Announcing SegWit support • Hacker News Board

Re: Announcing SegWit support

#21

Post by kuschku » Sat, Feb 24, 2018, 1:11 AM UTC

loeg wrote: post #3

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 kin…

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now.

Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

Re: Announcing SegWit support

#22

Post by yorby » Sat, Feb 24, 2018, 1:13 AM UTC

sova wrote: post #14

firasd wrote: post #13

I'm glad to see the adoption of such changes. The 'hodl' crowd have changed their talking points to 'Bitcoin is an asset, not a currency' but as far as I'm concerned, if that's how it ends up--if you can't pragmatically buy a $2 cup of coffee with BTC--it would really puncture the immense promise of decentralized financial tech.

You can't buy a cup of coffee with a slice of a gold bar either!

gold is very soft, technically it would be possible with the right scale and knife...

Re: Announcing SegWit support

#23

Post by VMG » Sat, Feb 24, 2018, 1:14 AM UTC

joshschreuder wrote: post #11

bitL wrote: post #9

Earlier quoted context omitted.

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.

I think that's off-chain networks like Lightning, not segwit

Lightning is trustless and decentralized

Re: Announcing SegWit support

#24

Post by ripberge » Sat, Feb 24, 2018, 1:21 AM UTC

kuschku wrote: post #21

loeg wrote: post #3

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 kin…

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now. Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

What is this method of transaction? Credit cards?

Re: Announcing SegWit support

#25

Post by kuschku » Sat, Feb 24, 2018, 1:27 AM UTC

ripberge wrote: post #24

kuschku wrote: post #21

Earlier quoted context omitted.

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now. Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

What is this method of transaction? Credit cards?

SEPA Instant Credit Transfer.

The Eurozone has had for many years a free transfer system between bank accounts, nowadays thanks to recent upgrades it's not only free, but also instant.

And banks now have to provide an open API to all functionality as well, so that it's very easy to build technology on top to allow people to just quickly transfer money to someone, or pay online with it.

But technically, it's just international wire transfers, for free, instantly, with an open API. Like most banks already provided.

Re: Announcing SegWit support

#26

Post by nasso » Sat, Feb 24, 2018, 1:41 AM UTC

sova wrote: post #14

firasd wrote: post #13

I'm glad to see the adoption of such changes. The 'hodl' crowd have changed their talking points to 'Bitcoin is an asset, not a currency' but as far as I'm concerned, if that's how it ends up--if you can't pragmatically buy a $2 cup of coffee with BTC--it would really puncture the immense promise of decentralized financial tech.

You can't buy a cup of coffee with a slice of a gold bar either!

And that is why gold is a horrible day-to-day currency.

Re: Announcing SegWit support

#27

Post by grzm » Sat, Feb 24, 2018, 1:43 AM UTC

nasso wrote: post #26

sova wrote: post #14

Earlier quoted context omitted.

You can't buy a cup of coffee with a slice of a gold bar either!

And that is why gold is a horrible day-to-day currency.

One benefit of gold is that you can make more of it every day by placing your coins in a bag and shaking. The energy you put into the bag causes more gold to be produced in the form of dust within the bag. Helps work against inflation!

https://en.wikipedia.org/wiki/Methods_of_coin_debasement

Re: Announcing SegWit support

#28

Post by [deleted] » Sat, Feb 24, 2018, 2:02 AM UTC

firasd wrote: post #13

I'm glad to see the adoption of such changes. The 'hodl' crowd have changed their talking points to 'Bitcoin is an asset, not a currency' but as far as I'm concerned, if that's how it ends up--if you can't pragmatically buy a $2 cup of coffee with BTC--it would really puncture the immense promise of decentralized financial tech.

[deleted]

Re: Announcing SegWit support

#29

Post by yorby » Sat, Feb 24, 2018, 2:08 AM UTC

wyager wrote: post #7

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.

segwit will indirectly lead to centralization... when lightning network gets fully implemented

Re: Announcing SegWit support

#30

Post by [deleted] » Sat, Feb 24, 2018, 2:25 AM UTC

School-Cotton wrote: post #10

bitL wrote: post #9

Earlier quoted context omitted.

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?

[deleted]