Litecoin segwit activation. What happened?

[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

 

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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[topesis]

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. 

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

[shyliar]

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.

[andrei56]

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.

[thejaytiesto]

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.

[dwgscale11]

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...

[xorlogic]

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.

[epitome]

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.

[European Central Bank]

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.

[shyliar]

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.

[dinofelis]

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.

[dinofelis]

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]

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.

[dinofelis]

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...

[shyliar]

Well done. That about covers it.

[alyssa85]

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.

[coinling]

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.

[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

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

[bbc.reporter]

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.

[shyliar]

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.