Bitcoin's scaling debate and upcoming Segwit2x
Hey Steemit community,
I've been doing some research on the upcoming Segwit2x signal and found some interesting info I would like to share!
Basically the community has finally reached a point where they had 80% threshold and got the green light to begin implementation of Segwit2x. This has most of the community very excited and perhaps some new comers confused as to what this will mean to the price. Obviously i can't speculate on price but i can help try to explain what this means for the future of bitcoin.
The "New York Agreement" is a scaling agreement reached regarding the Segwit2x debate and has a lot of major companies on board. The one part which worries me is the lack of support by the Bitcoin core developers. They claim the code for a hard fork will take over a year to write and i couldn't agree more. This is not something we should be impatient about as a community. We want to do this right the first time in order to properly scale Bitcoin for mass adoption.
Read more about the New York agreement here:
https://bitcoinmagazine.com/articles/dcgs-scaling-proposal-and-what-it-needs-succeed/
The two stages of the New York agreement includes the Segwit implementation, and then the hard fork aspect which still doesn't have a timeline. Increasing blocksize to 2mb will speed up transaction times and lower transaction fees which will benefit the community in the short term. But much debate is still happening regarding who will code the hard fork and how exactly it will be implemented.
A great writer for Bitcoin which you guys should follow is named Aaron van Wirdum who writes for bitcoin magazine. If you haven't already, bookmark his post and subscribe to his articles because he gives great in-depth analysis.
Please check out his article and send him some love.
https://bitcoinmagazine.com/articles/miners-are-signaling-support-new-york-agreement-heres-what-means/
Hope it helped and I will keep updating as I further my understanding on the subject.
Thanks for reading!
Matt
Well on the plus side, segwit seems to be going live before the end of august.
The hard-fork thing is still up in the air, we'll just have to wait and see. As far as I know, nothing has been released or coded to do the roll-out of the fork. I do agree that the fork was my biggest problem with the whole discussion. It would be pretty stupid if they did not take heed from the eth-dao-disaster. But so far the threats should be clear to everybody, but no way they can code the solution before november. So lets hope that the miners understand it needs more than just small change in the code and don't do a eth-style messed up rush job.
I found this youtube video informative as well, and funny:
Yes i love mad bitcoins! i will check it out. thank you!
It's good that we're on for the soft fork with Segwit. But the potential hardfork for the 2MB change expected in November gives me the jitters. Simply, we shouldn't have two different Bitcoin, especially when it's the poster child for the crypto space. Last year when ETH did a hard fork after the DAO hack it took months for it to recover. But that was at a point where ETH didn't really have much of a dent in the space. If Bitcoin took the same route, just not sure how it will affect the overall scene for the short to mid term