The OFFICIAL SegWit Activation Thread

illyiller

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Quote from: Savik on August 30, 2017, 07:35:12 PM

Bitcoin is truly becoming the gold standard. That isn't necessarily a good or bad thing.

If cryptocurrency is to gain mainstream appeal and usage then BTC isn't going to make that happen when fees are ridiculous for small daily type transactions. Im not sure what the currency will be that allows this to happen (LTC? BCH? a million other possibilities?), but BTC is heading towards a future of being locked in a vault and passed down to grandchildren. Years and years from now the value will go very high, and then it will go very low once people truly question why BTC has any value and the only ones left with it are hoarders.

Even if BTC will be locked away in vaults and the basis for generational inheritances, that doesn't necessarily mean micropayments will be impossible. Altcoins may not be necessary, at least for payments. Now that transaction malleability has been addressed by Segwit, the Lightning Network is a real possibility. Even if it ends up being hub-and-spoke, it'll still be a trustless system where micropayments are possible. There are also other possibilities like sidechains, which are effectively altcoins, but transact directly with the mother chain.

Savik

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Bitcoin is truly becoming the gold standard. That isn't necessarily a good or bad thing.

If cryptocurrency is to gain mainstream appeal and usage then BTC isn't going to make that happen when fees are ridiculous for small daily type transactions. Im not sure what the currency will be that allows this to happen (LTC? BCH? a million other possibilities?), but BTC is heading towards a future of being locked in a vault and passed down to grandchildren. Years and years from now the value will go very high, and then it will go very low once people truly question why BTC has any value and the only ones left with it are hoarders.

J. Cooper

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Alea iacta est

Quote from: illyiller on August 30, 2017, 05:30:25 PM

Quote from: TagaMungkahi on August 30, 2017, 05:32:35 AM

Quote from: illyiller on August 30, 2017, 03:40:45 AM

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

Since you bring up Bitcoin dying, let me introduce you to the Bitcoin Obituaries: https://99bitcoins.com/bitcoinobituaries/

People have been saying that rising transaction fees will kill Bitcoin for 2+ years now. Over that time, Bitcoin's price has risen 15-20x. Clearly, there is significant demand for Bitcoin usage regardless of whether the fees are rising. Could fees reach a point where it could threaten adoption? Sure, in theory. But for now, the market is telling us otherwise.

I really wouldn't worry about it too much. Batch your payments to minimize fees, and learn to hold your bitcoins for the long term.

Exactly this. I don't believe bitcoin will suffer too much in the long run from the fees. It's just a problem we face this year and for me at least it already seems like it's solved. I don't make transactions very often anyway.

Baofeng

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Quote from: TagaMungkahi on August 30, 2017, 05:32:35 AM

Quote from: illyiller on August 30, 2017, 03:40:45 AM

Quote from: TagaMungkahi on August 30, 2017, 03:18:37 AM

Quote from: Pursuer on August 25, 2017, 02:45:00 AM

Quote from: TropicalDog17 on August 25, 2017, 12:53:18 AM

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.

Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

We understand your concern, but with the current high demand for bitcoin, the rising may may be continue. But if you would look at the mempool now, its currently down from 82000 2 days ago to 67000 so there is a improvement at some point. And the the highest fees to get your transaction to confirmation immediately is around 400 satoshis/byte. But I would suggest to go as low as 200 sat/byte if you don't want to pay high fees.

But I don't think that bitcoin will die because of this factors. Solutions have been rolling out since but we may feel the effect in the next couple of weeks.

illyiller

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Quote from: TagaMungkahi on August 30, 2017, 05:32:35 AM

Quote from: illyiller on August 30, 2017, 03:40:45 AM

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

Since you bring up Bitcoin dying, let me introduce you to the Bitcoin Obituaries: https://99bitcoins.com/bitcoinobituaries/

People have been saying that rising transaction fees will kill Bitcoin for 2+ years now. Over that time, Bitcoin's price has risen 15-20x. Clearly, there is significant demand for Bitcoin usage regardless of whether the fees are rising. Could fees reach a point where it could threaten adoption? Sure, in theory. But for now, the market is telling us otherwise.

I really wouldn't worry about it too much. Batch your payments to minimize fees, and learn to hold your bitcoins for the long term.

TagaMungkahi

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Quote from: illyiller on August 30, 2017, 03:40:45 AM

Quote from: TagaMungkahi on August 30, 2017, 03:18:37 AM

Quote from: Pursuer on August 25, 2017, 02:45:00 AM

Quote from: TropicalDog17 on August 25, 2017, 12:53:18 AM

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.

Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

illyiller

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Activity: 697

Merit: 520

Quote from: TagaMungkahi on August 30, 2017, 03:18:37 AM

Quote from: Pursuer on August 25, 2017, 02:45:00 AM

Quote from: TropicalDog17 on August 25, 2017, 12:53:18 AM

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.

Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

TagaMungkahi

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Quote from: Pursuer on August 25, 2017, 02:45:00 AM

Quote from: TropicalDog17 on August 25, 2017, 12:53:18 AM

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.

Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

nizamcc

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Quote from: craZyLovE0916 on August 25, 2017, 05:05:11 PM

I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud.

Yes, it will become really huge with a lot of questions from those who had been stuck due to those spam attacks as well as the lower fee that they used to try to confirm their transactions but they couldn't. I am still seeing the current number of unconfirmed transactions increasing only and there should be something major to be done as I have seen just one mining group which mined the first SegWit block, so a question arose in my mind that why the other miners are unable to? Do they need to adapt the new technology or need to implement or change something?

yugyug

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in my own point of view benefits of activating segwit is that it can lessen the network load of blockchain due to segregated transaction signature and i guess this will be implemented on a side chain so that block size is not affected and there is an opportunity of Lightning Network to came in to lessen transaction delays and transaction fees because this is the main concern of the existing problem of the current bitcoin system.

mirx

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Quote from: revswim93 on August 26, 2017, 02:39:46 AM

I cant wait for LN to be up and running. Really excited.

Its already up and running in Litecoin. For several months already.

revswim93

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I cant wait for LN to be up and running. Really excited.

btc_n00b

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Quote from: craZyLovE0916 on August 25, 2017, 05:05:11 PM

I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud.

SegWit is a huge milestone... as huge as mempool size =)

craZyLovE0916

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I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud.

bitcoinmaniac52

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Presale is live!

Now that SegWit is activated there is room for a transparent, decentralized Lightning Network. I can't wait until it gets introduced and we have nearly free, instant transactions for anything! Cool

Kaller

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Quote from: btc_n00b on August 25, 2017, 04:19:44 PM

Can somebody answer these questions:
Are Segwit transactions NOW faster?
Do we have two queues: segwit and nonsegwit transactions?
How miners choose what transaction to include in block: segwit or nonsegwit?

I can generate segwit addresses via bitcoind RPC calls, but for this I need to generate 1x address and convert it to new 3x address.
I just don't want to do this work if confirmation speed will not improve.

Thx.

Segwit does not so much but lower the blocksize which allows about 30% more transactions then before. What it does is allow for Lightning Network and this is the main purpose, which will come soon.

btc_n00b

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Can somebody answer these questions:
Are Segwit transactions NOW faster?
Do we have two queues: segwit and nonsegwit transactions?
How miners choose what transaction to include in block: segwit or nonsegwit?

I can generate segwit addresses via bitcoind RPC calls, but for this I need to generate 1x address and convert it to new 3x address.
I just don't want to do this work if confirmation speed will not improve.

Thx.

Minecache

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Quote from: Savik on August 25, 2017, 01:55:21 PM

Guys, I'm really not the most technically savvy person in the room, but when does the mempool buildup and increasing transaction fees really become a serious problem? Is there an end in sight for this escalation? I don't want to see some sort of black swan event where BTC implodes, but to the uneducated noob cryptocurrency follower it doesn't look good.

If you'd been here for a few years now you'd know that we've been here before and that you need to calm the fuck down. The differenc now is that we have SegWit activated and can expect the LN protocol to soon be built into Bitcoin. If you know anything about software development you know that this shit takes time to code, test and implement. There is nothing to be worried about apart from the BCH shills.

Savik

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Guys, I'm really not the most technically savvy person in the room, but when does the mempool buildup and increasing transaction fees really become a serious problem? Is there an end in sight for this escalation? I don't want to see some sort of black swan event where BTC implodes, but to the uneducated noob cryptocurrency follower it doesn't look good.

Adriano2010

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How help SegWit bitcoin confirm faster? I have a bitcoin tx with 50.27sat/WU -201.08 sat/B - 372 Bytes and still unconfirmed after 6 blocks mined. Why?

Topic: The OFFICIAL SegWit Activation Thread (Read 3420 times)