It was just announced a little over an hour ago that the Bitcoin SegWit2x fork isn't going to happen next week. Some of the major players decided that there wasn't enough consensus and that it could cause huge issues. The scaling debate continues and it is clear that the network is bogged down. At this point I'm wondering if SegWit which rolled out in August will stay in place but basically 2x won't be implemented which would have increased the block size from 1mb to 2mb.
We will see going forward if they can reach and agreement on how to scale Bitcoin. Somewhat of a surprise to me is that Bitcoin Cash is selling off pretty hard while other alts are surging. I would think that Bitcoin Cash would stay around the same or even go up considering it is the main fork that will survive and it has lower fees and larger blocks. I'm assuming it is because people feel that the original Bitcoin won't get torn in two and be further crippled.
Here are a couple of the tweets and also the original e-mail that went out announcing there is no fork for next week.
— Charlie Shrem (@CharlieShrem) November 8, 2017
BREAKING: "SegWit2X Suspending plans for the upcoming 2MB upgrade." #Bitcoinhttps://t.co/9eWcFOBm2A
— Charlie Lee (@SatoshiLite) November 8, 2017
Segwit2x hardfork has been called off! Common sense prevails. Let's now work together towards scaling safely. We may need something like a 2x hardfork in the future, but let's do it when there's consensus and not rushed. 🚀
(Removing my NO2X tag now.) 😀 https://t.co/FuaUy2Kzex
Original Email Announcement
Moving Forward
There is a battle raging with the Bitcoin price right now. I honestly feel like it is a bullish signal. There will be some profit taking and some surge back into alts but I could still see Bitcoin hitting $8,000 this surge. Time will tell!
Is everyone glad the fork isn't happening or do you think it would have been better for the crypto community?
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I remember when bitcoin was $1500. I can't believe it's been up to $7500 from what I saw. I hope it continues to grow in price and community. Bitcoin and blockchain have been and will be game changers.
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I remember when Bitcoin was $100 in 2013 and then was back to $176 in January 2015. Now it is just a Honey Badger on cocaine !
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10k before the end of 2017.
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I think it is very possible for sure! With all the new Coinbase accounts and attention it is getting. I mean 100,000 new Coinbase accounts in one day! WOW People are foaming at the mouth with FOMO!
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I agree.
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It is a savage battle right now on GDAX for the pricing..... people don't know what to do. LOL. There have been so many new Coinbase account created recently though and even if all those people are putting in a couple hundred dollars that is a lot of buy support. Only time will tell though.
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Fork off!
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LOL. I hope you had a great time at STEEM Fest! I saw some pictures and it looked epic! Almost magical with that large greenhouse at the one location and Quinn Eaker looked EPIC and from a fantasy video game!
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Haha - i just was looking for the right opportunity to say that. It's a good job we are friends!
SteemFest -It was epic! I'm exhausted though, i put in every last little drop of energy I have into last week.
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That is amazing! I feel like if next year's STEEM fest is in the United States we will have 1000 people or more!
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Honey Badger on cocaine! LOL
I take anything Charlie Lee says with a grain of salt. That being said its good to see "cooler heads prevail" that shows that the community at large is capable of having a consensus about bitcoins future. That shows maturity and is encouraging to me.
Dunno if the hardfork would have been good or bad but in the long run too many splits weakens the crypto world in general.
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I think it could have gotten messy the more I looked at it.
We will certainly see what the price does!
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Hello @brianphobos
The funny thing right now is that we don't know whether this is good or bad news. The price can go in either direction.
People might just sell their BTC and move to Alts just to be on a safe side.
But that Movement itself can crash the price.
We just have to wait and see.
@ogochukwu
#blockchain-blogger
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Well, good for the value of the wallet for now.
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Happy there was no f0rk - it wouldve got very messy with one chain in my opinion having to die. There is definitely a need for scaling solutions, or Bitcoin will be left in the dust by superior tech, but the solution needs to be more elegant and supported than a rushed Segwit2X!
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