Bobby Lee Regrets Supporting the ‘Extremely Dangerous’ SegWit2x Proposal

Siamak Masnavi
  • 17 Nov 2019

On Saturday (November 16), Bobby Lee, co-founder and former CEO of BTCC (formerly BTCChina), the first Bitcoin exchange in China, expressed regret over his support in 2017 for the hard fork proposal SegWit2x.

Bobby Lee, whose brother, Charlie Lee, is the creator of Litecoin (LTC), has long been a pioneer in the cryptocurrency industry. He recently founded a Las Vegas-headquartered startup called Ballet, which has developed the ballet hardware wallet (the startup calls this the "World’s FIRST Multicurrency Non-electronic Physical Wallet").

On Saturday via a series of tweets, Lee expressed his regret over supporting SegWit2x, the proposal that aimed to increase the transaction throughput of the Bitcoin network by doubling the block size from 1MB to 2MB via a hard fork in November 2017.

SegWit2x was the second half of the Bitcoin Scaling Agreement at Consensus 2017, aka the New York Agreement (NYA), "a scaling proposal made jointly by over 50 companies." This agreement "intended to put an end to Bitcoin’s long-lasting scaling debate by increasing the block capacity through activating Segregated Witness and then doubling the block size."

Segregated Witness (SegWit), the first part of the NYA, was proposed (as a soft fork) in late 2015 by Bitcoin developer Pieter Wuille; it got activated on 24 August 2017. As for the highly controversial SegWit2X, although it had been planned for 16 November 2017, its proponents announced on 8 November 2017 that they had decided to not go ahead with this hard fork. 

Lee started his tweetstorm by saying that he realizes now that it was "extremely dangerous & irresponsible to push for a contentious hard fork":

Next, he talked about his support for SegWit and native SegWit address format "Bech32" (described in Bitcoin Improvement Proposal 0173):

And when he was asked by one Twitter user what he thought about Bitcoin Cash, he replied: