LETS HELP BITCOIN

Discussion in 'Bitcoin and Cryptocurrency' started by tp2013, Dec 23, 2017.

  1. tp2013

    tp2013 Member

    Guys we as a community has been around for a long time and we have stuck together and have been in this for a long time and helped each other to be able to make our decisions in life without the authorities telling us what to do and what not to do. We have made choices to enhance our physiques by using performance enhancing products ( which were banned by the authorities due to their vested reasons/interests). We stuck together and found ways to do what we loved to do and helped each other on boards when someone needed help and guidance. This community grew strong and even after the ban of our much needed meds we were able to continue due to these boards and being more close knit. We believe in freedom of speech and freedom of our choices.

    Today i have come to make some of you who do not know aware of another issue which we are not directly but indirectly involved with. This issue is about bitcoin and the revolution of bitcoin which has similarities with our goals and our choices. Bitcoin was made to be a currency or store of value ( or whatever you may call it). Initially it was embraced by the darknet community and now it has become a world wide phenomenon. Its growth and its acceptance has been anything short of amazing. Mainly because of its anti status quo characteristics. For example of it having the capabilities of distributed ledger of being trust less of being hack proof and of being decentralized. These are amazing concepts because of this it has become a world phenomenon.

    But recently we have seen some attacks on bitcoin by some people who want to control the network and these attacks have been ongoing since the middle of last year. The issue with bitcoin has been scaling. And some people wanted to make changes to its protocol to make it faster at the same time making maybe compromising on its security aspects. One group wanted faster or immediate adaption of newer protocols for scaling while other group wanted slower and surer scaling ( by testing thoroughly before jumping to these new scaling protocols). Hence we saw the NYA ( new york agreement) signed sometimes in June of 2017 by a group of people to go with segwit and the birth of bitcoin cash. The same group planned the segwit2x adaption which was a very contentious fork attempted by naming segwit2x as the Main bitcoin and hijacking the name of bitcoin. But once these people found that there was a lot of resistance to this they dropped the idea and planned to attack bitcoin other ways. Now these same people claim that bitcoin cash is the original bitcoin and the original bitcoin is not the bitcoin which satoshi nakamoto envisaged. They want to hijack the name of bitcoin again but in a different manner. They have deep pockets and using their new found billionare status thanks to original bitcoin by hijacking bitcoin. We as a community need to understand that decentralization is of utmost importance to us and that without this all of the crypos are meaningless and no better than Fiat. If 2-3 people can change the course of a coin than what is the difference between them and our governments who have shackled us for centuries by making rules for us and binding us follow these rules ( Our mutual interests are the prime example of this). So I think it is our duty to support decentralization and not to support centralization. 2-3 people cannot tell us what to do and what not to do. These people are spreading FUD by their marketing and other tactics to lure people to abandon bitcoin and use their centralized coin by hijacking bitcoin name through marketing and other tactics. They are trying to use immortal tactics with the collaboration of other companies like Bitmain and coinbase to take over bitcoin and make it centralized.

    We need to do our best to stop this from happening by providing awareness and making people aware of their motives and also to make some changes ourselves to help bitcoin survive and continue with its journey to liberate this world from the status quo and make the world more equitable.

    Here is what I think we need to do ourselves. To spread the word about bitcoin. They try to attack bitcoin sometimes with invalid or empty transactions in the process making the mempool congested and thus delaying our transaction processing for hours even for a couple of days or their rejection all together. At present bitcoin can cross this test of scaling problem easily if we all start using segwit addresses to do our bitcoin transactions. So in effect we need to start using exchanges which are segwit compliant ( coinbase is not doing so)and also to use desktop or hard wallets which are segwit compliant. If we all can do this than there will not be any congestion of the mempool and hence their main point of bitcoin being slow and not effective now will become invalid.

    So Guys from today onwards lets start using segwit and in the process help solve the scaling problem for bitcoin and make it grow more and more.
     
  2. tp2013

    tp2013 Member

    Please try to pass this word around other boards. As we as a community are also using quite a bit of bitcoin transactions for our needs. So lets play our role and support this cause by spreading this word can causing awareness among people.
     
  3. Evom1

    Evom1 Member

    Well this should at least reassure everyone that TP and PD are both equally good to go, since they posted the same exact thread. So for everyone wondering, yes it's the same stuff, and arguably the best generics available

    I need to research the segwit
     
  4. HIGHRISK

    HIGHRISK Member

    Someone tell me the short version of what that lost said. I hate reading book postings
     
  5. tp2013

    tp2013 Member

    means if you using bitcoin as payment or for anything than please use segwit addresses and use exchanges which support segwit. That will for time being solve the scaling problem of bitcoin.
     
    HIGHRISK likes this.
  6. HIGHRISK

    HIGHRISK Member

    Thanks
     
  7. rpbb

    rpbb Member AnabolicLab.com Supporter

    TP, if I switch to one of these exchanges, will the transaction fees and speed be better.
     
  8. tp2013

    tp2013 Member

    Yes speed will be better so no need to pay higher transaction fees
     
    rpbb likes this.
  9. rugerjitsu

    rugerjitsu Member

    What exchanges/wallets would you say are the top 5?
     
  10. Burrr

    Burrr Member AnabolicLab.com Supporter

    OK, just read that is the btc address starts with a 3 then its a segwit address
     
  11. tp2013

    tp2013 Member



    for electrum it is bc1
     
    Millard Baker likes this.
  12. rpbb

    rpbb Member AnabolicLab.com Supporter

    Thanks tp, do the sources we buy from have to have segwit addresses as well
     
  13. Millard Baker

    Millard Baker Member

    Answered. \/

     
    rpbb and Eman like this.
  14. rpbb

    rpbb Member AnabolicLab.com Supporter

    Thanks for the help tp, been holding off buying anything because of the fees, solves that problem
     
  15. mghoward74

    mghoward74 Member

    You cost me quite a bit of Bitcoin profit waiting on a reply from you

    Thanks alot ( sarcasm! )
     
  16. tp2013

    tp2013 Member

    So let us start using segwit and bring the number of transactions using segwit up to a respectable number compared to now. This will greatly help Bitcoin.

    SegWit Charts
    Currently sitting at 10 percent.
     
  17. tp2013

    tp2013 Member

    There are two types of segwits. as described below

    Electrum 3 is probably the first wallet to support native segwit (bech32) addresses. There are a few misconceptions regarding the different formats of segwit addresses that are in use right now. This post aims to clarify the consequences of using each type and explains advantages and disadvantages.



    bech32/BIP173/"native segwit"

    Bech32 is a brand new address format that has a few advantages over the current address format:

    • Addresses are case-insensitive
    • Better error detection
    • More compact QR codes
    Most importantly, bech32 segwit addresses enable native segwit transactions for Bitcoin. Those addresses always start with bc1.

    However, since bech32 addresses are still quite new (the proposal is still in "Draft" state), most wallets, exchanges and payment providers do not support sending to those addresses yet.

    What you can do with a wallet that uses these addresses:

    • send to any and all wallets, exchanges and websites
    • receive from other Electrum wallets version 3.0 or greater
    What you cannot do with such a wallet:

    • receive from most other wallets and websites simply because they consider bech32 addresses as invalid.
    To use these addresses, simply create a new wallet and choose "Segwit" as the seed type in the creation wizard.



    segwit-in-p2sh/P2SH-P2WPKH

    This is the address type that hardware wallets like Trezor or Ledger use. Addresses look like regular P2SH addresses, they start with 3. Without going into too much detail, this uses an old address type and uses segwit to spend from it. The advantage is that virtually all wallets already know how to send coins to this kind of address. One disadvantage is that to spend from those addresses, additional complexity is added to the transaction which makes those transactions slightly bigger (and thus more expensive) than native segwit transactions.

    Electrum also supports this kind of addresses but you need to manually import a BIP39 seed with a BIP49 derivation path.



    <ghost43> tl;dr. electrum's segwit wallets are GREAT! but for the short term, until other wallets upgrade, they will be a pain to use