HomeAsiaKorea’s Biggest Bitcoin Meetup Publicly Condemns SegWit2x

Korea’s Biggest Bitcoin Meetup Publicly Condemns SegWit2x

-

Members of the Seoul Bitcoin Meetup have released a formal statement opposing November’s SegWit2x Bitcoin hard fork.

A copy of the open letter uploaded to Medium Thursday confirms the “staunch opposition” of the group, the largest in South Korea, with 1600 members.

“We are confident that BTC, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network,” its introduction states.

“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.”

The community is the latest part of the cryptocurrency ecosystem to adopt a formal stance on SegWit2x, which is causing increasing divisions among supporters and detractors.

The Meetup identifies four “main concerns” with the planned hard fork of Bitcoin, due to come into being Nov. 18.

Summarized, these are:

  • “The manner in which the agreement was made goes against the very ethos of Bitcoin[;]
  • Segwit2x incurs a large risk, but wastes most of the opportunities afforded by a properly planned and executed hard fork[;]
  • The developers and supporters of Segwit2x have proceeded in a needlessly careless manner which compounds the risks involved[;]
  • Replay protection is being handled in an unacceptably irresponsible manner.”

“We will be advising our local community to avoid using the services of companies that support the NYA, and seek out alternatives instead,” the letter concludes.

The same day, major mining pool F2Pool stopped signalling SegWit2x in line with plans previously announced which would end the practice at its next server reboot.

Looks like @f2pool_wangchun rebooted their server and are no longer signaling Segwit2X. 


LATEST POSTS

Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us

13,033FansLike
3,677FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img