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Author Topic: Litecoin segwit activation. What happened?  (Read 6623 times)
dwgscale11
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February 13, 2017, 04:21:43 PM
 #21

http://litecoinblockhalf.com/segwit.php

Code:
Segwit miner support 330 (5.97%)
Segwit start time          01/28/2017 00:00:00
Segwit timeout time 01/31/2018 00:00:01
It seems like possible for SegWit to get his activation on 2018. 10% at the end of February is real.  Roll Eyes Cool



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


 Cool



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
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February 13, 2017, 04:25:44 PM
 #22

Segwit is a waste of time!

LTC already has 4X the Transaction Capacity of BTC.

BTC core pushed it as a solution to BTC unconfirmed transactions problems,
by adding segwit they make it easier to run their Offchain Lightening Network (Which is nothing but Banking & Fractional Reserves entering Crypto.)
BTC core wants to use LN to take control of the BTC network , by locking up the majority of BTC Forever.

Quote from: kiklo
LN freezes the amount of BTC on the BTC onchain network,
what is transferred on LN is a representation of that value.
(No Different than when Banks allowed people to trade cash for gold.
The Gold is held somewhere else and the Cash is a representation of that amount of Gold.
Only redeemable upon request.)

IE: Banking (there is no difference between it & LN)

And here is the kicker, if LN is only a representation of a BTC, it is only a matter of time before a fractional BTC onchain is represented by more offchain on LN.
This becomes possible once LN can calculate how many people never remove their Locks on the BTC frozen on the BTC onchain network.
Study the history of Banking , this is exactly how they started.  Wink
 
http://economics.stackexchange.com/questions/6970/when-was-fractional-reserve-banking-introduced
Quote
In the past, savers looking to keep their coins and valuables in safekeeping depositories deposited gold and silver at goldsmiths, receiving in exchange a note for their deposit (see Bank of Amsterdam). These notes gained acceptance as a medium of exchange for commercial transactions and thus became an early form of circulating paper money. As the notes were used directly in trade, the goldsmiths observed that people would not usually redeem all their notes at the same time, and they saw the opportunity to invest their coin reserves in interest-bearing loans and bills. This generated income for the goldsmiths but left them with more notes on issue than reserves with which to pay them. A process was started that altered the role of the goldsmiths from passive guardians of bullion, charging fees for safe storage, to interest-paying and interest-earning banks. Thus fractional-reserve banking was born.
LN          = Goldsmiths, (which became Banks)
LN Coins =  Notes
BTC        =  Gold

 Cool

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



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shyliar
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February 13, 2017, 04:43:30 PM
 #23


Segwit / LN  will directly compete with the Miners for Transactions fees, and the miners know it.


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.
dwgscale11
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February 13, 2017, 05:02:01 PM
 #24

Segwit is a waste of time!

LTC already has 4X the Transaction Capacity of BTC.

BTC core pushed it as a solution to BTC unconfirmed transactions problems,
by adding segwit they make it easier to run their Offchain Lightening Network (Which is nothing but Banking & Fractional Reserves entering Crypto.)
BTC core wants to use LN to take control of the BTC network , by locking up the majority of BTC Forever.

Quote from: kiklo
LN freezes the amount of BTC on the BTC onchain network,
what is transferred on LN is a representation of that value.
(No Different than when Banks allowed people to trade cash for gold.
The Gold is held somewhere else and the Cash is a representation of that amount of Gold.
Only redeemable upon request.)

IE: Banking (there is no difference between it & LN)

And here is the kicker, if LN is only a representation of a BTC, it is only a matter of time before a fractional BTC onchain is represented by more offchain on LN.
This becomes possible once LN can calculate how many people never remove their Locks on the BTC frozen on the BTC onchain network.
Study the history of Banking , this is exactly how they started.  Wink
 
http://economics.stackexchange.com/questions/6970/when-was-fractional-reserve-banking-introduced
Quote
In the past, savers looking to keep their coins and valuables in safekeeping depositories deposited gold and silver at goldsmiths, receiving in exchange a note for their deposit (see Bank of Amsterdam). These notes gained acceptance as a medium of exchange for commercial transactions and thus became an early form of circulating paper money. As the notes were used directly in trade, the goldsmiths observed that people would not usually redeem all their notes at the same time, and they saw the opportunity to invest their coin reserves in interest-bearing loans and bills. This generated income for the goldsmiths but left them with more notes on issue than reserves with which to pay them. A process was started that altered the role of the goldsmiths from passive guardians of bullion, charging fees for safe storage, to interest-paying and interest-earning banks. Thus fractional-reserve banking was born.
LN          = Goldsmiths, (which became Banks)
LN Coins =  Notes
BTC        =  Gold

 Cool

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

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

https://bitcoincore.org/en/2016/01/26/segwit-benefits/
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February 13, 2017, 05:22:48 PM
 #25

http://litecoinblockhalf.com/segwit.php

Code:
Segwit miner support 330 (5.97%)
Segwit start time          01/28/2017 00:00:00
Segwit timeout time 01/31/2018 00:00:01
It seems like possible for SegWit to get his activation on 2018. 10% at the end of February is real.  Roll Eyes Cool

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

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February 13, 2017, 06:05:52 PM
 #26


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

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.
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February 13, 2017, 06:42:38 PM
 #27

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.

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February 13, 2017, 06:50:10 PM
 #28

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.

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February 13, 2017, 08:00:52 PM
 #29

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.

At $185 million market cap, I can promise you Litecoin is not a tiny coin. And miners certainly care about it...
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February 13, 2017, 08:21:58 PM
 #30

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.

The future for trade is private secure and decentralized https://safex.io
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February 13, 2017, 09:09:35 PM
 #31

People on the litecoin subreddit are going hard on it, telling people to mine on their phones and anything they can to push segwit, how is it being decided in the litecoin community?
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.
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February 13, 2017, 09:59:21 PM
 #32


Segwit / LN  will directly compete with the Miners for Transactions fees, and the miners know it.


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 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.

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February 13, 2017, 11:27:05 PM
 #33

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.

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.
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February 14, 2017, 08:32:21 AM
 #34

http://litecoinblockhalf.com/segwit.php

Code:
Segwit miner support 330 (5.97%)
Segwit start time         01/28/2017 00:00:00
Segwit timeout time 01/31/2018 00:00:01
It seems like possible for SegWit to get his activation on 2018. 10% at the end of February is real.  Roll Eyes Cool



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


 Cool



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

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. Cheesy

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February 14, 2017, 01:41:44 PM
 #35

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.
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February 14, 2017, 01:49:40 PM
 #36

Segwit is a waste of time!

LTC already has 4X the Transaction Capacity of BTC.

BTC core pushed it as a solution to BTC unconfirmed transactions problems,
by adding segwit they make it easier to run their Offchain Lightening Network (Which is nothing but Banking & Fractional Reserves entering Crypto.)


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.
shyliar
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February 14, 2017, 01:54:26 PM
 #37

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.


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.
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February 14, 2017, 03:18:24 PM
 #38

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.


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.


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...
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February 14, 2017, 03:24:48 PM
 #39

Well done. That about covers it.
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February 14, 2017, 04:33:21 PM
 #40

People on the litecoin subreddit are going hard on it, telling people to mine on their phones and anything they can to push segwit, how is it being decided in the litecoin community?

Most of litecoin is mined in China - and if Chinese miners are not sure about segwit for bitcoin, it is possible they arn't sure about it for litecoin too.

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