Post your SegWit questions here - open discussion - big week for Bitcoin! - page 5.

BTC-TK

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Quote from: reee on August 27, 2017, 03:48:37 PM

What about the lighting network? When will it be avaible?

It's way to soon for things like that.
As of now, there is a draft of the specifications (https://github.com/lightningnetwork/lightning-rfc), and three implementations that are doing integrations tests. Meanwhile the spec draft is updated.

Like with bitcoin itself, while you can test it in your test environment using "fake" coins, that really is not the same as real world tests with real value.
Segwit activated a few days ago and this phase has just begun.

In the coming months the protocol should be finalized, and wallets will begin releasing implementations.

This cannot be fucked up. The moment money is lost for a protocol problem ( not for user error ) the whole thing could collapse. So you'll agree that it needs its fair amount of testing.

genesis.vision

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Quote from: reee on August 27, 2017, 03:48:37 PM

What about the lighting network? When will it be avaible?

Poon and Buterin have already announced implementation of Lightning for Ether nicknamed Plasma, I doubt that it won't delay Lightning development for Bitcoin...

-ck

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Quote from: Kakmakr on August 30, 2017, 01:12:53 AM

Once all wallets are SegWit ready, would we see a dramatic change in tx fees or do we still have to depend on miners not shifting large amounts of hashing power between BCC and BTC? This looks like a bigger problem than Block sizes at the moment. The bigger block size or more effective use of blocks, just delay the inevitable outcome when miners swap to more profitable chains.

How can we reduce this impact, when miners act in this way, other than adding more hashing power from other sources? Miners will follow the most profitable chain.

If miners spend 25% of their time mining BCH indefinitely then bitcoin difficulty will drop by 25%. This will go some way towards alleviating delays associated with them switching to it. Yes transactions will be slower while they're on BCH but not as slow as now and then transactions will be faster once they switch back. Of course this will only be while BCH has any perceived value, and this mining rush on it should make people aware what it really should be worth...

As for segwit I expect quite a lot will switch to segwit addresses and transactions in time and we'll see maybe a doubling of transaction throughput long term from segwit activation alone. That's not enough to save us indefinitely.

Kakmakr

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Once all wallets are SegWit ready, would we see a dramatic change in tx fees or do we still have to depend on miners not shifting large amounts of hashing power between BCC and BTC? This looks like a bigger problem than Block sizes at the moment. The bigger block size or more effective use of blocks, just delay the inevitable outcome when miners swap to more profitable chains.

How can we reduce this impact, when miners act in this way, other than adding more hashing power from other sources? Miners will follow the most profitable chain.

danielW

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If using bitcoind (command line) on bitcoin core, how do I:

1) create a segwit address

2) will 'bitcoin-cli getnewaddress' give me a segwit or non segwit address.

3) what exactly is the difference between a segwit and non-segwit address,

4) if I use bitcoin-cli sendfrom ...' will the change address generated be a segwit or non segwit address?

Also what about the next version of Bitcoin core, how do I:

5) create a segwit address

6) will 'bitcoin-cli getnewaddress' give me a segwit or non segwit address.

7) if I use bitcoin-cli sendfrom ...' will the change address generated be a segwit or non segwit address?

8 ) When will this segwit capable version of bitcoin core be out?

MrBitter

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How can I know if one transaction is Segwit transaction or not. As far as I know, not all P2SH addresses are segwit addresses.

Thanks

reee

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What about the lighting network? When will it be avaible?

polyhedron

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Quote from: CyberKuro on August 27, 2017, 10:28:01 AM

It's good for whoever already used ledger wallet or bitcoin core which can transact through segwit chain.
There are over 24K unconfirmed transactions and BTC7 total fees right now, better than yesterday obviously which reached over 80K unconfirmed transactions. Usually I checked current network regarding unconfirmed transactions to predict how much fees to be paid and how long I should wait for the transaction to be confirmed.
I do not use ledger wallet or bitcoin core, but I can confirm current fees through blockhain.info walet is convenience around BTC0.00022218 for BTC0.0535, but not for electrum, still have to pay high fees for small amount transaction. Electrum devs takes more time to update their codes.

True that currently the tx fees are too much more paid.
Since the difficulty of BCC mining tripples ~12 h ago and miners switched back to BTC, most tx with reasonable fee have already been digested.
http://8btc.com/data/attachment/forum/201708/27/203406a132yw8wbm3zdwiw.png
As this shows, actually all tx with >0.0005 BTC/kB can be confirmed soon. But in Electrum, if I choose "Dynamic fee", the lowest suggested fee ("within 25 blocks") is still ~0.004 BTC/kb, 8 times than really needed (as far as the miners don't switch back to BCC).

CyberKuro

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Quote from: hudd on August 27, 2017, 05:20:46 AM

Quote from: polyhedron on August 27, 2017, 03:06:37 AM

Since the SW is activated, how can a user now send a SW transaction?
E.g., I'm using an Electrum wallet, a BitPie wallet, and have a qt full node, and sometimes I also send from/to an exchange or shapeshift.
That whether a transaction is SW or not, depends on the sending address, receiving address, or both? How can I create a SW transaction to lower the fee?

Ledger has supported Segwit recently.
Bitcoin Core is another option but you can only do so using CLI at the moment.
Electrum dev said on github that next version will be released soon letting you create and send segwit addresses.

IMO, most major wallets are ready for segwit. They just didn't let you do so before Segwit finally activated.

It's good for whoever already used ledger wallet or bitcoin core which can transact through segwit chain.
There are over 24K unconfirmed transactions and BTC7 total fees right now, better than yesterday obviously which reached over 80K unconfirmed transactions. Usually I checked current network regarding unconfirmed transactions to predict how much fees to be paid and how long I should wait for the transaction to be confirmed.
I do not use ledger wallet or bitcoin core, but I can confirm current fees through blockhain.info walet is convenience around BTC0.00022218 for BTC0.0535, but not for electrum, still have to pay high fees for small amount transaction. Electrum devs takes more time to update their codes.

hudd

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Quote from: polyhedron on August 27, 2017, 03:06:37 AM

Since the SW is activated, how can a user now send a SW transaction?
E.g., I'm using an Electrum wallet, a BitPie wallet, and have a qt full node, and sometimes I also send from/to an exchange or shapeshift.
That whether a transaction is SW or not, depends on the sending address, receiving address, or both? How can I create a SW transaction to lower the fee?

Ledger has supported Segwit recently.
Bitcoin Core is another option but you can only do so using CLI at the moment.
Electrum dev said on github that next version will be released soon letting you create and send segwit addresses.

IMO, most major wallets are ready for segwit. They just didn't let you do so before Segwit finally activated.

polyhedron

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Since the SW is activated, how can a user now send a SW transaction?
E.g., I'm using an Electrum wallet, a BitPie wallet, and have a qt full node, and sometimes I also send from/to an exchange or shapeshift.
That whether a transaction is SW or not, depends on the sending address, receiving address, or both? How can I create a SW transaction to lower the fee?

achow101

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Quote from: HeroC on August 26, 2017, 12:45:03 PM

I am running a BIP148 node with segwit from LukeJr's PPA I believe, should I switch back to using core now?

Yes. Both BIP 148 and BIP 91 are irrelevant now.

HeroC

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I am running a BIP148 node with segwit from LukeJr's PPA I believe, should I switch back to using core now?

Salmen

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Quote from: OmegaStarScream on August 26, 2017, 03:22:10 AM

This could be a little bit irrelevant but from these upcoming modifications: Schnorr, MAST, TumbleBit, Lightning network. Which one of them require SegWit to work or to function at its best?

Schnorr and Lightning Network is required to show its true value of Segwit.

Schnorr minimize the transaction size by combining all signature inputs to an signature that represents these signatures. Another feature of Schnorr is, if the attacker of a spam choose not the Schnorr signature and still use the old signature, then he needs pay higher fees while the other users pays less fees thanks to Schnorr signature.

Summary with the help of this source(s): [1], [2]

The Lightning network is great for users who are willing to send high-volume transactions instantly. For that the users create a secure network within the blockchain. Also in Lightning Network is Litecoin involved, so they both share its resources to transact all unconfirmed transaction.

Summary with the help of this source(s): [3], [4]

OmegaStarScream

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This could be a little bit irrelevant but from these upcoming modifications: Schnorr, MAST, TumbleBit, Lightning network. Which one of them require SegWit to work or to function at its best?

achow101

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Quote from: nathan_24 on August 25, 2017, 12:07:22 PM

Does the private key in WIF format tell if the address associated is segwit?

Since the same priv key can generate both segwit and non-segwit addresses, when importing a WIF-encoded priv key, should we ask the user if it is segwit or is that information obtained from the wif-encoded key itself?

No, it does not.

Quote from: David Rabahy on August 25, 2017, 12:21:43 PM

Um, so, SegWit is active but when will we see evidence of it helping?

When more people start using segwit and more segwit transactions have been made.

Quote from: David Rabahy on August 25, 2017, 12:21:43 PM

Have any SegWit transactions gone through yet?

Yes. There were 6 segwit transactions in the first block after segwit's activation.

Quote from: David Rabahy on August 25, 2017, 12:21:43 PM

Will the transaction count per block start going up?

As more people begin using segwit, it will. We have also already seen at least one block larger than 1 MB.

cr1776

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Quote from: ?? on ??

Quote from: David Rabahy on August 25, 2017, 12:21:43 PM

Um, so, SegWit is active but when will we see evidence of it helping? Have any SegWit transactions gone through yet? Will the transaction count per block start going up?

Welcome back to the forum.

Thanks. Um, any insights into my questions?

SegWit transactions are going through. Not a lot yet:
http://segwit.5gbfree.com/countsegwit

David Rabahy

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Um, so, SegWit is active but when will we see evidence of it helping? Have any SegWit transactions gone through yet? Will the transaction count per block start going up?

nathan_24

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Does the private key in WIF format tell if the address associated is segwit?

Since the same priv key can generate both segwit and non-segwit addresses, when importing a WIF-encoded priv key, should we ask the user if it is segwit or is that information obtained from the wif-encoded key itself?

-ck

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Quote from: F8N00 on August 24, 2017, 01:44:52 PM

I just saw that in new transactions there is an option "Fee per weight unit", what this mean?

example : https://blockchain.info/tx/0f65c4bf90414693575266bd8d6521396f8caaed26d0fab3f730a5837dda0900

It says "Fee per weight unit 78.598 sat/WU" and "Weight 900"

Blocksize has been replaced by blockweight now. The max block weight is 4MB now unlike previously where it was only block size of 1MB. Each classic transaction is worth 4x its size in blockweight but segwit transactions are worth 1x their size. That means you can have 1MB of classic transactions or up to 4MB of segwit transactions.

Block weight corresponds 1:1 with block size for segwit transactions but is 4:1 for classic transactions. This means that the equivalent of 100 satoshi/byte fee per size in fee per weight is 400 satoshi/byte for classic transactions and 100 satoshi/byte for segwit transactions. That doesn't mean you're paying more for classic transactions though; it means you're paying less for segwit transactions.

Topic: Post your SegWit questions here - open discussion - big week for Bitcoin! - page 5. (Read 84845 times)