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Hardfork SegWit2X; Signals of Problems for Bitcoin

Hardfork SegWit2X; Signals of Problems for Bitcoin

As of today we are witnessing some correction in Bitcoin price, dropping to $5370!

Bitcoin and its community are in a red alert zone for the next two months with high tensions and polarization!

The best and recommended hard forks are those planned in detail and showed in a road map, so that the community will anticipate it and be prepared for it, which will result in a smooth hard fork without the chain split. That fortunately was what happened with several Ethereum hard forks, except for one (born Ethereum Classic as competition).

But there is no similar development with Bitcoins hard fork SegWit2X planned for Nov.18, as there are many opposing voices and deepest concerns from people and organizations around the world about the proposed hard fork. Criticising and opposing almost everything about SegWit2X: what has been done, or not done, how it should be implemented, when should that happen and many other questions and concerns.

Even major mining pool, F2Pool stopped signalling their approval for upcoming hard fork even they are signers of NY Agreement.

South Korea

From the organized part of opposition there are also members of the Bitcoin community of South Korea, as one of the biggest Bitcoin market, Seoul Bitcoin Meetup (The largest group with more than 1600 members), on that conference members released a formal statement making it clear of staunch opposition to November’s SegWit2X Bitcoin hard fork. Last Thursday, it was released to mediums a copy as an open letter formally stating their causes, concerns and opposition about the upcoming event.

“The purpose of this letter is simply to minimize the damage that gets done this November. We urge you, the signatories of the NYA, to reconsider and withdraw your support.”

“We are confident that BTC, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network.”

-The main complaints are: The manner in which the NY agreement was reached goes against ethical principles of the original Bitcoin idea and project.

-Instead of being a good opportunity to be planned and executed properly, hard fork SegWit2X now will incurs large risk for the Bitcoin community.

-All this preparation for hard fork SegWit2X was made carelessly, in an unacceptable irresponsible manner and that they will not support any Bitcoin chain split.

Latin America-Brazil-Argentina

Similarly, also in Latin America are groups and individuals in Bitcoin Community who are totally opposed to Bitcoin hard fork SegWit2X and some of them (about 50 members) have made joint letter expressing “deepest concerns”.

In their letter they stated:

“We profoundly disagree, however, with the means chosen to carry out such a plan. And therein lie all the discord, controversy, feverish debates, and even resentment for some actors.”

They are joining the larger “choir” of businesses and entities around the world stating their deep opposition and public condemnation to the forthcoming hard fork.

The group even provided a list of eleven factors influencing their decision, which many of their stated problems are similar to the concerns of other opposition groups from other parts of the globe, confirming that they will not support any Bitcoin split chain.

The letter continues:

“We believe sooner or later upgrades to the protocol will necessitate a hardfork,”

“With due planning and preparation the network can smoothly coordinate to effectuate such changes with minimal chances of chain split and disruption. That, however, requires time, education and testing.”

We hope that the upcoming hard fork SegWit2x, will not have a negative impact on Bitcoin, but in contrary we will see improvements, however it is feared and expected volatility next two months and maybe at some point also some correction of Bitcoin price.

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About author

Is an economist, 30 years experience on Non-Ferrous Metal Trading and Real Estate Development. Lately shown interest in the field of Cryptocurrency.
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