RE: Is BIP 91 the Reason for the Recovery of Bitcoin and Altcoin Prices?
I think there is significant confidence that one of two things is going to happen.
- there is one Bitcoin
- there are two Bitcoins
The NY agreement, SegWit2x looks like it will be followed by a significant part of the hashrate. This will ensure there is no chain split from the UASF nodes.
There is a side that has made their intentions clear to not accept segwit and hardfork blocksize increase. I believe they will hardfork. No mater what. They will rebrand as Bitcoin Cash if they need to. Several exchanges are supporting.
SegWit is not all roses, there are some legitimate concerns with putting it on Bitcoin. It has nothing to do with the needed fixes it makes, rather how it makes them. See my post below:
In short, SegWit can flip the incentives for some (bandwidth restricted) miners such that they benefit from not downloading or verifying the transaction signatures. For a user, this causes a SegWit transaction to be less secure than a non-segwit one. A non-SegWit transaction is secure with the assumption that no attack is able to obtain more than 51% of the network hashrate. With SegWit, this becomes 51% - (percent of miners with flipped incentives).
If 20% of miners end up in a situation where they are not downloading signatures because it is more profitable for them not to, a 31% miner can attack the network effectively. Security becomes 51% - X.
The bigger problem is that it is very hard to estimate the proportion of miners with this flip in incentives before their portion grows too large and an attack occurs. This basically means that SegWit transactions will always be less secure than normal Bitcoin P2PKH transactions. Even if just by the smallest bit, this is what fundamentally breaks the fungibility of Bitcoin.
Wouldn't BIP 91 prevent a fork?
A fork is what is going to happen no matter what.
The BIP 91 is going to prevent a chainsplit from the sorta conflicting segwit activation methods. And hopefully solidify the 2x part.
Through Bitcoin ABC, Bitmain, ViaBTC and several others have made it pretty cleat that they do not want segwit transactions and want to scale on chain. They will hardfork. - they will chain split away from whatever BIP 91 chain does.
OK.
what will that do to the market since every currency is linked to bitcoin? Do you think we can expect another crash?
There will be volatility.
Ohh yeah
Hashpower is going to have to make a choice, even if it is an easy one.
It is but if only a small number of people go against it does it still count? I also wonder if the naysayers will have the nerve to actually split away and go off on their own separate chain. We will have to see.
Exactly, it might be an easy choice.
I hope they do.
Check out my post, SegWit can be dangerous. It might be a willing compromise but there are still very valid arguments against SegWit. Expecially with it being advertised as a blocksize increase.
Yes in fact I have heard of some of these issues before in e.g in relation to validation.I hadn't even heard of the 51% attack issue that you mention. I don't think there is a perfect solution.
There are plenty of other ways to fix malleability problems. This is entirely a problem with the core's code.
The solution is a hardfork blocksize increase.
We will never get agreement to that though or so it seems.
Course we will!
Open source either gets used the way its users want or it rots away.
Of course we are not knowing all the history.
https://steemit.com/bitcoin/@lanzate/bitcoin-segwit-improvement-or-conspiracy