Bitcoin Forum

Good news!

BIP 91 has now met the required signalling level for the period (80%) and has now locked in.Miners have until this time to upgrade their nodes. Blocks not signalling BIP 141 (bit 1) will be rejected after activation.

Bitcoin to the moon!

so this is news behind BTC jump?

Probably, this have increased confidence among bitcoin traders. Possibility of network split during segwit activation is really thin now because most of the mining pool have started to strongly support segwit2x.

Isn't segwit2x only good for miners and bad for everybody else? That's what I've read.

Isn't segwit2x only good for miners and bad for everybody else? That's what I've read.

Wrong... Go read more. Segwit 2X is good for everyone... The main contention was there was a camp that is okay with high and slow fees vs a camp that is not okay with high transaction fees(miners, retailers and people like myself)..

With only Segwit we get limited short benefits but with Segwit 2X everybody gets what they want

Good news!

BIP 91 has now met the required signalling level for the period (80%) and has now locked in.Miners have until this time to upgrade their nodes. Blocks not signalling BIP 141 (bit 1) will be rejected after activation.

Bitcoin to the moon!

Many people do not understand that BIP 91 meeting the threshold is is not warranty that Segwit will be active. Miners have to signal for bit 1 and less than 50% are signalling for it.   BIP 91 is enforced by hash power alone. This means that a majority of miners (by hash power) could back out of BIP 91.  I think this is what the whales want.  Drive the price up with this supposed "good" news then pull the rug out from those that have not done their due diligence!

The BIP91 phases :

A - 336 block Signalling phase
B - Lock-in period
C - 336 block grace period
D - Enforcement -- the rejection of non-SegWit blocks until BIP9/BIP141 locks in and activates SegWit on regular Core nodes

We just finished the Lock-in phase, so we need to wait for another few days to see if the regular nodes will follow suit. ^hmm^

The BIP91 phases :

A - 336 block Signalling phase
B - Lock-in period
C - 336 block grace period
D - Enforcement -- the rejection of non-SegWit blocks until BIP9/BIP141 locks in and activates SegWit on regular Core nodes

We just finished the Lock-in phase, so we need to wait for another few days to see if the regular nodes will follow suit. ^hmm^

Many people do not understand that BIP 91 meeting the threshold is is not warranty that Segwit will be active. Miners have to signal for bit 1 and less than 50% are signalling for it.   BIP 91 is enforced by hash power alone. This means that a majority of miners (by hash power) could back out of BIP 91.  I think this is what the whales want.  Drive the price up with this supposed "good" news then pull the rug out from those that have not done their due diligence!

So if the initial segwit is activated, does this mean that things will move faster and cheaper for everyone?

Although well over 80 percent of hash power has signaled bit 4 for BIP 91 lock in, this doesn’t actually guarantee anything. Most importantly, it doesn’t in itself mean that these miners will signal bit 1 for SegWit.

Indeed, so far, most miners don’t. Currently, the proportion of miners signaling bit 1 is still far lower than BIP 91 activation would suggest. It is even lower than 50 percent.

Moreover, BIP 91 will probably be enforced by hardly any economically relevant nodes; that is, nodes operated by users that accept bitcoins as payment. Almost no Bitcoin users on the network recognize BIP 91 or its bit 4 signaling at all, and will therefore continue to accept blocks with or without bit 1.

Isn't segwit2x only good for miners and bad for everybody else? That's what I've read.

How it can be bad for normal bitcoin users? It will make bitcoin transactions cheaper and faster again and also opens doors for lightening network which will add lots of new features and possibility to bitcoin and it will make transactions instant.

Well, it is locked in yes.

Could the miners pull out and not activate it? That remains to be seen. They could completely do a fake on us all and crash it hard. They probably won't though.

It will be done sometime in the next day or two.

We will see!

So here comes the question... What will happen in the future, if the 2MB block size also becomes incapable of handling all the transactions? I am asking this, because the number of users have risen by many times during the past 2 years. We can expect the momentum to be maintained in the near-future as well. So what will happen if the problem with delayed transactions and high fees occur once more after one or two years?

Now the BIP 141 is trying to lock in. But this time, it needs 95% and so far only 51.2% of the blocks have signaled it. So it is not projected to lock in during this signalling period. But I have high hopes for the next signaling period, because 94.4% of the blocks which were mined today supported the SegWit (the BIP 141 version).

Then what should we do with this news, do we have to sell all bitcoin to fiat? I'm also worried about the BIP 91 issue that made me sell 1.75 btc a few days ago.

What does bip91 activation mean exactly? They still need to lock in and activate bip141, right? That require 95% and if I understood correct that will be reached much more easily now when bip91 soon starts to reject non-segwit blocks? Was that the whole purpose of bip91?

Now the BIP 141 is trying to lock in. But this time, it needs 95% and so far only 51.2% of the blocks have signaled it. So it is not projected to lock in during this signalling period. But I have high hopes for the next signaling period, because 94.4% of the blocks which were mined today supported the SegWit (the BIP 141 version).