SegWit2x fork called off!

Cryptocurrency Forum - Nov 8th 2017

  1. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Multiple crypto news outlets are reporting that the controversial SetWig2x fork has been cancelled. This is actually good news considering the number of red flags this fork was showing in the weeks leading up to this announcement. Some were calling this fork a 51% attack and others a potential black swan event. One of the biggest red flags was that there was no plan to add replay protection, which could result in transactions on one chain being replayed on the other. Without such safeguards in place, it could appear from an outsiders perspective, that a majority of miners were attempting to force the direction of Bitcoin by disrupting the chain split causing chaos on the B1X chain which would have drastically higher fees and tragically longer transaction times, making the alternative B2X chain seem much more appealing, thus forcing the marketplace to artificially adopt B2X in a Hegelian dialectic-like move. Such an event could have undermined the entire premise Bitcoin set out to accomplish. Additionally, if such a scenario would have played out there could be mass confusion in the marketplace if different exchanges decided to support one chain over another, or differ in how they would label each chain. Coinbase, to name one, went back and forth with this. SegWit2x, whether intentionally or unintentionally could have effectively killed Bitcoin, or at the very least seriously disrupted the Bitcoin ecosystem and the entire crypto market. If traders don't know what they are buying from one exchange to another, or if their transactions could be duplicated across blockchains, this could create a firestorm of frustration, bewilderment and panic and could cause a huge loss of confidence in the market as a whole.

    However, in the 11th hour Bitgo's CEO Mike Belshe released a statement saying “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.” Belshe concedes “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. [Thus,] we are suspending our plans for the upcoming 2MB upgrade." Very soon after the announcement was made the community responded with greater confidence than ever before sending the price of Bitcoin to just under $7900; a new all time high. Belshe also noted that he believes that with rising transaction costs and increased transaction times on the core network this issue of scalability will return, sooner than later, but he conceded that there needs to be much more community support for such a change than they had with SegWit2x.
     
    evo likes this.
  2. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    I believed Bitcoin would have emerged stronger after the fork and shown its true resiliency, but this was the highest possibility I've ever seen of a 51% attack on the blockchain... this is probably for the best. But BTC is still young, and we will see similar forks/threats on the blockchain in the future.
     
    V4Vendetta likes this.
  3. EagleUp

    EagleUp

    Joined:
    Nov 2017
    From:
    USA
    Was it canceled or postponed?

    Will there be a segwit2x or not? If so, when?
     
  4. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    No SegWit2x as of now. However, some are calling the entire SegWit2x project a ruse to get people to more widely accept Bitcoin Cash as the new Bitcoin. It's hard to know for sure but there are some odd coincidences (
    ).
     
  5. EagleUp

    EagleUp

    Joined:
    Nov 2017
    From:
    USA
    Oh no! Anything but Bitcoin Cash.
     

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