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Segwit2X: the broken agreement

After a slow start we’ve seen a steady increase in Segwit transactions with Bitstamp and BitGo switching to Segwit addresses last week. (with BitGo already having more than 13% Segwit transactions in last 24 hours)We now have ~3.5% Segwit Transactions after 3.5 weeks of activation.

Some users were disappointed by this rate of adoption since a lot of companies indicated they were Segwit ready on the website yet haven’t implemented it. This could partially be explained by the extra work the engineers had to do because of the BCash fork.

The 3 companies that abandoned the agreement so far:

Bitwala: “ We will not actively fork away from what we view as “bitcoin”, which is the chain that is supported by the current Core dev team.”

F2Pool: Wang Chun: “No. I don’t support [the] Segwit2x hard fork.”

Wayniloans: “At the time we didn’t know that existing developers wouldn’t support it, or that most Latin American Bitcoin users, our customers, would view it as an contentious proposal.”

It is important to note here that 2 of them specifically mention that they expected support from the Bitcoin Core developers, like with the Hong Kong agreement. I’m guessing more of the signees are, rightfully so, very worried about the total lack of developer support.

BCash: the deal breaker

After the “Future of Bitcoin” conference Bitcoin ABC was born. The BCash fork was planned and executed extremely quick with major support from ViaBTC (which is actually just part of Bitmain).

BCash did cause some disruption. It didn’t make the Bitcoin price tank, as some predicted, however the miners started playing with the EDA (emergency difficulty adjustment) causing huge disruptions and backlogs on both chains at different times. It also meant extra work for the service providers that wanted to distribute BCash to their customers and it actually stalled process on Segwit implementation for some companies.

It’s good that the big blockers (fi...

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