“BitPico” Vows to Activate Bitcoin Hard Fork Anyway

An entity operating under the name “BitPico” has threatened to activate the Bitcoin network’s SegWit2x hard fork as planned even after most of its backers suspended the project.

Stealth Fork?

Bitcoin’s long awaited hard fork could still go as planned later this month, according to a community operating under the name BitPico. The mysterious group or entity wrote the following on their Linuxfoundation.org cloud address:

“We are carrying out the fork regardless as everything is set in motion. Backing down the difficulty right now is a strategy,” the group wrote.

“Wonder why 30% network hash-rate disappeared? It’s ours; the miners that will continue what is set in motion… A handful of humans cannot stop what they have no control over…”

Based on the above quote, BitPico controls roughly one-third of bitcoin’s hashrate. Until now, nobody is sure who or what BitPico represents.

Earlier in the day, news surfaced that Segwit2x proponents were backing out of the planned fork, which was scheduled to occur on or around Nov. 16. BitGo founder Mike Belshe wrote in an email Thursday that the project is being delayed because “we have not built sufficient consensus.”

Segwit2x Controversy

The idea behind Segwit2x originated in May as part of an effort to increase blocksize and improve scalability. However, the debate over scalability is at least three years old.

A hard fork via Segwit2x would have created two competing versions of bitcoin, with the mining community left to decide over the “real” version of the cryptocurrency. Many analysts have described the protocol as the most divisive one in bitcoin’s history.

That being said, the new protocol has a strong backing within the mining community, with exchanges, wallet providers and other market players tipping their hat in favor of 2x.

It remains unclear whether BitPico is the real deal, but it’s quite apparent that a sizable portion of the blockchain community are not happy with the plan to scrap the upgrade.

Featured image courtesy of Shutterstock. 

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi