Saturday, January 29, 2022

Major Companies Are Now Withdrawing Their Support for SegWit2X

Major Companies Are Now Withdrawing Their Support for SegWit2X

The SegWit2x hard fork is approaching, but the agreement may be dead on arrival. Three more companies have pulled out of the “New York Agreement”, officially withdrawing their support for the fork to implement 2MB Bitcoin blocks.

Also read: Goldman Sachs CEO Blankfein Doesn’t Hold Bitcoin, but Won’t Dismiss It

Three More Original Endorsers of the New York Agreement End Their Support

Three more original signers of the New York Agreement have withdrawn their endorsement today, according to a site dedicated to tracking the agreement’s overall support.

New York AgreementThe three signers are OB1, Civic and Bitso — the teams developing OpenBazaar, a blockchain-based identity solution, and a Mexico-based bitcoin and ether exchange respectively.

Additionally, the Satoshi Labs CEO Pavol Rusnak tweeted out the news earlier this morning, adding the hashtag “#no2x” — a sort of rallying cry for opponents of the agreement.

SegWit2x Supporters Dropping Like Flies

Thus far, a total of 21 original signers of the New York Agreement have dropped their support for SegWit2x, including those who have withdrawn their endorsement in favor of Bitcoin Cash.

This is a significant percentage of major supporters reneging on the deal, about 38% according to one estimate — a percentage that could vary depending on the source.

New York Agreement

It is optimal for hard forks to be reached by consensus, with a supermajority of miners agreeing to the rule change because this way negative economic side-effects can be minimized.

Thus, even a small number of miners going rogue could have potentially serious implications for the future of Bitcoin.

However, despite an increasing amount of signatories dropping their support, the percentage of blocks signaling support for the New York Agreement still stands at around 83 percent at press time.

What do you think of OB1, Civic, and Bitso withdrawing their support of the NY Agreement? Let us hear your thoughts.


Images Via OB1, bbc.com, bitso

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