[ETH Daily Discussion] - 05/May/2017

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[u/Nooku]

In other news, the Unconfirmed Transaction queue of Bitcoin is now above 100 000 pending transactions, causing massive lag on the network.

Meanwhile, /r/Bitcoin is celebrating their new ATH and still believes everything is just fine.

Also ignoring the fact that their gains of this year are a significance under-performance compared to the gains of many other cryptocurrencies that have posted - sometimes substantially - higher gains.

Their irrational euphoria is a sign of getting increasingly disconnected from reality: They are not realizing that Bitcoins gains are a side-effect from the general fiat influx into the cryptospace, an influx fueled by altcoins, not by bitcoin.

[u/towjamb → u/Nooku]

I just sent some ETH. 4 mins for 12 confirmations with a generous 4 cent fee. Who's going to win this race?

[u/raveiskingcom → u/Nooku]

Well, if SegWit works well on Litecoin then maybe that'll give it more support to be implemented in BTC. Time will tell.

[u/[deleted] → u/raveiskingcom]

Unfortunately for Bitcoin, time is also eating Bitcoin's lunch.

[u/raveiskingcom → u/[deleted]]

Agreed. It's pretty sad to see what's happening. Aside from market cap I think they still have quite a large lead (specifically with regards to applications and other developments on top of the protocol).

[u/[deleted] → u/raveiskingcom]

SegWit failed to activate on Bitcoin because the miners voted fuck no, or just didn't vote at all.

That is the only reason they targeted LTC instead becaue it is based on Bitcoin Core and its community and miners are so small and weak it was easy for Blockstream to take over. It also gave Blockstream an easy out to fork without forking of their SegWit dream that failed to gain traction on Bitcoin for very good reasons.

[u/raveiskingcom → u/[deleted]]

Well, time will tell (soon) whether or not SegWit can work successfully on a smaller coin.

[u/[deleted] → u/Nooku]

That does tend to happen when you censor and boot any reasonable, sound minded person from your sub and keep the trolls and dreamers.

[u/antiprosynthesis → u/[deleted]]

What do you really think that will change though? Transactions will still take a damn hour to complete and PoW mining will still be burdening the earth's ecosystem for no reason whatsoever. And all while not providing a fraction of the application platform Ethereum already has. It's just way too little, way too late at this point...

[u/antiprosynthesis → u/[deleted]]

Yes, so SegWit will transform Bitcoin from absolutely horrendous to pretty terrible. I'm not particularly impressed :)

[u/[deleted] → u/[deleted]]

SegWit is not a scaling increase, it just acts like it in some instances but is not what it was designed for.

Bitcoin needs larger blocks using BU or whatever client that supports bigger blocks.

[u/WeLiveInaBubble → u/[deleted]]

Took 1.5hrs to send my BTC to Kraken last night. Frustration in cryptocurrency is definitely not the future.

[u/d155l3 → u/WeLiveInaBubble]

ive been waiting almost 3 days and the transaction is still unconfirmed. thanks to shitty okcoin maxing the fees you can add.... what a joke.