bouren
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July 03, 2017, 03:50:06 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Activation of Segwit depends upon consensus of miners. In case of LTC, all the number of miners were low and all of them were in favour of change (including founder) so it was pretty easy to apply. But in case of BTC, number of miners are too high and everyone have different opinions. So if Segwit applied half heartly at 50-60% consensus, it may leads to opposite circumstances in BTC ecosystem like we see in "Democratic Countries regarding Government ". "Democratic Countries regarding Government " nicely said, explains why sometimes things move faster at not so democratic countries *cough* That's what I am saying. In non-Democratic countries you have nothing to do with public consent, all you need to do is set a policy and people have to follow them. But in case of democratic countries you have to look after the view of every person. That's why decision don't move faster. Similarly in case of bitcoin, Segwit activation is difficult because we have to look after views of every miner.
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deisik
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July 03, 2017, 05:34:26 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Activation of Segwit depends upon consensus of miners. In case of LTC, all the number of miners were low and all of them were in favour of change (including founder) so it was pretty easy to apply. But in case of BTC, number of miners are too high and everyone have different opinions. So if Segwit applied half heartly at 50-60% consensus, it may leads to opposite circumstances in BTC ecosystem like we see in "Democratic Countries regarding Government ". "Democratic Countries regarding Government " nicely said, explains why sometimes things move faster at not so democratic countries *cough* That's what I am saying. In non-Democratic countries you have nothing to do with public consent, all you need to do is set a policy and people have to follow them. But in case of democratic countries you have to look after the view of every person. That's why decision don't move faster. Similarly in case of bitcoin, Segwit activation is difficult because we have to look after views of every minerWhy would you ever call that democracy? As to me, what we have now in Bitcoin can hardly be called democracy at all. It is more like a tyranny of the few, a tyranny of the group of a dozen miners who grabbed all the power and are not going to give it up without a fight. If anything, Litecoin has a lot more democracy than Bitcoin, and likely because of that SegWit got activated so fast and without any drama. In my opinion, we can roughly equal the level of "democracy" in a coin to how well it is decentralized, i.e. the more decentralized a coin is, the more "democratic" it will be. Obviously, Litecoin is a clear winner if we take that as the basis for comparison with Bitcoin
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mk4
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July 03, 2017, 06:42:05 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
The creator/head developer of litecoin wanted/supported it, that's why it was implemented immediately. Whereas on bitcoin, since it was more decentralized, the community was split into 2 groups. hardforkers and softforkers. They have been debating for months, hence there was no real progress. Gotta watch out for August 1 though, UASF is makin a move. As of now we don't know what's gonna happen though. Maybe a chain-split.
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Goms
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July 03, 2017, 09:42:53 PM |
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... If anything, Litecoin has a lot more democracy than Bitcoin, and likely because of that SegWit got activated so fast and without any drama. In my opinion, we can roughly equal the level of "democracy" in a coin to how well it is decentralized, i.e. the more decentralized a coin is, the more "democratic" it will be. Obviously, Litecoin is a clear winner if we take that as the basis for comparison with Bitcoin
I see nothing democratic or decentralized about segwit and LN since they both go together. You need a third party to administer LN and that means a governing central body is being introduced into crypto which is exactly what Satoshi tried to remove. I'm all for bitcoin unlimited, let's increase the block size and continue being decentralized.
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deisik
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July 04, 2017, 08:48:27 AM |
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... If anything, Litecoin has a lot more democracy than Bitcoin, and likely because of that SegWit got activated so fast and without any drama. In my opinion, we can roughly equal the level of "democracy" in a coin to how well it is decentralized, i.e. the more decentralized a coin is, the more "democratic" it will be. Obviously, Litecoin is a clear winner if we take that as the basis for comparison with Bitcoin
I see nothing democratic or decentralized about segwit and LN since they both go together. You need a third party to administer LN and that means a governing central body is being introduced into crypto which is exactly what Satoshi tried to remove. I'm all for bitcoin unlimited, let's increase the block size and continue being decentralizedWas that sarcasm or am I missing something? The big blockers are criticized specifically for making Bitcoin more centralized in practice (despite what they themselves claim). Big blocks lead to more expensive operation of full nodes, so less people will be running them and thus more power will go to miners which means more centralization. Apart from that, larger blocks require more time to propagate across the network, so the Chinese miners will get an undeserved advantage (due to accumulation of hashing power), up to a point where one miner can generate blocks so big that he can spend considerable time finding the next block while the previous one is still in the wires, so to speak. I don't really know how that could be interpreted as "continuation of being decentralized"
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killerfrost
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July 04, 2017, 10:30:38 AM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Unlike bitcoin, litecoin is a well known currency, but it does not have breakthrough developments, even if it's not popular, segwit can help litecoin thrive. The reason for the litecoin's segwit is quickly accepted.
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jpouza
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July 04, 2017, 02:06:06 PM |
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Bitcoin block size limit at 1MB is becaming a really bad thing on a short time. In this matter, pleases to see how ltc went fast through this.
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ClaraLuV
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July 04, 2017, 03:22:04 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Unlike bitcoin, litecoin is a well known currency, but it does not have breakthrough developments, even if it's not popular, segwit can help litecoin thrive. The reason for the litecoin's segwit is quickly accepted. Let us say that the number of transaction of litecoin is not that huge like bitcoin,accept the fact,for a decentralized currency like bitcoin you need to have all the challenges and the developer came forward to talk to all the miners and so is the reason we could see a sudden upgrade.
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cellard
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July 04, 2017, 04:02:26 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Charlie Lee managed to get everyone on board somehow. The fact that he speaks chinese is I guess a way to connect with them. He probably (and dangerously) promised miners some sort of blocksize increase in the future... This shows Litecoin is not really decentralized because it needed a leader to get everyone agreeing.
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deisik
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July 04, 2017, 04:13:11 PM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Charlie Lee managed to get everyone on board somehow. The fact that he speaks chinese is I guess a way to connect with them. He probably (and dangerously) promised miners some sort of blocksize increase in the future Litecoin already has Lightning Network So I doubt there will ever be a need for a block size increase. Anyway, even today Litecoin has an effective block size of 4 megabytes (if we take into account the mean time between confirmations). That basically means that Litecoin can confirm 4x more transactions than Bitcoin right out of the box. Apart from that, I don't think that Litecoin is less decentralized than Bitcoin just because there is an active leader and everyone agrees to changes proposed. It just means that people behind Litecoin are more reasonable overall. And if I'm not mistaken, Jihan was also against activating SegWit in Litecoin at first, but he likely had no other choice but to comply with the majority
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metalbean (OP)
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July 05, 2017, 05:19:01 AM |
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Maybe weith SegWit2X we will see bitcoin heading to 4mb, hence as fast as litecoin.
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culuuton
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July 05, 2017, 05:44:40 AM |
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Why did litecoin manage to get SegWit so fast while bitcoin is still slow and painful.
Unlike bitcoin, litecoin is a well known currency, but it does not have breakthrough developments, even if it's not popular, segwit can help litecoin thrive. The reason for the litecoin's segwit is quickly accepted. Let us say that the number of transaction of litecoin is not that huge like bitcoin,accept the fact,for a decentralized currency like bitcoin you need to have all the challenges and the developer came forward to talk to all the miners and so is the reason we could see a sudden upgrade. The fact is transactions count can't grow past computational capacity.
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qiwoman2
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July 05, 2017, 05:50:39 AM |
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LITECOIN was the silver to Bitcoin and was ready to take the limelight off of it's older Brother Bitcoin. This was the chance it took and it was wise for all the miners to just go ahead and accept SEGWIT. Also I guess being a smaller entity really helped as well.
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