In news out within the last hour, it was reported that the controversial SegWit2x proposal has been put on ice.
The announcement came via email from the CEO and founder of BitGo, Mike Belshe.
Stating this:
"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path would divide the community and be a setback to bitcoin's growth. This was never the goal of SegWit2x."
The proposal was set to increase the block size by way of a software upgrade in order to help the currency better scale.
At first it garnered serious support, but lately had been seen as increasingly controversial.
The group still hopes that the block size will be increased further at some point down the line, once there is more agreement from stakeholders.
However, until that time period, the current proposal has been suspended.
More on it can be read below:
"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. ... We are suspending our plans for the upcoming 2MB upgrade."
Good news in the short term!
Overall I think this is great news as it avoids a potential catastrophe if they tried to go ahead with the software upgrade without having full support.
It also sets a precedent going forward that they will not do anything without first getting the approval of the overall bitcoin community.
Both good things in my opinion.
Also check out the price action of bitcoin:
The price of bitcoin seems to like the news as well as it made a charge all the way to $7900 within minutes of the news breaking.
Stay informed my friends!
Sources:
https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/
Image Sources:
https://www.radiotnn.com/dho-peshawar-suspended-over-irregularities-in-appointments/
https://www.coinbase.com/dashboard
Follow me: @jrcornel
Yes, it is a very important precedent for the future of bitcoin and will lead to more diligence with regards to upgrades. Thanks for the update!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yup, Very well said!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They saw BCH had positioned itself to try a takeover of the main chain. They had to bail out. Wow. Crazy strategy on all sides of this thing. Popcorn out.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yep, BCH waiting quietly in the bushes. It will be interesting to see where prices go from here over the next few days. People had been positioning for this fork for some time now... Likely caught off guard today.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Haha hiding in the bushes. That's a great way to put it. I guess they'll have to stay in hiding a little while longer.
...plus all the people who have locked themselves in their BTC houses hoping for Santa to drop coins to them can come out also. Back into the game.
Exciting times. Love it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Waooo! I was actually thinking maybe it will happen soon
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The fork was scheduled to happen around the 16th. This removes a lot of uncertainty around bitcoin in the short term. Hopefully that also means some of those "free lunch holders" rotate back out of bitcoin and back into altcoins once they realize no more free lunch in the short term as in no more free coins.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yesss please let people stop camping out in BTC to wait for free tokens, so they can come back to the altcoins where the real fun is. I'm glad to hear this news today.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Same here, if nothing else it hopefully gets money back into altcoins (cough cough steem) without having to wait all the way until the 16th! :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for share this very informative article with us i also resteemed
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i just posted about this myself , have a look
https://steemit.com/bitcoin/@ajkapss/segwit2x-cancelled
This is great news bud , cant contain my excitement
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ya me too. A lot of us posting this at the same time. Steemit has now become better than any news channel, LOL!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That would be pretty neat if that came true. Lot of work to do in order to pass twitter though!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
One minute silence for the people who were ready to get free BTC Gold :) Useful information shared~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good news for sure.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wouaw....
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
that is good :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think this was a great news and also give a boost to bitcon to move forward it's a bright future for bitcon
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you . That is very valuable information .
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
WOW!! I think this is good thing for now tho. Thanks so much for the info.. Hope I can get some BTC soon. God Bless
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Holy smokes! I bet this price surge set off all sorts of alarms
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I agree it is good that the fork didn't happen. It could have gotten messy for sure. Bitcoin cash seems to be taking a hit in price right now which is interesting.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is a great news indeed. I also just posted about this, https://steemit.com/bitcoin/@hmushtaq/segwit2x-hard-fork-has-been-called-off
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi jrcornel,
Very interesting read, Thanks you for sharing it!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for the update. I was dreading this but now I can put that on hold and panic later lol
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I simply love your articles, what great content and quality of posting you offer the community here on Steemit and abroad.
Thanks a lot :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ok
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit