Wallets should display SegWitCoin in a different balance

[HostFat]

https://www.reddit.com/r/btc/comments/6ico1b/wallets_should_display_segwitcoin_in_a_different/

If by any chance SegShit gets activated then wallets should track the SegWitCoin and Original Bitcoin balances separately. I don't want my clean pure-blood BTC be mixed with this SegWit Anyone-Can-Steal abomination.

If neither side wants to fork off then as a compromise we could share the chain but keep our balances separated. In essence, SegWitCoin would be a fancy colored coin implementation anyway. Thus, it makes sense to keep the balances separated. We could even distinguish SegWit addresses from normal BTC addresses with a little help from the vanity address generation mechanism.

If I ask for BTC payment and some idiot sends me SegWitCoins then I would just send the segshit back and demand payment in the original Bitcoin. You should do the same.

I completely agree with this idea.
Maybe it can be a good feature to be added to some of the forks (BU, Classic, XT ...)
I think that it will be even good to have it on the last Core version.
if you make a Core version with just this modification, maybe an exchange will use it.

 

[Hyena]

@HostFat
after processing some of the replies I got in this reddit thread I took some time to further research the technical details of SegWit. It lead me to realize that segwitcoins can be converted to and from original bitcoins rather trivially. just sending the segwitcoins to a legacy address will redeem your original btc. so in case of segwit rollback you get to keep even those coins that have been segwitcoins for some time but in the end were converted back to normal btc. it still makes sense to display segwitcoins as different from the original bitcoins though. they do carry a lot of new risks. but if you use a non-segwit wallet then you actually can't even receive segwitcoins. if someone sends you segwitcoins then they are converted back to btc.

segwitcoin is kind of tricky in a sense that it is a side-chain colored coin token on the bitcoin block chain but it is convertible 1:1. they could have multiplied the number of segwitcoins in relation to original bitcoins but they didn't. they could have done it so that 1 BTC gets you 10 SWC and 10 SWC can be converted to 1 BTC. But they decided to keep the 1:1 ratio to generate so much confusion. it's their agenda because they have a plan to eventually ban original BTC TXs and delete even the blockchain prior to the segwit activation. they think they can weed out BTC like that.

 

[AdrianX]

It's practical to think of Segwit as a sidechain.

Can you mine block rewards into a Segwit address?

 

[Hyena]

@AdrianX good question. I'd also like to know that.

 

[freetrader]

Can you mine block rewards into a Segwit address?

If one couldn't, then that plan on abolishing legacy addresses wouldn't work out
Unless of course one plans to abolish the need for mining anyway

https://np.reddit.com/r/btc/comments/6ig7mn/that_mining_has_profits_at_all_is_a_bug_lukejr/

 

[Dusty]

Unless of course one plans to abolish the need for mining anyway

This should be the goal of Luke-JR, that declared that the fact that miners do profit for their work "is a bug"...

 

[newgen1infinite]

If one couldn't, then that plan on abolishing legacy addresses wouldn't work out
Unless of course one plans to abolish the need for mining anyway

https://np.reddit.com/r/btc/comments/6ig7mn/that_mining_has_profits_at_all_is_a_bug_lukejr/

Hi, It is possible to do so but the chances of losing the coin value elevates to the greater extent. The losses may incur if the signature is revised by the sender during the transaction. To make the process transparent it is better to make the deal with a reliable person.

 

[Otaci]

How about an option to automatically convert any segwit coins you receive to real coins? With optional prompting for confirmation.

 

[therealsatoshi]

This should be the goal of Luke-JR, that declared that the fact that miners do profit for their work "is a bug"...

That guy is literally insane. Not only for that statement.