Is Segwit2x an Upgrade or a Detriment
BTCC Founder Bobby Lee: “The Segwit2x Feature Is definitely an Upgrade”
The CEO of the Chinese cryptocurrency exchange BTCC, Bobby Lee earlier this week held an Ask-Me- Anything (AMA) with bitcoin traders on the Reddit forum /r/bitcoinmarkets. During the Ask Me Anything session, the participants were more focused on the Segwit2x hard fork which is set to be activated on November 16 th . According to Lee’s recent AMA, he stated that the upcoming Segwit2x hard fork is an upgrade and the Bitcoin network’s consensus rules will change this time around. There has been a concern in the cryptocurrency world about the Segwit2x hard fork, with some stating that it will have a negative impact on bitcoin rather than a positive one. This is what Lee thinks though. He stated that in case more than one chain survives and the minority chain happens to be in demand, then his network BTCC will be in support of the forked protocol, the same way they had done with altcoins earlier this year. The platform BTCC recently started to mine altcoins, starting with Litecoin. Their pool is expected to also begin mining bitcoin cash also. Explaining during the AMA, Lee stated that, “In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing BTCC Pool support for that based on market demand. This time, in mid-November, bitcoin is expected to upgrade its consensus rules, just as it has done so many times over the past nine years.”
Bitcoin will still be the chain with the most accumulated hashtag power
According to him, the Segwit2x feature will be an upgrade to Bitcoin but there is still some uncertainty about it. After the upgrade, Bitcoin will still be the chain with the most accumulated hashtag power and will still produce the longest valid blockchain. Lee isn’t the only one that thinks that Segwit2x feature is a great thing. Others such as coinbase, Bitpay, Xapo and many others share the same view as BTCC and have decided to go with the most accumulated hashtag power. Lee reiterated that he likes Bitcoin so much due to the balance of power the currency creates as it doesn’t allow one group have absolute or controlling power. The power each group holds cannot be mathematically calculated, stated Lee, saying that he believes the fork will be a very good test. Providing further details, the founder of BTCC, said, “The upcoming bitcoin upgrade (NYA, Segwit2x) is a good test to see if the bitcoin community can move forward when only a subset of all the groups decide to move on to an upgrade of bitcoin. It’s unfortunate that this upgrade is not fully supported by all groups.” His point of view, however, didn’t go down well with his brother, Charlie Lee who is also the creator of Litecoin. Charlie Lee has been very open about his support for NO2x and has spoken publicly against the upcoming Segwit2x hard fork. Charlie Lee responded to his brother’s comment after the AMA via a tweet stating that, “Extremely lame Bobby Lee. Bitcoin (BTC) is not an altcoin. I have explained to you multiple times that miners don’t decide consensus.” Bobby Lee, however, didn’t respond to his brother’s tweet as he remained confident of his company’s standing point. Booby Lee emphasized that “We are committed to the New York Agreement (NYA), and will proceed with the bitcoin network upgrade in mid-November.” mybitcoin.academy Read the full article
