Bitcoin Exchange Bitfinex CSO: There’s a Chinese “Political Effort to Delay or Block” Segwit
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....
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“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.....
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....
The world’s most popular non-custodial bitcoin wallet platform with over 11 million wallets created to date is officially Segregated Witness (Segwit) ready. Blockchain, also known as Blockchain.info, has been officially updated from “planned” to “[Segwit] ready” on the Segwit Adoption list maintained the Bitcoin Core development team. Most major bitcoin exchanges and mining pools including Bitfinex and Bitfury have already listed themselves as Segwit ready, showing their support towards Segwit as both a scaling solution and a transaction malleability elimination method which ultimately....
What exactly is bitcoin’s price? $1,174 as Coinbase is currently reporting, $1,211 as Bitfinex is saying or $1,028 as the Chinese exchanges are claiming? Normally, the arbitrage opportunity created gives us an answer within a day or two, but in this case, there may not be such easy answer as, although free money is up for grabs – some $40 per coin between Bifinex and Coinbase, while there’s a massive $200 opportunity between western and Chinese exchanges – no one is taking it. That suggests money can’t quite move. For Chinese exchanges, we know PBoC has forced them to halt withdrawals,....
The South Korea-based exchange has announced a 24-hour cryptocurrency withdrawal delay in an effort to protect user accounts from malicious attacks.