Segwit2x is a compromise deal that had two parts: Segregated Witness, which allows future efficiency extensions such as the Lightning network; and 2x which doubles the block size. https://arstechnica.com/tech-policy/2017/11/bitcoin-compromi... Miners signaled their agreement ahead of time, and the Segwit part worked. But since that took some pressure off, and Bitcoin Cash forked with 8x which attracted those people who wanted larger blocks, consensus fell apart before 2x was activated. In addition, there were multiple code bugs that would have kept 2x from working anyway.
Assuming the bugs got fixed this time around, success of the fork depends only on getting a critical mass of miners on board.
> […] and the Segwit part worked. But since that took some pressure off […]
Pressure on what? Transaction backlog? Hardly, the fees are higher than they've ever been and we have 100k transactions in the mempool.
The minority of transactions use segwit, blocksize still remains a big issue, even if we now have means to cram more transactions into a block, but hardly anybody uses it.
It took pressure off of the Bitcoin Core team (and blockstream), because segwit is what's needed to get lightning to work. Then they lost interest in the second part (increasing the blocksize) and that's (partly) why it fell through.
Joop black6master • an hour ago
Red flags all over. Founder has no background or education whatsoever, the business development manager is dancer, model and actress. Github was first created a couple of days ago. Accounts with these names are fishing after privatekeys on Bitcointalk etc. etc..
I'm going to repost here a comment I left on reddit.
This Segwit2X has almost nothing to do with the original "Segwit2X". They are basically taking what they think is the good parts of all cryptocurrencies, and are putting it into one monstrosity.
- X11 based algorithm from DASH
- 2.5 minute blocktime from litecoin
- 4mb (closer to 8mb with segwit) blocksize from Bitcoin Cash
- difficulty adjustment algorithm from Bitcoin Cash
Plus they are promising some pretty impossible stuff in the "future":
- ZkSnarks from ZCash (which they list on the same line as "anonymous transactions" in some areas, and on a different line in others...)
- Lightning Network from Bitcoin
- Smart contracts from ETH
- Something called "offline codes" which god only knows what it means
Basically it's a shitcoin that is trying to lure people in with impossible promises and just taking what they think is the best thing from every major cryptocurrency and putting it into one disgusting abomination.
Oh, and they chose a loaded name to make sure they'd get some coverage in the "news".
This "Segwit2X" has literally nothing in common with the previous "Segwit2X" from november except for the name. Nothing else is the same. How they got any exchanges to list it under the same name i'll never know... If I was a betting man, I'd wager that the guy running this lost a bunch of money when the S2X futures market crashed since the fork never went through, and he is looking to recoup it by starting the process back up and pumping the futures cost so he can get out.
But on the up side it's really showing me which "news" sites and exchanges I should stay away from, because they clearly don't even vet the stories or coins they are going to be listing.
> The founder also promised that in addition to the common practice of crediting BTC holders with equivalent balances of the new coin (B2X), they would also receive “a proportional number of Satoshi Nakamoto’s Bitcoins as a reward for their commitment to progress.”
This seems pretty bad. Satoshi Nakamoto may not even have access to his coins, but what if his heirs or family wanted to take ownership of them? They should be able to do so. Do we just decide that anyone who owns a sufficiently large number of coins should have to forfeit them at the whim of whoever is creating the altcoin of the moment?
If you look at the team, there seems to be zero experience with cryptocurrencies. Yesterday there was only one "core" developer, a founder (not a developer) and a business developer. They now have another business developer and another software developer.
It's not "fake news", it's just a garbage article where the author didn't do any research (or they did, and the author knows exactly what they are doing).
Not necessarily your fault, and I'm personally glad you did submit it as whatever the creators of the new "S2X" are doing to get it in the media, it's working, and the more we can point out how terrible it looks, hopefully we can limit the damage.
19 comments
[ 2.9 ms ] story [ 50.9 ms ] threadAssuming the bugs got fixed this time around, success of the fork depends only on getting a critical mass of miners on board.
Pressure on what? Transaction backlog? Hardly, the fees are higher than they've ever been and we have 100k transactions in the mempool.
The minority of transactions use segwit, blocksize still remains a big issue, even if we now have means to cram more transactions into a block, but hardly anybody uses it.
It took pressure off of the Bitcoin Core team (and blockstream), because segwit is what's needed to get lightning to work. Then they lost interest in the second part (increasing the blocksize) and that's (partly) why it fell through.
Joop black6master • an hour ago Red flags all over. Founder has no background or education whatsoever, the business development manager is dancer, model and actress. Github was first created a couple of days ago. Accounts with these names are fishing after privatekeys on Bitcointalk etc. etc..
https://bitcointalk.org/index.php?topic=2595620.msg27008511#...
Team looks dodgy as hell, inconsistencies on the official webpage, premined coins:
https://github.com/SegwitB2X/bitcoin2x/commit/08220e2a3c8ba8...
This Segwit2X has almost nothing to do with the original "Segwit2X". They are basically taking what they think is the good parts of all cryptocurrencies, and are putting it into one monstrosity.
- X11 based algorithm from DASH
- 2.5 minute blocktime from litecoin
- 4mb (closer to 8mb with segwit) blocksize from Bitcoin Cash
- difficulty adjustment algorithm from Bitcoin Cash
Plus they are promising some pretty impossible stuff in the "future":
- ZkSnarks from ZCash (which they list on the same line as "anonymous transactions" in some areas, and on a different line in others...)
- Lightning Network from Bitcoin
- Smart contracts from ETH
- Something called "offline codes" which god only knows what it means
Basically it's a shitcoin that is trying to lure people in with impossible promises and just taking what they think is the best thing from every major cryptocurrency and putting it into one disgusting abomination.
Oh, and they chose a loaded name to make sure they'd get some coverage in the "news".
This "Segwit2X" has literally nothing in common with the previous "Segwit2X" from november except for the name. Nothing else is the same. How they got any exchanges to list it under the same name i'll never know... If I was a betting man, I'd wager that the guy running this lost a bunch of money when the S2X futures market crashed since the fork never went through, and he is looking to recoup it by starting the process back up and pumping the futures cost so he can get out.
But on the up side it's really showing me which "news" sites and exchanges I should stay away from, because they clearly don't even vet the stories or coins they are going to be listing.
> The founder also promised that in addition to the common practice of crediting BTC holders with equivalent balances of the new coin (B2X), they would also receive “a proportional number of Satoshi Nakamoto’s Bitcoins as a reward for their commitment to progress.”
This seems pretty bad. Satoshi Nakamoto may not even have access to his coins, but what if his heirs or family wanted to take ownership of them? They should be able to do so. Do we just decide that anyone who owns a sufficiently large number of coins should have to forfeit them at the whim of whoever is creating the altcoin of the moment?
Not necessarily your fault, and I'm personally glad you did submit it as whatever the creators of the new "S2X" are doing to get it in the media, it's working, and the more we can point out how terrible it looks, hopefully we can limit the damage.