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90% of the hashing power has signaled their intention to adopt segwit2x as of late June. I assume it will become the dominant chain once it locks in right befor

90% of the hashing power has signaled their intention to adopt segwit2x as of late June. I assume it will become the dominant chain once it locks in right before August 1st.

BenoitP 9y ago
That's assuming hashing power will determine the outcome. In the exchanges runs will take place. The actual economic users will vote this issue out. In the end spreadsheets will be updated, and miners won't want to spend their electricity on a chain that went unprofitable. Miners may have the software coming from segwit2x, and be the ones who actually provide the technical consensus. But the economic consensus will trump everything else; and late software along with questionable roadmap does not inspire confidence.
- ascendantlogic 9y ago
  Hashing power is what mines the blocks. There will be no "voting the issue out" if the dominant chain is using Segwit. Just because you buy a few BTC on GDAX or something doesn't somehow give you more say than the miners over what software gets run on their own machines. Vast amounts of hashing power is concentrated in the mining pools that are signaling support for this and 99% of the people speculating on these currencies don't care about the underlying protocol, they just want to make money.
rothbardrand 9y ago
Which do you put more stock in? What they are signaling now or what they promise in a blog post? This makes their opposition to Segwit2X clear: https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/ https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip14... Its clear the opposition is to Segwit-- and Segwit2X contains Segwit.
- ascendantlogic 9y ago
  http://bitcoinist.com/antpool-mines-segwit2x-block/ http://bitcoinist.com/antpool-mines-segwit2x-block/ https://twitter.com/BITMAINtech/status/886839997440995328 https://twitter.com/BITMAINtech/status/886839997440995328
- ascendantlogic 9y ago
  Segwit2x is an olive branch, they want the increased block size and are willing to implement Segwit to get it.
jhall1468 9y ago
That's misunderstanding even the basic issue here. Segwit signaling needs to begin August 1st, it won't lock in for about 2 weeks and that has nothing to do with the 2x part which won't even happen until November.
- ascendantlogic 9y ago
  Incorrect. NYA begins locking in Segwit as early as July 21st. The point is to get Segwit locked in before August 1st so the UASF has no chance of creating a second chain that has any chance at life. You are correct that the 2x portion will require a hardfork that will presumably come down the road.

90% of the hashing power has signaled their intention to adopt segwit2x as of late June. I assume it will become the dominant chain once it locks in right before August 1st.

BenoitP 9y ago

That's assuming hashing power will determine the outcome. In the exchanges runs will take place. The actual economic users will vote this issue out. In the end spreadsheets will be updated, and miners won't want to spend their electricity on a chain that went unprofitable. Miners may have the software coming from segwit2x, and be the ones who actually provide the technical consensus. But the economic consensus will trump everything else; and late software along with questionable roadmap does not inspire confidence.

ascendantlogic 9y ago
Hashing power is what mines the blocks. There will be no "voting the issue out" if the dominant chain is using Segwit. Just because you buy a few BTC on GDAX or something doesn't somehow give you more say than the miners over what software gets run on their own machines. Vast amounts of hashing power is concentrated in the mining pools that are signaling support for this and 99% of the people speculating on these currencies don't care about the underlying protocol, they just want to make money.

rothbardrand 9y ago

Which do you put more stock in? What they are signaling now or what they promise in a blog post? This makes their opposition to Segwit2X clear: https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/ https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip14... Its clear the opposition is to Segwit-- and Segwit2X contains Segwit.

ascendantlogic 9y ago
http://bitcoinist.com/antpool-mines-segwit2x-block/ http://bitcoinist.com/antpool-mines-segwit2x-block/ https://twitter.com/BITMAINtech/status/886839997440995328 https://twitter.com/BITMAINtech/status/886839997440995328
ascendantlogic 9y ago
Segwit2x is an olive branch, they want the increased block size and are willing to implement Segwit to get it.

jhall1468 9y ago

That's misunderstanding even the basic issue here. Segwit signaling needs to begin August 1st, it won't lock in for about 2 weeks and that has nothing to do with the 2x part which won't even happen until November.

ascendantlogic 9y ago
Incorrect. NYA begins locking in Segwit as early as July 21st. The point is to get Segwit locked in before August 1st so the UASF has no chance of creating a second chain that has any chance at life. You are correct that the 2x portion will require a hardfork that will presumably come down the road.