Bitcoin Core developer Luke-Jr warns of SEGWIT2X ‘DISTRACTION’
Luke-jr highlights the technical variations that SegWit 2x represents, while warning about the dangerous implications:
Overall, Segwit2x seems to have one real purpose: to try to stall Segwit longer. […] It is a distraction from the upcoming BIP148 softfork, which is already irreversibly deployed to the network.
His comments come as a direct return to those who report to SegWit2x better and better, which emerged during the May's Consensus meeting in NY.
A meeting of well-known Bitcoin businesses and figures,, organized by Digital Currency Cluster founder Barry Silbert, has signed an agreement to ensure SegWit has activated Bitcoin and tried to complete the scaling discussion years ago.
Silbert announced he had at least 50 businesses who had “signed on” to his preferred Bitcoin scaling solution – SegWit with a block size increase to 2 megabytes within 12 months.
As of press time, those miners signaling intent to support SegWit2x represented 85.4% of the total Bitcoin mining network. Data from Coin Dance meanwhile tells a slightly different story.
In criticizing the NYA meanwhile, Luke-jr added:
By promoting BIP91 and Segwit2x as an alternative to BIP148, what miners are really doing is another power grab to try to take back their veto, which has no purpose other than to be used by Bitmain to block the whole thing at the last minute. […] If too little of the economy has upgraded to BIP148 in time for August, it gives Bitmain the opportunity to perform a chain split attack, and fool outdated nodes into following their invalid chain, possibly becoming financially dependent on it before realising the attack has occurred.
Luke-jr thus described SegWit2x beta and attached hard fork’s characteristics as:
Clearly dangerous for Bitcoin, foresee [himself] consenting to the hardfork proposal under almost any circumstances
As SegWit2x gains over 80% hash rate support, a developer has pronounced the Bitcoin user-activated soft fork (UASF) “dead.”
It’s dead, because the New York agreement took away too much support from UASF,” he wrote, describing the behavior of BIP148 UASF camp as like a “chicken game.”
UASF needs economic nodes and miners. NYA takes away a big chunk of the former and all of the latter. But it’s still winning, because SegWit will be activated and hard fork will not happen.
HiddenWallet creator known as nopara73 said that the scaling move, also known by its Bitcoin Improvement Protocol number BIP148, was “still winning in a strange way.”
UASF Is Winning The Chicken Game, But Not The Way Its Supporters Expected
UASF is a chicken game, a Hawk-Dove game. You know when two car is rushing straight towards each other and the winner is the one that doesn’t turn the wheel.
There are a few paradox situations when illogical behaviour is the most logical behaviour. For example if you get into this situation you want to drink a bottle a vodka in front of your opponent, sit in the car and throw out the wheel.
The writing has been on the wall for a while? Graphene products are undervalued!
Yes, graphene products are undervalued! Some of the writing was on the wall for a while and some I just found it today!
Interesting read, I have nothing to add to this unfortunately.
Thank for reading it. It's all good if you don't have anything to add.
Thanks for the info, much appreciated.
Man, the BTC community is in shambles atm.
I'm beginning to think that BTC will always have issues and it's getting quite tiring to witness.
I don't hold BTC anymore and it's actually a relief :)
I just hold BTC only to buy altcoins when the time is right. Anyway, I think is important to have some BTC in your portfolio!
Thank you for reading this post and for commenting! Much appreciated!
Cheers!
I hope segwit2x fork on august 1st entices the altcoin market to surge, so many other coins have much more benefits than bitcoin
I hope that to @cryptotraderx. I have bought a lot of altcoins just hoping that it will surge! Thanks for sharing your opinion!
your welcome, I hope you own ripple, they are officially being used by 2 banks right now
Yes, of course, I own ripple! I think ripple is on top 3 or 4 of my altcoins holdings!
nice! they will revolutionize the payment industry and we will be rich! I mean they can send money across borders in 4 seconds and save banks 60% on processing fees, banks will go crazy for this protocol!
I heard and read about it, but not so much! It was enough for me to know that a lot of banks start using it and I bought! I jumped in late when was around 8k Satoshi, but I want to hold for a long time!