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SegWit2x is “Extremely Dangerous” and Not the “Real Bitcoin” – Bobby Lee

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Bobby Lee, CEO of BTC China that was once the world’s second-largest crypto exchange by volume and the creator of the Ballet wallet, is a well-known figure in the crypto industry and an advocate of Bitcoin (BTC).

Last week, Lee made a bold tweet about Bitcoin (BTC) which said that he believes bitcoin will surpass the total market capitalization of Gold within the next 10 years. According to him, every bitcoin wave is a bubble that pushes the price of bitcoin to new highs. He wrote:

“By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than #gold!”

In an interview with Cointelegraph at the BlockShow Europe 2018, Lee made it pretty evident that he’s not a fan of tokens (Altcoins) that are issued by private companies and groups. He then said:

“I’ve said that many times, both in recent times and over the years, I’m a Bitcoin maximalist, I’d say. I think that’s what they call it. Maybe a purist […] I don’t touch decentralized tokens issued by companies and groups.”

Lee wasn’t always a fan of “Bitcoin” per se as he was in full support of a bitcoin soft fork called SegWit and a hard fork dubbed SegWit2x.

Segregated Witness or SegWit, was a proposed soft fork which was targeted to address the scalability issues of bitcoin. The proposal was made in the late 2015s by Pieter Wuille, a developer. The mechanism of SegWit allowed the separation of the signature data from the transaction data which would allow the data to be stored across spate blocks, thus increasing the overall capacity without a split in the bitcoin blockchain.

SegWit2x was the bold proposal for a hard fork and the second phase of SegWit. This was aimed to increase the block size from 1 megabyte to 2 megabytes, which in turn would allow them to mitigate fee increases which were a result of users paying miners to make transactions.

Lee was one of the original signatories of SegWit2X and an avid supporter of the fork, but looks his thoughts about that has changed drastically. In a series of tweets on November 16, Lee went on to admit that his support for SegWit2x was highly “irresponsible.” He noted:

“2 years ago, I thought SegWit2x was the best path forward for Bitcoin. I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa! Bitcoin is the real Bitcoin.”

It isn’t just Bobby lee who thinks SegWIt2x is a wrong move for bitcoin. Charlie Lee, the founder of Litecoin and the brother of Bobby Lee, has previously expressed his concerns over SegWit2X. Charlie Tweeted:

Crypto twitter personality WhalePanda, one of the most outspoken sources against SegWit2x, went ahead to publish a medium article dubbed “Final thoughts before the 2X fork,” which said that this was “just another attack against Bitcoin.”

When asked about his thoughts on Bitcoin hard fork, Bitcoin Cash (BCH) supporters calling it the “real” Bitcoin. Lee explained that comparing Bitcoin with Bitcoin cash is like comparing “Signal vs Noise.” He said:

SegWit was an idea to solve the problems Bitcoin had, SegWit2x was an idea to change bitcoin and kill the entire idea of decentralization. Whether or not these forks could benefit bitcoin is still an unanswered question which only time will tell.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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