Bitcoin’s scalability debate is once again in full swing as the SegWit2X fork scheduled for November is slowly approaching. The community’s opposition movement named NO2X, started by Litecoin founder Charlie Lee, is gaining momentum and more signatories of the New York Agreement are reneging on the agreement as the controversy around the SegWit2X fork grows.
In the talks that involved numerous leading bitcoin companies and miners that have substantial influence over the bitcoin ecosystem, it was decided that miners would activate Segregated Witness and that the block size would be increased to 2MB. These talks culminated in the signing of the so-called New York Agreement, signed by companies such as Coinbase, Bitwala, Bitmain, Genesis Mining, and F2Pool, among 53 others.
As the Bitcoin scaling debate continued after the SegWit upgrade on August 1 and the fork that lead to the creation of Bitcoin Cash (BCH), several signatories of the NYA have announced that they are pulling out of the agreement. In the past three months, BitOasis, Bitwala, Crypto Facilities, F2Pool, Unocoin, Vaultoro, and Wayniloans, among others have withdrawn their support.
In the past seven days, Finland-based MONI and Hong Kong-based ANX also withdrew their support of the New York Agreement, suggesting that the upcoming SegWit2X hard fork will likely lead to another altcoin like bitcoin cash. A full list of bitcoin companies that are opposing SegWit2X can be found here, and an updated list of NYA signatories that have withdrawn their support can be found here.
In the past week, a minor fork of the bitcoin blockchain took place on October 24 that created the new altcoin Bitcoin Gold (BTG). Bitcoin Gold was launched to make bitcoin mining more decentralized again. The project has so far been met with a lot of skepticism and criticism and has received little support from the bitcoin community. Since its launch, the price of Bitcoin Gold (BTG) has been trending between $150 and $100.
In the midst of all this, bitcoin had a volatile week dropping from $6,187 down to $5,404 on October 25 before regaining the $6,000 mark over the weekend of October 28-29.
This week’s review is compiled from contributions by Joseph Young, Liam Kelly, and Nuno Menezes…