The failed hard fork attempt which was all over the cryptocurrency news updates in 2017 named SegWit2x, was “extremely dangerous and irresponsible” says a CEO who was formerly one of its biggest supporters. The CEO Bobby Lee regrets that he touted the long-dead Bitcoin scaling solution. In a series of tweets, he admitted that he was wrong and said a lot of things about the risky and dangerous SegWit2x fork.
Known as the co-founder of the cryptocurrency exchange BTCC and the CEO of the wallet manufacturer Ballet, Bobby Lee was one of the original signatories of SegWit2x which aimed to increase the network capacity of Bitcoin by doubling its block size to 2 megabytes.
“2 years ago, I thought SegWit2x was the best path forward for Bitcoin,” he wrote and continued:
“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.”
Bobby Lee regrets the backing of SegWit2x, but admits that it was widely viewed as an attempt by the corporate sponsors to commandeer the development of Bitcoin – contrary to the ethos of decentralization.
At the time, Lee was willing to embrace it and his confidence saw a pushback even from his own brother, the founder and creator of Litecoin (LTC) Charlie Lee, who described his brother’s perspective as “extremely lame.”
The scheme which Bobby Lee regrets was also known as the New York Agreement or NYA and surfaced during the start of Bitcoin’s run-up to the all time highs of $20,000. The transaction fees were also considerably higher than current levels.
Meanwhile, we can see that many BCH supporters maintain the stance that the altcoin is actually the “real” Bitcoin. Bobby Lee was also dismissive on this and wrote:
“In Bitcoin, there’s the notion of consensus where the majority of hash power decides on the real chain. Similarly in our world, the market decides on the real Bitcoin, the one with the most market value.”
When asked if he believes BCH could lay claim to being Bitcoin, Bobby Lee was featured in the Bitcoin Cash news for saying the following:
“To me, it’s pretty obvious that the market has already decided. Signal vs Noise.”
Last week, Lee predicted a new Bitcoin price target of $500,000 by 2028.
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