Topic: Jihan blocks segwit on LTC: price crashes - page 5. (Read 6751 times)

Yes, the accumulated pump was because of the segwit. I see that a momentum is forming but bitcoin price against us dollar become agressive.

In any case, bitcoin's security is not that terribly high, because its security is derived from PoW.  At this point, I think that the total number of hashes "securing" the bitcoin chain is something like 2^85 (rough estimation on my part).  That means that the entire chain has a security level of about 85 bits.  That's much less than a single digital signature (a 256 bit ECDS signature has 128 bits of security, which means is it about 2^43 times more secure).

It is about a trillion times easier to redo the whole block chain, than to crack one single ECDS.
That's because PoW is an utterly stupid cryptographic security mechanism.

Seg witness is not going to happen if bitmain gets its way. Also UASF is not gonna happen the F2pool guy said he'd play the same bitmain games if that happened.

Thus screwed. Its all on their twitter wars.

frigging cluster

brad

This is something I consider a myth.  Here's why:

If Bitcoin has high fees, global demand is likely to drop.  If that happens, the price will drop, which will lead to lowered revenues for miners, which in turn will lead to lower security.

Or people could just use both BTC and LTC with LNs. BTC doesn't have to change, and can be used for high fee, but higher security large transactions, and LTC handle small transactions with small fees. Everyone wins, at least in the next few years. I'm almost certain that if LTC gets SegWit, it will buy BTC at least a year to figure out its own scaling problem (SegWit or another route), should it continue to have one if users decide not to use alternative technology.

So I think SegWit will happen on LTC for at least the reason of relieving some pressure on BTC and allowing it to do nothing for the time being. We will just likely have to wait a month or two, as "LTC Round Table" meeting is in June from what I've read.

Jihan's dirty tricks of late only serve to increase the likelihood of a UASF and gives everybody a good picture of why letting miners play games with the signalling only invites centralized corruption and greed, and needs to end on both LTC and BTC and other coins.

So you keep saying...

And yet Litecoin is only 3.5% from activating it. Without the attack from Bitmain, SegWit would be a sure thing on Litecoin this period.

Bitmain can't keep this up forever. It's just a matter of time before SegWit activates on Litecoin.

After that things will get really interesting.

SegWit is DEAD 

Not to turn this into a SegWit tutorial thread, but while people are talking about drawbacks of SegWit, how about some positives that haven't been mentioned?

Currently 60% of the blockchain is signature data. Since SegWit moves the signatures out of the transactions, non validating clients can reduce storage and double their bandwidth.

Even fully validating nodes can take advantage of this by validating the signatures of historic transactions, then discarding the signature data rather than storing it locally.

An often mentioned concern about doing just a simple block size increase is that it would increase the resources needed to run a full node. The implication is that the little guys who can't afford to upgrade would be squeezed out.

SegWit can aliviate or offset the storage increase by allowing nodes to discard already validated signature data.

Why would anyone consider a block size increase without SegWit? The answer is that some people don't understand what SegWit does, or have something to gain by blocking it (like Jihan).

Of course there are some people that dislike SegWit for their own technical reasons. I just don't happen to be one of them.

Awesome thanks everyone for helping me learn I really appreciate it a ton!

it need people to move their funds to new keypairs not even active or available yet for only those users to be disarmed from performing maleability and for there to be any chance of making more room in the main block for more transactions..

though there are many drawbacks to it

short enough??

Frankly that's just babbling bullshit filled with your personal bias. Can't you give the new guy an unbiased breakdown.

to correct the above

SegWit was originally hoped to fix transaction malleability (a data manipulation bug allowing transactions you send to be invalidated) and not even designed as a block size fix. Stopping transaction malleability meant moving signatures out of the middle of a transaction and append to the end of a transaction. thus also enforcing how the transaction data was signed with less chance of manipulation.
but this requires people moving their funds to a new keypair type not ever used yet to achieve this, and only works for those specific users using the new keys to not be able to manipulate the transaction data of their own funds.

then a dev (luke JR) realised it could implement it using a backdoor trick in a way that can avoid a full node and pool consensus and just need pool recognition.

This trick moves the signature to a separate area outside of the block, which means the new keypairs can snip off the signature from the end and fool old nodes into not rejecting the no-signature transaction because of the backdoor method.

which means it saves a few bytes transactions would have had inside the block.. to allow more transactions into the main block
which would (for new nodes that keep the signatures of segwit tx key users) increase the overall and combined data in and outside the main block to be (upto 4mb, but in reality well under)
most people think that the network is most likely to settle at about 2MB combined data (for new nodes that keep the signatures of segwit tx key users) but only if SegWit is ever implemented AND only if users move their funds to segwit keys..(emphasis on the need to move funds to segwit keys to achieve anything).

The other thing SegWit could do is allow other soft backdoor changes in easier, things like even newer keypair types like schnorr, LN keys and other things at later dates.

there are many flaws and drawbacks of this though.

Bloated software scrapped together a big $75 million budget from AXA/Bilderberg. They want to limit your ability to send funds directly on the blockchain so you'll be forced to use their controlled side chain, which will presumably be another PayPal.

Hey SegWit trolls, do ya hear the fat lady singing?

SegWit was originally created to fix transaction malleability (a bug allowing transactions you send to be invalidated) and not even designed as a block size fix. Stopping transaction malleability meant moving some data called witness data (signatures in a transaction) out of transactions and off the Blockchain.

This fix moves enough data to increase the block sizes by up to 4MB but most people think that the network is most likely to settle at about 2MB block sizes if SegWit is ever implemented. The other way SegWit could increase transaction capacity, sort of, is by allowing Lightning Network. Fixing transaction malleability makes the network secure enough to allow LN and other off-chain products to work by using the Bitcoin blockchain as just a reconciliation ledger to begin and finalize transactions. This could make transactions faster but they really wouldn't be Bitcoin transactions in the classic sense.

This is about as much as I can dumb it down and still have it mean something.

I'm confused as to what segwit is. Could someone possibly explain it to me? Thanks guy you are all amazing

Correct. They are just pump and dump coins and for profit only like the whales or professional traders out there. We know that this is a fraudulent practice among big investors and you are caught by them. Yeah. Don't be emotional and don't try to recover your lost investment.

Seems a bad experience for you, well, who said we trust them  , most of the trader are just in for profit.  They take advantage of the fluctuation to gain a profit.  Just don't be emotional, learn how trading market works, and believe me you do not need to trust any altcoins, all you need is to ride that P and D in order to book a profit.

Cheer up segwit as a soft fork supporters, Jihan is providing the perfect setting for a trial UASF.