Samourai Wallet: SegWit2x is an attack on the network

Another Bitcoin-related company expressed its position regrading upcoming SegWit2x
18 October 2017   450

Samourai Wallet team said that the SegWit2x is a controversial and unnecessary change in the current rules of the network and it is the attempt of a small group of players to take control over the development of the open code of bitcoin. This is stated in the official blog of the company.

As noted in the statement, Samourai Wallet supports the development of open source code by the Bitcoin Core team, which, according to company representatives, timely introduces all the necessary updates. In this regard, the service will support the longest chain of blocks, compatible with Bitcoin Core 0.15 nodes.

The S2X hard fork is particularly troubling as the development team have NOT added an important safeguard known as ‘replay protection’ to their software. Without replay protection any transaction sent on either of the chains may also be sent on the other chain (‘replayed’), leading to the high potential of users losing funds. Because of the willful insistence by the developer(s) to not add replay protection, we are classifying this hard fork as an attack on the network.
 

Samourai Wallet team

In this regard, the service will offer additional measures to protect against repetitive playback in the case of hard-core.

It is also stressed that Samourai Wallet will not provide users with access to the equivalent number of S2X tokens, and will offer to convert them to BTC at the market price.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   75

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.