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Announcing SegWit support

blog.coinbase.com

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Re: Announcing SegWit support

#2

Post by VMG »

Nice to see them being more resourceful. Coinbase was wasting thousands each day for a while by overpaying in bitcoin transaction fees - effectively donating customers funds to miners.

Re: Announcing SegWit support

#3

Post by loeg »

This is good to see for Coinbase users.

> A common piece of feedback from customers is transaction fees for sending Bitcoin on Coinbase are too high.

For example, around $2.50 for a 1:1 send last week or so. This is on top of the cut they take for purchases.

Clients that implemented SegWit were able to charge much lower transaction fees (~$0.15 for confirmation in 20 minutes -- less for longer waits) for the same kind of transaction.

Re: Announcing SegWit support

#7

Post by wyager »

bitL wrote: post #4

Centralization of BTC in progress? Could anyone knowledgeable chime in?

Segwit is simply a new transaction format where the txid can be calculated before signing. It has nothing to do with centralization.

Re: Announcing SegWit support

#9

Post by bitL »

VMG wrote: post #5
bitL wrote: post #4

Centralization of BTC in progress? Could anyone knowledgeable chime in?

I'm trying but I don't understand your question

My limited knowledge tells me that BTC will lose its main reason for existence - solution of Byzantine generals problem, allowing trustless store of value. With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain, which in turn removes trustlessness from the equation. I'd like to know if my conclusion is correct.

Re: Announcing SegWit support

#10

Post by School-Cotton »

bitL wrote: post #9
VMG wrote: post #5

Earlier quoted context omitted.

I'm trying but I don't understand your question

My limited knowledge tells me that BTC will lose its main reason for existence - solution of Byzantine generals problem, allowing trustless store of value. With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain, which in turn removes trustlessness from the equation. I'd like to know if my conclusion is correct.

> With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain

SegWit has nothing to do with this — maybe you are thinking of Lightning Network?

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