Growing Lack of Consensus for Bitcoin SegWit2x

Growing Lack of Consensus for Bitcoin SegWit2x

With the SegWit2x Bitcoin hard-fork a little over a month away, the majority of Bitcoin miners are still signaling support for the scaling proposal. The list of exchanges supporting it also appears to comprise a narrow majority of the community.

Disagreement Appears To Be Growing

Disagreement appears to be growing, however, with a number of high-profile dissenters. Large Chinese mining F2Pool for example reneged on their earlier commitment to support SegWit2x. In the exchange arena, Bitcoin peer-to-peer lending platform Wayniloans withdrew support in late August. The majority Bitcoin Core developers are also against the proposal.

Adding to the disagreement, in a blog post this week, Bitcoin.org asked exchanges to make a clear statement that they, “will not under any circumstances list SegWit2x as BTC and/or Bitcoin.” If such statements are not made by October 11th, Bitcoin.org has threatened to denounce those exchanges publicly. In the blog post, Bitcoin.org claims services that default to the Segwit2x chain risk exposing users to replay attacks. This means attackers will be able to broadcast transactions on both blockchains, stealing coins from users who have not manually set up opt-in replay protection.

Bitcoing.org has become a highly-ranking gateway for newcomers to Bitcoin and so appears to have significant influence.

SegWit2x, which came out of the so-called New York Agreement signed by over 50 companies in May, proposes a hard fork of the Bitcoin blockchain in which block size will be increased to 2 megabytes in an effort to improve transaction speed and lower transaction cost.