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Author Topic: The OFFICIAL SegWit Activation Thread  (Read 3143 times)
btc_n00b
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August 25, 2017, 03:07:15 PM
 #81

Right now you have to pay 500 sat/byte for first block and it took 1 hour 15 mins to find block 481911.

It'll be a while before we see major changes to network activity related to Segwit. Most major wallet providers haven't released their Segwit wallets yet (Electrum and Trezor both said "soon"). I imagine major economic players like exchanges will want to do significant testing first, too. But they are incentivized to upgrade to save (considerably) on fees.

Do we need to wait until the backlog is cleared for the benefits to start happening?

Or are we being spammed more by someone? https://core.jochen-hoenicke.de/queue/#24h

I was looking at this and see that everything is going up again, so maybe it is the 1satoshi spam again.

From what I understand, all new transactions have the Segwit space saving, but previous transactions that are not cleared out yet don't.

Only Segwit transactions have the new space-saving. Standard transactions (using addresses that begin with 1, for example) don't.

The spam is ongoing. Since the upgrade to Segwit isn't overnight, and the Lightning Network is even further off, continuing to spam the network could help Bitmain's narrative that Segwit was not the solution it was touted to be.
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Does this mean that sending from segwit addresses now is faster than sending from old-style addresses? Or miners just choose most profitable transactions?
I know that segwit transaction is only when you send from segwit address.
I want to manually generate segwit address in bitcoind and receive on this address.
Will it help with fees if in future I will spend from this address?
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August 25, 2017, 03:13:18 PM
 #82

BTW.
Blockchain.info has column "Weight (kWU)".
Also, in transactions: (Fee: 0.00001905 BTC - 1.28 sat/WU - 5.12 sat/B - Size: 372 bytes) 2017-08-25 14:57:27
Anybody knows what does it mean?  Huh
Suppose that it is related to segwit, but can't google it because too few letters for search  Cheesy
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August 25, 2017, 04:17:41 PM
 #83

Blockchain used to address everyone through their recommended fee that how much should be the regular fee and how much should be the priority one. I am having a transaction stuck since 4 days now, here it is:
https://blockchain.info/tx/244d914d1c153921a58dad947bd55766d478128b4fb4229583b7bf46545f80a1

I chose to go with regular fee as I saw many transactions being confirmed with even 4-5k sats in fees, so decided to send 11k in fee which is double than that. I know I didn't choose the priority one due to which this transaction is stuck atm, but could anyone help me out with this?

Is SegWit activation the reason why my transaction (seems to) have been sent in the backlog? I have tried ViaBTC's accelerator and they are just giving the same result: "Submissions are beyond limits. Please try later." If there's any miner here, could they please pick this transaction and have it confirmed through their own voluntary choice?

And everyone, congratulations to have SegWit onboard now.
I just accelerated your transaction after you message me your transaction ID as a request earlier and now your long wait is done since it's confirmed already by antpool, and get 1 confirmation.
And a friendly reminder always makes sure you set the transaction fee as a priority when using blockchain wallet if this huge spam attacks still continue it will cause you trouble.

Hey, thanks a lot for all your help dear, I got it cleared as well as the person I sold them to, is extremely happy due to this.
Just want to ask that as mempool's backlog is filling with too many transactions which were sent with low fees, will miners ever take a chance on clearing these non-SegWit transactions if they switch to SegWit transactions or will there be a monopoly and noobs will suffer?

..C..
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August 25, 2017, 04:35:07 PM
 #84

I do not see any big improvements yet but the unconfirmed transactions in the mempool is growing smaller and smaller. Let us see if the small increase in transactions per block would help get those transactions faster.

The BitcoinCash people are proud that it took only 3 blocks to confirm all 37,000 transactions in their mempool.

There are over 70K unconfirmed transactions right now (https://blockchain.info/unconfirmed-transactions) and it's keep growing up rather than diminishing. I am not sure when wallet devs launch the update for segwit as I can't find any information about it unless trezor wallet statement. Anyone here using electrum wallet and already heard about new update? Current fees still inconvenient and all we have to do is waiting.

It's over 91k unconfirmed transactions. And remember, the default mempool size is 300mb (https://github.com/bitcoin/bitcoin/blob/master/src/policy/policy.h#L32), so once that gets filled too, people will have to rebroadcast their transactions.

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August 25, 2017, 04:38:03 PM
 #85

Where is the party at? lol  Cool


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August 25, 2017, 05:37:42 PM
 #86

How help SegWit bitcoin confirm faster? I have a bitcoin tx with 50.27sat/WU -201.08 sat/B - 372 Bytes and still unconfirmed after  6 blocks mined.  Why?

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August 25, 2017, 05:55:21 PM
 #87

Guys, I'm really not the most technically savvy person in the room, but when does the mempool buildup and increasing transaction fees really become a serious problem? Is there an end in sight for this escalation? I don't want to see some sort of black swan event where BTC implodes, but to the uneducated noob cryptocurrency follower it doesn't look good.
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August 25, 2017, 06:18:03 PM
 #88

Guys, I'm really not the most technically savvy person in the room, but when does the mempool buildup and increasing transaction fees really become a serious problem? Is there an end in sight for this escalation? I don't want to see some sort of black swan event where BTC implodes, but to the uneducated noob cryptocurrency follower it doesn't look good.
If you'd been here for a few years now you'd know that we've been here before and that you need to calm the fuck down. The differenc now is that we have SegWit activated and can expect the LN protocol to soon be built into Bitcoin. If you know anything about software development you know that this shit takes time to code, test and implement. There is nothing to be worried about apart from the BCH shills. 

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August 25, 2017, 07:24:49 PM
 #89

How help SegWit bitcoin confirm faster? I have a bitcoin tx with 50.27sat/WU -201.08 sat/B - 372 Bytes and still unconfirmed after  6 blocks mined.  Why?

Most of the wallets are still not compatible with Segweit transactions. You have to wait until they release an update. For example Ledger has already released update for their hardware wallets.
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August 25, 2017, 08:19:44 PM
 #90

Can somebody answer these questions:
Are Segwit transactions NOW faster?
Do we have two queues: segwit and nonsegwit transactions?
How miners choose what transaction to include in block: segwit or nonsegwit?

I can generate segwit addresses via bitcoind RPC calls, but for this I need to generate 1x address and convert it to new 3x address.
I just don't want to do this work if confirmation speed will not improve.

Thx.
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August 25, 2017, 08:42:04 PM
 #91

Can somebody answer these questions:
Are Segwit transactions NOW faster?
Do we have two queues: segwit and nonsegwit transactions?
How miners choose what transaction to include in block: segwit or nonsegwit?

I can generate segwit addresses via bitcoind RPC calls, but for this I need to generate 1x address and convert it to new 3x address.
I just don't want to do this work if confirmation speed will not improve.

Thx.

Segwit does not so much but lower the blocksize which allows about 30% more transactions then before. What it does is allow for Lightning Network and this is the main purpose, which will come soon. Smiley


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August 25, 2017, 08:46:48 PM
 #92

Now that SegWit is activated there is room for a transparent, decentralized Lightning Network. I can't wait until it gets introduced and we have nearly free, instant transactions for anything! Cool


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August 25, 2017, 09:05:11 PM
 #93

I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud. Smiley


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August 26, 2017, 12:28:47 AM
 #94

I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud. Smiley

SegWit is a huge milestone... as huge as mempool size =)
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August 26, 2017, 06:39:46 AM
 #95

I cant wait for LN to be up and running. Really excited.

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August 26, 2017, 09:32:41 AM
 #96

I cant wait for LN to be up and running. Really excited.
Its already up and running in Litecoin. For several months already.

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August 26, 2017, 10:19:48 AM
 #97

in my own point of view benefits of activating segwit is that it can lessen the network load of blockchain due to segregated transaction signature and i guess this will be implemented on a side chain so that block size is not affected and there is an opportunity of Lightning Network to came in to lessen transaction delays and transaction fees because this is the main concern of the existing problem of the current bitcoin system.

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August 26, 2017, 12:57:14 PM
 #98

I think this thread is going to become very, very big because SegWit is a huge milestone in the history of Bitcoin, really, this month is a big leap forward for crypto in general and we should all be proud. Smiley

Yes, it will become really huge with a lot of questions from those who had been stuck due to those spam attacks as well as the lower fee that they used to try to confirm their transactions but they couldn't. I am still seeing the current number of unconfirmed transactions increasing only and there should be something major to be done as I have seen just one mining group which mined the first SegWit block, so a question arose in my mind that why the other miners are unable to? Do they need to adapt the new technology or need to implement or change something?

   
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August 30, 2017, 07:18:37 AM
 #99

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.
Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

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August 30, 2017, 07:40:45 AM
 #100

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.
Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

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