Topic: Litecoin segwit activation. What happened? - page 4. (Read 7118 times)

Well done. That about covers it.

I should have been clearer: miner deciding nodes.  Not "hardware slaves selling hash power to miner nodes (also known as pools)".  Those that decide upon which block to build, which transactions to include etc...

Right now it's an example of POOLS determining outcome (although far to early to say what the outcome will be) not miners. Some miners will move their hashing power to pools that support segwit.

As of this posting we have 15.4% of the network (77 out of the last 500 blocks) supporting segwit. That number will likely be close to 20 percent by Thursday and continues to grow.

Kiklio didn't come back after you wanted to make a bet. He's scared he might lose. Meaning he thinks there's a chance for LTC Segwit activation. That's funny considering he types big.

I agree with you, about fractional banking.  But fractional banking is unavoidable, it is a property of any monetary system.  After all, fractional banking is nothing else but the creation of an IOU of the underlying.  It is the creation of a new monetary asset, which includes some vague promise of exchangability with the underlying.  But nothing stops this new asset from becoming a monetary asset in its own right, in which the exchange with the underlying is first not done often, and in the end, not even deemed necessary.  This is how the dollar did fractional banking with gold between 1914 and 1972, after which the link was severed totally.   In fact, exchanges are already doing fractional banking to an extend.  When the hassle of a block chain currency will be so much that nobody's bothering, whatever asset that "represents" such a crypto token will start living its life as his own asset.  And whenever it gets regulated, it becomes an ordinary fiat.

You can also do that with forks from bitcoin.  You can do it by creating altcoins.  This is why the wet dream of the "sound money doctrine" is ridiculous, it assumes a monopoly of one single currency for the currency market. 

So, there's nothing wrong with fractional banking, there's nothing wrong with the creation of new monetary assets, and it are unavoidable phenomena.

It is in any case a nice example how it are THE MINERS who decide upon the protocol, isn't it ?  Not the non-mining nodes or anything.  The miners.

It's pretty straight forward really the new release just came out. It takes some time. If you take a look at the last 500 blocks 19.0% of the network is signalling support for csv (95 out of the last 500 blocks). That's a growing number. Maybe give it a little time.

if bitcoin carries on frozen in time then soon enough miners won't have anything to mine. something needs to kick in because i don't believe the people who really count, the users, will be interested in $10 fees.

Is it even possible to mine litecoin using your mobile let alone any coin.I am just a newbie when it comes to mining as i have never tried mining for a long time because my system do get over heated and i do not want to risky mining with it.

https://coinidol.com/litecoin-segwit-new-frontier-for-blockchains/

Charlie Lee urges the Litecoin Mining community to support the Segregated Witness Activation proposal now and open the blockchain frontier to amazing new possibilities.

The Litecoin community has a chance to activate the Segregated Witness technology and open a new paradigm for blockchain technology. Charlie, founder and lead developer of Litecoin, urges the mining community to adopt his proposal and open the world to the new advantages that come with SegWit implementation.

At $185 million market cap, I can promise you Litecoin is not a tiny coin. And miners certainly care about it...

Im not sure about, apparently not even CSV is still yet adopted by litecoin and CSV got adopted by bitcoin very quick.

CSV miner support since activation period start   658 (11.40%)

Why the fuck CSV was never adopted by litecoin? and what about BIP9?

I think litecoin is just tiny coin and miners are too lazy to get anything done.

The best thing to do right now it is to wait and see if it is ever activated, but as some have said, I don’t see how segwit can benefit LTC since it is bitcoin the one that needs to activate it, maybe they are trying to push the price up by activating segwit before bitcoin does.

Current support is 14.6% of the network for 73 out of the last 500 blocks. I think it looks like support will exceed your prediction of less than 10 percent by the end of February. Will be interesting to see where support ends up when pools that have stated they will update join in.

I know the support would grow as time pass but I won't go to 10% support figure by the end of February, to me it seems some Bitcoin miners are trying to play with some miners head and make them see some reasons not to support SegWit

More BU shills.
Good thing Segwit isn't being implemented as a scaling solution!

https://bitcoincore.org/en/2016/01/26/segwit-benefits/

While I don't disagree that some miners might think this way, it represents short sighted thinking that will have a detrimental affect on BTC and LTC. If adoption does not happen the LN will never be used, businesses based on it will simply go bankrupt.

If the LN exists thousands of transactions per second becomes possible. Not just the 2.5 per second that BTC is capable of or 10 that LTC is capable of. That means large scale adoption could actually happen. If adoption happens there will be more than enough income for both miners and LN service providers because cryptocurrency would be worth trillions not billions. This of course requires adoption.

You're suggesting as a competing service that the LN will destroy the settlement layer. That would be a little dumb of the LN  to bankrupt the miners that support the layer that allows the LN to exist. I doubt the LN providers would actually want to end their business by allowing the layer it's based off of to become insolvent.

If adoption does not happen the LN businesses will likely collapse. Cryptocurrency will continue being a niche business and mining will continue in it's current form.

It seems that miners have nothing to fear from advancing technologies. If they choose to not support them eventually a cryptocurrency capable of thousands of transactions likely will leave them behind. It's all about forward thinking and believing in the potential or limiting cryptocurrency to it's current hindered form.

yeah and they are not even using the full block limit, they have plenty of room for many transaction they don't need 8x with segwit, with the volume of transaction that litecoin is currently holding, it's need at best 1MB, it make sense that miners do not accept the soft fork

I will offer a 500 LTC bet that Segwit will be activated on LTC by the end of 2017.  Charlie Lee will hold escrow hehehehe

Segwit needs 75% to activate on LTC, don't hold your breath til it gets there.