How to Win Friends & Influence People: Crypto Twitter Edition demonstrated in a single thread... including all the times Tyler gently & individually corrects everyone about native vs non-native SegWit. https://t.co/8HyrrfUytG
Great show of leadership by @tylerwinklevoss and @Gemini! The distinction here is that they support sending _and_ receiving of _native segwit_ using the improved address format, bech32. Hopefully this signals to other wallets to do the same. https://t.co/gq0MCIfYMc
It could have been done a lot quicker, but if they want to leave money on the table paying higher transaction fees for 18 months, that's up to them. But how is it too little, would you have expected them to implement Lightning?
The entire argument against SW in the first place a couple years ago, was that it would take forever for the industry to support it. Because it requires re-writing systems. Whereas raising block size would’ve been immediately supported by the entire industry.
So please don’t get your panties in a bunch when things play out exactly like people predicted.
I’m super excited that SegWit is now supported by this massive exchange. That knocks out another huge chunk of problems that would’ve come during the next bull run.
Onward and upward!
Raising the block size requires a hard fork. Everyone needs to run software that is compatible with the forked chain at the time the fork occurs. It isn't a matter of software being instantly compatible with the new chain, it still requires upgrades and rewrites.
Exactly. As you may recall, the buffoons who wrote Segwit2x wouldn't have even been able to deploy it correctly had it activated. Does anyone really think that companies dragging their feet on software like SW would be able to deal with all the chicanery that would occur during a hard fork?
Honestly I think we have very high expectations or very short time horizon. Implementing such changes securely in a company this size is not easy and you don't want to make mistakes or it could be your end. So I am glad they implemented it now, don't blame them for being a bit late.
The Winkelvi AMA explained this... The wallet they used before has been built well before SegWit was even an idea, and they built their entire infrastructure on top of it. It's not very easy to replace just like that.
> Our team views SegWit as a positive step forward for crypto and the broader future of money. As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion. **Critically, SegWit transactions lay the groundwork for more advanced technologies; of which the Lightning network is the most well known.**
> We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network.