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Author Topic: Litecoin segwit activation. What happened?  (Read 6630 times)
coinling
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February 14, 2017, 04:41:49 PM
 #41

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.


Actually longterm the money decides which direction Litecoin or any other coin will go.

Would be great to have prediction markets with a lot of volume out there already so we could bet on Litecoin With or Without Segwit.

Or bet on Bitcoin BU or Bitcoin Segwit...

And then we will see what the money decides.

In the end , miners will mine the most profitable coin and not decide against the market.
If so, they will loose money.

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February 14, 2017, 05:04:30 PM
 #42

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/


it say that miners benefit from segwit, this is not completely true, miners would pay more fee with segwit to the centralization that it will carry with LN and all that crap, you also linked a bitcoin segwit not litecoin, bitcoin have a reason to grow over 1mb limit litecoin no



.
.BITVEST DICE.
HAS BEEN RELEASED!


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Rainbot
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February 15, 2017, 01:42:00 AM
 #43

I do not know why some think that segwit is a useless upgrade for litecoin because it already can process 4x more of bitcoin's transactions. Segwit is not really a scaling solution but an upgrade to fix the malleablility issue and to open up the network for other layers to be built on top of it. Some say smart contracts will be possible under segwit.

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February 15, 2017, 02:01:40 AM
 #44

I do not know why some think that segwit is a useless upgrade for litecoin because it already can process 4x more of bitcoin's transactions. Segwit is not really a scaling solution but an upgrade to fix the malleablility issue and to open up the network for other layers to be built on top of it. Some say smart contracts will be possible under segwit.

Those are all good points that some just seem to want to ignore. The comments indicating miners don't want it because of lost fees is another one that's not logical. Litecoin miners make next to nothing on fees now. If smart contracts, the LN and other types of layers get built on top of it the price is going to go up. That increased value will increase profitability far more than any fees being earned. I guess cherry picking a single point and ignoring the big picture is important to some folks.
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February 15, 2017, 05:46:01 AM
 #45

I do not know why some think that segwit is a useless upgrade for litecoin because it already can process 4x more of bitcoin's transactions. Segwit is not really a scaling solution but an upgrade to fix the malleablility issue and to open up the network for other layers to be built on top of it. Some say smart contracts will be possible under segwit.

Those are all good points that some just seem to want to ignore. The comments indicating miners don't want it because of lost fees is another one that's not logical. Litecoin miners make next to nothing on fees now. If smart contracts, the LN and other types of layers get built on top of it the price is going to go up. That increased value will increase profitability far more than any fees being earned. I guess cherry picking a single point and ignoring the big picture is important to some folks.
But if litecoin miners are not earning much with things as they are now then they are going to earn even less if segwit it is activated, it is not about picking a single issue, it is about miners hurting their own interest with no apparent gain for themselves, so it is doubtful it’s going to happen.

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February 15, 2017, 09:05:21 AM
 #46

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.
http://litecoinblockhalf.com/segwit.php

It seems like more power from the miners to activate segwit in the middle of this year. The current result LTC SegWit has reached 19% signalling by the miners to activate SegWit. I may think if it will get activate in the Q3 of this year.

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February 15, 2017, 09:28:05 AM
 #47

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.
http://litecoinblockhalf.com/segwit.php

It seems like more power from the miners to activate segwit in the middle of this year. The current result LTC SegWit has reached 19% signalling by the miners to activate SegWit. I may think if it will get activate in the Q3 of this year.

Segwit miner support (percentage of segwit blocks signaling within the current activation period)   518 (7.73%)
This is the # that matters, still under 10%.
This has to reach 75% to activate segwit.


 Cool
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February 15, 2017, 10:36:17 AM
 #48

So kiklo will you take dwgscale11's bet or not? He has challenged you to a 500 LTC bet that Segwit will be activated within the prescribed time. What say you? Many posters here think you're full of air.

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February 15, 2017, 11:22:23 AM
 #49

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

So kiklo will you take dwgscale11's bet or not? He has challenged you to a 500 LTC bet that Segwit will be activated within the prescribed time. What say you? Many posters here think you're full of air.


Hmm, missed his post, I was busy in
Segwit on Bitcoin has Failed , BTC Core has Lost , The Miners have Won
https://bitcointalk.org/index.php?topic=1788448.0

500 LTC would be ~$2000 US,
I would hate to have to hunt his ass down and take 2 grand out of his hide for nonpayment.

So we will do a Gentlemen's wager instead , that way he can keep his skin, when he loses.

Here is the Wager,

I bet 1 litecoin that Segwit will not be activated on Litecoin by Nov 15th, 2017.
Against 3 of you that want to give me a litecoin.  Enter your BTCtalk Name beside the Number, and we will consider the Gentleman's wager between us Valid.

#1 =>    Your Name Here
#2 =>    Your Name Here
#3 =>    Your Name Here


So if Segwit miner support is not at 75% activation on Nov 15th, 2017 , each of you will paid me 1 LTC for a total of 3 LTC combined before Dec 1st, 2017 .
If by some miracle or zombie apocalypse segwit is activated on Litecoin by Nov 15th, 2017, I will pay each of you 1 Litecoin before Dec 1st,2017 .

Only accepting 3 suckers, I means wagers.  Wink

 Cool

FYI:
The name that reposts this , must match the name entered beside the # to be Valid.
No Newbies accounts can enter into the wager. Only Full Members or Higher.


FYI2:
This is the number we will be watching for the 75% activation.
Segwit miner support (percentage of segwit blocks signaling within the current activation period)   518 (7.73%)
Disclaimer: If it is only 74% , you will lose. So be aware, I am telling you , you will lose if you make this wager with me.   Smiley

FYI3: No suckers/wagers will be accepted after Feb 20th, 2017.
(This is a valid contract and you will be held to it.)
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February 15, 2017, 11:58:55 AM
 #50

Little note, by placing your name in the above contract,

If you think you can stay anon, and welch on the wager,

I can use the contract to subpoena BTCtalk to get your real name and address.

So if you are thinking you can welch when you lose, I will out you name home address everything.  Wink

 Cool

FYI:
@INRI666 , is that serious enough for you?  Wink
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February 15, 2017, 01:22:13 PM
 #51

#1 John Titor, would be up for a full 500 ltc bet though, I'd love some free money
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February 15, 2017, 01:51:02 PM
 #52

I do not know why some think that segwit is a useless upgrade for litecoin because it already can process 4x more of bitcoin's transactions. Segwit is not really a scaling solution but an upgrade to fix the malleablility issue and to open up the network for other layers to be built on top of it. Some say smart contracts will be possible under segwit.

Those are all good points that some just seem to want to ignore. The comments indicating miners don't want it because of lost fees is another one that's not logical. Litecoin miners make next to nothing on fees now. If smart contracts, the LN and other types of layers get built on top of it the price is going to go up. That increased value will increase profitability far more than any fees being earned. I guess cherry picking a single point and ignoring the big picture is important to some folks.
But if litecoin miners are not earning much with things as they are now then they are going to earn even less if segwit it is activated, it is not about picking a single issue, it is about miners hurting their own interest with no apparent gain for themselves, so it is doubtful it’s going to happen.

You misunderstand. Businesses are being built on the concept of the lightning network. It's the lightning network that potentially has some miners concerned when it comes to fees, not segwit. If usage of litecoin does not increase significantly these lightning network businesses will simply go bankrupt (because fees are so low). These businesses are being built on the assumption of adoption and millions of transactions per day. If adoption fails the LN serves no real purpose.

If the LN businesses actually do make money it will be because of large scale usage. That means adoption has happened. Blocks will be more valuable than they are now. Miners make more money as a result.

It all comes down to believing in the potential of cryptocurrency. For miners if adoption happens they win, If adoption fails the LN is not required and it's mining as usual.
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February 15, 2017, 02:00:32 PM
 #53

Most miners do not like segwit because the fee will be significantly reduced, they are selfish, so is everyone. They are innocent, but they will accept the best technology eventually. Because segwit the future, otherwise they can't win more customers' heart. Transactions are too dumb slowly.

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February 15, 2017, 02:21:00 PM
 #54

Most miners do not like segwit because the fee will be significantly reduced, they are selfish, so is everyone. They are innocent, but they will accept the best technology eventually. Because segwit the future, otherwise they can't win more customers' heart. Transactions are too dumb slowly.

Litecoin doesn't have significant fees. The idea that this should affect LTC is coming from Bitcoin thinking. It's flawed thinking in either case as I outlined above. Additionally, 18.2% of the network (91 out of the last 500 blocks) has signalled segwit. The number of supporters is growing and likely will continue growing.
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February 15, 2017, 05:40:55 PM
 #55

These miners have every incentive to want segwit in LTC: price is mooned for optimal bitcoin purchases or plenty of fiat to purchase a miner's hardware paradise. Maybe not daily, but week by week going forward we'll see the signalling % keep growing.
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February 15, 2017, 06:08:14 PM
 #56

Litecoin is shit. Its dead. Dont expect a pump because of segwit. Even if CEOs of twitter, facebook and google + the presidents of all world powers simultaneously gave breaking news live speeches on all of the world's major TV networks, in which they announced the superiority of Litecoin above all humans and that LTC was the key to world peace, it still would not pump.

LTC is the biggest scam of all of crypto. Litecoiners have been accusing other coins, e.g. Ethereum and Monero of being "scams" for years, but those coins have dominated LTC and made it look like a pathetic child.

dwgscale11
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February 15, 2017, 06:23:37 PM
 #57

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

So kiklo will you take dwgscale11's bet or not? He has challenged you to a 500 LTC bet that Segwit will be activated within the prescribed time. What say you? Many posters here think you're full of air.


Hmm, missed his post, I was busy in
Segwit on Bitcoin has Failed , BTC Core has Lost , The Miners have Won
https://bitcointalk.org/index.php?topic=1788448.0

500 LTC would be ~$2000 US,
I would hate to have to hunt his ass down and take 2 grand out of his hide for nonpayment.

So we will do a Gentlemen's wager instead , that way he can keep his skin, when he loses.

Here is the Wager,

I bet 1 litecoin that Segwit will not be activated on Litecoin by Nov 15th, 2017.
Against 3 of you that want to give me a litecoin.  Enter your BTCtalk Name beside the Number, and we will consider the Gentleman's wager between us Valid.

#1 =>    Your Name Here
#2 =>    Your Name Here
#3 =>    Your Name Here


So if Segwit miner support is not at 75% activation on Nov 15th, 2017 , each of you will paid me 1 LTC for a total of 3 LTC combined before Dec 1st, 2017 .
If by some miracle or zombie apocalypse segwit is activated on Litecoin by Nov 15th, 2017, I will pay each of you 1 Litecoin before Dec 1st,2017 .

Only accepting 3 suckers, I means wagers.  Wink

 Cool

FYI:
The name that reposts this , must match the name entered beside the # to be Valid.
No Newbies accounts can enter into the wager. Only Full Members or Higher.

FYI2:
This is the number we will be watching for the 75% activation.
Segwit miner support (percentage of segwit blocks signaling within the current activation period)   518 (7.73%)
Disclaimer: If it is only 74% , you will lose. So be aware, I am telling you , you will lose if you make this wager with me.   Smiley

FYI3: No suckers/wagers will be accepted after Feb 20th, 2017.
(This is a valid contract and you will be held to it.)

Not even worth the bet for 1 ltc.
kiklo
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February 16, 2017, 05:04:15 AM
 #58

#1 John Titor, would be up for a full 500 ltc bet though, I'd love some free money

No Lying ass Newbies Junior ,

Post with your real account that is at least a full member.

Also learn to read instructions newbie.

All 3 positions are still open.  Wink

 Cool
kiklo
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February 16, 2017, 05:07:37 AM
 #59

Not even worth the bet for 1 ltc.


I think what you meant to say , was not worth 1 LTC, because Kiklo is going to make sure no one welchs on the wager.


 Cool

FYI:
It is worth it to me, still waiting on 3 suckers to give me free LTC.  Smiley
kiklo
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February 16, 2017, 05:16:15 AM
 #60

These miners have every incentive to want segwit in LTC: price is mooned for optimal bitcoin purchases or plenty of fiat to purchase a miner's hardware paradise. Maybe not daily, but week by week going forward we'll see the signalling % keep growing.

LOL, you have the perfect avatar name : Chef Ramsay

http://www.upi.com/Entertainment_News/2014/08/07/Gordon-Ramsay-fixer-of-other-peoples-Kitchen-Nightmares-nearing-bankruptcy/8411407412848/
According to a RadarOnline report, popular TV chef Gordon Ramsay is more than $50 million in debt.

Neither of you know how to invest and hold on to money.
  Tongue

Activate Segwit on LTC and then Connect to LN.
Then people start locking up all of their LTC in place on the blockchain Forever, and LN makes all of the money off of Transactions fees and no one buys LTC onchain anymore, because LN offchain is faster & cheaper. LTC miners just put their own asses out of business.

Personally , I don't believe 75% of the LTC miners are that stupid , but time will tell.

 Cool
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