I don't get it?!

[Croin]

Hey guys,

could someone suggest me a good source to understand the upcoming problem with Bitcoin and everything related to it?
As I don't really understand what is coming?
Or simply sum it up in 2-3 sentences. Especially what about LTC and Segwit and so on, tried to :/ understand but didn't get it.

Thanks!

Greetings

[chaser15]

Hey guys,

could someone suggest me a good source to understand the upcoming problem with Bitcoin and everything related to it?
As I don't really understand what is coming?
Or simply sum it up in 2-3 sentences. Especially what about LTC and Segwit and so on, tried to :/ understand but didn't get it.

Thanks!

Greetings

Everything you need to know is one the internet.

Just hit your concern term to Google search box and you can start from there e.g "What is SegWit" ; "Litecoin SegWit" ; "Bitcoin Unconfirmed Transaction" etc. Understanding those things will depend on your ability to understand. Hope you got it.

[serje]

In one sentence people are greedy!

That means they find it hilarious to pay a fee higher than 0.3$ for any amount they transfer!

They want to move millions with 20 -30 cents, they can't believe they missed the old days when you could do this and this is their problem.

I also think miners are people who need money, so paying a higher fee for me is not a problem.

at the moment there are around 62.000 unconfirmed transactions in memopool with a size of approximately 69.000.000 Bytes

and people get frustrated that they have to pay 80 cents instead of 20 or 30

also the problem is that in a block there can only be transactions up to 1MB and if a lot of people will use BTC the size of the transactions will also increase

also there was someone that explained how faucets work, they send you 0.0001 BTC and for you to spend that BTC you have to pay a fee of 0.0006BTC or even higher if you request payouts for small amounts.

and there are a lot of people how request payout for 1$ because in some parts of the world 1$ will get you food for one day!

so yeah ... going mainstream has it disadvantages also.

[Conasse]

check out this great explanations
https://docs.google.com/document/d/1-Na3FP3Xo-D6tuDqJ1Lz-_A-cm8B-5AJi6vnGD4feJs/edit
https://www.youtube.com/watch?v=DzBAG2Jp4bg

[Xester]

Hey guys,

could someone suggest me a good source to understand the upcoming problem with Bitcoin and everything related to it?
As I don't really understand what is coming?
Or simply sum it up in 2-3 sentences. Especially what about LTC and Segwit and so on, tried to :/ understand but didn't get it.

Thanks!

Greetings

To simply put it they are trying to integrate LTC and Segwit to make the Litecoin much better and efficient. I dont know how much of it was true but we can expect a price hike coming from LTC due to this development. There are no big issues on this kind of currency and you can read many news about LTC and segwit online to grasp it more.

[Croin]

Thank you for the quick reply!!!! Very informative!

But about the integration of the LTC, what is the idea behind it?

[mindrust]

Hey guys,

could someone suggest me a good source to understand the upcoming problem with Bitcoin and everything related to it?
As I don't really understand what is coming?
Or simply sum it up in 2-3 sentences. Especially what about LTC and Segwit and so on, tried to :/ understand but didn't get it.

Thanks!

Greetings

The problem basically is, bitcoin's price keeps rising and fees are rising along with it. So small transactions started to take more fees than it used to be. That's problem number #1

Second problem is, when so many people make bitcoin transfers,  the confirmation times for the transactions are taking longer than also it used to be.

There are possible solutions luckily;  

#1: Segwit network upgrade.
#2: Bitcoin Unlimited HardFork.

To activate either of these solutions, there should be a consensus. But since we are all greedy motherfuckers, there won't be one.

So unluckily, there isn't a solution.  

-------------

LTC activated (or about to activate, i missed this) Segwit and while it had no problems with the confirmation times/delays/fees already, it shows us an example about the fundamentals of Segwit. So that's important.

[Meuh6879]

to understand the upcoming problem with Bitcoin

Problem ? Where ?





























NOW. PRESENT.

[Nagadota]

Okay, here we go.

Bitcoin Core is the current development team, started by Satoshi.  Currently, the network can supposedly handle about 7 transactions per second, but in practice it's more like half of that or a bit more.  Currently, the demand for transactions exceeds the network's capacity to handle them so there needs to be a solution.

You could look at a "fork" like a coin having two potential paths.  In the case of a "soft fork", the change is backwards compatible, whereas in the case of a "hard fork" it's not.  As Coindesk puts a hard fork:

Nodes that continue running the old version of the software will see the new transactions as invalid. So, to switch over to the new chain and to continue to mine valid blocks, all of the nodes in the network need to upgrade to the new rules.

In both cases, there needs to be a consensus from miners.  For either type of fork to happen, a significant majority of the hashrate (computing power directed to the network), has to support the change.

Bitcoin Core has suggested their own solution to the problem called SegWit.  In ideal circumstances it would double the transaction capacity without increasing the amount of data that users of full nodes need to download at a quicker rate.  This proposal is a soft fork.

A different development team, Bitcoin Unlimited, has proposed a hard fork which makes the transaction capacity more flexible, but in their case whenever the transaction capacity increases, so will the rate at which the blockchain grows because they increase the block size (the amount of data that fits into each collection of transactions).

Currently neither solution has the consensus needed but Litecoin currently has a very high consensus for SegWit and it's likely for SegWit to be implemented soon on there.  As it will make Litecoin better than Bitcoin in transaction capacity (it already is to some extent) some people believe that the price will rise.  However, this would only be a speculative bubble as Litecoin processes nowhere near the amount of transactions that it can yet.  We'll see if the price rise remains.

[Croin]

Mindrust, Meauh and Nagadota

Thank you for your amazing answer  !
Now I get it!

But that means actually LTC is just a "show of concept" which has basically nothing to do with the final outcome of BTC?
Like a demonstrator of Segwits technique?

And if the hard fork would happen but there wouldn't be a consense, is it likely that we would see to different BTCs in the end of the process like with ETH? Or is it unlikely with BTC?

Thank you!

[mindrust]

Mindrust, Meauh and Nagadota

Thank you for your amazing answer   !
Now I get it!

But that means actually LTC is just a "show of concept" which has basically nothing to do with the final outcome of BTC?
Like a demonstrator of Segwits technique?

And if the hard fork would happen but there wouldn't be a consense, is it likely that we would see to different BTCs in the end of the process like with ETH? Or is it unlikely with BTC?

Thank you!

You got that right. LTC had any problems before segwit anyway. So it is just a temporary hype. LTC stayed a 4$ coin without any trading volume for decades and after segwit announced it went to the moon. When people get bored of it, it will go back to where it was before.

If segwit ever gets to bitcoin, imagine the possible hype. freehint: 10k$

HF can happen as soos as BU supporting miners get the majority of hashpower. (>%50) No need any further consensus for it to happen.
Segwit needs much more support to get activated. (I can't remember the exact number but its around %90 i guess)

[Croin]

Ok perfect now I got all of this!
Last question where can I see if the simple majority supports HF of BTC or not?

Greetings!

[talkbitcoin]

for litecoin it is not exactly a hype and it is not a fixer-of-all-problems-making-litecoin-replace-bitcoin kind of deal.
it is still a very good improvement on an old and good altcoin called Litecoin. and litecoin is being used by many people, even as a currency, but all of it is in a very small scale (bigger than most altcoins but very much smaller than bitcoin).
so it is not just a "show of concept". but yeah we can see how SegWit and eventually lightning network are going to work on a real cryptocurrency and in real action.

[Croin]

for litecoin it is not exactly a hype and it is not a fixer-of-all-problems-making-litecoin-replace-bitcoin kind of deal.
it is still a very good improvement on an old and good altcoin called Litecoin. and litecoin is being used by many people, even as a currency, but all of it is in a very small scale (bigger than most altcoins but very much smaller than bitcoin).
so it is not just a "show of concept". but yeah we can see how SegWit and eventually lightning network are going to work on a real cryptocurrency and in real action.

So actually Litecoin incoporated the tech from the start on? And Segwit is just announcing to do the same with btc?

[AngryDwarf]

Ok perfect now I got all of this!
Last question where can I see if the simple majority supports HF of BTC or not?

Greetings!

Miner signalling support can be found here:

https://coin.dance/blocks

Bigger blocks hard fork signalling = Bitcoin Unlimited + 8MB proposals.

I doubt anyone would attempt any type of fork with a simple 51% majority. It would be a complete unpredictable and economically damaging clusterfuck.

Listening node support can be found here:

https://coin.dance/nodes

[kioicoin]

we are share some noun 's define in our QQ group,and we study each other,maybe you could invite some old player to teach you something.
good luck to you

[talkbitcoin]

LTC stayed a 4$ coin

yeah, Litecoin stayed at a fixed (stable) price around $4 for a very long time. i am not denying the problems this coin have but staying at a fixed price is not a small thing.

without any trading volume for decades

decades means 10 years
and no it had a pretty decent trading volume in all these years.

and after segwit announced it went to the moon. When people get bored of it, it will go back to where it was before.

well, it is the altcoin pumping season so they are pumping everything. at least litecoin has a legit reason for rising up.

If segwit ever gets to bitcoin, imagine the possible hype. freehint: 10k$

$10K is not gonna happen that easily.
when SegWit activates there will be a rally for sure mostly because all this nonsense FUD about it will stop. and BU FUD will disappear too.
but we still need adoption to go to a crazy high price of $10k. SegWit won't magically create $10,000 demand.

HF can happen as soos as BU supporting miners get the majority of hashpower. (>%50) No need any further consensus for it to happen.
Segwit needs much more support to get activated. (I can't remember the exact number but its around %90 i guess)

Hard Fork can happen at any time, even with a much smaller support. but i seriously doubt any of the miners (who have invested a lot of money and have their investment at risk) are going to fork without a high percentage support. at least 90% or like 85% worse case! the risks are too high and there is a lot of money at stake!

and it is 95% for SegWit.

So actually Litecoin incoporated the tech from the start on? And Segwit is just announcing to do the same with btc?

well they just copied code from Bitcoin SegWit, and that is what they have always been doing
and yes, as far as i can see it is doing the same thing on Litecoin as it is supposed to do on Bitcoin.

[Croin]

thanks!

And is there some kind of schedule we are following?  Or could it easily take a year until the decision is taken?

[mindrust]

thanks!

And is there some kind of schedule we are following?  Or could it easily take a year until the decision is taken?

No schedule. Everything is happening randomly at random times. BU can have >%80 support in a blink of an eye and HF can happen in a flash.

Same goes for segwit but as the other dude above said, we need >95% for segwit and because of that it's is (probably) never going to happen and BU's main supporter is Bitmain which happens to be the manufacturer of Antminers.  

[Qartada]

thanks!

And is there some kind of schedule we are following?  Or could it easily take a year until the decision is taken?

It has taken an extremely long time already.  The problem is that Bitcoin is quite hard to change as no one is willing to compromise or agree on a solution.  

There's also a solution called the Lightning Network, which would use a partially offchain system to try and increase the capacity.  They believe that it would be best with SegWit, but in theory it's also possible without either consensus being reached.