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SegWit Transactions Are Unfairly Cheap

Jihan Wu was forward of the curve when he translated the Bitcoin whitepaper into Chinese, and he was forward of the curve when he identified that Segwit transactions had been unfairly low cost. Here’s why.

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SegWit Transactions Are Unfairly Cheap

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37 Comments

  1. Roger's argument here is flawed.

    Remember 2:00 "SegWit does not reduce the transaction size, if you're referring to the raw byte length of transactions".

    This means it doesn't effect the miners one bit(or byte) because they have to do the same POW regardless. Weight units are introduced as a way to calculate the new data structure that is non-witness. THE BYTE SIZE DOES NOT CHANGE ON THE BLOCKCHAIN! Roger is simply confusing the WU with bytes.

    With SegWit, by shifting some of the bytes around in how the blockchain accounts for them, it provides more room for more tx throughput per block while lowering fees.

    Think of it this way, SegWit is organizing specific tx data in a more efficient way. That's all. By separating the Witness data from the Non-witness data, the system is more efficient. Witness data is vital to the txs and ongoing validation of digital signatures, the non-witness data is not as important once a tx takes place, therefore is wasting space that could otherwise be used for more Witness data.

    So now we're able to fit MORE txs into each block, which means they're collecting more transaction fees per transaction than they could before, a net positive economic boon to miners and users.

  2. Native SegWit (P2WPKH) transaction – with one input and two outputs – is 223 bytes in size, so it's just ONE byte more compared to legacy transaction, but only 113 of it is transaction data and 110 bytes is witness. Because for witness we have 4 times more space in block, witness "weight" 4 times less than core transaction bytes. That's why this transaction is equivalent of just 141 bytes. It takes 36% less space in block so it takes 36% less in transaction fees to put it in block.

  3. Maybe "unfairly cheap", but I am trying out some segwit transactions for the first time. It's still a bit hard to understand how much cheaper it really is.
    BCH transactions are still much cheaper and faster, but due to more BTC liquidity I moved the value in BTC this time.

  4. Roger, Im afraid that you are confused. Let me try to explain in easy words:
    There is an old way to create transactions and there is a new way to create transactions. With the new way, witness data can ride for free, which means bigger blocks. So, use the new way, it is better.
    What exactly is your objection to using the new way?

  5. It also makes it patently untrue that they kept blocks small since you DO NEED MORE STORAGE SPACE for Segwit blocks.

    This makes their most popular argument – decentralization through smaller blocks – A COMPLETE LIE.

  6. The thing this guy doesn't realize is the segwit signature witness can be removed or distributed in a fashion that makes more sense from a hardware utilization standpoint.

  7. If you have a 10-carat diamond inside a 100×100 steal box need to transport overseas safely.

    1st one offers you to transport the diamond for $10 using small privet plane and send the steal box in a ship.

    2nd one offers you to transport the diamond and the steal box in a big cargo plane and charge you $100.

    Diamond=the transaction

    Steal box= transaction signature

  8. And this is how King Croesus (the inventor of gold coins) became a slave of the Archimedean Empire… Hubris. Probably the same guy as Korah in the Bible, Qarun in the Quran.
    Between this and Pelopennesian War (first historical case of inflation) is the same time period of Sun Tzu, Lao Tsu, Buddha, and many more of the greats who already figured it out…
    Like the Satoshi's and Jihan's.

  9. It's so odd how you frame the narrative. It's like listening to a flat earther or something…
    As the article points out, SegWit txs use the same bytes, you equate that to more resources "without paying for it", but instead of just the blocksize, now there is the block weight to consider for txs. You make this out to seem like it's a bad thing, just as Jihan puts it, "unfairly cheap".
    To me it makes it genius that we can use the bitcoin blockchain to do more txs that are more secure and sophisticated without sacrificing the decentralization & censorship resistance features of bitcoin.
    AND it's backwards compatible, meaning if you don't like SegWit txs, YOU DO NOT HAVE TO USE THEM. Bitcoin still does legacy txs just fine.

    So what is the actual issue here?

  10. But to subsidise on chain scaling, node operators have to download a massive block chain, which also has its costs. A faster internet connection, larger hard drive and a more expensive/capable computer. Segwit effectively achieves this, just in a much better way. This allows more people to run a full node which provides many benefits and allows users to keep miners in check.

  11. "We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the

    next by digitally signing a hash of the previous transaction and the public key of the next owner

    and adding these to the end of the coin. A payee can verify the signatures to verify the chain of

    ownership"

  12. So in a few words, you can use bigger blocks and it's legit, but only on sidechains, on main you have to stick to 0 MByte perma hodl or you're not a maxi? How does it work, enlighten me guys.

  13. Segwit is a banker attack on Bitcoin which almost killed bitcoin. Thank goodness for people who realized this and moved on.. moved on to BCH!! Bitcoin the way it was meant to be.. hehehe.. "Bitcoin is like digital gold and should be horded…" who comes up with these comments..? evil bastards.. Now that you have your unusable BTC.. have fun.. The Karma gods will wreak havoc on all of you. BCH for the future of freedom.. with that said.. why waste time understanding or looking into what is wrong with BTC.. put them in the rearview mirror.. move on.. all resources should be placed in moving forward.. For Duty and Humanity!!

  14. Roger Ver is the typical case of the guy who got dump by his girlfriend, get's a new one and says everyone he's much happier. Meantime takes every chance to talk badly about his former girlfriend while his new girlfriend is ignored. If Bcash is everything you say it is just focus on your shitcoin and leave Bitcoin alone. Also, price increase it's not adoption it's speculation.

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