Bitcoin - Segwit2x Fork Has Been Canceled

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SegWit2x Is Dead, Long Live Bitcoin! Price Hits All-Time High As Hard Fork Canceled

Bitcoin has reached a new all-time high of $7,888 as participants of the SegWit2x hard fork announce they have “suspended” it.

A circular sent to the mailing list by major proponent Mike Belshe says that it was “clear” the project “had not built sufficient consensus for a clean blocksize upgrade at this time.”

SegWit2x will therefore not activate Nov. 16 as planned, Belshe not naming a possible future date.

The message reads:


The full letter from Mike Belshe CEO of BitGo


The Segwit2x effort began in May with a simple purpose: to increase the
blocksize and improve Bitcoin scalability. At the time, the Bitcoin
community was in crisis after nearly 3 years of heavy debate, and consensus
for Segwit seemed like a distant mirage with only 30% support among miners.
Segwit2x found its first success in August, as it broke the deadlock and
quickly led to Segwit’s successful activation. Since that time, the team
shifted its efforts to phase two of the project - a 2MB blocksize increase.

Our goal has always been a smooth upgrade for Bitcoin. Although we
strongly believe in the need for a larger blocksize, there is something we
believe is even more important: keeping the community together.
Unfortunately, it is clear that we have not built sufficient consensus for
a clean blocksize upgrade at this time. Continuing on the current path
could divide the community and be a setback to Bitcoin’s growth. This was
never the goal of Segwit2x.

As fees rise on the blockchain, we believe it will eventually become
obvious that on-chain capacity increases are necessary. When that happens,
we hope the community will come together and find a solution, possibly with
a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade.

We want to thank everyone that contributed constructively to Segwit2x,
whether you were in favor or against. Your efforts are what makes Bitcoin
great. Bitcoin remains the greatest form of money mankind has ever seen,
and we remain dedicated to protecting and fostering its growth worldwide.


Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik
Voorhees

--


*Mike Belshe*
*CEO, BitGo, Inc*

Watch Bitcoin hitting 10.000 end of 2017 beginning of 2018!


 
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