[2017-06-17]Chinese Miners Support New York Agreement On Scaling The Bitcoin Net

[Vialaia]

The results of the "round table" held on June 15 with leading Chinese mining pools became known. As a result, the meeting players supported the agreements on the scaling up of the bitcoin network, signed in May in New York (Segwit2x).

Among the supporters of Segwit2x were OKCoin, Huobi, BTCCPool, Bitmain, F2Pool, BTC.Top, ViaBTC, BiXin, BW, 1Hash, Canoe, BATPool, Bitkan and others. As the head of the Digital Currency Group, Barry Silbert, noted, hash power of these pools exceeds 80% of Bitcoin network...

Read more https://bit.news/eng/chinese-miners-support-new-york-agreement-scaling-bitcoin-network/

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[d5000]

Good to know that in two days we effectively will know if the support from "80% of the hashrate" is true.

Even more interesting than the opinion of miners - support from them for the New York Agreement is already known - would be the question if the big economic actors (Bitpay, Coinbase et al.) are still backing Segwit2x. In my opinion, support from them would be crucial because if they retract, it will be very probable that some miners will fear to lose money and leave the agreement.

[Netnox]

Good to know that in two days we effectively will know if the support from "80% of the hashrate" is true.

I am a little bit confused about the threshold. Is it 80% or 95%? In some threads here, I have seen users mentioning 95% as the necessary consensus needed to activate Segwit2x. And here, you are talking about 80% hashrate. So which one is correct?

[rytyr]

Let's just hope it doesn't end up like what New york did with their corporation bitcoin licsense to be able to sell bitcoins and act as a vendor.
If this happens in China then their bitcoin market is done and finished for good.
This just destroyed anybody wanting to setup shop and begin doing business there. So if this happens in China, the country who mines the most (so they are stuck not having a way to sell it unless fully licensed), then prepare for that being the death blow to bitcoin.

[d5000]

Good to know that in two days we effectively will know if the support from "80% of the hashrate" is true.

I am a little bit confused about the threshold. Is it 80% or 95%? In some threads here, I have seen users mentioning 95% as the necessary consensus needed to activate Segwit2x. And here, you are talking about 80% hashrate. So which one is correct?

The original Segwit (not Segwit2x) specification needs 95% of the blocks signalling for it to be activated.

Segwit2x includes basically two changes: one is that the threshold is lowered to 80%, and the other one is that in 6 months, a hardfork to increase the block size to 2 MB is scheduled.

But what I was talking about here isn't even that lower threshold. In the New York Agreement (the agreement that led to Segwit2x) the participant miners were said to have 80% of the Bitcoin hashrate. That's what I want to know - if this number is real (and really all pools signal for it), we will see it this Monday or Tuesday.