Lead Segwit2x Dev Announces Better Code for Possible Better Results
Segwit2x lead developer Jeff Garzik announced today that come tomorrow Friday, June 30th, an updated code will be set out to to testers which he claims to address many of the concerns and issues with the last testing release of Segwit2x.
This proposed fix to the Segwit fix is still a bit controversial at the moment. Many miner camps have found love for Segwit2x but many Bitcoin Core developers are on the fence still about this being the godsend that they deem this to be. Segwit2x will undergo more testing but if consensus does form in the majority its expected an early activation before the August date for the user activated soft fork (UASF). Segwit2x is honored by the miners due to its increase to the 2mb block size they have fought for all along.
Testing With Fake Coins in Testnet5
Its publicly known that a new testnet has been created for this testing phase on Segwit2x. The new testnet has been called testnet5 and the concept for testing is through a faucet system that spits out fake coins so developers can iron out and make sure all is going according to plans with this code.
During the last 2 week phase of testing a bunch of bugs have been found and corrected already. A few buggy issues have been discovered and work arounds have been proposed by GitHub developers in on the action. So far the testing consensus is in high hopes that this soon to be released code will limit the bug issues presently seen.
Skeptical Worries of Centralization Growing Inside of Bitcoin
There are hair rising concerns at the moment with the testing going on with Segwit2x due to the small amount of companies in on the action with the code testing and bug fixing. The testing is done through an invite only based Slack and many questions are arising about the lack of replies being put out there by outsiders to find out what is going on with the status of the testing.
Already there is a serious concern by users about the mining camps and how they seem to stall progress in many decentralized ways. Right now it appears this testing is very centrally closed off to the public which goes highly against the open source nature of what Bitcoin Core has always stood for. More concerns are running around due to the speed that the mining camps want to run this, calling for a July activation of this Segwit2x which many feel could cause many issues with a Bitcoin hard fork split and an outcome of 2 coins which no one wants.
Mining pools have with 80% hashrate of the whole Bitcoin stadium have said they are on board for Segwit2x, with plans for a July 31 no later activation. The trick is if users do not upgrade their software to this forced hard fork, we very may well find a division in our beloved coin and a lot of future headaches.
Bitcoin Core members are growing more and more skeptical of the tactics on this, Bitcoin users are also growing tired of the back and forth mess due to this unfolding drama. To me, main issue here is get this to stay decentralized and make sure the transaction fees and transaction backlog issues are fixed. I guess its a wait and see because as a user our hands are literally tied to hope and a dream that these two camps find an eye to eye solution for all.
Keep up on this stuff, most important as a user that you secure your Bitcoins in a safe wallet and we ride out the storm informed.
So good that we have litecoin to do the work for btc...
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lol I agree, I don't move any BTC around anymore, convert to LTC and maybe return it back to BTC, lol. If they just put LTC on my Bitpay card, I be out of there for the time being till BTC got its act together
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I do hope they will not find big bugs when they release the code for SEGWIT2X. It will cause so much drama if the code has some problem.
To be honest, I think it would have been better if they just let Litecoin do everything first, like what they did for SEGWIT. Litecoin seem to have benefited from implementing SEGWIT and proving it had no issue. Litecoin grew from around 30 usd in May when it was first implemented to a peak of 50 usd
One day, when bitcoin reaches around 10K usd, no one will like to mess would its code as this would cause such disruption in the cryptomarkets. It would become as immutable as gold
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Honestly I think that is the major stall right now, Bitcoin Core and the miners want something permanent for that day when its so high it be a big issue to redo or fork then but they can' seem to agree. Litecoin seriously could easily take over if BTC screws this up, that is why I think they better pay attention to the users or someone else will. Really great comment, couldn't agree with you more...guess its a wait and see here
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Exactly!!! once the price go up , it would literally take a UN resolution to change because of the economic impact
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This could right so many wrongs in the world economy, just hope they bow down and let us take over to fix the mess the world is in
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i think segwit2x will significantly drive up bitcoins price, good post
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I think so but unsure, little skeptical on both avenues lol. More I read the more I get the centralized fears looming in how they are both doing this. Its hard to tell till they just do it lol...but I am open minded to see how the ride unfolds on it. This new code though does look by the announcements to fix a lot of the concerns, if so then its the key and then we see what Bitcoin Core decides. 2 coins though will destroy Bitcoin, if we get 2 I think everyone will move on to alts for a long time
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Bitcoin will go up one way or another as long as people feel comfortable.
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Well, the granddaddy of digital currency will be around for a while longer, I suppose. I'm pretty new to this, but it seems Ethereum and the other altcoins have problems too. I'd really rather buy coins for long term investments so bitcoin still seems the safest bet. A split would suck, though, I agree.
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Biggest issue is that concern of centralization that everyone fears the miners are trying to gain, kind of does look suspect and if that turns out to be the case it may mean lots of problems due to users not for that. I don't think it will die off but might be put in check if they go about this wrong. Biggest thing though, we need to keep up with it as Bitcoin users, a split could spell a lot of people losing a lot of money if they have their funds on a spot that does not agree with the set new chain. Its just a rocky moment I hope but a moment we definitely need to get past
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Thanks for the update on current BTC affairs.
This back and forth circus has been going on for what seems like ages.
I have grown tired and frustrated with the BTC developers and I suspect that many feel the same way.
I hope they fix this and we don't end up with two coins or a even worse scenario with exchanges suspending trades for a long time period.
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Its like high school all over again when it comes to these guys, power plays, want to be the one to fix the issues, for get the users...gives me a headache but we gotta keep up with it as users or we are doomed lol. Don't want to wake up to find out I am missing coins or have 2 of them that are useless lol. Do what I can to keep everyone informed. Tell you this, on the news front for Bitcoin lately, its been kind of scary quiet, literally didn't expect this one today lol
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Haha you are right my friend.
I'm just glad I sold all my BTC and bought different altcoins in stead. It saves me a lot of headache.
Is it a wise investment, I don't know yet lol :)
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I still hold only because that Bitpay wallet lol...I like feeding the card too much to buy things, I think though I better sacrifice and build up my SP here, maybe that is my undoing lately that I been so in need to catch bills up but right now i am caught up so time to mine and save back.
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Two days to test, 40 billion and the future of cryptocurrency on the line, developer sweating much?
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Well they been 2 weeks testing, but they aren't testing only for 2 days, July 31st is their activation date they are going for but I still don't think that is enough time. What they are doing is rushing to beat the USAF to put force on the situation I think, which leads me to be highly concerned of a vision for centralizing and taking charge by the miners. We need miners but not corporated mining, that has been a huge mistake to let happen I believe
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There is at least minor version of bitcoin, which is litecoin and which is stable and undervalued
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meep
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You are very right, my friend. It's an absolute necessity to have SegWit.
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meep
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What? "Bitcoin is technology from the past and will soon be replaced by other cryptocurrencies?" Did I hear you right there, pal? Well, we will see whether you will be right or not in the future. We are living in exciting times, don't we?
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meep
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I agree, I used that more to move around my funds and seems to be a more long term solution to the mess if Bitcoin doesn't wise up. Litecoin will have its day, its dev quit the Coinbase stuff and now full time on Litecoin so I suspect value will rise soon on that as well.
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I hope there won t be any problem :(
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Same here, no matter what outcome I want both sides to think of us users. Right now Litecoin and Eth are so hot on the tail of Bitcoin that they better put users first above the drama or its done for. I worry a lot about that side the most. Just make something work and lets get back to fixing the outside systems screwing over people. I am a little on the fence though with this one, it seems very closed source about the testing, that to me looks sketchy but maybe its till they have a less buggy system
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I think I will buy usdt to lock my dollars
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I think what I will do is get more SP till they sort this out and only cash out for bills to my Bitpay card lol...ride the storm safely and buy back in when its all over with lol
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Yes maybe it s a good idea
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Gotta protect your investments at all costs with all this going on
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What it is..? What you mean @sflaherty
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Not sure what your asking lol. Are you not up on what the Segwit issue is going on with Bitcoin or what the potential for a divided coin will bring? Segwit is a fix for the slow transactions going on with bitcoin and a possible fix for the fees. Issue is the mining camps want it their way and the developers in Bitcoin want a different way which is striking fear for a split in Bitcoin which can cause users a lot of problems with their holdings.
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lets see what happens, but I think all go well, and btc will now be better then ever! great post!
followed+upvoted+resteemed
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Thanks and I will definitely follow back. I hope for the best but do know we gotta keep an eye on the situation as users, hate to see anyone lose money due to their indecisions lol
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definitely agree! as long as no one loses... all is good! Im confident! just bought some more during this latest bloodbath!
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I always buy on the low lol...well I am usually with BTC no matter what since I got my Bitpay card, do need that real world usage and it is the BTC game for that one. I am sure in the end the users will win, if they don't pay attention to them then its worthless anyways
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agreed! me too! haha! doesnt matter the market! ;D
btw... are you happy with you bitpay card? Im reasearching for the best one on the market but still cant choose witch one!
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All honesty Bitpay has been great, I tried a few options and they seem the most fair. Never encountered a problem as of yet. Been using it now about a month.
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A lot of entities wants to control BTC, itt is sad.
Maybe someday a filthy rich one will bribe devs and centralize BTC to be doomed.
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I worry about that as well...hey if all else fails there is a huge altcoin world but my hopes lay in BTC doing the right thing. Definitely here to not be apart of the central banking system, hate to see crypto turn into what we came here to go against
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@sflaherty I'm counting on you to make me crypto-smart :)
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lol...I don't know it all but I have crammed a lot of reading about crypto in over the last year lol. Do what I can for you, like i said you can ask me anything and I will do my best to find the right answer for you
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You've been great at answering my questions and I truly appreciate it. I will be a crypto-smartypants one day ;)
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In this its truly best to read as much as possible, specially with this hard fork stuff in bitcoin because there could be issues down the road for what we hold in Bitcoin. Lots of youtube, tons of article reading lol...non stop for me all day long
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Great timing on this post. I've diversified a good amount of my BTC holding into ETH and SP... Still holding some BTC but thinking about putting 80% of what I have left into Litecoin. From my reading, it looks like good news for Bitcoin in the near future will also carry over to strong positive price movement for coins like ETH, LTC and Steem -- vice versa. But the difference, IMO, would be consistent with what @sflaherty said about users moving on from the drama and into more stable coins like ETH, LTC and SP. Maybe I'm coming at this a bit off, but I feel better knowing that I no longer have all of my investment in crypto and gains parked in front of the Bitcoin drama-train. I am super long on SP and the world-changing power of Steemit and the Steemian community so Bitcoin is starting to look like the perfect 10 that played one too many games, on one too many dates and follow up text messages ... NEXT! :-D .... Upvote
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Great comment, I feel you completely on all levels. The drama does put people off and shows some instability while the other coins are driving on up. I say if BTC won't get their act together we might as well crown a new king...LTC looking pretty stable and well past these issues. I am always though hoping for the best with Bitcoin but you can only take so much unprofessionalism when it comes to money. All I know, one of these coins needs to step it up and get the true movement against the central bank started or I am starting my own coin lol...someone with some balls needs to get the job done lol
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Hahaha totally agree! It's very interesting that almost all the good-sounding three or four letters with "coin" after it is taken on GoDaddy and other domain registrars. So I am sure there are a lot of folks out there with their eyes on the throne, plotting from a distance.
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LoL you seen that too? I noticed even if there is no coin for it there is a registry out there already in the .com realm. Trust me there is probably a ton of groups out there waiting to bank in on crypto...more coins to come I am sure
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lets hope for the best..soo they can really improve BTC,especially blocks,transactions and soo on..
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Thats really all we can do, keep up with the info and current state of things to be prepared and just hope for the best. Concerns are valid but no sense in stressing about it, we will all have time to make our personal choices as users with this as long as we keep tabs on the situation
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