Bobby Lee Regrets Backing Bitcoin Segwit2x

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Bobby Lee the founder and Chief executive officer of the exchange BTCC in an interview told that the SegWit2x was extremely dangerous and irresponsible. It was opposite to the view that Lee had been presenting he was the very first one to defend this innovation. Bobby Lee in a series of tweet that was published on November 16 expressed the disappointment that the innovation was dead a long time and he felt quite sorry to have promoted SegWit2x. According to Lee, SegWit2x had the vision and the goal of increasing the capacity of the network of Bitcoin doubling the block size to 2 megabytes. The project had the vision of making it big and sounded quite promising and also had the approval of the cryptography community. Especially the Chief Executive Officer of BTCC, who was one of original signatory of the company.

Image Source: bitcoinexchangeguide.com

He wrote in one of the tweets that the company would have been the best thing that could have happened to Bitcoin but also mentioned that it would have been hard on the community to push for such an action as he thought that it would be extremely hard and irresponsible for the organization to continue.  The problem was that it saw SegWit2x as an attempt by their corporate sponsors to lead the development of Bitcoin. This would be totally against the spirit of decentralization. For this reason there was the change of position of Lee. In fact, then accept it even saw a setback in his own brother, the creator of Litecoin (LTC) Charlie Lee, who described her perspective as extremely lame.

Image Source: pbs.twimg.com

It is important to remember what the scenario was for this moment. Bitcoin was beginning to reach historical highs, and the transaction fees were substantially higher. Therefore, there were various ideas to address this situation. It is here when Bitcoin Cash (BCH) made its appearance in August of 2017.

Source: Currency Market


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