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Samson Mow to host AMA on 8btc about Scaling and SegWit

Samson Mow, BTCC COO, will host an AMA on 8btc forum  about Bitcoin scaling and SegWit. Questions raised between 29th Nov to 2nd Dec will be addressed by Samson in person.

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8btc forum is  the biggest Bitcoin and blockchain community in China where thousands of community members exchanging ideas every day.
As per the AMA thread, a concise history of Bitcoin scaling was introduced to the Chinese community. Then the need of scaling was addressed:

However, the impeccable security system of Bitcoin is not perfect. Blocksize is limited within 1MB with 7 transactions per second as its maximum processing capability. The growing demand from user base renders blocksize scaling a pressing and controversial topic in the Bitcoin community.

At the beginning, the scaling plan was to hardfork the blockchain to allow 20MB blocks. However the community gradually realized that the bigger block was, the more chance it could be orphaned. Also the community will split without full consensus.

Then the background of SegWit is elaborated:

Segregated Witness was first proposed by Pieter Wuille ,Bitcoin Core and Blockstream developer, in the HongKong Scaling Conference December 2015. It’s a better solution that meets the scaling demand and more appropriate to prevent the community from falling apart.

Segwit was merged into Bitcoin Core 0.13.1 version on 28th Oct, 2016, almost a year later from its first proposal.

The activation of SegWit will be in compliance with BIP9 requirement, which means 95% of SegWit support must be publicly seen in the last 2016 blocks.

As one of the biggest Bitcoin mining pool in the world, BTCC pool has announced SegWit support on 18th November,2016.

The AMA thread soon became very crowded and a number of sharp questions raised. Below are some of them:
BW pools asked very good questions there( reddit):

• Has BTCC pool done extensive test on 0.13.1 SegWit code? Can you release test report?
• Does BTCC pool support SW as pool(miner) or as exchange?
• Does BTCC pool have understanding and support from miners in your pool? Have BTCC pool explained pros and cons of various options? Any relevant information can be shared to other pools for reference?
• Does BTCC pool have any mitigation plan for possible bugs of SW recently discussed in Reddit?
• Does BTCC pool still follow 2015 Beijing Pool Confeerence Declaration and 2016 Hong Kong Consensus?

wojiaoxiaohei[vice captain]

I had difficulty understanding the arguments like why we need scaling and what SegWit is. Will these measures push Bitcoin to 10,000 RMB?

tan90d [intern moderator]

I have two questions:
1. Under what circumstances, will BTCC pool stop running segwit-supported Bitcoin client in productive environment?
2. What are the requirements for BTCC pool to run onchain scaling bitcoin client in production?

Bitcoiners[sailor]

As Changyong(a famous Bitcoin fans and scholar in the Chinese community ) put:
Scaling must be implemented ASAP. The global crisis: the plunging Chinese economy, RMB deprecation, EU falling apart and Trump election are accelerators to the meltdown of global financial system based on fiats. We can expect large demands for Bitcoin if it is not for the Bitcoin scaling issue. We could have seen the rise and rise of Bitcoin price. However the network congestion will provide altcoins with more space to grow. Investors, enterprises, developers and coin hoarders may switch to altcoin.

What’s your response?

You may find more of Samson’s view from previous reports below:

Samson Mow on scaling (1) and (2): what we need is coding

Samson mow: BTCC will not use bitcoinxt

Here is why BTCC support SegWitc

COMMENTS(13)

  • BitcoinAllBot
    4 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: Egon_1

  • permissionmyledger
    4 months ago permissionmyledger

    I read the forum questions. The China Bitcoin community is not happy with Core’s betrayal from the December 2015 Hong Kong agreement.

    We were promised a 2MB blocksize increase with Segwit as a hard fork.

    Immediately, the signatories aligned with blockstream began to downplay their participation, no work on the 2MB hard fork was performed by the core development group, and all energy went towards Segwit as a soft fork with no blocksize increase, but accounting tricks making segregated witness data cost only 25% of regular transaction data.

    2MB was too much of a “decentralization risk”, but the same team immediately coded SegWit as a softfork, which creates 4MB blocks, if segregated witness data is filled at the 25% cost (4x more data for same fee).

    This, all, was an epic deception and bait and switch by the core development team and blockstream. No real blocksize increase, and a huge accounting trick to make it cheaper to open up payment channels for theoretical L2 solutions that don’t yet exist, and may never work without creating centralized bank hubs.

    I understand their concern, even if only through google translate! I share them!

    I hope we can find a middle place on all of this. I hope core is not so overrun by developer egos or corrupted by special interests that they fail to realize that a compromise is the best way forward.

    • Egon_1
      4 months ago Egon_1

      So, you are basically saying some are hoping and waiting that Core turns good? Did they state how long they are willing to wait? We have almost an anniversary of the Hong Kong closed door roundtable.

      Almost one year stagnation since Hong Kong

      https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff#.983kch9bc /u/macbook-air /u/viaBTC /u/jihan_bitmain

      • permissionmyledger
        4 months ago permissionmyledger

        I’m basically saying exactly what I wrote. The best way forward is a middle ground. The only middle ground available may be getting majority pool/miner support and forcing core’s hand.

        There is a small group of highly financially motivated individuals who is causing this divide. That’s not going to stop if core loses control of the reference client.

        We need to force those people to the sidelines by rebuilding a positive and optimistic community, not by taking all or nothing stances and engaging in the same brinksmanship and name calling that got us into this mess in the first place.

        • hwolowitz
          4 months ago hwolowitz

          You must be new here. The middle ground has been offered and refused multiple times.

          • permissionmyledger
            4 months ago permissionmyledger

            I’m not new here.

          • Bitcoinopoly
            4 months ago Bitcoinopoly

            You both have 1 month old accounts. As far as the comments about either one of you being new here that should go without saying. Ignore and move along with pertinent discussion.

          • permissionmyledger
            4 months ago permissionmyledger

            You should consider the points made by each poster, not the age of their account.

        • bitdoggy
          4 months ago bitdoggy

          What is middle ground? It seems that technically, FlexTransactions (https://zander.github.io/posts/Flexible_Transactions/) are a better and cleaner solution than Segwit fon non-scaling issues. Should Segwit be completely abandoned?

          • permissionmyledger
            4 months ago permissionmyledger

            Bitcoin doesn’t have technical problems. It has political problems. Yes, we need to find a middle ground.

        • ferretinjapan
          4 months ago ferretinjapan

          The 2mb hard fork WAS the middle ground. Blockstream Core and their adherrents have been hell bent on bullying the community into submission and believing you can reason with them at this stage is woefully naieve. Playing peacemaker while they raze what’s left of Bitcoin is an utter waste of time.

          Better to either make a clean break by cutting Blockstream Core loose and turning to saner devs/mods that listen to the miners/users, or eschewing Bitcoin entirely for communities that don’t treat users like resources to be exploited.

  • mickeybob
    4 months ago mickeybob

    I just want to know if he’s ever going to get a decent haircut.

    • d4d5c4e5
      4 months ago d4d5c4e5

      It’s true, Mow looks like a lesbian from the mid-90’s.

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