Litecoin segwit activation. What happened?

[bbc.reporter]

Has the activation of segwit also failed in litecoin? This site was posted in the forum http://litecoinblockhalf.com/segwit.php

When I checked how many miners have signaled segwit activation the number was a small 3% of total miners. The litecoin community has said that it will be surely activated because they were so sure at that least 75% of the miners will cooperate. What happened?

I tried asking the same question in their announcement thread but no one answered.

[shyliar]

To soon to say. The number one pool utilizes custom software and is working on that. So what happened? Maybe wait a while more and you'll get a final answer. If your interested Charlie Lee will be involved in an AMA with Chinese miners later on tonight.

Edit: You might also be interested in this interview.

https://www.youtube.com/watch?v=xM-r7D2EpIg

[shinratensei_]

The litecoin communities are not miners. I just like to call it troll by the litecoin community. I kind feel disappointed. 
You can start in the litecoin Reddit about it.

[ethereumhunter]

i think we need to wait a while before the activation can run smooth and working fine or maybe it is because of the increasing of bitcoin price? we don't know yet until there a clear statement from the dev about the activation. but i don't know about this, maybe i will waiting for next news and see what will happen.

[kiklo]

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.

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.  
 
http://economics.stackexchange.com/questions/6970/when-was-fractional-reserve-banking-introduced

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

 

[Pursuer]

it is too soon to say anything about it, and signaling was recently started and miners have proven to be too slow because they probably check the code themselves before adopting it.

I read somewhere on reddit that apparently F2Pool announced that they will support SegWit on litecoin soon, although I don't know how reliable that news was.

in any case I hope we can see SegWit on litecoin soon, it is a very good experiment to see it in real action. and I will be a good way of making up minds about SegWit on bitcoin too.

[dwgscale11]

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.

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.  
 
http://economics.stackexchange.com/questions/6970/when-was-fractional-reserve-banking-introduced

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

 

Good thing Segwit isn't being implemented as a scaling solution!

https://bitcoincore.org/en/2016/01/26/segwit-benefits/

BU shills are something else...

[SyGambler]

I'm was wondering before about what kiklo said , like yeah why litecoin would try segwit ?? it's like a pure experiment to benefit bitcoin instead of litecoin and maybe that's why maybe miners aren't sure about what to do
anyways I bought some litecoins last week cause I thought that the news should affect the price soon 

[bbc.reporter]

To soon to say. The number one pool utilizes custom software and is working on that. So what happened? Maybe wait a while more and you'll get a final answer. If your interested Charlie Lee will be involved in an AMA with Chinese miners later on tonight.

Edit: You might also be interested in this interview.

https://www.youtube.com/watch?v=xM-r7D2EpIg

Yes it is best to wait and see. The litecoin community has overhyped this on social media and led us into believing that segwit activation will come to consensus more quickly that bitcoin. It is still only at 3%. We should see it trending to 5% at least if there was some interest in it.

@dwscale11. I read the link you posted. Thank you. Can litecoin suffer from the same malleability attacks like in bitcoin?

[dhampir-D]

I hoped things would be more advanced in that direction. I see some comments on reddit pointing out as possible cause of this delay the interference of Bitcoin miners with political interests. I have not seen many arguments to support this thesis, but it seems to be a possibility to consider.

[European Central Bank]

i read that charlie lee is expecting two months before it's fully in the bag. like someone else said, the biggest pool is fiddling with its own software still. i kind of got the feeling he's willing to do anything to get it activated too.

[BitcoinHodler]

I'm was wondering before about what kiklo said , like yeah why litecoin would try segwit ?? it's like a pure experiment to benefit bitcoin instead of litecoin and maybe that's why maybe miners aren't sure about what to do
anyways I bought some litecoins last week cause I thought that the news should affect the price soon 

well litecoin is copy of bitcoin and it has all the features the same way. and as the developer of Litecoin has said if SegWit activates on LTC but not on bitcoin it will be the first time they are different.
but it is not just an experiment, Segwit actually has many benefits, i suggest reading more about it from unbiased resources, unfortunately there are too many lies about Segwit both supporting lies and lies against it.

[kiklo]

A meme says a thousand words. That's all there is to it. LTC miners are smart and they are also aware of what's happening in Bitcoin. They will not be pushed around by a dictator.

Totally Agreed.  

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


 

[shinratensei_]

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. 

[Spoetnik]

I'm was wondering before about what kiklo said , like yeah why litecoin would try segwit ?? it's like a pure experiment to benefit bitcoin instead of litecoin and maybe that's why maybe miners aren't sure about what to do
anyways I bought some litecoins last week cause I thought that the news should affect the price soon  

well litecoin is copy of bitcoin and it has all the features the same way. and as the developer of Litecoin has said if SegWit activates on LTC but not on bitcoin it will be the first time they are different.
but it is not just an experiment, Segwit actually has many benefits, i suggest reading more about it from unbiased resources, unfortunately there are too many lies about Segwit both supporting lies and lies against it.

You forgot about WHY Litecoin was created in the first place.

They changed the algo to stop mining exploitation and it did work.. for a while.
Don't forget when LTC came out it was not like how it is now.. SCAMMY.
back then there was not 1,000 ICO's a month coming out supported by greedy selfish ADD kidiot Investards flocking here.

Wanna bash a coin ? Then line up assholes to rag on Doge Coin the real shit coin clone.

If they wanted to ICO the first coin(s) that came out they could have people.
And you all should start doing your history before talking shit.

So..
If you think about it.. the very spirit of Litecoin was to implement shit BTC guys wouldn't.

[Spoetnik]

Doge coin ? yeah..
I was just pointing out the very real history of Litecoin.

Doge was created as a joke the dev said word for word before he abandoned it publicly.
Litecoin was a response to people exploiting Bitcoin with mining.
For a while it succeeded in this goal with SCRYPT.

No idea why you all love to talk shit so much about Litecoin.
Especially when you know so little about it.

It should be thanked as the project and the related miner coders contributed plenty.
I doubt you would have had any Doge coin or the other 1,000 scrypt clone shad it not been for LTC.
And it's point.. the implementation of stuff that can't get done on Bitcoin. (Such as changing the BTC hashing ALGO)

[kiklo]

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. 

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


 

[dwgscale11]

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. 

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


 

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

[Ayers]

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.

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.  
 
http://economics.stackexchange.com/questions/6970/when-was-fractional-reserve-banking-introduced

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

 

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

[shyliar]

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.