Bobby Lee, the co-founder and CEO of the exchange BTCC, explained that SegWit2x was “extremely dangerous and irresponsible”. This surprised a large part of the ecosystem, since before Lee was one of the defenders of this innovation. However, in a series of tweets, published on November 16, Lee regretted having promoted SegWit2x. This is because, according to the CEO, this innovation had already been dead a long time. At this point it is important to clarify what it was exactly this innovation. According to Lee, SegWit2x had as objective to increase the capacity of the network of Bitcoin doubling the block size to 2 megabytes. As the project sounded quite promising, had an apparent approval within the community cryptography. Especially the CEO of BTCC, who was one of the original signatory of SegWit2x. But, despite that, now regrets his actions. “2 years ago, I thought that SegWit2x was the best way for Bitcoin,” wrote Lee. “Since then I realized that it was extremely dangerous and irresponsible to push for a fork hard litigation without the protection of repetition, especially. when there was no consensus. Oh Mea culpa! Bitcoin is the true Bitcoin”. The problem was that it saw SegWit2x as an attempt by their corporate sponsors to lead the development of Bitcoin. This would be totally against the spirit of decentralization. For this reason there was the change of position of Lee. In fact, then accept it even saw a setback in his own brother, the creator of Litecoin (LTC) Charlie Lee, who described her perspective as “extremely lame”.
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Bitcoin Cash, and the opinion of Bobby Lee
It is important to remember what was the scenario for this moment. Bitcoin was beginning to reach historical highs, and the transaction fees were substantially higher. Therefore, there were various ideas to address this situation. It is here when Bitcoin Cash (BCH) made its appearance in August of 2017. However, Lee seems to be something dismissive about this digital currency. “In Bitcoin, there is the notion of consensus where the majority of the power of hashing will decide on the actual string. Similarly in our world, the market decides on the Bitcoin real, the one that has the higher market value”. When asked if he believed that BCH could claim to be Bitcoin, he concluded: “For me, it is quite obvious that the market has already decided. Signal vs noise”. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.