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This is a pretty fantastic resource you made here OP! If you don't mind, I'd like to use it as a resource in adding to and updating some of my definitions in Decryptionary.com (http://Decryptionary.com)?
Sure go ahead.
Topic: UPDATED: Segwit and the August 1st and SegWit2x fork explained in simple terms (Read 2957 times)
December 19, 2017, 09:44:12 PM
Sure go ahead.
December 04, 2017, 01:50:55 AM
I've had a hard time grasping what's happening, but I think I finally get the picture. I thought it would be helpful to explain in simple terms what's going on. The situation is quite complicated with SegWit2x entering the picture so this is long but it should still be simple with minimal confusion due to interchanging terminology. If you like it please leave a comment to boost it so that other people can read it too.
This is a pretty fantastic resource you made here OP! If you don't mind, I'd like to use it as a resource in adding to and updating some of my definitions in Decryptionary.com?
July 28, 2017, 10:10:34 PM
RE: BITCOIN CORE OF 2014
I know that SegWit support has been added in 0.13 but that shouldn't really affect anyone who isn't mining. If you're mining you have to have it else your blocks will be rejected but since it's a soft fork it's not supposed to affect the amount of coins in your wallet or your ability to send and receive on any version of the client.
It's nice when people reply then this thread goes to the top for another 5 minutes and more people get to see it.
I know that SegWit support has been added in 0.13 but that shouldn't really affect anyone who isn't mining. If you're mining you have to have it else your blocks will be rejected but since it's a soft fork it's not supposed to affect the amount of coins in your wallet or your ability to send and receive on any version of the client.
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Great topic. I understand more whats happening in the blockchain, you compiled all the news to make it short.
So august 1 should be ignored now? Segwit is 100% now.
Yes I think it can be ignored. BIP148 defunct now. But I think at least BCC will hard fork off on the 1st of April so if you want to sail in that ship you need your coins in your wallet now to have your coins with them too.So august 1 should be ignored now? Segwit is 100% now.
It's nice when people reply then this thread goes to the top for another 5 minutes and more people get to see it.
July 28, 2017, 12:16:36 PM
Why you ignore BITCOIN-CORE OF 2014 ?
https://bitcointalksearch.org/topic/here-is-how-the-fork-will-happen-2044085
https://bitcointalksearch.org/topic/here-is-how-the-fork-will-happen-2044085
July 28, 2017, 11:38:19 AM
Great topic. I understand more whats happening in the blockchain, you compiled all the news to make it short.
So august 1 should be ignored now? Segwit is 100% now.
So august 1 should be ignored now? Segwit is 100% now.
July 28, 2017, 10:28:19 AM
Time to add some information about BCC (Bitcoin Cash).
July 22, 2017, 11:31:42 PM
This is going to be very very important:
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3. If Bitcoin is split into several blockchains, OKCoin will for every blockchain give users their rightful ownership of their coins. In addition, OKCoin will take steps to support trading for every type of Bitcoin.
So at least one of the exchanges are going to support all the chains.
July 22, 2017, 11:27:52 PM
Thanks for explanation but notice antminers will be useles.
Only for the useless Core altcoin. They will still be working great for actual Bitcoin!
July 21, 2017, 10:04:29 AM
July 21, 2017, 09:58:48 AM
What do you think about change bitcoin to another cryptocurrency on 1 august or before?
It's not changing in to a new coin (hard fork) until after SegWit2x activates and the scheduled hard fork happens around October. July 20, 2017, 10:03:40 AM
What do you think about change bitcoin to another cryptocurrency on 1 august or before?
July 20, 2017, 09:45:37 AM
I think bitcoins splitting does not change anything for our company. We use bitcoins to process all of our platform orders. We get paid in minutes and cash out the same day to our bank. For 2H2 its a powerful processor.. beats credit cards all day long. 
July 20, 2017, 09:33:20 AM
*bump*
In looks like SegWit2x is coming. I think this post is important! It's not really right that some threads where people are arguing about some silly thing stay on the front page or a new post that consists of something like "Will bitcoin die" with no explanation of what's going on is what people see on the front page of the forum.
In looks like SegWit2x is coming. I think this post is important! It's not really right that some threads where people are arguing about some silly thing stay on the front page or a new post that consists of something like "Will bitcoin die" with no explanation of what's going on is what people see on the front page of the forum.
July 19, 2017, 10:25:02 PM
Thanks for all that information Pooya87.
The next thing I need to add is the replay issue. If Bitcoin splits in to two chains there will be a new coin and a classic coin, but if you spend coins on a wallet that is not prepared for handling both coins it may spend the coins from the other currency or the other side of the split so you end up losing coins without realizing it.
The next thing I need to add is the replay issue. If Bitcoin splits in to two chains there will be a new coin and a classic coin, but if you spend coins on a wallet that is not prepared for handling both coins it may spend the coins from the other currency or the other side of the split so you end up losing coins without realizing it.
July 18, 2017, 10:30:39 PM
~especially concerning Bit 4 and the difference between that and the NYA string.
here is what i know from reading stackexchange and the developers doc:
the process of soft forking is first "signalling your support" then if the support reached a threshold, you soft fork and the remaining hashrate upgrades too.
now for that signalling part, the official method is to use the variable in the block header called Version. those numbers that you see on block explorers as version are these (little endian binaries). there are room for about 29 proposals. right now we are using about 4 or 5 of them.
here is the list:
0x20000000 Nothing
0x20000002 SegWit Bit 1
the above is the only official Bit that exists: https://github.com/bitcoin/bips/blob/master/bip-0009/assignments.mediawiki
because of that, so far miners have been using coinbase text to signal readiness or you can think of it as a promise to support when the time comes or like voting. they can add anything there, so they support multiple at times.
then as btc1 or SegWit2x merged BIP91 it also introduced the bit 4 for activating SegWit so they started using that.
0x20000010 SegWit2x : Bit 4
there have been others but i don't know what they are and can not find anything on them.
with bits the same as coinbase string, you can still support more than 1 proposal. it is simply done by adding the bits together. that is:
0x20000012 SegWit and SegWit2x : Bit 1 and Bit 4
July 18, 2017, 10:06:38 PM
People still seem to be confusing SegWit2x with SegWit and callign SegWit a hard fork. Time to read up, and point out flaws that are still in my OP! There are still likely mistakes in my post, especially concerning Bit 4 and the difference between that and the NYA string.
Here are some sites that are tracking the progress of the proposed changes:
This ones shows a 100 block average and a 1000 block average. You can see BIP 91 (Bit 4) adoption really surging in the last few days due to the lange 1000 block vs 100 block difference: https://www.xbt.eu/
This site shows a regular graph based on 2016 blocks: https://coin.dance/blocks/proposals
What I'm wondering is are the SegWit2x supporters not putting the SegWit flag in the blockchain since there is a higher number of NYA blocks than SegWit (Bit 1). Are they trying to cause BIP148 to make a fork on August 1st to divide the existing mining so that SegWit2x can be deployed and have a better chance of winning the soft fork? It's confusing but if BIP148 enforces SegWit on a shorter chain creating a fork then the longer chain will have a lower mining power due to the lack of BIP148 miners and then SegWit2x can be activated on top of that chain?
Here are some sites that are tracking the progress of the proposed changes:
This ones shows a 100 block average and a 1000 block average. You can see BIP 91 (Bit 4) adoption really surging in the last few days due to the lange 1000 block vs 100 block difference: https://www.xbt.eu/
This site shows a regular graph based on 2016 blocks: https://coin.dance/blocks/proposals
What I'm wondering is are the SegWit2x supporters not putting the SegWit flag in the blockchain since there is a higher number of NYA blocks than SegWit (Bit 1). Are they trying to cause BIP148 to make a fork on August 1st to divide the existing mining so that SegWit2x can be deployed and have a better chance of winning the soft fork? It's confusing but if BIP148 enforces SegWit on a shorter chain creating a fork then the longer chain will have a lower mining power due to the lack of BIP148 miners and then SegWit2x can be activated on top of that chain?
July 18, 2017, 10:07:38 AM
Segwit is a scam. Do some research. Check r/btc
This here! Support http://www.bitcoinabc.org Satoshi's true bitcoin.
Roger Ver/Jihad/Craig Wright sockpuppets. Reddit is a shithole period. There will be no hardfork because all hardfork proposals are trash. Going into the forked chain will result in loss of purchasing power as the forked token crashes into the ground. Do not support any hardforked token unless you want to lose money.
In other words, you have nothing to add to this discussion. Bye brainwashed Core worshiper. Can't wait until you fools will be worshiping an altcoin or be out of bitcoins way entirely.
It's ok Roger, now ABC can soon join the club of defeated hardfork attempts along with XT, Classic, Unlimited and so on. It's pretty funny how they keep trying to come up with all these scams and they all end up on the dumpster.
... as long as the fight ended with SW2x - I don't care
July 18, 2017, 09:52:18 AM
Segwit is a scam. Do some research. Check r/btc
This here! Support http://www.bitcoinabc.org Satoshi's true bitcoin.
Roger Ver/Jihad/Craig Wright sockpuppets. Reddit is a shithole period. There will be no hardfork because all hardfork proposals are trash. Going into the forked chain will result in loss of purchasing power as the forked token crashes into the ground. Do not support any hardforked token unless you want to lose money.
In other words, you have nothing to add to this discussion. Bye brainwashed Core worshiper. Can't wait until you fools will be worshiping an altcoin or be out of bitcoins way entirely.
It's ok Roger, now ABC can soon join the club of defeated hardfork attempts along with XT, Classic, Unlimited and so on. It's pretty funny how they keep trying to come up with all these scams and they all end up on the dumpster.
July 17, 2017, 06:36:25 PM
@Mad7Scientist
Good job gathering all of this information. This is easier to read and more condensed then the coverage provided by most of the bitcoin news blogs.
Yes I thought that was implied but I edited that information in the post in case anyone doesn't understand that using the classic non SegWit2x network (after the hard fork) will be a completely different network with completely separate coins.Good job gathering all of this information. This is easier to read and more condensed then the coverage provided by most of the bitcoin news blogs.
All users of bitcoin will have to change their software or continue using the classic wallet, but the classic wallet will be stalled and it will take ages to confirm a transaction because most of the mining power left and because it takes a long time for difficulty to adjust back down to 10 minute blocks.
The old client will still work but if the network moves with the hard fork no one will accept transactions from the old folk. You will have to update your client in order to send or receive transaction that the rest of the network accepts.edit: Another thing is that I can't seem to figure out what triggers SegWit2x. Someone said that it triggers at 80% of the bit 4 flag, but someone else said that there are multiple triggers for it. Right now Bit 4 is signaling around 50% for SegWit2x so if it activated now it would do a soft fork and have the potential of winning the soft fork.
July 17, 2017, 06:27:09 PM
Even as an old member of the community this terms I understand but in all honesty I don't know what will the affect of it when it comes to Bitcoin's price. We need a definite conclusion on the matter we don't need to understand the meaning of those terms as everything is available throughout the web and this site. We need a conclusion or an answer if Bitcoin will still grow after August 1 or will it start to fall. Other than that I might just need to start researching more about that matter. And can anyone please guide us on what will Bitcoin's future be?
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