Post
Topic
Board Bitcoin Discussion
Re: Can logic sway the BTC community? (Segwit is dead)
by
thesavoyard
on 08/02/2018, 11:50:58 UTC
So in summary, from reading this thread:

1) Miners voted for Segwit, and it got approved.
2) Most of them haven't implemented it yet, so the block size charts don't show a huge change.
3) Coinbase say they're going to go live with it in the next few days

Sounds like we need to wait a little while to see what happens.

1. Miners signaled for Segwit because if they didn't BIP 148 would become active. They did not vote for it or implement it.

2. They removed Segwit from their code, the transactions per minute have dropped to pre-Segwit levels.

3. So many do not understand how Bitcoin works. Only mining pools running compatible software can upgrade BTC. Coinbase can add Segwit all its wants, no one will process Segwit transactions.

Segwit was not implemented.


You don't know how it works.

Every single block over 1 MB has SegWit transactions - so almost every single block. Also block which are 1.0001 MB can't be a legacy-transaction-only  because then it is too big.

You do need to use new addresses, and that's why it's only used by a small number of users. At this time around 14% of all transactions are SegWit, if you like it or not.
And yes, you have to wait before the sheets are loaded.

You don't know how it works. Segwit does not change block size, they dropped 2x remember? Segwit removes the signature from the wallet's private key from the block while being processed by miners and re-adds it later at the node. That means smaller data size per transaction and more transactions per block. Some miners may still be running 2mb support or it's just a mistake if they set 1mb to be 1,000 kb, because a MB is 1024 KB. But slightly larger block size does not mean Segwit, a drastic increase in transactions per second does.

 The miners are trying to keep fees as high as possible.

This my last post. If you want to be loyal to an outdated tech that will not be upgraded in any meaningful way or in any reasonable time period, you have the right to be gullible. You're getting played by the core team and BTC miners.