Segwit agreement on LTC: Do you trust the miners?

[BillyBobZorton]

Do you trust the miners this time? There is an agreement that has been signed by all major miners, including Bitmain.

The price has gone up in a moment, then it's correcting again. I think people has lost trust of chinese miners, and the price may keep correcting until segwit actually locks in, because people are tired of price manipulation. We want some clear.

How can the activation of segwit translate into bitcoin price?

Devs will move? I saw some LN devs claiming they are moving.

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[alyssa85]

Well - according to the following, the segwit signalling has fallen to 61.6% in the last 24 hours:

http://litecoin-segwit.info/

It's going in the wrong direction..

[LittleBitFunny]

Miners don't have the same interests as users because it's always about profit.  The official version should be voted by which versions a high majority of nodes are running instead of what hashrate runs, because it's a far less accurate representation of the community and doesn't encourage people to run their own nodes.

[Nagadota]

I don't trust that miners will vote for it, no.

Jihan Wu controls a large amount of the hashrate on Litecoin and is clearly trying to personally block SegWit happening so that there's less chance of an increase in SegWit economic support on Bitcoin.

The longer he keeps this up, the lower the SegWit hashrate on Litecoin will get because people lose hope of it happening and move on.

[york780]

 Wu will win. Why wondering while Wu will wipe SegWit back where we wont want? Try to say that 3 times in a row without making a mistake lol

[Kramerc]

Well - according to the following, the segwit signalling has fallen to 61.6% in the last 24 hours:

http://litecoin-segwit.info/

It's going in the wrong direction..

In order to activate in this period, the average signalling rate needs to be somewhere around 81.6% from now on. Easily achievable once LTC1BTC and LTC.top (operated by Jiang Zhuoer) start signalling.

I wouldn't worry about them not living up to their agreement, that makes no sense.

[Denker]

I don't trust that miners will vote for it, no.

Jihan Wu controls a large amount of the hashrate on Litecoin and is clearly trying to personally block SegWit happening so that there's less chance of an increase in SegWit economic support on Bitcoin.

The longer he keeps this up, the lower the SegWit hashrate on Litecoin will get because people lose hope of it happening and move on.

If Jihan pulls back from this agreement I can tell you the community will go crazy and that guy will see himself confronted with the biggest shitstorm ever!! Furthermore UASF would be a topic again pretty quick! So over the long run he has no choice!

[European Central Bank]

i think it's a calculated move by jihad to concede on this. he'll be able to focus fully on bitcoin now and if there had been a uasf with litecoin then that would've grown the possibility of doing it with btc which is the very last thing he'd want to see.

maybe they'll draw it out as long as possible but i think it'll happen with them. it'll happen either way.

[Harry Callahan]

I really cannot believe that one man dictating terms about how certain things go in terms of the future of crypto currencies and that is a really horrible situation as these big corporate have the power to manipulate technology and all they really care about is making the maximum profit rather than the long term capabilities of the currency.With the current agreement it will activated if the network operates at more than 50% of its capacity,whether that will reach is another question,lets wait and see what the conclusion will be.

[Pursuer]

I don't trust that miners will vote for it, no.

Jihan Wu controls a large amount of the hashrate on Litecoin and is clearly trying to personally block SegWit happening so that there's less chance of an increase in SegWit economic support on Bitcoin.

The longer he keeps this up, the lower the SegWit hashrate on Litecoin will get because people lose hope of it happening and move on.

I am not really following Litecoin hashrate apart from its price, but this doesn't sound right to me at all. so do you have any solid information or is it your personal guess?
my observation was that miners were joining SegWit slowly and the percentage went up to about 81% and then the new hashrate came online and it could only push it back to 71%, I wouldn't call this exactly "a large amount of the hashrate on Litecoin".

[Searing]

Do you trust the miners this time? There is an agreement that has been signed by all major miners, including Bitmain.

The price has gone up in a moment, then it's correcting again. I think people has lost trust of chinese miners, and the price may keep correcting until segwit actually locks in, because people are tired of price manipulation. We want some clear.

How can the activation of segwit translate into bitcoin price?

Devs will move? I saw some LN devs claiming they are moving.

Don't have a lot of choice in the matter it seems, with the power they have accumulated.

On the other hand, this new agreement shows they DON'T trust the Devs/Users with UASF (user activated soft fork)

They seem to think we (non miners) would take a secret vote for going from pow scrypt mining with hardware to a pos coin (pay to play)

Hell, maybe it is good this turned out this way...everyone is frigging watching everybody else......more robust maybe...cut down on the drama

we 'will be the first to know' I guess

Not really sure if I like their new nickname thou "Lites of the Roundtable" (due to the IRC Roundtable /chat that accomplised this)

Sheesh....

[Snorek]

So participating members unanimously agreed (even Jihan, lol) to accept SegWit
and in the future when LTC block usage will be over 50% they would prepare block scaling solution.

Some please tell me, was in the history of Litecoin (or BTC) situation when miners accepted and promised solution and then refused to execute it?
If they promised but with no intention to keep their words, someone please tech them what pacta sunt servanda means... in the hard way.

[Searing]

So participating members unanimously agreed (even Jihan, lol) to accept SegWit
and in the future when LTC block usage will be over 50% they would prepare block scaling solution.

Some please tell me, was in the history of Litecoin (or BTC) situation when miners accepted and promised solution and then refused to execute it?
If they promised but with no intention to keep their words, someone please tech them what pacta sunt servanda means... in the hard way.

Well the users have to vote on this with their hash...from what I understand...thus all parties I guess will have a say....

though with the price pump of LTC from 4 bucks to 12 bucks due to seg witness adoption anticipation imho

everyone may have just been caught up in the whirlpool of this ..to get LTC back on track as a 'happening' alt coin as it were

not like LTC devs will make themselves anything remortely as ambitious as seg witness

so if we are a clone of BTC and follow their code...only angle I can see to get LTC off its duff after 2 years and moving

the other choice by not doing this in some manner is the coin tanks back to $4 and irrelevant

in other words the whole thing may just be inevitable as the only viable way out for LTC to get up with the likes of ETH

and DASH in value and adoption

anyway......can't be much more risk then just slowly fading down to 0.00333 or whatever it was to BTC a few months back

I like 0.01 ltc to btc much much better

So the whole thing may be a 'great' sled ride down the hill. It will either be an epic ride ..we will tell the grandkids or it will

end in shameful disaster (like beanie baby collecting) ie tulips ...and we will not talk about that 'shame' in the future

chump or champ..it has always been chump or champ with crypto ..won't know till a few more years imho

later

[azguard]

So participating members unanimously agreed (even Jihan, lol) to accept SegWit
and in the future when LTC block usage will be over 50% they would prepare block scaling solution.

Some please tell me, was in the history of Litecoin (or BTC) situation when miners accepted and promised solution and then refused to execute it?
If they promised but with no intention to keep their words, someone please tech them what pacta sunt servanda means... in the hard way.

Well the users have to vote on this with their hash...from what I understand...thus all parties I guess will have a say....

though with the price pump of LTC from 4 bucks to 12 bucks due to seg witness adoption anticipation imho

everyone may have just been caught up in the whirlpool of this ..to get LTC back on track as a 'happening' alt coin as it were

not like LTC devs will make themselves anything remortely as ambitious as seg witness

so if we are a clone of BTC and follow their code...only angle I can see to get LTC off its duff after 2 years and moving

the other choice by not doing this in some manner is the coin tanks back to $4 and irrelevant

in other words the whole thing may just be inevitable as the only viable way out for LTC to get up with the likes of ETH

and DASH in value and adoption

anyway......can't be much more risk then just slowly fading down to 0.00333 or whatever it was to BTC a few months back

I like 0.01 ltc to btc much much better

So the whole thing may be a 'great' sled ride down the hill. It will either be an epic ride ..we will tell the grandkids or it will

end in shameful disaster (like beanie baby collecting) ie tulips ...and we will not talk about that 'shame' in the future

chump or champ..it has always been chump or champ with crypto ..won't know till a few more years imho

later

You are right its much better this way for LTC he is finally after i while returning to right place just to keep that way and it will be even better.
Ratio is good and finally can say that ltc miners will have deserved income.

[alani123]

Litecoin serves as proof that voting alone can't and won't do the trick. It's a big move that the coin would have to go through and it'd require efforts from all parts of its community. Speculation has surely helped traders and bagholders profit greatly, and perhaps that's what miners were hoping to achieve. Now that quite a bit of bagholded litecoins have changed hands LTC could easily be let in a corner to go die (as it was heading to anyway) by miners.

[kryptopojken]

Both LTC Top and LTC1BTC are signaling...so yes, u can trust them!

[BillyBobZorton]

Both LTC Top and LTC1BTC are signaling...so yes, u can trust them!

Not really, I think we will see some trolling again by one of the pools. Also Jihad Wu is yet to come and start signaling, bitmain has signaled 0%. Anyway, I guess it's a reasonable bet to buy now and ride this pump, just not get caught at the wrong side if it finally ends up being another miner scam where they claim anything from hacks to DDOS to anything.

[alyssa85]

Litecoin is far more popular among CNY traders than Ethereum

http://themerkle.com/litecoin-is-far-more-popular-among-cny-traders-than-ethereum/

Yes - but the Chinese exchanges are still not allowing either bitcoin or litecoin withdrawals - and this has been the case since February.

[FiendCoin]

All the big miners are signaling SegWit now on Liecoin. Hopefully, the same kind of agreement can be reached on Bitcoin to move us forward.

[Searing]

All the big miners are signaling SegWit now on Liecoin. Hopefully, the same kind of agreement can be reached on Bitcoin to move us forward.

damn..first LTC then BTC IT's frigging raining unicorns

I mean this is just silly ..2 months ago I was gonna sell my KNC titans for 1 btc each!!!!!!

Now they look like they can creep into Nov/Dec 2017 at worse or 2018 at best!!!!!

damn ...you guys would be talking me off a 'microwave tower' now if that was the case

*shudder*

Anyway ..trusting miners is not hard now...with this much $$$ coming in and LTC basically 'eating' and taking
over the BTC development of seg witness and lighting at least as a 'launch pad' for BTC...they may
just may....cut down on the drama for 3 months (can't last any longer than that imho ..but say 3 months)

well ..we may be good for a bit

but at $15.30 LTC I'm a bit concerned the 4 L3+'s May 5th batch I ordered from bitmain may not ship
due to more 'firmware issues' at this price....hell ....go full evil...stamp out the 'supposed' firmeware bug till August
Sh*t heaven help me if it surges to 50 bucks ..they will refund our units in $$$ and keep them all imho...

shudder...scared self

[alyssa85]

All the big miners are signaling SegWit now on Liecoin. Hopefully, the same kind of agreement can be reached on Bitcoin to move us forward.

Nah, bitcoin will remain as it is, and there will be a considerable wait to see whether litecoin is really benefitting from segwit beyond the pump. If litecoin's transactions don't pick up and no-one is actually using segwit, then the conclusion will be that the market doesn't really want or need it...

[FiendCoin]

All the big miners are signaling SegWit now on Liecoin. Hopefully, the same kind of agreement can be reached on Bitcoin to move us forward.

Nah, bitcoin will remain as it is, and there will be a considerable wait to see whether litecoin is really benefitting from segwit beyond the pump. If litecoin's transactions don't pick up and no-one is actually using segwit, then the conclusion will be that the market doesn't really want or need it...

If SegWit is technically sound on Litecoin, there will be no reason for it to be blocked on Bitcoin other than politics.

[shinratensei_]

All the big miners are signaling SegWit now on Liecoin. Hopefully, the same kind of agreement can be reached on Bitcoin to move us forward.

Nah, bitcoin will remain as it is, and there will be a considerable wait to see whether litecoin is really benefitting from segwit beyond the pump. If litecoin's transactions don't pick up and no-one is actually using segwit, then the conclusion will be that the market doesn't really want or need it...

If SegWit is technically sound on Litecoin, there will be no reason for it to be blocked on Bitcoin other than politics.

But it's just still a speculation. With fast block than bitcoin we will see the segwit benefit after it gets implemented on litecoin.
Remember segwit is the only proposal on litecoin. With the market dominance of bitcoin, There will be more collusion between the miners and another dev.
Based on the latest FUD and bitcoin scaling problem is full with politicians.