SegWit2x: Chinese Mining Pool Giants Have Taken Their Stance on Bitcoin
Activation of SegWit2x is the Ground China Stands on within the Bitcoin Scaling Debate
It was announce today that OKCoin, Huobi, Bitmain, F2Pool, and ViaBTC have made a firm stance that they want to activate SegWit2x by a July 31st date. This comes after lots of back and forth debates and power plays from the miners in China against other players in Bitcoin Core. They unanimously have decided to support SegWit2x and this could mean worries of a splitting of the network and multiple coins can be hindered from happening if all are on board.
This comes after yesterdays release by the working group behind the Segwit2x bitcoin scaling proposal, in which the code was opened for testing and review. This version carries the 2 MB fix that China miners have wanted all along and the inclusion of the scaling optimization SegWit is also included which all agree will be needed with this fork fix. There are still many concerns over the 2 MB block size, the biggest fear is a split in the network if the code is not adopted by all, and this is also where a lot of the recent controversies keeps stemming from. China miners back this scaling fix, now its up to Bitcoin Core to announce where they are at with this before consensus is fully met.
The UASF Factor
The good news about SegWit2x is this, those that back the USAF (User Activated Soft Fork) plans for Aug. 1st, will be happy to know that SegWit2x will be compatible with the UASF. Its still unclear though if the Chinese mining pool leaders will support the UASF even if SegWit2x does go online. The only good news right now in all of this is that SegWit is now a consensus in the China mining camp, which is a great sign that finally they back SegWit at the least which has been a huge uphill battle alone to get a consensus on.
Still doesn't mean the drama is over
Its far from over in this mess, there has been so much back and forth that I personally expect the other side to say no to this one as well. This is just my personal belief because it seems to me the two sides never agree on anything but we can be hopeful that maybe for once they do find a middle ground and maybe we are slowly getting closer to a final decision.
My biggest advice to everyone, keep tabs on this situation. Your Bitcoin and your finances are in huge limbo if a hard fork hits and you have blindly just left them on the wrong exchange not supporting the one key scaling fix they implement. Its very wise right now to keep your watchful eye on your holdings and be very proactive with your exchanges to be sure they will support whatever SegWit and fork choices does go ahead.
I don't know about you but I remember high school being less dramatic than this stuff going on in Bitcoin. UPVOTE ME FOR SOME TYLENOL PLEASE, I NEED SOME HERE lol.
@sflaherty... Thank You sharing these insights because as we approach Aug. 1st may potentially rock the crypto markets.
Please take a quick look at my most recent post because it is much more than an excellent analysis of LiteCoin... it goes into some of the more important issues facing BitCoin with the possibility of BitCoin holders moving some of their holdings to LiteCoin to hedge/protect the value of their BitCoin.
Really would like Your honest opinion... Have a Great Weekend !!
https://steemit.com/bitcoin/@sacred-agent/balanced-well-thought-out-analysis-of-litecoin-watch-this-one-you-ll-be-glad-you-did
Actually I did check that out earlier, just been so busy to chat but you are spot on. You know i tend to turn my BTC into LTC to move it around, its just more cost effective. If Bitpay and my card with them went LTC I bet you I would be all in on LTC lol...I know coinbase provides a way but that is all LTC needs is a few card options and I bet a lot of us would be right on it for good.
Thank You Steve... appreciate Your point-of-view, opinion & insights... Have a Good Weekend !!
I'm not sure SegWit2x is the way to go. Almost the entire roster of Core devs have already said 'NO' to it. Some even have 'LOL' on it.
You can view the list here:
https://en.bitcoin.it/wiki/Segwit_support
There is a reason bitcoin has been operating securely as it has all these years. These core devs are some of the best programmers and cryptographers in the world right now. If they don't sign off on SegWit2x then I'm all for the UASF-BIP148.
Thanks for posting tho.
Oh I am not for SegWit2x lol...trust me the holes in security are so bad there...just reporting the news. BIP 148 is my hope, but what i see here is the miner camp pulling this stunt here to avoid BIP 148....which means more drama probably coming. SegWit2x was tested starting yesterday but I am not so sure I believe the hype that its so great by the miners. Something tells me they are rushing to cease some power plays early on. Its just a huge mess. Figured I would write these up from side to side neutrally but man is it hard to be neutral in this drama lol. We see the same very thing
You said it and it is! To me it looks like Bitmain is trying to hijack Bitcoin and it isn't looking good. It's a tough spot to be in because Bitmain with their ASIC miners have done wonders for bitcoin but they kept their ASICBoost a secret and it doesn't work with SegWit so that's why they're against it. If it does fork we should just call their fork 'CHINACOIN' because that's all it will really be.
If we could have just implemented SegWit to begin with we wouldn't need the UASF. Glad to hear you're on the UASF side. :)
Cheers @sflaherty
What we have here is a few mistakes in Bitcoin that the miners are trying to call a weak link to force a way in to take on over. They believe because the network has relied on them that they are the be all end all...this sadly stems from Bitcoin Core not taking charge almost 2 years ago from taking action....almost think a blackmail game is going on between the two behind the scenes. UASF to me seems to only logical way to go, even for the miners to create a user friendly transaction lowering and backlog fix. If I was Bitcoin and the miners won't go for it, let them have their own coin and we go on after the split. I sure won't side with Bitmain, I own their miners lol but I can't even afford the elec cost to run them with the up and down stuff in prices due to them in the first place. One option, shut her down....strike a new coin that is minerless lol....we know it can be done but then again that is a huge risk to undertake at this stage. UASF is key to giving it back to the users, if we don't go there, then start picking a new coin...just hope not ETH I do not like the banks involved in that one. All I know is I am here for the movement, fix the central bank issues in this world, we need one of these to take up that movement again or we are all doomed anyways.
@sflaherty are you excited about this? I`m still trying to understand the value of SegWit to the market.
I view Segwit as that needed upgrade to the code that Bitcoin is badly needing. It should in turn speed up the transaction times, lower the fees back to a more low rate like it was originally and hopefully start fixing the huge backlog of transactions out there sitting unmoved and stalled. Bitcoin was never prepared for the huge factor of so many users so they really got to do something about these things if they ever want to become a mass adopted service, so Segwit is the key option they have. This version of it though, its a mess from what I heard, there is better codes proposed so its kind of why this back and forth undecided mess is going on because this one seems to benefit the big miner corporations while others seem to benefit the users, we have an impasse going one due to that sadly.
Very interesting... it does seem necessary. Its all a matter of when really at this point it seems. Hopefully they announce it when we all have our Bitcoin ready to move ! (I finally have been able to trade, woohoo!)
They better announce it and we need to be sure the exchanges will also be on board with whatever decisions are made. I am keeping my BTC holdings in my Bitpay wallet from now on lol...just in case
PS I upvoted you for tylenol and adderall
Thank you for that, I sure need the tylenol lately lol
I'd just like to see it completed - then we can relax
You and me both, I get the need for them to find a middle ground but man is it like watching your parents fight and no one compromises lol. I tell my fiance its like watching a divorce that never divorces. Hopefully for the sake of our sanity they start to realize there is a million of us users watching this stuff and they are looking like fools with the lack of decision making skills. They have run through so many fixes its ridiculous, some that would have done the trick but the power play game is why we are in limbo. Just followed you because I can sense you sick of it too lol...relaxation is coming, just not sure when
thanks for sharing information
Anytime my friend, just hope soon I can report they all decided on something they agree on lol
I feel you on the Bitcoin drama. UpVoted the post so you can snag yourself some of that much needed Tylenol.
lol...its insane, they just need to decide something and keep me out of their drama lol. JK, it will be sorted eventually but they better get it in gear or someone will creep up on them and fight for that top position. Thanks for the Tylenol upvote, trust me lately I needed that lol