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Author Topic: Bitmain deliberately preventing the activation of SegWit on Litecoin?  (Read 12282 times)
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April 20, 2017, 09:39:53 AM
 #1

A dramatic overnight increase in hashrate is taking place in Litecoin. Its hashrate increased 600G overnight on Tuesday. Its Segwit support dropped to 70%.
At the same day, Bitmain’s mining pool Antpool’s hashrate abruptly surged by around 20 percent in a period of few hours, from 200 to nearly 500 GH/S. And to add more drama, Wang Chun, owner of F2Pool, said Bitmain is working on 2X current network hashrate.
Is this coincidence or Bitmain just wants to stop SegWit on Litecoin?
Whoever mines the block which ends up containing your transaction will get its fee.
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April 20, 2017, 09:56:06 AM
 #2

Bitmain just wants to stop SegWit on Litecoin?

Largely this. Anyone who thinks Litecoin would cheerfully sail towards Segwit without Bitcoin politics infecting it is on the naïve side. It's nothing to do with LTC and everything to do with BTC.

The more brazen they are the harder they'll eventually fall. Everyone in LTC apart from the usual Chinese cartels wants Segwit.


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April 20, 2017, 10:10:40 AM
 #3

Why does LTC need Segwit apart from pleasing speculators?

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April 20, 2017, 10:13:39 AM
 #4

It's time for the user activated soft fork. Everyone go and signal SegWit by adding -uacomment=UASF-SegWit-BIP148 as a command line parameter to your litecoin core wallet.

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April 20, 2017, 10:13:45 AM
 #5

Bitmain just wants to stop SegWit on Litecoin?

Largely this. Anyone who thinks Litecoin would cheerfully sail towards Segwit without Bitcoin politics infecting it is on the naïve side. It's nothing to do with LTC and everything to do with BTC.

The more brazen they are the harder they'll eventually fall. Everyone in LTC apart from the usual Chinese cartels wants Segwit.


Some btc users say about 1000 Bitmain litecoin mining machines are ready to ship out, but Bitmain deliberately delay them to stop litecoin's segwit. you can get more details here, it's really complicated .so much drama be going on. http://news.8btc.com/bitmain-is-suspected-of-deliberately-preventing-the-activation-of-segwit-on-litecoin
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April 20, 2017, 10:17:41 AM
 #6

Why does LTC need Segwit apart from pleasing speculators?

Sounds like a sound enough reason. I presume it's mainly attention by attracting all the developers who want to see their babies in action. Added functionality might mean more moneyz.

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April 20, 2017, 10:19:28 AM
 #7

Why does LTC need Segwit apart from pleasing speculators?

Sounds like a sound enough reason. I presume it's mainly attention by attracting all the developers who want to see their babies in action. Added functionality might mean more moneyz.

Which functionality is enabled with Segwit that LTC is not able to provide today?

I can understand somewhat the reasoning for Bitcoin, Segwit makes LN possible to scale Bitcoin. it can be argued whether larger blocks is better.

Segwit makes no good sense for LTC, blocks aren't filled and not going to be filled for years. So what functionality?
Pleasing speculators sounds like pump and dump.

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April 20, 2017, 10:31:34 AM
 #8

Which functionality is enabled with Segwit that LTC is not able to provide today?

I can understand somewhat the reasoning for Bitcoin, Segwit makes LN possible to scale Bitcoin. it can be argued whether larger blocks is better.

Segwit makes no good sense for LTC, blocks aren't filled and not going to be filled for years. So what functionality?

It enables cross chain transactions so you could have fully decentralised exchanges, though I presume the other coins you're exchanging would need it too. I believe dealing with the malleability thing also enables viable smart contracts.

And even if there isn't a capacity problem, a Lightning Network opens up possibilities with proper micropayments and maybe machine to machine stuff as well. Even a 1c fee and 2.5 minute wait is too much for some things.

It would all still largely be pie in the sky stuff. I'm not convinced how many people would choose to trust a smart contract for anything beyond piffling things, and LNs might turn out to be a right mess, but at least the possibility would be out there.


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April 20, 2017, 10:35:58 AM
 #9

It's time for the user activated soft fork. Everyone go and signal SegWit by adding -uacomment=UASF-SegWit-BIP148 as a command line parameter to your litecoin core wallet.

does litecoin have UASF too? i don't remember this for litecoin but only bitcoin, and i don't think we can have a vote in consensus if we are just regular node, full node can't vote as far as i know
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April 20, 2017, 10:42:35 AM
 #10

Which functionality is enabled with Segwit that LTC is not able to provide today?

I can understand somewhat the reasoning for Bitcoin, Segwit makes LN possible to scale Bitcoin. it can be argued whether larger blocks is better.

Segwit makes no good sense for LTC, blocks aren't filled and not going to be filled for years. So what functionality?

It enables cross chain transactions so you could have fully decentralised exchanges, though I presume the other coins you're exchanging would need it too. I believe dealing with the malleability thing also enables viable smart contracts.

And even if there isn't a capacity problem, a Lightning Network opens up possibilities with proper micropayments and maybe machine to machine stuff as well. Even a 1c fee and 2.5 minute wait is too much for some things.



None of these are requested by the market.

Decentralized exchanges have existed for years. 95% of traders go to centralized websites to trade. This is a fact. Recent example is bitsquare, not really popular. Heck, most users prefer to keep coins on centralized exchanges and services, this is after numerous examples of goxxing and years of persuading them not to do it. They do not bother to download a wallet to keep private keys by themselves. It's a joke. Nobody needs decentralized exchanges.

Malleability is a small issue, most exchanges have learned to deal with it and have dealt with it for years with no large concerns. Smart contracts... LOL, they have been a marketing gimmick for Ethereum and they still haven't got one useful case for them. Who wants them and why?

Micropayments have existed for years too, tip bots is micropayments built on centralized services. Can't say they are particularly popular or wanted by the market. Much less for LTC, nobody uses LTC.

Bottom line. Segwit for LTC is a pump and dump job.

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April 20, 2017, 10:45:39 AM
 #11

None of these are requested by the market.

Who ever said the market knows what's good for it?

It's human nature to resist change, make a huge fuss, and when the change actually happens they quietly start using it until it becomes the greatest thing ever.

If we only listened to the vested interests and followed the status quo then we'd still be living in trees.

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April 20, 2017, 10:48:14 AM
 #12

None of these are requested by the market.

Who ever said the market knows what's good for it?

It's human nature to resist change, make a huge fuss, and when the change actually happens they quietly start using it until it becomes the greatest thing ever.

You develop to solve a current problem OR you create a new problem for users and develop to solve it. Either can work Smiley
Which current or new problem are we talking about? This is what I am asking.

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April 20, 2017, 10:52:49 AM
 #13

You develop to solve a current problem OR you create a new problem for users and develop to solve it. Either can work Smiley
Which current or new problem are we talking about? This is what I am asking.

The main one for me would be a properly decentralised alt exchange.

If I have a mountain of coin that I want to swap then I have to send Poloniex an explicit picture of me with my ID. They can also freeze me any time they like and they'll no doubt get hacked again at some point. Then there's site lag too or outages.

If I try to do it on somewhere like here or the equivalent then I'm at risk of getting scammed or I have to dick around with escrows.

Shapeshift.io is great but ultimately it's still centralised and they could be shut down.

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April 20, 2017, 10:57:14 AM
 #14

Why does LTC need Segwit apart from pleasing speculators?

If segwit will be activated on LTC it can act like test ground and if all goes well support for segwit on bitcoin may also grow significantly despite of all the politics going on.


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April 20, 2017, 11:04:29 AM
 #15

You develop to solve a current problem OR you create a new problem for users and develop to solve it. Either can work Smiley
Which current or new problem are we talking about? This is what I am asking.

The main one for me would be a properly decentralised alt exchange.

If I have a mountain of coin that I want to swap then I have to send Poloniex an explicit picture of me with my ID. They can also freeze me any time they like and they'll no doubt get hacked again at some point. Then there's site lag too or outages.

If I try to do it on somewhere like here or the equivalent then I'm at risk of getting scammed or I have to dick around with escrows.

Shapeshift.io is great but ultimately it's still centralised and they could be shut down.


I've already explained very few people care about this. Poloniex allows withdrawals of up to $2000/day with no ID, don't they? This is good for 99% of traders. What do you dislike about Bitsquare? It is decentralized. Decentralized always has more friction and Segwit can't change this. It's why people prefer centralized, for 95% of them centralized is not a problem.

Solving scaling for BTC is a real problem today, Segwit might solve.

For LTC there is no problem, it works perfect and will work for years before any scaling is necessary. Other problems simply do not exist.

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April 20, 2017, 11:05:36 AM
 #16

Bitmain just wants to stop SegWit on Litecoin?

Largely this. Anyone who thinks Litecoin would cheerfully sail towards Segwit without Bitcoin politics infecting it is on the naïve side. It's nothing to do with LTC and everything to do with BTC.

The more brazen they are the harder they'll eventually fall. Everyone in LTC apart from the usual Chinese cartels wants Segwit

I sincerely hope for that too

You can prevent an avalanche by causing it to launch prematurely, but you can't stop it once it gained enough power and might. If not Litecoin, then some other coin over which the Chinese mining cartel has no control will successfully implement SegWit. And after many coins start to aim at truly instant, ping-time transactions (which is what miners are most afraid of), these guys will look pretty lame and retard by hindering innovation. I remember the owners of horse stables were defaming the spread of first automobiles in the early 1900's. Today this looks pathetic if not outright ridiculous but back then everyone and his dog were dead serious about that

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April 20, 2017, 11:17:05 AM
 #17

None of these are requested by the market.

Decentralized exchanges have existed for years. 95% of traders go to centralized websites to trade. This is a fact. Recent example is bitsquare, not really popular. Heck, most users prefer to keep coins on centralized exchanges and services, this is after numerous examples of goxxing and years of persuading them not to do it. They do not bother to download a wallet to keep private keys by themselves. It's a joke. Nobody needs decentralized exchanges

I'm curious if you are really serious

Or just trying to confuse the issue. Decentralized exchanges are not popular due to lack of instant transactions. If truly instant transactions (with instant confirmations) kick off (like what Lightning Network is supposed to do), there will be a lot of interest in these exchanges. I'm trading through api's at a few major exchanges (e.g. Bitfinex), and I know from the first-hand experience that the exchanges are adding artificial delays before placing or cancelling your orders since they earn by front-running the orders of their clients (this is a Wild, Wild West in this regard). With decentralized exchanges, which are an integral part of the network (blockchain), such delays make no sense, so they should in practice work even faster than regular, centralized exchanges

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April 20, 2017, 11:43:31 AM
 #18

A dramatic overnight increase in hashrate is taking place in Litecoin. Its hashrate increased 600G overnight on Tuesday. Its Segwit support dropped to 70%.
At the same day, Bitmain’s mining pool Antpool’s hashrate abruptly surged by around 20 percent in a period of few hours, from 200 to nearly 500 GH/S. And to add more drama, Wang Chun, owner of F2Pool, said Bitmain is working on 2X current network hashrate.
Is this coincidence or Bitmain just wants to stop SegWit on Litecoin?

The bitmains attempt to have a monopoly on bitcoin mining  by siding with bitcoin unlimited was a failure and that is why they will do in their power to stop segwit fro dominating in the litecoin mining. But with regards to litecoins I will side with bitmain since litecon doesnt need segwit to function well, though segwit may be good for bitcoin but litecoin doesnt need it.
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April 20, 2017, 11:50:39 AM
 #19

A dramatic overnight increase in hashrate is taking place in Litecoin. Its hashrate increased 600G overnight on Tuesday. Its Segwit support dropped to 70%.
At the same day, Bitmain’s mining pool Antpool’s hashrate abruptly surged by around 20 percent in a period of few hours, from 200 to nearly 500 GH/S. And to add more drama, Wang Chun, owner of F2Pool, said Bitmain is working on 2X current network hashrate.
Is this coincidence or Bitmain just wants to stop SegWit on Litecoin?

The bitmains attempt to have a monopoly on bitcoin mining  by siding with bitcoin unlimited was a failure and that is why they will do in their power to stop segwit fro dominating in the litecoin mining. But with regards to litecoins I will side with bitmain since litecon doesnt need segwit to function well, though segwit may be good for bitcoin but litecoin doesnt need it.

lol bitmain does not have 69% control of mining.
stop reading reddit. it has become worse than fox news

all the "bomb china" "jihan controls everything".. do you even sit back and spend 5 minutes thinking rationally about the scripts you read

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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April 20, 2017, 12:10:35 PM
 #20

A dramatic overnight increase in hashrate is taking place in Litecoin. Its hashrate increased 600G overnight on Tuesday. Its Segwit support dropped to 70%.
At the same day, Bitmain’s mining pool Antpool’s hashrate abruptly surged by around 20 percent in a period of few hours, from 200 to nearly 500 GH/S. And to add more drama, Wang Chun, owner of F2Pool, said Bitmain is working on 2X current network hashrate.
Is this coincidence or Bitmain just wants to stop SegWit on Litecoin?

The bitmains attempt to have a monopoly on bitcoin mining  by siding with bitcoin unlimited was a failure and that is why they will do in their power to stop segwit fro dominating in the litecoin mining. But with regards to litecoins I will side with bitmain since litecon doesnt need segwit to function well, though segwit may be good for bitcoin but litecoin doesnt need it

You could just as well say that Litecoin itself is not needed

Look, even just the rumor surfacing about activating SegWit in Litecoin caused the price of this coin almost triple within a week, and how can you then proceed to say that SegWit is not needed? Besides, while SegWit itself may in fact not provide any advantages to Litecoin, but as far as I know, it may still open doors to instant payments via Lightning Network, and that would be really beneficial to any coin giving it a competitive edge over the rest of the pack. Other than that, testing SegWit in Litecoin would be better than testing it in Bitcoin, especially if things go massively awry during the "test phase"

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