Activation of SegWit2x is the Ground China Stands on within the Bitcoin Scaling Debate
It was announce today that OKCoin, Huobi, Bitmain, F2Pool, and ViaBTC have made a firm stance that they want to activate SegWit2x by a July 31st date. This comes after lots of back and forth debates and power plays from the miners in China against other players in Bitcoin Core. They unanimously have decided to support SegWit2x and this could mean worries of a splitting of the network and multiple coins can be hindered from happening if all are on board.
This comes after yesterdays release by the working group behind the Segwit2x bitcoin scaling proposal, in which the code was opened for testing and review. This version carries the 2 MB fix that China miners have wanted all along and the inclusion of the scaling optimization SegWit is also included which all agree will be needed with this fork fix. There are still many concerns over the 2 MB block size, the biggest fear is a split in the network if the code is not adopted by all, and this is also where a lot of the recent controversies keeps stemming from. China miners back this scaling fix, now its up to Bitcoin Core to announce where they are at with this before consensus is fully met.
The UASF Factor
The good news about SegWit2x is this, those that back the USAF (User Activated Soft Fork) plans for Aug. 1st, will be happy to know that SegWit2x will be compatible with the UASF. Its still unclear though if the Chinese mining pool leaders will support the UASF even if SegWit2x does go online. The only good news right now in all of this is that SegWit is now a consensus in the China mining camp, which is a great sign that finally they back SegWit at the least which has been a huge uphill battle alone to get a consensus on.
Still doesn't mean the drama is over
Its far from over in this mess, there has been so much back and forth that I personally expect the other side to say no to this one as well. This is just my personal belief because it seems to me the two sides never agree on anything but we can be hopeful that maybe for once they do find a middle ground and maybe we are slowly getting closer to a final decision.
My biggest advice to everyone, keep tabs on this situation. Your Bitcoin and your finances are in huge limbo if a hard fork hits and you have blindly just left them on the wrong exchange not supporting the one key scaling fix they implement. Its very wise right now to keep your watchful eye on your holdings and be very proactive with your exchanges to be sure they will support whatever SegWit and fork choices does go ahead.
I don't know about you but I remember high school being less dramatic than this stuff going on in Bitcoin. UPVOTE ME FOR SOME TYLENOL PLEASE, I NEED SOME HERE lol.
