SegWit = Space travel door ways

RIPPEDDRAGON

@Wmcgirr If you follow FTCs history, we are not a typical crowd of follow the new latest technology hype. Instead of just using a common ASIC resistant algorithm after scrypt was taken over by asics we built our own solution, NeoScrypt. Prior to that we built the advanced checkpoint system as well as our own difficulty scaling solution. If there is a need for changes we will get it done, Sigwit is to 2017 as the DAO was to 2016, new tech hype…

AmDD

I will say, planning for the future and making changes today is going to be easier than trying to do it later during the rush. It’ll be easier to get consensus on fewer users than many.

Given the scaling issue, Bitcoin can currently do about 2,000 transactions per 10min with 1mb blocks and 10min block times.
Litecoin should be able to handle 4 times as many then times 2 with SegWit - 16,000 transactions per 10min.
Feathercoin should be able to handle 10 times as many transactions without SegWit - 20,000 transactions per 10min.

My math could be way off, be warned.

AcidD

Moved topic out of the newbies section.

AcidD

I like the idea of FTC adding SegWit, but we have yet to be impressed by SegWit and see real examples of the technology.

I do agree that Feathercoin does need an official/updated roadmap for the next 3+ years. Unfortunately we don’t have an army of Developers ready and willing to help.

FTC got a lot of bad press in the yearly days for many different reasons, those days are gone now and the coin is still here. I’ve been focusing on attracting more developers and anyone who is interested in crypto to this coin. I use it in most of my examples of crypto as it’s fast and stable.

I think having Android and iOS wallets out should be a priority. Also getting exchanges to add FTC.

SegWit could be added later once there’s more FTC Adoption and we see what SegWit can actually do / What people do with it.

Mr_Metaphysical

@AmDD 100% agree - any other mind set is just holding the coin back, either out of ignorance, stupidity or greed.

Mr_Metaphysical

@aciddude said in SegWit = Space travel door ways:

asons, those days are gone now and the coin is still here. I’ve been focusing on attracting more developers and anyone who is interested in crypto to this coin. I use it in mos

What work needs to be done right now, exactly ? Send a list of what you and the FTC members are suggesting right now, ill send to my developer and see what can be done.
Getting ATM machines into the market, having stores accept FTC is essential in its growth. With out it, FTC will be locked to Bitcoin and it will continuously be a penny coin never breaking free. Having it on a few exchanges is good, but brings no added value for global/national acceptance as a viable currency for transactions - exchanges=investors and speculators… development and implementation into the market benefits everyone for FTC.
colleges, high schools, universities, corner stores, coffee shops, etc is where we need the atms in and the merchants accepting FTC. I have lots of contacts across Canada to rally for support in this, but the development needs to be there, which i can source help for as well, so send a list of things that need to be done. Voting on SegWit is easy enough, Ghost said its doable, just time and money the issue to implement it, so if i find develops to do it and get it done, those issues should not be a concern for anyone else.

Mr_Metaphysical

@AmDD Good numbers… @RIPPEDDRAGON

So Feathercoin is prepared for NYC maybe if full adoption took place, How fast does critical mass effect an economy ?

“Some 35 billion Visa debit transactions accounted for $1.31 trillion in purchase volume in the United States for the 12 months ending June 30, 2015”
“The 13.6 billion MasterCard debit transactions during the 12 months ending December 31, 2014 accounted for $536 billion in sales”

48.6 Billion Transactions a year
133,150,684.9 Transactions a day / 144 ( 10m=24hours)
924,657.53 every 10 seconds - Full adoption

FTC 20,000/ 10-mins ?

Amazing… - FTC can handle .02 -> 2% of USA’s debit/visa/master card transactions <$40 right now…
Let me ask you where do you see this crypto currency going in 5 years or 10 years ?
Factor in other massive economies, Europe, China, India, etc ?? with 10x the population ?

*** say 5% adoption with zero competition - BTC and LTC as it stand could nto handle this - FTC 46,232.9 transactions every 10 mins - Just USA alone your system is still over ran. How many miners are bouncing back and forth from coin to coin for mining ?
there are so many other factors, this system is literally in the fetus stage, sperm just binded with the egg.

This is exactly why BTC will fail.
Being prepared for this this main stream adoption will be essential in have a dominant currency, I can see the future and what is in store, the major corporations are seeing this as well, if the grass roots organizations don’t, they will miss out and never have a major chance in the market.
When anything in life should be attempted you should do your best and plan for the best and shoot for the stars, you sit back and Pride yourself on not following when others are going in a positive direction that is just Ego and will ultimately cause drag or failure.

I see bright days for FTC more so than LTC. BTC is done…

@aciddude all press is good press - the limiting factor is the eye of the perceiver. There is always a positive side to everything. Everything should be looked upon as half Full not Half empty.

Read more: http://www.nasdaq.com/article/debit-card-statistics-cm543408#ixzz4hOIVj3jR

Mr_Metaphysical

This as well doesn’t factor in the cash society in india and china with is trillions of dollars that are expressed interest in a new form of currency.
Registered statistical numbers should create a thorough understanding of what is coming. Factor in “off book” numbers = the same or greater then recorded… thats just craziness.

ghostlander

If we want to get SegWit implemented in time, not like v0.11 which took almost 2 years and not ready still, we need a team to work on this and some financial backing. People can do some work for free, but they are reluctant to spend a lot of time without motivation.

kelsey

only reason to add SegWit to ftc would be to hop on (and ftc is already late too the party) the SegWit excuse for a pump.

99.9% of people pumpin the SegWit line have no idea what SegWit even is.

AcidD

@kelsey said in SegWit = Space travel door ways:

only reason to add SegWit to ftc would be to hop on (and ftc is already late too the party) the SegWit excuse for a pump.

99.9% of people pumpin the SegWit line have no idea what SegWit even is.

Agreed. there’s a lot of people who call them selves “traders” or people who are involved with CryptoCurrencies and they don’t even understand the basics.

Lordas

@kelsey said in SegWit = Space travel door ways:

99.9% of people pumpin the SegWit line have no idea what SegWit even is.

@kelsey +1 :)
BTW I have read description maybe 3 times but not sure that I understand correctly. I personally see no reason to have SegWit ar FTC, but this could be just because I am dummy :P
And it is too late for sure. And even more - nobody knows how will be with BTC… Most probably useless upgrade despite bug corrections.

wrapper

@Ghostlander On why development has took a step back from 0.11.

The reason we held back 0.11 was to fix the issues and documentation and tests with 0.9.6 first. Partly also on members advice that the major functionality improvement in 0.11 was not needed urgently in FTC (we already have an under used, fast coin).

We have also been working on other stuff like fixing the problem of having no “secure binaries” moving to a new forum and web site, helping new contributers get up to speed.

Auto build service and a more secure way of deploying binaries being the urgent consideration.

If we so wish, we now can bypass 0.11 and move straight to head and auto build FTC as each new patch to Bitcoin comes out.

By being at head we can stop repeating the work Forking and keep up to date from then on.

We can have a policy, say accept all stable Bitcoin patches, unless there is some objections and a maintainability study. This means we recognize we stand on the work of Bitcoin and are not relying on rockstar programming to gain new features.

Whereas, FTC contributers have a lot of experience with builds, releases, forks, bug fixing … and other areas of course. Also, a number of members have started contributing by sharing their knowledge on. So I do see the require infrastructure for Feathercoin is maintainable. A few more technical contributers and we could even speed up.

However, a lot of work has been done on Feathercoin-qt wallet v0.11, FTC 0.9.6 fixes / commits can be moved over to there, that haven’t already by @Lizhi. That is why it 0.11 needs testing, to check all FTC features are working and included.

There doesn’t seem to be any major issue in moving to 0.11 after testing / documentation etc.

The work of of testing 0.11 can be used to document all the FTC code changes and settings, to document and facilitate a smooth and public, change over to Bitcoin head.

We have got it to a stage where it does not require a huge programming effort, if we have a public documented set of commits, which change the Bitcoin code to Feathercoin.

bsotnikow

@tmetaphysical said in SegWit = Space travel door ways:

My vision for FTC:
The Global leader in digital assets management/transactions, period

Don’t get me wrong please, this enthusiasm is terrific and I’m with you in supporting this coin enthusiastically, but I don’t think this is a realistic vision. FTC’s goal should be to maintain relevance within the pack- it’s never going to be coin #1. Never. This is my favourite coin, but no way its going there.

That said. FTCs relevance to the pack has been its profitability to small scale miners. When mass adoption of cryptos happens, that will be an incredible place to be.

I also worry about unforeseen risks with segwit too. It’s a more complicated code. Lets wait and see if LTC, VTC and such have any problems they didn’t expect.

Also. I understand the value of fixing transaction malleability, but is that a relevant problem here and now? Its not causing security issues at this point, the network is secure correct?

Suppose BTC never adopts segwit, but 2 years from now adopts/invents something better. Then what? FTC drops segwit to adopt the new thing instead? Sounds like a mess!

bsotnikow

This coin’s market cap is 5 million. There is a billion dollar club of coins forming- a moderate move up in the pack would be huge for us all. Lets work at making FTC the #1 choice for small miners, a reasonable goal. That way as that billion dollar club expands, maybe in a few years FTC will be a member. That should be the long term goal i think and segwit doesn’t seem to serve that.

bsotnikow

Just throwing this out there, sorry way beyond my know how… What is the chances FTC devs could create a version of segwit that fixes malleability problem, but is simplified and doesn’t do the scaling things that aren’t needed?

wrapper

It is quite credible that FTC will need to adjust the parameters for Seg-wit, to be in line with FTC block times , or other settings … For instance, Bitcoin suggest a block size (for 10mins) we may require to change that to 1/10, because we do 10 blocks in 10 mins, etc etc …

But these are all the customizations the “Devs” need to do, i.e. chores, which absolutely necessary to make the forked, Bitcoin designed features, work with FTC settings. The process is needed to have, at least someone, a guide or references, so anyone researching can understand these features as well.

One draw back is, it was @Lizhi who has done a lot of research in this area, Seg-Wit, but wasn’t bringing along support, or producing the full package of documentation and finish, releasing unofficial and buggy binaries, that has slowed us down. From my comms @Lizhi isn’t available to do the high quantity of code (has was paid for), would continue to assist and advice and run his Chinese FTC site.

Certainly his mining of v4 database compatible blocks has caused us issues, which we have a backlog to fix to get back to square one, so his work is accepted, and he is still an Admin on FTC Github, everyone must comply with a release procedure and @Wellenreiter is overseeing that. It’s a minimum requirement of being involved in a (community) software project, even admins or rockstar programmers, follow some sensible guidelines.