There was supposed to be a Bitcoin fork coming soon (Segwit2).
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.
This is a surprise move. The developers actually putting the community first? Ethics finally coming into play in the debate? I'm going to be honest and say personally I never was in favor of Segwit2. I always thought it was a "half-assed" upgrade.
At the same time the response posts I see are also kind of strange but these are from the EtherTrader section of the web.
cashitterFull Node 371 points 4 hours ago
Six dudes just decided to cancel a fork - such decentralisation
Velocigility redditor for 3 months 1 point 48 minutes ago
Hey, it's their names and faces out there. If they really want to piss off this many people with dark web currencies, it's their call.
ayden010Burrito -3 points 3 hours ago
They probably had everything planned and made a fortune! I hope one day BTC crashes and disappears!
This decision by the developers is causing an unusual amount of anger from the market. Investors don't like the fact that developers can change their minds without any public debate or discussion. I suppose if I had bought Bitcoin expecting a fork to drive up the price I would also be pissed. But I think in this case the developers did what was best for the community and only wish they would have done it in perhaps a more polite and graceful way.
I expect Bitcoin to remain ungovernable, but to also have rising prices. Just because Bitcoin is ungovernable (especially in the long term) it doesn't mean people will not collect Bitcoins, or that Bitcoin will not rise in price. If I only cared about speculation then Bitcoin would be my biggest holding. The fact is I care a bit too much about technology perhaps and so I did not and do not benefit from the current price rise even though I could see it coming. I always ask myself, do I see myself actually using Bitcoin 5 years from now? I also ask myself, do the developers use the product? I expect Bitcoin to reach $10,000, and it already has reached over $9000 in Canadian dollars. Of course I could be wrong so don't take it as "investment advice".
If it wasn't for Bitcoin Cash, this fork would never have been canceled by the big-blockers.
We already have a Bitcoin chain with large blocks, so there's really no point in doing this 2X fork and risk massive damage to the entire ecosystem.
However, there's still the issue of miner-hoping between the two chains, which is causing wild fluctuations in the network fees on the main chain, along with slow block times and massive buildups in the mempool.
It was a scam, how many bitcoins did the 2x whales suck out of investors hrough 2x futures?
Honestly this is the same thing as people scamming over ICOs its VERY high risk and why if you take that risk you could lose it all. This to me is their own fault it was clear segwit2x was never going to have majority support so it should have never been vested into.
Hey @dana-edwards. Another dialogue sooner than I thought.
What do you think will happen to the prices?
I was expecting a big pump into Bitcoin before the split so people could get their "free coins" out of thin air and then a correction back down once they took some of their free money to buy back into the alt coins they just dumped to get free B2X.
Now I am not sure what to think of the price. What are your thoughts on what this will do to Bitcoin over the next few days?
People also can make money shorting Bitcoin so who knows. There could be corruption or not. I don't hold much Bitcoin right now or trade any.
Thanks for the info.
I am glad I followed you yesterday.
What coins are you holding? If you don't mind me asking. Tezos I am assuming but any others?
Bitcoin the original stands tall lol
We can just hope for the best. Thank you for sharing :)
The markets are a sea of green this afternoon, whether you look at the 1 hour, 24 hour or 7 day charts. Cryptocurrencies, including btc spiked after 2x was canceled. I'm not sure that shows people are pissed. It seems more like canceling the fork showed spawned a huge sign of confidence.
6 dudes canceled the fork, such decentralization? Yeah, those 6 dudes couldn't convince a large % of the btc community there was a need to fork to 2 MB blocks. If there was 70-80% they would have forked.
This has been an interesting process. I don't think 2x is going away, it's most likely just on the back burner to see how off chain solutions like the lightning network help with fees and scaling.
But the bigger block argument will probably stay in the forefront for the next few years.
At least we know one thing: this is how bitcoin is supposed to work. You have to win over public opinion, wallets, exchanges, and developers in order to reach consensus. It wasn't there yet, and there was financial incentive to hold off.
I'm not sure what the best process to scale is. But I am glad that the processes in btc hold true. I'm glad there is choice and if those 6 guys had went ahead and forked, they have the ability to do so. I'm glad they realized that maybe that wasn't the right answer at this specific time.
It's a bit funny sometimes to see how angry technology-enthusiasts can become when they realize that society isn't easy to govern. Welcome to the world!
Good work @dana-edwards! It's nice to see great content on Steemit like yours. Keep getting better as always.
Wow! This is a very surprising news! If you have more information about this cancellation, please, let us know.
So has it been buried? because I realize that it has bounced back.
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