Op Ed: Why SegWit2x Makes No Sense
A number of Bitcoin companies and miners have agreed to run code that will implement a hard-forking increase to the non-witness data in blocks roughly three months after the activation of Segregated Witness (SegWit). According to some of its proponents, the proposal, known as SegWit2x, is said to be the only viable solution to the Bitcoin scaling debate.....
Related News
As two proposals for boosting bitcoin's transaction capacity approach key deadlines, one proposal, known as SegWit2x, has perhaps garnered the most attention. The plan, first proposed in May, quickly won favor among many of bitcoin's startups and mining pools. Yet, it has also emerged as contentious in some quarters, owing to its specific goals and technical construction. But, what's at the heart of the arguments for and against? First, SegWit2x seeks to upgrade bitcoin in two ways: It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data....
Yesterday, the testnet for the most recent Bitcoin scaling proposal, Segwit2x, experienced a fork in the chain, causing the creation of new blocks to halt completely for just around twenty hours. What is Segwit2x? The controversial change to the protocol calls for activation of segregated witness with signaling from 80% of the hash rate with a hardfork to raise the blocksize parameter to 2 MB scheduled for three months after activation. This compromise comes after over a year of infighting over different scaling solutions and has the backing of many of the industry’s top organizations. A....
At the same time, some Bitcoin enthusiasts are arguing whether or not Bobby Lee is making these statements to ensure his company does not get scrutinised by government officials. To many people, it is still a mystery as to why Bitcoin would make any sense to them in this world. Although there are many use cases for this alternative form of finance, there are also a lot of misconceptions. Bobby Lee recently held a presentation at Stanford University to clarify a few things. It is rather positive to see Bitcoin industry experts take their time and educate the ‘masses” on why Bitcoin makes....
In an earlier article, I conceded too much and suggested that Bitcoin doesn’t need to be a unit of account. What I should have said is that Bitcoin is a great unit of account—much better than the dollar. The objection that Bitcoin is not a good unit of account actually hides a circular argument that invalidates it. Bitcoin’s utility as a unit of account depends on what you already believe about Bitcoin. If you are skeptical of Bitcoin, then it makes no sense to use Bitcoin as a unit of account. If you believe that Bitcoin will become the world currency, then it makes no sense to use....
Glyde, an eBay-like startup that lets users sell used electronics via its online marketplace, has now made bitcoin available as a payment option. "The way we can help introduce people to bitcoin makes a lot of sense and is very exciting," Drew Lieberman, Glyde's CEO, said in an interview with CoinDesk. He added: "We want to play a part in helping to spread the word, to evangelize, and let people know about bitcoin." Old items for new currency. Taking an existing concept that people are already familiar with - thanks to sites like eBay - and adapting it to the world of cryptocurrency makes....