I do expect some things to still change between the time that this article is posted and the actual fork date. I expect some more companies to back out, Bitso for example realized that there is no community behind 2X and that it’s not an “upgrade” but rather a split. However, here are some of my “final thoughts” about the upcoming Segwit2X.
1) Financial incentives
Core devs own Bitcoin and most are working for free on this great open source project. Which means that their financial incentive is doing what’s best for Bitcoin in the long run.
The CEO’s of the NYA companies all pivoted away from Bitcoin. Jihan created and supports BCash, Roger Ver claims that BCash is Bitcoin… Brian from Coinbase has claimed multiple times that he thinks that Ethereum is superior to Bitcoin. Jeff Garzik launched his own ICO to solve “developer drama and forks,” Bitcoin problems that he himself created.
None of them want to put their money where their mouth is.
2) Slow blocks after HF
Some say that people will abandon Bitcoin if it slows down significantly (until next difficulty adjustment). Never heard of “Hodlers”?
Traders have Bitcoin on exchanges, unless they’re arbitraging, they don’t need to move Bitcoin around. Most hodlers have their coins in cold storage.
Everyone knows what’s going to happen. It’s silly to think major hodlers will sell their Bitcoin to move over to 2X corporate takeover chain.
Obviously it will suck for a while, potentially very slow blocks and obvious spam from 2X’ers. But I personally see Bitcoin as my savings account.
Following Gresham’s law, for everyday purchases I use my fiat holdings.
I have my cold storage, my trading stash and my “fun fund”. (“Fun fund” is for vacations, new electronic “toys” and gifts for my son and wife. Stuff like that. It’s linked to a credit card.)
Will it be annoying that I potentially can’t transfer Bitcoin for a month or two? Sure. Will that change my mind and capitulate to 2X? Hell no.
Source/More: Segwit2X is the biggest attack on Bitcoin so far
