articleStartImage

Bitcoin.org issues a warning on what they consider the right behavior during the eventual hard fork in November. The organization behind Bitcoin Core expressed strong opinions on the decision to give the official Bitcoin name to the chain with the biggest accumulated difficulty. Users were warned to stay away from services such as Coinbase, XAPO wallet and BitPay, which have shown readiness to support the SegWit2X version if it has a higher difficulty and hashing power.

Bitcoin.org suggests that users who do not want to own SegWit2X (also known as New York Agreement) coins with the name of Bitcoin should move their holdings either to a Bitcoin Core wallet or one of the recommended light wallets, Green Address or Electrum. The organization also advices that users halt all transactions around the time of the hard fork and only store the coins, to decide later which asset to claim.

Mobile wallets are also dangerous at the time of the hard fork, warns Bitcoin.org: 

"Most mobile wallets depend on blindly trusting the longest chain produced by the miners in order to safely send and receive transactions. There is considerable mining power supporting the contentious hard fork. A majority of miners have pledged to support the contentious hard fork, therefore the longest chain as seen by most mobile wallets may not be the true block chain."

The actions proposed by Bitcoin.org are meant to keep SegWit1X coins with 1MB block in the same state. However, the supporters of SegWit2X believe there would be no problem in changing the coins for the ones from the new blockchain. 

Still, the organization behind the Core version believes that: 

"Bitcoin can only be changed with the overwhelming consensus of the entire Bitcoin community of individuals, miners, developers and economy. Even when there is overwhelming consensus, unless in an emergency, a hard fork should have at least a year notice period to give enough time for users to upgrade. This hard fork being adopted by the signatories of this agreement achieves none of these things. It is a rushed and hasty upgrade which only has minority community support and has been thoroughly rejected by users and the technical community."

In a response that spoofs the Bitcoin.org warning message, supporters of SegWit2X once again state that the changes would lead to a faster network with cheaper transactions. 

But for Charlie Lee, creator of Litecoin, high hashing power does not replace network consensus: 

The hard fork is causing the Bitcoin price to spike, as investors are hoping for value in both blockchains, having some experience with the August hard fork that produced Bitcoin Cash. Bitcoin spiked to above $5,200 briefly as volumes started to pick up. 

The letter also warns of potential scam sites that invite users to send in a private key and have their coins duplicated. Such sites are related to the Bitcoin Gold project, but will also appear around the November hard fork. 

There are some indications that the SegWit2X support may not materialize and the new blockchain to become weaker. But for now, the matter is still inviting strong opinions and a stand-off between miners and users.

And hashing power is not guaranteed, as miners may move away from one chain or the other based on the ratio of difficulty and the market price, so a chain may slowly lose support.