Forcing activation of SegWit on Litecoin

[tmopar]

we need domestic asic producers to step up thats the real answer... i have wondered why corsair, evga etc watched this all and never came up with any products

[Steve Sokolowski]

Agreed - let's move to counteract the LTC1BTC action and move to activate SegWit.

In order to do this, we really need vinylwasp and ethercap to agree. Please try to get them to post here.

If the three of you agree together, then I need to do the math, but we can probably cover the losses to pay miners who disagree.

Do we have enough hashpower between the three of us to "solo" mine LTC through PH and not affect the remaining community ie no losses that aren't voluntary? I currently only have 6GH so not sure I really make a difference but happy to contribute to the cause. I'm not a big believer in mob rule and PH certainly shouldn't be paying for losses. It looks like this could take days and I think you're putting your entire business at risk here.

We must look for a middle way. Perhaps something as simple as announcement to the community that all hash is going to be redirected to LTC by X hour for up to Y days?

It wouldn't be right to ask miners to forfeit potential earnings for this action. They would expect to be compensated, and we would pay them. The cost would be too high if we had to pay everyone. However, if we paid everyone except for the three of you, then it would be reasonable.

It doesn't make sense to take action if only the three of you do it. That risks failure and wasting money. We need everyone to suceed.

It looks like they are only spending enough money to direct miners at Litecoin to keep SegWit at 74%, partially through renting miners. If we became 6% of LTC, then they would have to come up with a large number of additional miners. That would be expensive, especially if they were renting them. The price of miners at NiceHash is likely to soar if they do that.

The preferred tactic would be similar to "bid sniping." If they are going to try to keep hashrate at 74%, then we can suddenly come out of nowhere and pummel them in the final hours. If they don't notice in time, then SegWit will activate. If they do notice, it will cost them a fortune to rent miners, and we won't lose that much money because it would only be a few hours. If activation fails, then they will have spent a lot of money and we can do it again two weeks later until they either have to finally ship the miners to customers or can't afford the rental prices anymore.

[excelerator]

In order to do this, we really need vinylwasp and ethercap to agree. Please try to get them to post here.

If the three of you agree together, then I need to do the math, but we can probably cover the losses to pay miners who disagree.

Do we have enough hashpower between the three of us to "solo" mine LTC through PH and not affect the remaining community ie no losses that aren't voluntary? I currently only have 6GH so not sure I really make a difference but happy to contribute to the cause. I'm not a big believer in mob rule and PH certainly shouldn't be paying for losses. It looks like this could take days and I think you're putting your entire business at risk here.

We must look for a middle way. Perhaps something as simple as announcement to the community that all hash is going to be redirected to LTC by X hour for up to Y days?

It wouldn't be right to ask miners to forfeit potential earnings for this action. They would expect to be compensated, and we would pay them. The cost would be too high if we had to pay everyone. However, if we paid everyone except for the three of you, then it would be reasonable.

It doesn't make sense to take action if only the three of you do it. That risks failure and wasting money. We need everyone to suceed.

It looks like they are only spending enough money to direct miners at Litecoin to keep SegWit at 74%, partially through renting miners. If we became 6% of LTC, then they would have to come up with a large number of additional miners. That would be expensive, especially if they were renting them. The price of miners at NiceHash is likely to soar if they do that.

The preferred tactic would be similar to "bid sniping." If they are going to try to keep hashrate at 74%, then we can suddenly come out of nowhere and pummel them in the final hours. If they don't notice in time, then SegWit will activate. If they do notice, it will cost them a fortune to rent miners, and we won't lose that much money because it would only be a few hours. If activation fails, then they will have spent a lot of money and we can do it again two weeks later until they either have to finally ship the miners to customers or can't afford the rental prices anymore.

If it's only a few hours, then I'm completely agreeable here to loss of the potential earnings! If you need more time, no problem as well.

The remainder of my hash (which is being rented right now) will point back to PH in about an hour and I've set the rig to Unavailable.

[jstefanop]

I made a post in support and just saw this....its awesome that you guys first signaled segwit, and are talking about these between you guys. To the miners worried about potential losses, whats is better loosing 20% profits for a couple days, or mining at 1/3 to 1/4 profits like you were a month ago for the foreseeable future?

Thats what will happen if segwit does not activate, Litecoin, and therefore pro hashing profits, will plummet. I urge miners to look at the big picture.

[vinylwasp]

I think it is better to activate SegWit, we have seen on the BTC network the cost of indecision, bickering and loss of confidence. It is better to take a short term loss, than suffer months of arguing and price fluctuations.

I agree, I'd be happy for you to redirect my hash rate as needed.
Apologies for the late reply, my New Zealand time zone makes trans-pacific conversations rather dis-jointed.

[jinxorbit]

I have followed the advice on this thread and put my miners on litecoin. viewtopic.php?f=5&t=1403

-- on second thought going with the pool. Hoping SegWit is activated. Watching the progress here: http://litecoinblockhalf.com/segwit.php

[rootdude]

Agree with the SegWit proponents here - that's one reason I came back because I saw the signing blocks. It's important to the LTC community and I detest trolls that are trying to block progress. Should have been UASF from the beginning rather than a hash rate decision... but that's a story for a month from now. We are in a period of signaling and we should be pushing the ball over the goal-line if we can.

[Eyedol-X]

I'm willing to take a short term profit hit with the goal of activating Segwit

[Steve Sokolowski]

OK, then we just need ethercap to agree. I will have Chris send him an E-Mail when he wakes up. If anyone wants to mine SegWit in the meantime, use "c=litecoin."

We also need a discussion on whether it's best to wait for the next activation period or not. If he is stealing customers' mining equipment to mine SegWit blocks, then he will have to ship some of it before the next period.

We also need to decide whether to apply watchful waiting. I suspect that he is only willing to spend enough money to keep activation just below 75%. If so, we would lose a lot of profit for no reason if we started now. The true battle may be fought during the last hours, and perhaps we should save our efforts until then. Thoughts?

If he continues to keep 38% online, we cannot beat him, so it's not worth trying.

[jjunkie]

I think the decision has been made. The miners who are still mining here are looking more at short term profit than wanting to activate SegWit. I myself moved my hash power from this pool to another to help with SegWit. This is at a cost to me as I make less at the other pool, however its worth the cost in my eyes if we can activate. All miners here have the option to move their hash to another pool, even if only short term. The fact that they have not should give you your answer.