Go back to main site

Statement regarding the potential Bitcoin SegWit2x fork.

ionomy will not issue split coins. Withdraw BTC to control your own private keys.

In August, ionomy fully supported the User Activated Soft Fork (UASF), which brought us the addition of segregated witness (SegWit) to the Bitcoin codebase. We maintain that the addition of SegWit has already solved the Bitcoin scaling issue for the time being. We do not believe that increasing the block size, as B2X plans, has any meaningful effect on Bitcoin.

The fork is scheduled to happen between November 13-16 and will result in two Bitcoin blockchains.

Consequently, ionomy’s Bitcoin wallets will be shutdown, and deposits and withdrawals will be disabled, from November 12-17.

We advise all ionomy customers who wish to participate to withdraw their coins to Bitcoin wallet addresses whose private keys they control. ionomy will not be issuing the split coins.

What determines the Bitcoin chain?

If B2X becomes the dominant chain as measured by market cap in the future, ionomy will upgrade and change our stance accordingly. For now, our stance is simple: SegWit2x is not Bitcoin

Bitcoin is based on consensus. If the majority call a chain Bitcoin and accept it as such then that is Bitcoin.

Bitcoin belongs to everyone and no one at the same time. Bitcoin, we assert emphatically, does not belong to any individual, company, mining pool, organization, or group brokering backroom deals like the New York Agreement (NYA), and therefore should not be controlled by them. In short, we do not recognize the SegWit2x Working Group’s authority.

Again, ionomy’s Bitcoin wallets will be shutdown, and deposits and withdrawals will be disabled, from November 12-17.

Please take the necessary steps to plan according to your preferences.

Long live decentralized consensus.

— The ionomy Team