SegWit Won’t Happen, Says Influential Chinese Bitcoin Investor
SegWit is all but doomed and Bitcoin Core has no roadmap for scaling beyond the slight bump it allows, Chinese mining investor Jiang Zhuo’er has claimed. Influential Figure Opposes SegWit Plan. Jiang is an influential blogger and identity in the Chinese Bitcoin community, having invested hundreds of millions of RMB in local mining operations. His opinions carry a lot of weight in a region of the Bitcoin world dominated by large-scale mining activities. Laying out five key points to support his view, he wrote (Chinese): “I can conclude with great confidence: SegWit will never ever be....
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Wang Chun, F2Pool’s co-founder, told CCN that he is planning to upgrade his Litecoin pool to segregated witnesses (segwit), but “it won’t happen in the next couple of weeks.” He further told CCN that his bitcoin pool, which currently controls around 14% of the network’s hashrate, won’t upgrade to segwit “anytime soon.” Chun stated: We’ll do it on Litecoin first and then make an evaluation if it is feasible on bitcoin. Litecoin’s F2Pool currently controls around 43% of the network’s hashrate. Batpool and Litecoinpool.org are both already signaling for segwit. Combined, around 60% of the....
SegWit is short for Segregated Witness. It was perhaps the biggest Bitcoin protocol upgrade to date, which wrapped several improvements and fixes into one. Further Reading: What Is Bitcoin? What Are the Benefits of SegWit?As probably its most notable fix, SegWit got rid of transaction malleability. ...
A recent discussion between the open-source Bitcoin Core developers, which oversees the Bitcoin code, and the influential Roger Ver, who has spearheaded many endeavors and appeared on countless programs to discus the cryptocurrency, took a brief aside to lament developments in China regarding a solution to the Bitcoin Block Size debate. Bitcoin Core developer Phil Potter, Chief Security Officer of Bitfinex, reports that miners, “relatively centralized and mostly in China”, have mobilized against Segwit. “There has been a big political effort to delay or block it. It’s a pain in the ass....
Over the past month, many Bitcoin exchanges, startups and experts weighed in on the debate between Segregated Witness (SegWit) and Bitcoin Unlimited (BU) supporters. The main claim of SegWit supports is that nearly 60 percent of nodes within the Bitcoin network are supporting the activation of SegWit. According to 21 Inc’s Bitnodes, approximately 56 percent of all Bitcoin nodes are in support of Bitcoin Core 0.13.0 and the other two minor updates of Bitcoin Core which includes SegWit support on testnet. What is the debate about exactly? In comparison, BU supporters and developers,....
“There are a lot of people working on layer 2 solutions that are waiting for Segwit,” says Bitfinex Chief Security Officer Phil Potter in a discussion between core developers, bitcoin ecosystem participants and Bitcoin enthusiast Roger Ver. “If Segwit doesn’t happen, think of the downstream projects. There are eight or nine different Lightning projects being sponsored out there, which will be completely hamstrung without this — sure, we have some ways to do payment channels without Segwit, but we don’t have a trustless Lightning Network and the malleability fix is really helpful for that.....