SegWit2x Called Off

SegWit2x Called Off

The most investor anticipated SegWIt2x fork had been pulled off. The initiators say community consensus is the roadblock.

However, after touching a record high of 7,900 USD, which caused by the speculation of the hard fork, the BTC price fell under 6,500 USD, after the upgrade called off. But it is recovering slowly.

In a public note by Mike Belshe, who played a crucial role in SegWit, has said that the community is more important than anything, and abandoning the SegWit2x seems to be a good solution.

The site, the community hub, where the core developers respond, displayed a banner urging the users not to support SegWit2x. Also claimed that the organizations and people behind the hard fork have evil intentions.

Anyhow, the SegWit upgrade, a soft fork, activated in the August month on the Bitcoin network will stay in the long run.

Here is the complete announcement:

“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.

As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens,we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.

We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.

Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees”

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