Initially, I was relieved to hear that the Bitcoin community seems to be doing something to advance the technology in light of the network getting too slow and transactions taking too long to be confirmed. I was of the thinking that, "any action is better than none". But an article written by Dr.  Craig Wright made me rethink that SegWit, as it is being proposed now, is risky. 

Dr. Craig Wright is Chief Scientist at nChain, the global leader in research and development of innovations in blockchain technology. nChain opposes SegWit and instead supports removing the Bitcoin blockchain’s artificial block size limit (temporarily set at 1MB) to fuel increased scalability. nChain also supports on-chain scaling as the only viable method for the Bitcoin protocol to scale globally and remain decentralised. 

Dr. Craig Wright wrote what to me, is a well thought-out discussion as to why he thinks Segwit is a bad idea for Bitcoin. In my own words, what Dr. Wright is saying is that, Segwit weakens Bitcoin's security and makes it easier to bring hijacked by a few miners. The proposed introduction of Segwit counts on people just to play nice but Segwit creates incentives for a cartel to organise, exposing numerous risks to the Bitcoin network and it's users. He took the time to explain Game Theory to his readers. If you don't know what that is, is just too easy that, if there are enough incentives, people will do what's best for their self-interest. I agree in this context. 

I provide the link to his article so you can read it: Craig Wright on “The Risks of Segregated Witness: Opening the Door to Mining Cartels”

For some, all they want to know is, shall I sell my Bitcoins? No, not really. It doesn't mean you get rid of your Bitcoins. It just means that there are other solutions to the Scaling issue to consider. 

If you have other articles that support or argues against Wright's argument, please send it through. 

In what way does this article relate to you? Do you agree or disagree? Why? Why not?

Log-in or Register to add your comment.