RE: A new signaling period for SegWit just started...
Yeah but do we really want SegWit?
In short, SegWit can flip the incentives for some (bandwidth restricted) miners such that they benefit from not downloading or verifying the transaction signatures. For a user, this causes a SegWit transaction to be less secure than a non-segwit one. A non-SegWit transaction is secure with the assumption that no attack is able to obtain more than 51% of the network hashrate. With SegWit, this becomes 51% - (percent of miners with flipped incentives).
If 20% of miners end up in a situation where they are not downloading signatures because it is more profitable for them not to, a 31% miner can attack the network effectively. Security becomes 51% - X.
The bigger problem is that it is very hard to estimate the proportion of miners with this flip in incentives before their portion grows too large and an attack occurs. This basically means that SegWit transactions will always be less secure than normal Bitcoin P2PKH transactions. Even if just by the smallest bit, this is what fundamentally breaks the fungibility of Bitcoin.
if I get it right, segwit will lead the way for other alt coins to take over bitcoins. Let's say that altcoin is more secure than bitcoin, it opens for any other coins as asset to jump start its revival.
Let's wait and see.
Hope it never happens.
A fast and simple way to explain SegWit is by comparing it to a zipped computer file. It frees up space to add more transactions to the chain. Wow, that Segwit logo looks an awful lot like the TenX logo.
It would be good spectator sport to see segwit happen only to be tested by a 51% attacked.
Read this before you support @craig-grant or @yuliana with your attention and time https://steemit.com/scam/@ashketchum/craig-grant-is-the-worst-kind-of-person