We, the Seoul Bitcoin Meetup, the largest and longest-running bitcoin meetup in South Korea, founded in 2014 with more than 1600 members, would like to voice our staunch opposition to this November’s proposed hardfork.
The stated intention of the New York Agreement was to reach a solution to keep the community together. It has become clear in the past months that this is not possible if Segwit2x continues on its planned course.
We are confident that BTC, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network. The purpose of this letter is simply to minimize the damage that gets done this November.
We urge you, the signatories of the NYA, to reconsider and withdraw your support.
These are some of our biggest concerns:The manner in which the agreement was made goes against the very ethos of Bitcoin.
Bitcoin is intended to be an open, decentralized system. Open means that the decisions and discussions about them must happen in a public manner, where anyone is free to comment and contribute to discussion. Decentralized means that there is no authority — it is not possible for a single group to unilaterally enforce changes upon other participants in the system.
Indeed, Bitcoin’s very value is derived from these attributes. If a select group of CEOs and investors, no matter how benevolent their intentions, can unilaterally make decisions about the consensus rules without public comment and force these changes upon the network regardless of overall consensus, then Bitcoin will have lost the properties that make it valuable in the first place.Segwit2x incurs a large risk, but wastes most of the opportunities afforded by a properly planned and executed hard fork.
Any hard forks will present a massive risk, but offer a large opportunity for important ...