 Newsflash: Segwit does not reduce fees or clear the mempool. Basically, you're in the same position you were in before #Segwit activation.
author | sdd |
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permlink | segwit |
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SegWit allows including more transactions in each block, so indirectly it will reduce fees... Fees are up because of all ICO craziness, people want to be 1st in scam line xD, so they up the fees... Just wait for lightning and other off-chain, side chain solutions, less spam will hit the main chain... Right now you can join faucethub and tip other users 1 satotshi with 0 satoshi fee... centralized, but not lethal, unless you deposit millions...
author | ragetester |
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permlink | re-sdd-segwit-20170825t163400851z |
category | bitcoin |
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> Fees are up because of all ICO craziness, people want to be 1st in scam line xD, so they up the fees... That's with ether, not that much bitcoin. The bitcoin network is extra much strained now as significant amounts of hash power is mining on Bitcoin Cash instead of Bitcoin. Currently one can get quite much discount on the transactions if one has already received bitcoins to a segwit address, but very few is using segwit. > Just wait for lightning and other off-chain, side chain solutions, less spam will hit the main chain... I don't think lightning is any silver bullet. Yes, it's needed, and yes, in the long term it will be very good for Bitcoin - but it's no substitute for a block size increase. Also, the network effect isn't there - lightning is pretty much dead until a significant amount of actors start supporting lightning and get connected to the network. Even in a year from now, I predict that if you take two random persons in the crypto ecosystem, it's more likely that they will be able to transact in some altcoin than with lightning.
author | tobixen |
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permlink | re-ragetester-re-sdd-segwit-20170825t192953538z |
category | bitcoin |
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👌👌
author | sdd |
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permlink | re-tobixen-re-ragetester-re-sdd-segwit-20170827t174458229z |
category | bitcoin |
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root_title | Segwit |
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The small-blockers always said that segwit would be the fastest way to the nirvana of increased capacity, while the big-blockers claimed segwit wouldn't give any significant capacity boost. Truth is that to get any benfits from segwit, you will need to: * upgrade your wallet so it will support segwit. Despite everyone claiming to be "segwit ready" long long time ago, it seems like most wallet software packages, payment providers, web wallet providers, exchanges etc aren't prepared - very few payments so far are going to segwit addresses. However, this will probably change, I guess that within a year 95% of transactions will be segwit. * The segwit discount only applies when resending funds that one has already received into a segwit address. One will never get any discount on funds on old addresses. * Even if everyone would be using segwit (like, in a year of so), the transaction throughput won't be more than 1.7x the one we have today. * The small-blockers want to increase transaction volume through the so-called lightning network. With the lightning network one can send an almost infinite amount of transactions to multiple recipients with only two "on-chain" bitcoin transactions. The drawbacks are that the lightning network doesn't really exist, that both the recipient and the sender has to be connected to the lightning network (as I see it, the lightning network will sort of have to compete with altcoins - it will take long time to reach a critical mass), and arguably there is a big centralization risk as one most likely will be dependent on a small handful of big hubs. * Later, Segwit will allow for Schnorr signatures, this will make some sorts of transactions super cheap - but again, one will have to receive funds to a Schnorr-address to utilize it. I'm quite concerned that one side effect of this wil lbe that old "dust" will be unspendable; the cost of sending "new-style" transactions will remain constant, while the cost of sending old-style transactions will balloon, to the point that old small UTXOs (i.e. whenever you have received 0.01 BTC or less to your wallet) gets worth less than the fee cost of including it in a transaction.
author | tobixen |
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permlink | re-sdd-segwit-20170825t171438607z |
category | bitcoin |
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@tobixen Excatly 👌
author | sdd |
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permlink | re-tobixen-re-sdd-segwit-20170827t174418797z |
category | bitcoin |
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