Thursday, 9 November 2017

SegWit2x passes on! Bitcoin lives on as Hard Fork Canceled

Bitcoin has reached a fresh all-time a high of $7,888 as participants of the SegWit2x hard fork announce they've “suspended” it.
A circular delivered to the mailing list by major proponent Mike Belshe says so it was “clear” the project “hadn't built sufficient consensus for a clear blocksize upgrade at that time.”
SegWit2x will therefore not activate Nov. 16 as planned, Belshe not naming a possible future date.
The message reads:

“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.”

Bitcoin prices shot up immediately the news headlines became public, reaching a fresh all-time high just under $8,000 before steeply reversing, followed with a bounceback to around $7,700.
SegWit2x had received a barrage of opposition from over the Bitcoin industry, having its few supporters likewise coming under great pressure to justify the hard fork.
Deficiencies in replay protection - a mechanism preventing coins being accidentally allocated to both chains - was a significant criticism that made even Nick Szabo emerge against SegWit2x today.

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