Skip to main content

CC Founder Bobby Lee: “The Segwit2x Feature Is an Upgrade”



This week Bobby Lee, the chief executive officer of the Chinese cryptocurrency exchange BTCC, held an Ask-Me-Anything (AMA) with bitcoin traders on the Reddit forum /r/bitcoinmarkets. During the AMA the conversation participants focused in on the Segwit2x hard fork set to activate on or around November 16.

BTCC Will Follow the Most Accumulated Hashing Power Which Produces the Longest Valid Blockchain
BTCC Founder Bobby Lee: "Segwit2x Feature Is an Upgrade"According to Bobby Lee's most recent AMA, the Chinese exchange founder says that the pending Segwit2x fork is an "upgrade" and the Bitcoin network's consensus rules will change this time around. Lee details that if more than one chain survives, and the minority chain has demand, BTCC will support the forked protocol just as it has done with altcoins earlier this year. Recently BTCC just started altcoin mining and started with litecoin, and the pool will soon mine bitcoin cash as well, Lee reveals.

"In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing BTCC Pool support for that based on market demand," explains Lee during his AMA. "This time, in mid-November, bitcoin is expected to upgrade its consensus rules, just as it has done so many times over the past nine years."

The upcoming Segwit2x feature is an upgrade to Bitcoin, and yes, there is a change in consensus rules this time. Per bitcoin rules, bitcoin will continue to be the chain that has the most accumulated hashing power and produces the longest valid blockchain.
Segwit2x Will be a Good Test

Lee and BTCC's perspective of the situation share the same view as Coinbase, Bitpay, Xapo and other businesses by choosing to follow the most accumulated hashrate. Lee says the reason he likes bitcoin so much is because there is a "balance of power — no one group has absolute power." Further, Lee digresses that there is no mathematical certainty or exact measurement of how much power each group has, and he believes this fork will be a good test.

"The upcoming bitcoin upgrade (NYA, Segwit2x) is a good test to see if the bitcoin community can move forward when only a subset of all the groups decide to move on to an upgrade of bitcoin," the BTCC founder details. "It's unfortunate that this upgrade is not fully supported by all groups."

Comments

Post a Comment

Popular posts from this blog

What is TogaCoin?

TogaCoin is here to stay for a long time because this token sale is not only about cryptocurrencies but also about other important areas of the world economy. Yes, you heard it right and we will be telling you more interesting things about this token sale right away. Unique Selling Points You will be paid during the token sale. Yes, it is true and you should think about it right away. In fact, you could end up earning up to 20% of the invested money per month. Really? Yes, it is true and you should be happy with it. Explainer video Features These guys have a lot of experience in the world of IT and they will shine with this token sale. TogaCoin's staff will work on the important field of cryptocurrency mining and even in data management. These are amazing fields that could generate a lot of money down the road. Technical Analysis Well, TogaCoin will work hard to make money via these activities: -0Electricity is a very important part of the world econom...
Post a Comment
Read more

The Bitquence Liquidity Network

CryptoCurrency is gaining popularity, however with Bitcoin very user-unfriendly mass adoption is not coming. The Bitquence Platform is aiming to replace Bitcoin with it's many disadvantages with something better. A currency for the people. More and better usability, A wallet which is universal and support several coins, like Bitcoin but also Dash and Ethereum. Please read along to get the latest information about this project which can grow very large. Collection of abnormal pockets programs, With automated sources that oversee a large number of wallets for each and every of your financial paperwork making it exhausting to do. International Cryptocurrencies lately stay on experiencing an especially noteworthy increment, impulsively reaching colossal valuations. The have an effect on at the present economic system modified the psyches of people to take after enhancements within the time of Cryptocurrency. Virtual kinds of cash and blockchain innovation are lat...
Post a Comment
Read more

GrantShares DAO launching to support ecosystem growth and grassroots initiatives

The GrantShares DAO is launching on Neo N3 to distribute funding to grassroots developers and ecosystem beneficial projects. The DAO will manage an initial treasury funded by the Neo Foundation. As the first DAO to launch on Neo N3, GrantShares is designed to provide financial support to smaller initiatives that do not currently fit the scope of Neo's existing grant programs. Voting members of the organization include COZ, AxLabs, Red4Sec, NGD Enterprise, NeoResearch, NEXT, Neo SPCC, Neo Foundation, Neo Global Development, and Neo News Today. Anyone is encouraged to submit a proposal for the members of the DAO to discuss and vote. The initial funding limit for GrantShares is $50,000 per proposal, and can be used to fund local events, dApps, developer tools, education initiatives, and more. Projects seeking larger amounts should apply for grants through one of Neo's Eco Support tracks. The DAO's smart contracts are developed and maintained by AxLabs and have already been dep...
Post a Comment
Read more