segwit2x blood in streetsThe New York Agreement continues to bleed signatories as SurBTC, a Chilean exchange, denounces the Segwit2x hard fork just weeks before its scheduled implementation.

Let’s be perfectly clear: we are not talking about the impending Bitcoin Gold hard fork. Instead, this refers to the hard fork triggered by Block 494,784 resulting in a fourth currency. By November’s end, four separate currencies will share the Bitcoin label: Bitcoin, Bitcoin Cash, Bitcoin Gold (BTG), and Bitcoin2x (B2X). Each of them sport different fundamental characteristics, but all are limited to 21 million max supply.

Support Wanes

SurBTC is not alone in questioning the rushed hard fork that will define Bitcoin in the coming months or years. Wayniloans expressed similar dissent, disappointed by the lack of replay protection planned for B2X. Without this feature, users are vulnerable to sending currency to addresses that cannot receive it (i.e. sending BTC to a B2X address, thereby forfeiting the equity difference). SurBTC clarified its position, noting that they support Segwit, but not Segwit2x for the same reason.

Check out what one Bitcoin Core developer (BTCDrak) has to say on the matter:

I am utterly appalled by this proposal both technically, ethically, and by the process which it has adopted. Hard forks require consensus from the entire ecosystem in order to prevent a fork, funds loss, confusion and harm to the robust guarantees of the Bitcoin system has thus far displayed.

Many in the cryptocommunity echo BTCDrak’s sentiment. Bitcoin draws its strength from a united community working together toward common goals. Dividing the community constantly through hard forks is detrimental, and the upcoming Lightning network will solve some of the scalability issues anyways, given the time.

Markets Respond

Immediately following this announcement, Bitcoin price took a $180 hit (3.5%) before finding support near $4750. This price response is directly contrary to the anticipated response that this news should cause. Likely, traders are confusing the Bitcoin Gold and B2X hard forks. Traders have been buying up Bitcoin to secure their share of the BTG air drop, boosting the price. Any hint of a botched BTG deal would cause Bitcoin to shed its related premium.

 
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Creighton Piper

Creighton is a media contributor and Partner with Crypto Answers.
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