Altcoins
Will Litecoin [LTC] Successfully Implement MimbleWimble?
Coingape - 10/23/2019 5:26:08 PM - GMT (+0)
Coingape - 10/23/2019 5:26:08 PM - GMT (+0)
Miners are people also. UASF won’t work if miners shoot themselves in the foot to attack the user’s chain. That’s not good for anyone. It’s not black and white. I don’t have time to explain this, but it’s not as simple as you make it out to be.
Charlie Lee [LTC] - 10/23/2019 3:45:50 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:45:50 PM - GMT (+0 )
How much work and how long did you think it took us to convince them to start signaling in the first place. Some FUD or arm twisting by Jihan caused them to stop signaling. All you saw was the end result.
Charlie Lee [LTC] - 10/23/2019 3:45:50 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:45:50 PM - GMT (+0 )
Unlike trolling, which you can easily do in seconds.
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
Correct. We will try to implement this as modular as possible. So we can get easily merge in Bitcoin improvements and also MimbleWimble improvements.
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
It was hard work to convince people that they had the power over miners via UASF. It was also a lot of work to convince the miners to signal for SegWit. Maybe it looked easy from where you were sitting. I spent probably hundreds of hours chatting and talk
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:31:12 PM - GMT (+0 )
You can’t sybil signal with mining hashrate. And miners don’t have to reveal their IPs.
Charlie Lee [LTC] - 10/23/2019 3:16:20 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:16:20 PM - GMT (+0 )
It wasn’t easy at all. It took months. You weren’t paying attention and have no idea what you are talking about.
Charlie Lee [LTC] - 10/23/2019 3:16:20 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 3:16:20 PM - GMT (+0 )
Node numbers were never important. It’s hard to signal and calculate concensus. Just ask Satoshi. He had to invent Bitcoin to do it. :D
Charlie Lee [LTC] - 10/23/2019 2:45:31 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 2:45:31 PM - GMT (+0 )
You don’t need to know which nodes receive coins, but those nodes matter also.
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
If there’s apathy, then the softfork won’t be as safe. So for example, if only 20% of the economic nodes upgrade, then miners can rollback the softfork knowing that 80% of the network will follow the rollback. This would lead to a coin fork, which is bad.
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
Don’t get me wrong. This is without expectation of anything w.r.t. Bitcoin. It’s a low probability Bitcoin will do EB/MW in my opinion. But it’s 0 chance unless it’s shown to work on Litecoin.
Nodes that spend and receive coins are economic nodes. So exc
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 2:30:51 PM - GMT (+0 )
For activation, only majority of miners need to support. But over time as the majority of nodes support it, it will really lock in. That’s why we propose to use BIP8 to lock in after 1 year assuming it’s enough time for maority of economic nodes to suppor
Charlie Lee [LTC] - 10/23/2019 2:16:12 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 2:16:12 PM - GMT (+0 )
Litecoin Foundation : "[Update on MimbleWimble & Litecoin]: @ecurrencyhodler, @DavidBurkett38, & @satoshilite have proposed a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks.
LIP-0002 EB:
Charlie Lee [LTC] - 10/23/2019 2:16:11 PM - GMT (+0)
Charlie Lee [LTC] - 10/23/2019 2:16:11 PM - GMT (+0)
Mining is how Bitcoin and Litecoin is distributed fairly. Miners being greedy is in the whitepaper. Bitcoin works if miners are greedy. Bitcoin doesn’t care if miners are in it for profit or in it for ideology.
Charlie Lee [LTC] - 10/23/2019 1:17:20 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 1:17:20 PM - GMT (+0 )
No need to attack me personally. I never thought printing money out of thin air is a good idea. Unless you think I printed Litecoin out of thin air. You must not understand how mining works.
Charlie Lee [LTC] - 10/23/2019 1:17:20 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 1:17:20 PM - GMT (+0 )
I disagree pretty strongly with this. Bitcoin was too powerful of an idea to not have succeeded even if everyone was in it for profit from the start. The whole point of Bitcoin working is that people act selfishly and for profit and Bitcoin still works.
Charlie Lee [LTC] - 10/23/2019 1:16:01 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 1:16:01 PM - GMT (+0 )
But we are still in the middle of distribution. Half the coins are distributed after the first halving (4 years). I don’t see why the initial 1 year of coins (1/8 of all coins) matters more for incentives to make Bitcoin not a scam and other coins a scam.
Charlie Lee [LTC] - 10/23/2019 1:16:01 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 1:16:01 PM - GMT (+0 )
95% of Bitcoin mined or bought today is with the owner’s intent to sell it for a higher price somewhere down the line.
Charlie Lee [LTC] - 10/23/2019 1:00:31 PM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 1:00:31 PM - GMT (+0 )
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Coingape - 10/23/2019 12:52:08 PM - GMT (+0)
Coingape - 10/23/2019 12:52:08 PM - GMT (+0)
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Coingape - 10/23/2019 10:55:40 AM - GMT (+0)
Coingape - 10/23/2019 10:55:40 AM - GMT (+0)
What does volume have to do with number of coins. But you do bring up another source of issue. If an exchange is running a fraction reserve, how does that not dilute your coins in your definition of coin dilution? Unless everyone withdraws from all exchan
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
There will be fees and spread with atomic swaps, so you won't get 1:1 conversion.
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
Not everyone is out of Liquid or LN. How are you sure your onchain coins are not diluted? I assume you don't understand everything about Liquid or LN and don't know 100% there's no hidden inflation in either of those networks.
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 10:31:21 AM - GMT (+0 )
By definition, a softfork forces all miners to follow the rules or they are orphaned. So after the fork, no miners can create a block that’s invalid. (i.e. spending incorrectly from anyone-can-spend) So no, you can’t force a split.
Charlie Lee [LTC] - 10/23/2019 9:46:51 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:46:51 AM - GMT (+0 )
Softfork means if you don’t update your node, you will still be able to validate what you know and would not consider the blockchain invalid after the softfork.
So after the softfork, all miners are required to validate everything. Even if no users updat
Charlie Lee [LTC] - 10/23/2019 9:46:51 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:46:51 AM - GMT (+0 )
EB comes with a compromise. Of course! So did SegWit. The question is if the compromise is worth the benefit we are getting. No one is saying EB is flawless.
Charlie Lee [LTC] - 10/23/2019 9:32:01 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:32:01 AM - GMT (+0 )
Coins don’t appear out of nowhere. For this proposal, old nodes will see coins sit in the HogAddr, which holds all the coins in the EB corresponding to that block.
Just like with SegWit, old nodes will see those "anyone-can-spend” spent to a normal addre
Charlie Lee [LTC] - 10/23/2019 9:30:40 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:30:40 AM - GMT (+0 )
That doesn’t make much sense. How does EB give miners power to force a fork?
Charlie Lee [LTC] - 10/23/2019 9:30:40 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:30:40 AM - GMT (+0 )
3 things:
- atomic swaps require agreeing to a market price
- there’s going to be a spread, so you lose value
- there may not be liquidity
With EB, you can always move your LTC across the 2 without losing money. 1 LTC on canonical chain = 1 LTC on extens
Charlie Lee [LTC] - 10/23/2019 9:16:01 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:16:01 AM - GMT (+0 )
What you said applies to every single softfork including SegWit. Miners are required to validate all the new consensus rules. No one is downplaying anything. If you have a valid criticism that differentiates EB from other softforks, we haven’t heard it ye
Charlie Lee [LTC] - 10/23/2019 9:16:01 AM - GMT (+0 )
Charlie Lee [LTC] - 10/23/2019 9:16:01 AM - GMT (+0 )
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Coingape - 10/23/2019 12:33:09 AM - GMT (+0)
Coingape - 10/23/2019 12:33:09 AM - GMT (+0)
That's true for any soft fork. New nodes have to validate everything. Old nodes don't need to.
One nice thing about EB is that you isolate potential flaws like inflation bugs to the EB, and won't affect the canonical chain. If you move coins there, you a
Charlie Lee [LTC] - 10/22/2019 11:31:41 PM - GMT (+0 )
Charlie Lee [LTC] - 10/22/2019 11:31:41 PM - GMT (+0 )
Read LIP-002, which is all about extension blocks.
Charlie Lee [LTC] - 10/22/2019 11:31:41 PM - GMT (+0 )
Charlie Lee [LTC] - 10/22/2019 11:31:41 PM - GMT (+0 )
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