It has been confirmed that the Bitcoin network market will avoid this month’s Segwit2x hard fork, due to the insufficient consensus. The currency responded with a new all-time high, reaching approximately $7,900 USD per unit. The Segregated Witness protocol would have activated the 2 MB block size increase, which was already triggered in August by a vast majority of miners.
Mike Belshe, CEO at Bitgo, published a post in which he confirmed the fork’s cancellation and explained that keeping the community together is far more important than the need for a larger blocksize. Lead developer of the protocol, Jeff Garzik, revealed on his mailing list that the team didn’t make the agreement. Further demands on the upgrade would only represent a setback to BTC’s growth, which is quite opposite from what the community wants to achieve.
Following these announcements, forums and social media erupted with different opinions and conspiracy theories. Cryptocurrency advocates like Peter Todd and Charlie Shrem literally set the internet on fire after stating that millions of dollars were spent only to end up as a complete engineering mess.
With current increase in value and Bitcoin’s constant growth, the on-chain capacity expansion is necessary, as sudden fluctuations of the currency have shown. The price surged $500 USD in less than an hour, after the protocol was cancelled, establishing a price range between $7,700 and $7,900!
On the other side, the supporters of BCH had a different viewpoint; promotion of bitcoin cash or tricking market participants that Segwit has been implemented. Stephen Pair, CEO of Bitpay, asked miners in written form to cancel the forking efforts, as they could “rip the blockchain apart”. It remains to see whether it’s all over, since most people believe that the aftermath has just begun.
Source:
“Breaking News: Segwit2x Fork Cancelled”, Samuel Haig, news.bitcoin.com, November 8, 2017.
Pointman
6 years ago
Bitcoin is one of the most amazing events in today's transactions. What started as a cheap, unknown coin is most likely to rival gold by 2021! The growth it's taken is unprecedented for any currency.
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zuga
6 years ago
there is no way that end of BTC is coming. Granted this crypto is super volatile and there is definitely a bubble thats about to burst. But there is a need for crypto and why I am confident BTC will prevail.
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losyakin1
6 years ago
i think Bitcoin's end is coming. After few years we will buy Bitcoin for $5-$10, this is have no sence. If you have bitcoins now, you must buy dollars or euros. i feel that investors will be crying. Cause i will sell my Bitcoins right now.
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2Late4Me
6 years ago
These fork cancellations at the last minute, I feel is for a reason that only the investors can understand. I really feel as though it is to protect their investments, capitalize on the beginners with little knowledge. With all the publicity and news media and big time investors posting videos, only the beginners are...
These fork cancellations at the last minute, I feel is for a reason that only the investors can understand. I really feel as though it is to protect their investments, capitalize on the beginners with little knowledge. With all the publicity and news media and big time investors posting videos, only the beginners are the ones that believe the pros and not the cons. A lot of the beginners feel that it is really easy and a get rich quick scheme and that is all they are really paying attention to. They are giving up gobs of money, taking away from their family and homes, etc. which is in turn benefiting the investors that knows actually the outcome and setting up protection for themselves from the IRS and moving their cryptocurrency around and saving themselves from any downfall. In the beginners case, they are loosing everything and falling to a point where with some, it is going to take a lot of starting over with building their financial status back to a comfortable part. I feel that the investors are always aware of the cancellations of the forks and what the future holds for the cryptocurrency market. They are and will survive, because their knowledge was broadened years ago of the technical analysis of today. Those that have moved their cryptocurrencies around is probably only temporary, because they know when and what to expect time wise when it will benefit them again to continue and/or pick back up where they left off and even capitalize amazingly prosper and then be prepared when the day comes that the market ends like the Credit Suisse.
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