Segwit2x: Have you seen this coin? [update]

in #segwit2x7 years ago (edited)

I've been looking into the fork(s) a bit more, and the fact that the 2x camp are leaving out replay protection so they can use BTC wallets is quite an aggressive move that indicates their intention is to totally replace BTC.

But B2x is already being listed as a separate coin, so I'm really not sure how that could happen. Forex exchanges are already listing BTC/XBT, loads of businesses are accepting BTC (especially in Japan), they'd have to be hoping to kill it off altogether and take the symbol and brand entirely. But could that ever realistically happen in the real world? Can they force every single person who uses Bitcoin to take that fork?

And if they can't take the BTC symbol, then the mining cartels do (currently) have the mining power to slow BTC to a halt, so they may be able to succeed in making B2x successful as a transactional currency, but without the symbol it's still a new coin. By far the vast majority of people still haven't even heard about Bitcoin, and if they have they will initially be interested in the original established brand, which is still BTC. 

The biggest motivation for these forks is transaction times, in the hope that people will start using BTC as a spending currency, and the current pricing is very much influenced by the assumption that it will eventually achieve mainstream adoption. But so far it's been mostly used for speculation and investment, which means people are mostly buying to hold, and not spend. And that's actually the most sensible strategy when it's growing so much so fast. But that also actually makes the transaction times kind of irrelevant. 

The original Nakomoto white paper made the analogy with gold, and in a way slowing the original BTC down could make it even more precious and gold like, and separate the two coins even more, making B2x even less likely to take it over and kill it off. 

Ironically, this could also glaringly highlight the reasons Bitcoin Gold was created. So far the prevailing consensus seems to be dismissing it, but it might become more interesting when this all starts to play out. 

Apart from that, even the method for enabling opt-in replay protection is not straight forward, and potentially exposes a lot of people who might not know anything about it or be paying that much attention to having their money stolen, so they are effectively hoping to force everyone who uses Bitcoin, including all exchanges, merchants, and Bitcoin owners into adopting it. Then there are claims like this on top: "2X proponents openly discuss & support performing a literal attack on Bitcoin".

And there's this: Is segwit2x the REAL Banker takeover?

I have to say the entire shambles is giving me the impression that the developers are spending far more time with computers than people, and forgetting about how normal people operate in that real world. This is far too complicated and confusing enough already, they seem to be going out of their way to make that worse. 



Coin Marketplace

STEEM 0.24
TRX 0.22
JST 0.037
BTC 98445.47
ETH 3425.83
USDT 1.00
SBD 3.41