Bitwala’s Statement on SegWit2x

Bitwala’s Statement on SegWit2x

Disclosure: Barry Silbert’s DCG owns a minority stake of Bitwala.
We have received an increasing number of inquiries regarding Bitwala’s support of the New York Agreement (short “NYA”). To reiterate, the NYA was based on the Hong Kong Agreement of 2016 (short “HKA”) in which miners and developers originally had agreed (or seemed to have agreed) to activate Segregated Witness and increase the bitcoin block size from 1MB to 2MB.

After this agreement fell apart (there is much discussion as to why it did and who is to blame, but we will not delve into that here and now), efforts to activate Segregated Witness were stifled by miners who chose not to signal for the necessary changes to be made to the bitcoin protocol.

Even “grass roots” efforts like BIP148 with its approach of a User Activated Soft Fork (Short “UASF”) threatened to fall short of the required number of participants.

At Consensus 2017, a number of industry and mining leaders congregated in New York, where after the initiative of Barry Silbert a compromise was forged and published, namely said “New York Agreement”.

The agreement helped surpass Segregated Witness activation thresholds prematurely so that the necessary soft fork went over without so much as a hitch. At much the same time, a number of miners decided to create a bitcoin fork on the basis of the same genesis block as bitcoin, naming this coin “Bitcoin Cash” (“BCH”) – removing Segregated Witness from that chain and implementing changes which included (among others) support for blocks of up to 8MB.

Now, many users and many parties of the NYA ask when the promised hard fork to 2MB block size will happen. Sadly, while the NYA included many industry leaders and miners, none of the bitcoin core developers subscribed to it (which makes the NYA distinctly different from the HKA). Instead, you could argue that most bitcoin core developers are actively opposed to larger blocks of any size.

Our position

Bitwala doesn’t employ or sponsor bitcoin developers, so we have little influence over what the Core development team does. We would like to honor the agreement that we subscribed to (as one of the first movers, unbeknownst to the fact that most developers would not enter the agreement). We also, however, are a service company that has and will always follow what our customers use and want to use. We partially rely on third-party payment processors and exchanges to convert our cryptocurrencies and must build our products on what they support.

We will not actively fork away from what we view as “bitcoin”, which is the chain that is supported by the current Core dev team. We urge all developers to take into account the demands of users and all parties of the NYA and address them adequately, if not implement them. We will (and are constantly doing so) review which coins to natively support, so if you want to make your voice heard, we encourage you to politely and constructively approach those who can make the changes you desire or feel you are owed. Should the Bitcoin developers come to the conclusion to follow the SegWit2X agreement, that chain will be considered the de-facto Bitcoin by Bitwala. Everything else is up to the market, which we will continue to serve as quickly and efficiently as we can.

By |August 22nd, 2017|Announcements|86 Comments

86 Comments

  1. Don 2017-08-22 at 16:08 - Reply

    So basically the Core developers have no honor? They agreed to something then had a “secret” meeting of their own to effectively split the chain.

    I did a transaction 13 hours ago with $0.36 fee, it’s still pending to be confirmed. Not 13 minutes, 13 HOURS. Bitcoin Cash is currently the best solution to the problem while they build their lightning network.

    I’m just waiting for the day DASH takes the number one spot, cause this disagreement would’ve been addressed in a matter of weeks if Masternodes were available.
    13 hours!

    • VH 2017-08-24 at 13:00 - Reply

      Core never supported or agreed with Segwit2x.

      p.s: DASH is a instamine scam.

      • Don 2017-08-24 at 22:07 - Reply

        lol.
        Still better than Bitcoin at the moment. I’ll side with instamine, premine, etc until BTC gets their sh together

  2. Jonathan 2017-08-22 at 16:21 - Reply

    This is great news! SegWit2x was a dangerous and irresponsible proposal. A terribly implemented and unnecessary hardfork. I will be using Bitwala from now on.

    Lets hope Bitcoin can scale in a prudent and safe way, and put an end to these destructive and dangerous hardforks

  3. Anthony Federer 2017-08-22 at 16:22 - Reply

    Thank you very much for the clarification and constructive spirit.

  4. Patrick 2017-08-22 at 16:32 - Reply

    As sad as it is, the high fees and the unknown transaction times stopping me from using Bitwala.
    Please consider to integrate a better solution like DASH or Litecoin. The hatred in the community (between the different camps) will destroy Bitcoin eventually.

  5. Bitcoin User 2017-08-22 at 16:36 - Reply

    This is not good.

    You are siding with censorship, threats and centralization.

    You are trying to keep bitcoin throttled so you can suck up to evil people who don’t care about you and hate regular bitcoin users.

    This will not be forgotten or forgiven.

  6. Maximian 2017-08-22 at 16:58 - Reply

    Thank you for protecting your customers.

  7. Anonymous 2017-08-22 at 17:29 - Reply

    So basically, do what Core says. Sure. Lapdogs. Here’s an idea: Blockstream claiming that anything not coming from them is not the ‘real’ Bitcoin is like Microsoft claiming that whoever is not using Internet Explorer is not actually on the ‘real’ Internet.

    Stand up and support Bitcoin, not Blockstream. Your statement supports a company, not a technology.

  8. Jan 2017-08-22 at 19:26 - Reply

    Please consider supporting bitcoin cash in addition to btc on objective grounds. r/btc is a very large community. Supporting bitcoin cash would allow you to be the first to capture that market.

  9. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  10. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  11. Robert 2017-08-22 at 22:41 - Reply

    I applaud your balanced approach to the matter. I think you’re making the right choice.

  12. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  13. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  14. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  15. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  16. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  17. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  18. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  19. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  20. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  21. […] will likely rage on between investors, miners, developers, and businesses.  For example, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  22. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  23. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  24. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  25. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  26. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  27. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  28. […] en la pagina web de la plataforma, la empresa expuso su posición frente  la activación de SegWit2x y al Acuerdo […]

  29. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  30. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  31. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  32. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  33. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  34. Gokey 2017-08-23 at 03:20 - Reply

    Digging your own tomb here, Bitwala. Core is a sinking ship, please reconsider what your users want before making that choice for us.

  35. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  36. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  37. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  38. […] Bei all diesem Getöse kann einem, verständlicherweise, multmig werden, wenn man das Abkommen unterzeichnet hat. Bitwala, ein Startup, das aus Bitcoins Berlin enstanden ist, von Jörg von Minckwitz geleitet wird und eine unheimlich nützliche Brücke zwischen Fiat- und Kryptogeld bildet, ist auch unter der Liste der Unterzeichnern. Nun relativiert Bitwala jedoch das Abkommen auf dem Firmenblog. […]

  39. […] Bei all diesem Getöse kann einem, verständlicherweise, multmig werden, wenn man das Abkommen unterzeichnet hat. Bitwala, ein Startup, das aus Bitcoins Berlin enstanden ist, von Jörg von Minckwitz geleitet wird und eine unheimlich nützliche Brücke zwischen Fiat- und Kryptogeld bildet, ist auch unter der Liste der Unterzeichnern. Nun relativiert Bitwala jedoch das Abkommen auf dem Firmenblog. […]

  40. […] continué entre inversionistas, mineros, desarrolladores y negocios. Por ejemplo Bitwala publicó un blog el 22 de Agosto que detalla que la compañía firmó el acuerdo de Nueva York, pero que al […]

  41. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  42. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  43. […] aos pedidos dos clientes para esclarecimento de sua posição em SegWit2x a empresa disse em uma postagem no blog deixaria quaisquer decisões remanescentes "até o […]

  44. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  45. SociConnect Pro Page 2017-08-23 at 15:30 - Reply

    […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  46. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  47. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  48. […] einer Mitteilung von Bitwala erklärt das Unternehmen seinen eigenen Stand der Dinge. Als eines der ersten Unternehmen, die […]

  49. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  50. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  51. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  52. […] to purchaser requests for clarification of its stance on SegWit2x, the business reported in a web site publish it would go away any remaining choices “up to the current […]

  53. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  54. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  55. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  56. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  57. […] to customer requests for clarification of its stance on SegWit2x, the company said in a blog post it would leave any remaining decisions “up to the […]

  58. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  59. […] Bitwala publicou uma postagem no blog indicando que não apoiarão o Acordo de Nova York, dos quais são signatários. A declaração diz […]

  60. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  61. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  62. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  63. SociConnect Pro Page 2017-08-25 at 00:43 - Reply

    […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  64. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  65. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  66. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  67. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  68. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  69. […] Bitwala published a blog post indicating that they will not support the New York Agreement, of which they are signatories. The […]

  70. […] a blog post meant to clarify its stance on SegWit2x, the Berlin-based company stated that as an early signatory […]

  71. […] uma postagem no blog, para esclarecer sua posição sobre o SegWit2x, a empresa afirmou que, como um dos primeiros […]

  72. […] will likely rage on between investors, miners, developers, and businesses. For instance, Bitwala published a blog post on August 22 that details the company did sign the New York Agreement, but at the end […]

  73. Dava 2017-08-31 at 04:09 - Reply

    Please consider supporting bitcoin cash in addition to btc on objective grounds. r/btc is a very large community. Supporting bitcoin cash would allow you to be the first to capture that market.

  74. […] whatsoever. Last week, F2Pool already backed out of supporting this upcoming hard fork in November. Bitwala has now done the same, as they strive to put customers first. Slowly but surely, this agreement is […]

  75. […] whatsoever. Last week, F2Pool already backed out of supporting this upcoming hard fork in November. Bitwala has now done the same, as they strive to put customers first. Slowly but surely, this agreement is […]

  76. […] whatsoever. Last week, F2Pool already backed out of supporting this upcoming hard fork in November. Bitwala has now done the same, as they strive to put customers first. Slowly but surely, this agreement is […]

  77. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  78. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  79. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  80. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  81. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  82. […] a hard-forking increase to the block weight limit in November; however, some signers have already backed out of the deal or clarified that they were never for the hard fork portion of the […]

  83. […] some signatories of the agreement are not so sure about the hard fork anymore: Bitwala and F2Pool have publicly backed out of the agreement. And, during a mining panel in Paris, Bitfury […]

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