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title: "Beware of Coinbase, Xapo, and Bitpay!" | ||
shorturl: "segwit2x-safety" | ||
active: true | ||
banner: "Beware of Coinbase, Xapo, and Bitpay!" | ||
bannerclass: "alert" | ||
date: 2017-09-28 | ||
--- | ||
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## Summary | ||
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A minority of Bitcoin businesses plan on switching their users to a new incompatible altcoin | ||
which they plan on wrongly naming Bitcoin through a controversial and contentious hard fork. | ||
We believe that this new altcoin has no technical legitimacy and will only exist to make it | ||
easier for corporations to influence the direction of the Bitcoin project. We urge all | ||
Bitcoin users to immediately remove all their coins from Xapo, Bitpay and Coinbase in particular before November. | ||
The altcoin these businesses plan on calling Bitcoin will never be Bitcoin. To be safe, | ||
we recommend that you use Bitcoin Core as your wallet and that you avoid SPV wallets. | ||
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Storing any coins on these services is extremely dangerous as these companies openly plan on | ||
departing from the existing consensus on what Bitcoin actually is. Your actual BTC might be | ||
frozen and you may have to wait months to obtain them, or they may be lost in replay attacks. | ||
By behaving in this way, companies like Coinbase, Xapo and Bitpay have shown themselves to be | ||
enemies of the Bitcoin users. They believe that because you are their customer they have some | ||
god given right to decide for you the properties of your own money. | ||
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Bitcoin is a peer to peer network, the design of the network ensures that some corporate | ||
elites can't make backroom deals and try to change the network out from under you, but this | ||
is only true if you run full node software. Depositing coins in services like Coinbase allows | ||
them to abuse their position and decide for you what is and isn't a Bitcoin, and we believe | ||
this abuse is likely to cause significant economic damage to you and the wider Bitcoin economy. | ||
The best course of action is to cease using these services, and to instead migrate all your | ||
coins to a full node wallet such as Bitcoin Core, as this is the only way to ensure you are | ||
sovereign over your own money during the controversial hard fork. | ||
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## After the fork | ||
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As the very first Bitcoin site, and original home of the Bitcoin project launched by Satoshi Nakamoto, we will | ||
never support Segwit2x, and will remove any wallets or services that present Segwit2x as Bitcoin and not as an altcoin. | ||
Segwit2x is an attack on the Bitcoin originally envisioned by our site's founder, it essentially plans to turn Bitcoin | ||
into something similar to PayPal and sets a precedent that rather than the users making their own choices, choices are made | ||
for them by corporate elites who misunderstand the purpose of a decentralized currency. If the Segwit2x attack gains some level | ||
of adoption and success, Bitcoin.org will work to educate the millions of users we receive each month about the true Bitcoin | ||
network, and will aggressively warn users to avoid Segwit2x, and clearly explain that the network has been attacked by hostile actors. | ||
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The Segwit2x project will likely receive very little technical attention as most of the technical | ||
community is not interested to work on it. This means that companies that adopt this fork will | ||
naturally fall behind technically as the true Bitcoin network will rapidly advance due to the considerable | ||
talent working on it. The true Bitcoin network will carry on as normal, and these companies will find themselves alone | ||
and isolated on their new corporate controlled coin. Over time we believe Bitcoin users will abandon these companies as they | ||
come to find out that they have been tricked and are no longer using Bitcoin. |
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