SegWit 2x

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In summary: we are slightly against SegWit2x, but don't have particularly strong views

Brokers and users on Bittylicious are subject to pretty huge fees on the Bitcoin side of things. SegWit is a great development that we fully support and we hope that this will ultimately enable fees to go down when it enters mainstream use (e.g. via Bitcoin Core). We also hope that this will enable usable off chain functionality like Lightning.

Having said that, this is some way off, so we see why a jump to 2MB could be a good interim solution to decrease fees.

However, we're really unimpressed by a few things in this space:

  • We disagree with lists like the one at no2bx.org which do not distinguish between those that didn't sign the agreement and those that do not support it.
  • We are unimpressed with the git commit in SegWit2x which allows connections to/from non-SegWit2x nodes.
  • We are really unimpressed with the lack of replay protection. (edit - they finally implemented this, but it does not show good leadership for this to not have been decided from the outset)

The lower two mean we are slightly against SegWit2x.