I wanted to take a minute to lay this issue out for everyone in the community who may still be under the impression that the Segwit2x protocol change is positive change to Bitcoin development. I have not seen a lot of chatter thus far on what this new client really means for the future of the Bitcoin project and I wanted to take a moment to dumb it down a bit, remove the technical debate about block sizes and segregated witness to explain the true nature of the imminent risks. I will make this as simple as possible.

Segwit2x is nothing short of a coup attempt by businesses & miners in the Bitcoin space to oust the core developers of the Bitcoin code and force their control in the direction of Bitcoin technical development.

That is it, in a nutshell. This takeover attempt lead by Barry Silbert’s New York Agreement is veiled (albeit somewhat thinly in my mind) by the Segwit & big block debate to take attention away from the true intention of the miners & businesses. The ambition of Bitcoin miners & businesses will always inherently lean toward centralized control as they are unwilling to sacrifice efficiency for network security. This intention is in stark contrast to the aspirations of the average Bitcoin users who desire security and decentralization above all else. While there exists some debate between users regarding block size I believe even those who champion a push for larger blocks would outright condemn the ensuing totalitarian control over the network.

We must realize as a community that the Segwit2x code is not the argument, whether you desire big or small blocks, Segwit or no Segwit it is not relevant. The point remains the method by which the centralized mining cartels & businesses are attempting to force this change through the protocol and what is likely to happen in the future should they succeed. Should Segwit2x client change be successful;

A) It will be proven without a doubt that the Bitcoin network with all its hash power security and global scale CAN BE gamed. Any protocol changes that the miners / businesses want or are PAID / COERCED to want can be made, full stop. If they want Bitcoin to be inflationary rather than deflationary or to have 42 million minable coins rather than 21 million its just a matter of 1’s and 0’s at this point.

B) Power of development for the Bitcoin project will be taken out of the hands of the Core development team. The same team that has kept the Bitcoin network secure and stable with near 100% uptime for the past 8+ years. It is anyone’s guess who will stay on to develop the Segwit2x client.

C) Bitcoin’s status as a decentralized currency will be stripped. Bitcoins future will be entirely in the hands of centralized business’s and mining bodies. I am sure they will form some type of administrative group to discuss THEIR needs. The users will not be represented. (Sound familiar?).

D) There is no guarantee that the Bitcoin project will even remain open source. Once enough hash power and economic support lend themselves to the Segwit2x client the new miner controlled development team can easily flip the switch to closed source is they so desired.

The miners and businesses operating on the Bitcoin blockchain are entirely incentivized to centralize the networks development & operation as much as is possible. Centralized control will always be more efficient than decentralized consensus and thus adds to the bottom lines of businesses and miners alike. The users MUST NOT allow these bodies to take control of the network. Miners and business’s exist to serve the users & the network, NOT the other way around.

I suppose it is in the nature of human beings to desire power and control over others. Why this is exactly I can’t say, but I doubt anyone would argue the point. An attack of this type was bound to occur sooner or later in the Bitcoin space, I had no doubts of this. However I am taken back a bit by the lack of common understanding of exactly what is taking place here. For years a 51% attack on the Bitcoin network was in the forefront of every users mind and yet in the midst of a hostile takeover attempt all I see is complacency. Many posts on Reddit and Twitter are content to see that Segwit will be pushed through “in some form” but take no account to the method by which it occurs. They have been so aptly sold on the benefits of Segwit that they pay little attention to men pulling the strings behind the cloth. We would be far better off to have Bitcoin as it stands today without Segregated Witness then to allow manipulation of the protocol in this manner.

The only true power we as users have is to educate one another on the issues, whether they lie in the technical, economical or game theory realms as we move forward. At this point it seems clear that decentralized systems such as Bitcoin will always be under attack by centralized authorities wishing to take more control. If the Bitcoin project is to succeed the user base will need to be dynamic in their defense & understanding.