Companies and miners from the NYA SegWit2x agreement in May have started to pull out from the hard fork proposal. Most recently, MONI, F2Pool, and Bitwala have terminated their support for the SegWit2x hard fork that is expected to occur on November 16.
Earlier this month, prominent bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne firmly stated that for large-scale companies within the cryptocurrency sector, publicly expressing support for SegWit2x is committing “commercial suicide.”
“Businesses will not commit commercial suicide. The largest Bitcoin companies are already showing they will support both tokens in the interim and therefore allow the market to decide the victor. A new token cannot practically be called Bitcoin / $BTC as that name is already taken and it would invite chaos. See the Coinbase and Bitfinex announcements,” said Milne.
Already, Bitfinex and Bittrex, two of the largest bitcoin exchanges in the world in terms of trading volume, have announced that the SegWit2x token will be listed as “B2X” upon its hard fork in November, even if the SegWit2x blockchain has more hash power than bitcoin.
As BitGo lead engineer Jameson Lopp previously explained, the majority blockchain cannot be decided solely by hash rate because miners that are in support of SegWit2x could simply mine the SegWit2x tokens to force exchanges to list it as BTC, and return to the more profitable chain in the mid-term.
Consequently, miners in the bitcoin industry have also migrated to pools that allow individual miners to voice their support for both chains.
“Further, over 3,000 miners moved from other pools to join the Slush Pool last week, which is the only major pool that lets individual miners decide for themselves which fork they’d like to support. The move saw Slush Pool rise to become the 5th largest pool with 8.5% of the total Bitcoin hashrate — and only 6% of its miners are signaling for Segwit2x, with 75% signaling for the legacy chain,” wrote Luke Parker of BraveNewCoin.
In May, the Digital Currency Group-led consortium of 58 companies represented nearly 30 million bitcoin wallets and 83 percent of global hash rate. The deadline for the SegWit2x hard fork is less than three weeks ahead and over 15 percent of hash rate that was in support of the SegWit2x pulled out of the agreement.
At this juncture, it is likely that either the SegWit2x hard fork will not occur in November, or if it does, will evolve into the minority chain. In such a case, the SegWit2x token will be listed as B2X or BC1, depending on exchanges and wallet platforms. Bitfinex, Coinbase, and Bittrex have opted to list SegWit2x as B2X, while Xapo and Blockchain plan to list SegWit2x as BC1, if it becomes the minority chain.