Was ist SegWit (Segregated Witness)? - Erklärung und Übersicht
Was ist SegWit (Segregated Witness)? - Erklärung und Übersicht
Was ist Segregated Witness? - BTC-ECHO News zu Bitcoin ...
Bitcoin Core :: Segregated Witness Benefits
Segregated Witness - Bitcoin Wiki
Bitcoin Core :: Segregated witness: the next steps
08-03 22:07 - 'You're confused. I'm not calling BTC "Bitcoin Core", but Wuille [is] a Bitcoin Core developer: / [quote] Bitcoin Core on [wikipedia]: > Bitcoin Core is free and open-source software that serves as a bitcoin node (th...' by /u/MrNotSoRight removed from /r/belgium within 1761-1771min
''' You're confused. I'm not calling BTC "Bitcoin Core", but Wuille [is]1 a Bitcoin Core developer:
Peter Wuille is a Bitcoin Core developer and the co-founder of Blockstream. He is #2 in terms of commits to Bitcoin Core and is responsible for important improvements to Bitcoin like BIP 66, libsecp256k1, and Segregated Witness.
Bitcoin Core on [wikipedia]2 :
Bitcoin Core is free and open-source software that serves as a bitcoin node (the set of which form the bitcoin network) and provides a bitcoin wallet which fully verifies payments. It is considered to be bitcoin's reference implementation and is the most used implementation by a large margin.
"Segwit Blockers" is a pejorative term which automatically shifts debate to imply that one side is correct and the other is blocking progress.
One of the most frequent criticisms I see leveled at this community is that it is full of a bunch of no-good, progress-hating "Segwit Blockers." Name-calling is an essential feature of the propagandist's toolkit. From Wikipedia:
Name calling is a cognitive bias and a technique to promote propaganda. Propagandists use the name-calling technique to incite fears or arouse positive prejudices with the intent that invoked fear (based on fear mongering tactics) or trust will encourage those that read, see or hear propaganda to construct a negative opinion, in respect to the former, or a positive opinion, with respect to the latter, about a person, group, or set of beliefs or ideas that the propagandist would wish the recipients to believe. The method is intended to provoke conclusions and actions about a matter apart from an impartial examinations of the facts of the matter. When this tactic is used instead of an argument, name-calling is thus a substitute for rational, fact-based arguments against an idea or belief, based upon its own merits, and becomes an argumentum ad hominem.
What bothers me about the phrase "Segwit Blocker" in particular, aside from being divisive language intended to attack, is that the use of this term implies two things:
Segregated Witness is inevitable; a destined outcome of Bitcoin's development. "But the entire technical community is in agreement!" -> Not true, a certain subgroup (Core) of a subgroup (Bitcoin) of a technical community is in agreement, and even then not homogeneously so.
It implies that those who are not in agreement with "the entire technical community" are maliciously impeding progress. It implies that one who is not gung-ho about Segwit must only feel that way out of a desire to hinder bitcoin's progress. They couldn't possibly be having doubts about the reasonableness of SegWit.
For all the conservatism coming from one side of this debate with regards to a block size increase, with repeated claims over the previous five years that "it needs more testing" or "we simply don't know" what the outcome will be, it seems hypocritical that now a solution which radically restructures how bitcoin data is handled is being asked to be pushed through in haste. Don't forget that segregated witness was first publicly proposed on December 7th, 2015. The change that is being asked to be pushed through with haste is less than a year old, but those with doubts or more questions are being portrayed as luddites maliciously hindering the progress of bitcoin. Finally, activating Segwit requires an active response from miners. The default, passive behavior is not to "block segwit" but not to upgrade one's node software. Alternatively, one may wish to run node software that does not contain Segwit activation logic. Attacking users for either of these behaviors (passivity, or running the software of their choosing) is autocratic behavior that attempts to compel users to behave in a way that is in the interest of those doing the name-calling but may not be in the best interest of the users themselves. Different users have different requirements for the Bitcoin software they run, and have different ideas about what the Bitcoin network should evolve into. Bitcoin is designed to work best as a system of Byzantine Generals -- unknown, untrusted participants each acting in their own best interest. Like an ant colony, it is through the actions of all participants working as individual agents that the emergent characteristics of the network are realized. Bitcoin is an experiment and there is no predetermined path it must take. The future of the Bitcoin network is decided entirely by the participants on the network. If Segwit does not reach the required 95% activation threshold then maybe the Bitcoin network did not see the absolute necessity of such a change. It's incorrect to jump to the conclusion that if Segwit is not activated it was only because of malicious intent.
On the Nature of LocalBitcoins.com and its Effect on the Price of Bitcoin
As we celebrate the death and rise of Satoshi Nakamoto Jesus Christ, it's nothing but a slow weekend on the markets. Therefore I've been putting some thought into the nature of LocalBitcoins.com: who uses it, why do they use it and what is its effect on the price of Bitcoin? (full disclosure, I run this LocalBitcoins related website) Who uses LocalBitcoins The way I see it, LocalBitcoins is used by:
those wanting to speculate on Bitcoin long term, without giving away too much personal info, thereby accepting a transaction fee of 1% imposed by LocalBitcoins (LBC). Centralized exchanges are cheaper but require proof of identity for large transactions. LBC might even be easier to use as it only involves one operation on the buyeseller side: either sending fiat or BTC. (on an exchange, you transfer fiat/BTC in, trade, and take out fiat/BTC).
those looking for an alternative to exchanges. As an example, in February in China the biggest crypto exchanges were forced to halt withdrawals overnight, which resulted in 30x boom in LBC volume.
those looking for an immediate safe haven for their money, mostly in crisis stricken countries such as Venezuela (as you all know my favourite currency).
those involved in illegal economic activities, such as buying/selling illegal goods and services on darknets, white washing of cryptolocker revenues etc. My gut feel is that this covers most LBC activity in Western countries.
those trying to remit money from the developed to developing world. Prime candidates in my eyes are Kenya, Nigeria and India. Although the transaction fee is non-negligible anymore, sending BTC is still much cheaper than the average Western Union transfer. Plus, people in those countries are well familiar with mobile money e.g. M-Pesa.
market makers, i.e. those profiting from a lack of liquidity. It should be fairly easy to buy BTC off an exchange, sell it on LBC for a premium, and pumping the fiat back to the exchange. And vice versa.
Who doesn't use LocalBitcoins
short term speculators - the p2p nature and the imposed 1% fee makes it nearly impossible to make any short-term profit on buying/selling through LBC without running significant risk. This to me is the #1 reason why LBC is a much more accurate indicator of the state of Bitcoin - it's kind of like a low pass filter, throwing out most of the noise caused by HFT bots and margin players.
The effect of LocalBitcoins on the BTC price LBC's volume has risen in lockstep with the BTC price - USD volume is up about 4x since jan 2015, transaction volume 6x, while the price has risen around 4-fold. Because correlation != causation, there are a few things to consider as to why these phenomenons coincide.
Hypothesis 1: the popularity of Bitcoin as a limited-supply, pseudonymous, tamper-proof currency, combined with the Network effect and the Lindy effect, results simultaneously in a price increase in BTC and higher volumes on LBC, because LBC stands closest to those who "actually" use BTC in regular economic traffic as opposed to speculators on the centralised exchanges. Therefore, I expect that if this holds true, LBC price is leading and exchanges are following.
Hypothesis 2: the self-fulfilling prophecy of Bitcoin as a sure shot investment increases its price exponentially, and therefore attracts speculators everywhere, including on LBC. It ends in a bubble when people hop over to Ethereum en masse.
My money is on 1 because I am a suckera hodler biased towards Bitcoin's success. There might be other hypotheses that I can't come up with right now. The effect of the 1MB blocksize cap A lot of arguments have been thrown around about the 1MB blocksize cap and its crippling effect on Bitcoin's usefulness. There are numerous contenders to the throne (Ether, Dash and Monero come to mind - I have no preference for any of these or even Segregated Witness/Bitcoin Unlimited - all have interesting properties). However, consider this (thanks to all who pointed out these arguments - I'm too lazy to look it up):
the Bitcoin protocol is the oldest cryptocurrency protocol in use, has been working since 2009, and most bugs have been ironed out since a long time. The longer it stays functioning properly, the more valuable it becomes (this is the Lindy effect);
It's actually very difficult to change the Bitcoin protocol. Note the current SegWit/BU tug-of-war going on - the biggest winner in this battle is the status quo, i.e. no payment channels and no >1MB blocks. In my view this is a big redeeming factor - would you buy gold if there was a chance its physical properties changed in the not too distant future? (I wonder if the bread-and-butter Bitcoin user is aware of this)
Hope this will get you through your Easter. And drop me a line if you have any comments. P.S. I hate Reddit for not showing a preview - expect many ninja edits.
Investing in Bitcoin in 2017 Will Be the Best Choice
This is an automatic summary, original reduced by 54%.
Consistent with a chart supplied by Bitcoin information analyst SG Kinsmann, Bitcoin price outpaced other different crypto currencies and safe haven assets including gold and silver with considerably huge margins, with the Mexican Peso and Silver, the third and fourth great appearing currencies and assets slightly reaching a twelve percent change towards the united states dollar. The Indian authorities introduced the probability of a regulatory framework for Bitcoin being applied in May. A number of Japan's biggest retail giants such as Bic camera, which maintain a huge impact over the Japan's technology and client markets, started to simply accept Bitcoin payments. The main driving pressure of Bitcoin price in 2017 is suspected to be the resolution of the Bitcoin network's modern scalability issues. If Bitcoin scalability problems are addressed within these 12 months, with innovative solutions including Bitcoin core's Segregated Witness, Bitcoin price will probably show an exponential long-term growth. Many analysts see an excessive degree of instability within the modern Bitcoin price trend because of the banking problems of main Bitcoin exchanges including Bitfinex and OKCoin. If the conflict between banks and Bitcoin exchanges will be solved, Bitcoin scalability problem is solved and mainstream adoption in the wirld continue, Bitcoin will probably demonstrate a huge increase in price.
Segregated Witness (abbreviated as SegWit) is an implemented protocol upgrade intended to provide protection from transaction malleability and increase block capacity. SegWit separates the witness from the list of inputs. The witness contains data required to check transaction validity but is not required to determine transaction effects. Additionally, a new weight parameter is defined, and ... SegWit ist die verkürzte Version von Segregated Witness, wobei Segregated für die Trennung steht und Witness für die Transaktionssignaturen, die mit einer bestimmten Transaktion verbunden sind. SegWit ist also die Trennung bestimmter Transaktionssignaturdaten von einer Transaktion. Am wichtigsten ist, dass SegWit auf der Bitcoin Blockchain aktiviert wird und daher im Bitcoin-Netzwerk läuft ... Segregated witness: the next steps. Segregated witness (segwit) is approaching release. This post provides some background information, details about how segwit was tested, information about how the upgrade is expected to proceed, and a description of some future features that segwit makes easier to implement. Segregated Witness, abgekürzt SegWit, ist ein Lösungsvorschlag für eine Reihe von Problemen in der Bitcoin-Software. SegWit ist ein Update für den Bitcoin Core Quellcode, der seit eh und je vom Bitcoin Kernentwicklerteam betreut wird (Bitcoin Core Team). SegWit (Segregated Witness): SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a ...
SegWit Explained: What is Segregated Witness and How Does It Work?
What is SegWit and what problems does a Bitcoin update solve - A segregated witness? The SegWit update removes digital signature information from a transaction and places this information in an ... BITCOIN WILD RALLY 2020!! 🔴 MAJOR FLAG - Programmer explains Ivan on Tech 1,040 watching Live now Programmer explains Bitcoin Lightning - Duration: 11:34. An explanation of the Bitcoin scaling and transaction malleability solution Segregated Witness. Bitcoin core developer Pieter Wuille recently made a splash at Scaling Bitcoin in Hong Kong with his Segregated Witness proposal. Hear him go more in depth o... Continue Learning by hitting the Subscribe button!