"The chain will fork, life will continue."
Nickname Bitcoin basic contributor BTCDrak sees the next hard Segwit2x bitcoin fork – which has a chance to divide bitcoin into two competing networks – with a bit of trouble.
And this jaded tone seems to resonate with many of the most active bitcoin developers, even those who were unhappy when the Segwit2x proposal was unveiled for the first time in May. But a few weeks from the fork itself, it seems that this outrage has turned into an annoyed acceptance.
In short, contributors to open-source bitcoin code are optimistic for one simple reason: they do not think Segwit2x will succeed in its attempt to become the main bitcoin blockchain.
In the context of the past two months, where two forks have led Bitcoin to divide into new assets with different teams of developers, Bitcoin's long-time developers believe that neither one nor the other has ever been able to do so. other has gone beyond the bitcoin. ]
And they do not expect anything from Segwit2x.
While the group originally behind the effort got support from a number of startups and mining basins, they argue that there is no not much difference in support compared to previous forks. Although the next step has not yet taken place (it should take place in mid-November), they already see Segwit2x in the Bitcoin story.
BTCDrak tells CoinDesk:
"Miners will continue to exploit bitcoin."
No more compromise
And other developers have the same feeling.
Blockstream's CEO, Adam Back, and Bitcoin Core collaborator, Eric Lombrozo, claim that they tried to be diplomatic when the proposal was unveiled in June, arguing that they wanted to work with those who support Segwit2x to reach an agreement of scale.
Back explained that he sincerely wished to "press the proposal", although he had argued for a longer fork timeline and "no". a specific fork mechanism.
Still, both are less willing to compromise as the hard range gets closer and closer.
At the heart of this feeling, developers think that Segwit2x will fail because the way it is implemented goes against the way bitcoin is designed to work, and because it tries to do pass a change that does not have broad support.
As a result, the developers claim that the group uses a centralized strategy to drive decision-making on a decentralized network.
"I hoped that the goal of all of this was to activate SegWit and then work together, as a community, on building a consensus for d & # 39; other updates in the future, "Lombrozo said. "Instead, it's turned into a coup d'etat."
Back expressed similar concerns.
"This creates a very bad precedent that a small group of CEOs can get into a hotel room and make a deal that they then try to impose on bitcoin. . " "This is no longer bitcoin."
And with that, the two developers think that the proposal will die with his own hand.
History of two bitcoins
But before dying – or launching – crypto investors negotiate the possibilities.
Future versions of bitcoin (if bitcoin has to stay whole after the fork) and a new Segwit2x bitcoin (if the hard fork creates a new part) are trading on a handful of exchanges. And it seems that the developers think that it lights up the events to come.
According to Back, the price of Segwit2x coins – trading at about 14% of the price of bitcoin today – is a sign of the success of cryptocurrency.
Back continues, pointing out that it's about the same percentage as bitcoin coins were trading before its launch via a hard bitcoin fork in August.
"Investors will sell Segwit2x [coins] en masse," said Back.
And he can say so because he's offered to sell his own bitcoin for the new Segwit2x coin at a series of different swap rates, starting with a 1-to-1 rate.
"When [investors] did not buy it, I offered a 3-on-2 exchange, and now I'm offering a 2-on-1 exchange, a chance to double their holdings [Segwit2x coin]"he said. . "None of them has bought, so, clearly, they have no commitment, nor belief in what they say."
Yet many developers believe that the Segwit2x rigid fork will result in another cryptocurrency.
And while a lot of bitcoin users and investors see the previous ranges as a net positive (since they were actually free money dropped) Lombrozo is hoping that something else will come out of the process.
Summing up his feelings, Lombrozo almost showed a sense of exhaustion.
He told CoinDesk:
"The whole thing is stupid, I just hope it will serve as a lesson to everyone about how not do these things."
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which participated in the organization of the Segwit2x proposal and has an interest in Blockstream.
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