Segwit2X loses support between mining groups and blockchain companiessteemCreated with Sketch.

in cryptocurrency •  2 years ago  (edited)

Last August, the segregated witness or SegWit was activated throughout the Bitcoin network, with a consensus percentage that prevented a separation in the Bitcoin main network, even though Bitcoin Cash was created by a "forced" bifurcation.

During the last weeks numerous companies have begun to express their rejection to SegWit2x, a code that was not tried during a prudential time to verify that the flaws could be corrected.

As if that were not enough, a new bifurcation is approaching, which, according to influential figures in the ecosystem, will be given yes or no. Unlike what happened on August 1, this will separate the Bitcoin network on two different platforms. Now the criterion of incompatibility will be the size of the blocks, which according to the New York Agreement, are planned to be 2 MB. So those nodes that implement blocks larger than 2MB will be rejected by SegWit.

In this sense, Roger Ver believes a consensus between the two positions within Bitcoin is unlikely. "There will probably be another division between the original Bitcoin chain and Bitcoin's SegWit2X version, but that will only give me more coins that I can sell for the Bitcoin Cash version" , he told Bloomberg.

Wang Chung, manager of Chinese group F2Pool, one of the largest mining groups in the world, also believes that the division into the main network of Bitcoin will occur in November, because to avoid the activation of the phase that will increase the size of the blocks will require the support of at least 92% of the miners. Also, after this was one of the organizations that signed the New York Agreement for SegWit2x activation, Wang Chung confirmed via email to CoinDesk that they will not support this hardfork.

And not only since F2Pool have abandoned the agreement in New York, Bitwala (from Germany) also did. In one ad they claimed to have signed the same without knowing that the developers of Bitcoin Core had not subscribed to this agreement that involves increasing the size of the blocks. In this regard, they indicated that they will not support a bifurcation of the main chain of Bitcoin, which for them will always be supported by Bitcoin Core. Also, from Wayniloans, the Argentine payment processor, they declared to have been part of the Agreement of New York not knowing that Bitcoin Core had not had participation in the same.

Bitcoin Core partner Peter Todd also said Bitcoin's division with SegWit2x is 100% guaranteed and will be more damaging than Bitcoin Cash because it will create more confusion among users as to what the Bitcoin.

Also, the words of Roger Ver point out that SegWit2x looks like an unnecessary bifurcation. And some of the signers of the agreement to increase the size of blocks of the Bitcoin chain to 2 MB have provided support to Bitcoin Cash, the blockchain that preserves the history of Bitcoin and also supports blocks of 8 MB, platform that was backed by ViaBTC, also a signatory to the New York Agreement. These include Antpool,, Bitmain, ShapeShift and Yours.

Also, with Bitcoin Cash you could perceive what a bifurcation in November in Bitcoin could generate: confusion in the community about what will be the main network, confusion between addresses and loss of funds of users by accidental shipments to incompatible addresses but with the same format (generating annoyance among users), decrease in capital, resources and processing power. But not all was negative, after what happened on August 1, Bitcoin's value increased by astounding all those who believed that scalability problems would wipe out the network, as in the case of Josh Brown.

In such a way that the main chain of Bitcoin remained the same, to have the greater support on the part of developers and miners, although it lost the capital and the resources that went away with Bitcoin Cash. However, this did not prevent a number of confusions from being generated among users, since, by sharing the same address format, many sent BTC funds to BCH addresses and vice versa. Fortunately, portfolios such as Bitpay and Trezor have implemented measures to prevent future accidental shipments and to recover funds lost through transactions between the two platforms, respectively.

It can also be highlighted that even though SegWit is already activated in the Bitcoin network, not all portfolios and bureaux de change have been updated, although this brings important benefits to users, such as a decrease in transactions with bitcoins. In this sense, some have published the measures that their users have to perform to upgrade to SegWit.

For Samson Mow of Blockstream, the likelihood of Bitcoin, Bitcoin Cash and Bitcoin SegWit2X in November is high because many developers, users, miners and companies have expressed their disagreement with this "2x nonsense bifurcation." And is that with it will generate a new division in the main blockchain and has not yet finished activating Segwit for all Bitcoin users.

Despite this, within the community they have already begun to reject the code called SegWit2x, such as Blockstream, Bitstamp, Bitpanda, Bitfinex, and other ecosystem actors that can be consulted in this list.


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I hope more companies will open their eyes and reject the agreement. Governments and banks start to fight BTC now, we should be united!

Have you considered the possibility that they have already started? That the current division in the community and censorship on bitcointalk and /r/Bitcoin may be symptoms of this? Before you tell me to take off my tinfoil hat, do a thought experiment. Blockstream via the Core Devs is adamantly against any blocksize increase ever; what could their endgame be?

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