Segwit2x Final Steps

[vit05]

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

--


*Mike Belshe*
*CEO, BitGo, Inc*

https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html

[Proton2233]

This is a very wise decision. But it does not solve the problem transaction. The high price of small transactions does not develop bitcoin. Trade sees no point in the use of bitcoin as means of payment. Ongoing exchanges of bitcoin for Fiat is not profitable for the community. All of these problems to solve will have. This means that everything is still ahead.

[bitorama]

so the only big block bitcoin now is bitcoin cash, I think it will moon soon

[FacelessCrypto]

Raising fees  will kill current model. Better community come together..  otherwise those who want to continue current model should  show future path and strategy.

[buytheeffinD]

At least they decided that community being together on something was a better idea than going for it with a half ass plan. I commend the people who made that decision because it probably wasnt easy and a lot of egos were probably bruised along the way. Kind of sucks that it wont go through after all that has happened but probably the best decision long term for those who believe in bitcoin.

[dothebeats]

so the only big block bitcoin now is bitcoin cash, I think it will moon soon

Why would it? Cancellation of a S2X doesn't necessarily mean that all money would flow to BCH. Traders would still consider that as an alt like anything else and would likely pick other hot coins in the market rather than an abused coin with supplies they can't manipulate easily.


Just a week ago I thought everything is set for the upcoming fork. But earlier it seems that they haven't given any reason whatsoever why they are cancelling the fork. A large portion of miners have already signalled support for S2X only for them to back out and cancel. I just can't put the pieces together.

[aeternus]

so the only big block bitcoin now is bitcoin cash, I think it will moon soon

I do not think this is going to be the case, I never understood why miners wanted to increase the block size to 2MB after segwit it did not make sense and now we are seeing the results of that segwit2x is being canceled, in the other hand while I do not like bitcoin cash I can understand why they did it, they did not wanted segwit and wanted bigger blocks, they had another vision of where bitcoin should go so that fork made sense.