMiner
Core: Adam, Luke, Peter, Matt
And Bitfury
Here's the draft (not final version yet):CN: Ant, F2Pool, BW, BTCC, Huobi, OKCoin, Haobtc, LightingMiner
Core: Adam, Luke, Peter, Matt
And Bitfury
Quote
In February 21st, 2016, in Hong Kong’s Cyberport, representatives from the bitcoin industry and members of the development community have agreed on the following points:
- We understand that SegWit continues to be developed actively as a soft-fork and is likely to proceed towards release over the next two months, as originally scheduled.
- We will continue to work with the entire Bitcoin protocol development community to develop, in public, a safe hard-fork based on the improvements in SegWit.
- The Bitcoin Core contributors present at the Bitcoin Roundtable commit to make a good faith effort to have an implementation of such a hard-fork ready for merge within three months after the release of SegWit.
- This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community.
- We will run a SegWit release in production by the time such a hard-fork is released in a version of Bitcoin Core.
- We will not run Bitcoin Classic. We will only run Bitcoin Core-compatible consensus systems in production for the foreseeable future.
- We are committed to scaling technologies which use block space more efficiently, such as Schnorr multisig.
- SegWit is expected to be released in April 2016.
- The code for the hard-fork will therefore be available by July 2016.
- If there is strong community support, the hard-fork activation will likely happen around July 2017.
Reads good to me.
An increase of more than 2MB and less than 4MB should hopefully also make Classic supporters happy.
This shitty debate has to find an end. I'm getting tired of all that hate to each other.
Our real enemies are out there and I'm sure they were laughing about us the last few weeks.
Now it's time to strike back and kick some butts!
Could anyone explains to the non technical users what will it change then? 
beside all the added benefits segwit + 2MB blocks will add
A much more encouraging thing has been revealed, no group not even Core calls the shots, bitcoin's consensus mechanism forces us to work together to find the best possible solutions. I think everyone has been concerned with the idea that bitcoin development had become centralized to one group(Core).
Ok that is a good thing to see the consensus scheme working indeed.
I see the point of the 2MB but it'll grant only a little amount of time before blocks will be full again. What after?
And I don't know much about segwit I'm afraid :p
Any link to know a bit more about it?
after this change transactions on the network will need to go up 4x.
giving us plenty of breathing room to prefect LN and other things.
i don't think we will be able to push the limit much more than 2MB MAYBE it will eventually get bumped to 8MB but thats seems to be more or less the limit imposed by the current network overlay. after that we will look to adv. in software and hardware in order to scale the main chain, progress at that point will probably be slow tho, but by then we'll have LN and the like.
segwit is quite complex, i don't understand it myself, all i know is it somehow splits up the data which somehow means blocks can stuff in about twice as many TX, and that's actually just a byproduct of what segwit is actually designed for, which again is another complex story we don't really need to know.
Indeed if it has such effect it can only be positive
I was ready to create a thread after the announcement, but this works.
Quote
Meeting participants:
CN: Ant, F2Pool, BW, BTCC, Huobi, OKCoin, Haobtc, LightingMiner
Core: Adam, Luke, Peter, Matt
And Bitfury
Here's the draft (this is not the final version):CN: Ant, F2Pool, BW, BTCC, Huobi, OKCoin, Haobtc, LightingMiner
Core: Adam, Luke, Peter, Matt
And Bitfury
Quote
In February 21st, 2016, in Hong Kong’s Cyberport, representatives from the bitcoin industry and members of the development community have agreed on the following points:
- We understand that SegWit continues to be developed actively as a soft-fork and is likely to proceed towards release over the next two months, as originally scheduled.
- We will continue to work with the entire Bitcoin protocol development community to develop, in public, a safe hard-fork based on the improvements in SegWit.
- The Bitcoin Core contributors present at the Bitcoin Roundtable commit to make a good faith effort to have an implementation of such a hard-fork ready for merge within three months after the release of SegWit.
- This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community.
- We will run a SegWit release in production by the time such a hard-fork is released in a version of Bitcoin Core.
- We will not run Bitcoin Classic. We will only run Bitcoin Core-compatible consensus systems in production for the foreseeable future.
- We are committed to scaling technologies which use block space more efficiently, such as Schnorr multisig.
- SegWit is expected to be released in April 2016.
- The code for the hard-fork will therefore be available by July 2016.
- If there is strong community support, the hard-fork activation will likely happen around July 2017.
i am very excited to see that we are finally on the right track
Quote
This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community. -We will run a SegWit release in production by the time such a hard-fork is released in a version of Bitcoin Core.
does this line imply 2MB + segwit or just segwit
its not clear
I'm taking it as a both 2MB + segwit.
Looks promising! Draft leaked...
[HKmtg] Now it's 0:30 Beijing time... The final statement is coming very soon. 33m
Statement Draft:
https://www.reddit.com/r/Bitcoin/comments/46qtkz/bitcoin_roundtable_consensus_statement_draft_text/
[HKmtg] Now it's 0:30 Beijing time... The final statement is coming very soon. 33m
Statement Draft:
https://www.reddit.com/r/Bitcoin/comments/46qtkz/bitcoin_roundtable_consensus_statement_draft_text/
Quote
This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community. -We will run a SegWit release in production by the time such a hard-fork is released in a version of Bitcoin Core.
does this line imply 2MB + segwit or just segwit
its not clear
It was clear Core would win. Only an idiot would vote for Classic when they have demonstrated nothing worth of being the lead developers of Bitcoin. I hope that the Gavinistas now shut up for a while and leave the pros work in a more calm environment without constant stupid demands, but im sure they will come up soon with demands about wanting 8mb of block size or something.
beside all the added benefits segwit + 2MB blocks will add
Have they ever said anywhere that HF will increase size to 2MB? Some at core demand blocksize cap reduction too. So, the HF may be at 0.5MB as well. ya mmm i assumed they were talking about 2MB HF
beside all the added benefits segwit + 2MB blocks will add
Have they ever said anywhere that HF will increase size to 2MB? Some at core demand blocksize cap reduction too. So, the HF may be at 0.5MB as well. Could anyone explains to the non technical users what will it change then?
beside all the added benefits segwit + 2MB blocks will add
A much more encouraging thing has been revealed, no group not even Core calls the shots, bitcoin's consensus mechanism forces us to work together to find the best possible solutions. I think everyone has been concerned with the idea that bitcoin development had become centralized to one group(Core).
Ok that is a good thing to see the consensus scheme working indeed.
I see the point of the 2MB but it'll grant only a little amount of time before blocks will be full again. What after?
And I don't know much about segwit I'm afraid :p
Any link to know a bit more about it?
after this change transactions on the network will need to go up 4x.
giving us plenty of breathing room to prefect LN and other things.
i don't think we will be able to push the limit much more than 2MB MAYBE it will eventually get bumped to 8MB but thats seems to be more or less the limit imposed by the current network overlay. after that we will look to adv. in software and hardware in order to scale the main chain, progress at that point will probably be slow tho, but by then we'll have LN and the like.
segwit is quite complex, i don't understand it myself, all i know is it somehow splits up the data which somehow means blocks can stuff in about twice as many TX, and that's actually just a byproduct of what segwit is actually designed for, which again is another complex story we don't really need to know.
Could anyone explains to the non technical users what will it change then?
beside all the added benefits segwit + 2MB blocks will add
A much more encouraging thing has been revealed, no group not even Core calls the shots, bitcoin's consensus mechanism forces us to work together to find the best possible solutions. I think everyone has been concerned with the idea that bitcoin development had become centralized to one group(Core).
Ok that is a good thing to see the consensus scheme working indeed.
I see the point of the 2MB but it'll grant only a little amount of time before blocks will be full again. What after?
And I don't know much about segwit I'm afraid :p
Any link to know a bit more about it?
Jump to: