SegWit2X and the people behind it
In this posting, I will show you who is behind SegWit2X and what it could mean to the cryptocurrency movement.
The Digital Currency Group (DCG) is the company leading the enforcement of Segwit2x.
- Who is behind DCG?
- Barry Silbert, CEO of DCG - which is funded by MasterCard - and ex investment banker. (Houlihan Lokey)
- Glenn Hutchins, former advisor of Pres. Clinton, currently board member of the Federal Reserve Bank of NY.
- Lawrence H. Summers, former chief-economist of the Worldbank, Secretary of the Treasury, played a leading role in the economic crisis in Mexico, the Asian- and the Russian financial crisis. Furthermore he was also responsible for the privatization of the economies of post. Soviet states, and the deregulation of the US financial system.
So, just to keep it clear and simple:
The Segwit2X-deal is being pushed by people sitting at the Federal Reserve Bank, investment bankers funded by big players like MasterCard, and ex-chief economist of the WorldBank, + a guy responsible for the repeal of the Glass-Steagall Act.
While DCG is pushing SegWit2X, a company named "BitGo" seem to be the developers - investor? ...guess who? DCG for sure.
"Currently, development is being overseen by bitcoin security startup BitGo, with help from other developers including Bloq co-founder Jeff Garzik."
https://www.coindesk.com/bitcoins-segwit2x-scaling-proposal-miners-offer-optimistic-outlook/
Okay, looking like Jeff Garzik & BitGo are overseeing the development of SegWitX2.
BitGo offers a service that is facilitates transactions and supposedly prevents double spending:
"Using the above multi-signature security model, BitGo can guarantee that transactions cannot be double spent. When BitGo co-signs a BitGo Instant transaction, BitGo takes on a financial obligation and issues a cryptographically signed guarantee on the transaction. The recipient of a BitGo Instant transaction can rest assured that in any event where the transaction is not ultimately confirmed in the blockchain, and loses money as a result, they can file a claim and will be compensated in full by BitGo."
Okay so BitGo is some kind of a notary that verifies a transaction before the blockchain does. ...prettty useless imho, one of the great things of the blockchain is, that you won't need a notary to verify transactions.
Could it be that the Central Bankers try to take control over cryptocurrency? Is it their plan to restrict blocksize to benefit their business model - like Blockstream? (guess what? Investors: DCG) ...is SegWit2X taking power away from core to give it to the well known big players like MasterCard and central bankers?
- Sources:
https://en.wikipedia.org/wiki/Lawrence_Summers
https://www.coindesk.com/bitcoins-segwit2x-scaling-proposal-miners-offer-optimistic-outlook/
https://www.bitgo.com/solutions
reddit.com/r/btc/comments/743qb8/is_segwit2x_the_real_banker_takeover/