Segwit2X Cancelled

[fabioganga]

segwit2x(b2x) was always intended as an altcoin and not a bitcoin upgrade

it was just a bait and switch to push segwit(core1x) into being accepted after 9 months of objection(from last year). and then backtrack out of the 2x part

core closed off the chance of any community adoption of B2x the same day it was suggested to core.
https://github.com/bitcoin/bitcoin/pull/11128

Perhaps a noob question but, How is consensus reached?

Well, two things mainly are needed: big "juicy" exchangers and wallets announcing that they will support it and miners signalling that they support it.

[illinest]

If I can share my opinion I'm so confused right now. One month of pure hype for this fork, people have started trading it on exchanger and now they cancel it seven days before it. I can't believe this. Anyway, against every expectation BTC price is now stable and it's apparently rising again. Better to save my funds on USDT and wait few days

The fact that six people could "cancel" the fork tells you something. If six people decide whether Bitcoin forks or not, is the resulting coin really "decentralized?" It really makes you think, doesn't it?

Anyway, I'd be careful holding that USDT. The mid-term BTC chart still looks healthy to me for now. When I expect a drop in price, I prefer to find altcoin hedges when possible. USDT exposes you to big third party risk (Bitfinex + whatever exchange you are holding USDT on).

[Disconnecting]

If I can share my opinion I'm so confused right now. One month of pure hype for this fork, people have started trading it on exchanger and now they cancel it seven days before it. I can't believe this. Anyway, against every expectation BTC price is now stable and it's apparently rising again. Better to save my funds on USDT and wait few days

The fact that six people could "cancel" the fork tells you something. If six people decide whether Bitcoin forks or not, is the resulting coin really "decentralized?" It really makes you think, doesn't it?

Anyway, I'd be careful holding that USDT. The mid-term BTC chart still looks healthy to me for now. When I expect a drop in price, I prefer to find altcoin hedges when possible. USDT exposes you to big third party risk (Bitfinex + whatever exchange you are holding USDT on).

Hi! Can I ask? What is segwit2?

[alexzorgo]

The mind won war with greed. Or, I hope, segwit2x supporters realized that the disadvantages of a hard-fork outweigh its benefits or they realized that they will not be able to take control of developments

[molecularman]

Man,  I saw a post about a dude that just bought like 80k  of  2x futures..   Just think of all those people that were buying the futures and how much money they have lost.   

[sajjadkhan]

This is great news from long term perspective which puts value in the real chain. The scalability issues will be something we need consensus on but the way segwit2x was handled, I'm happy it didn't happen. Now hope is that alts come back.

[timikulit]

Now the bitcoin price correction might happen because there is no more reason for btc to be pumped.

Look at the alts now. the price is starting to climb. its better to buy alts now.

[Tamilson]

Its a very good news but now i dont know what will happens with BTC price.

If people think something like 'BTC is so good, so strong, nothing can stop it anymore' price may increase, but if ppl think 'well, no more free B2X coins, i will buy my alts again' the price will drop.
I believe that BTC price will get correction and alts will raise like before forks.

This will likely be the scenario now that segwit2x is canceled, bitcoin will undergo some correction or maybe some dips and this is the time for alts to shine again. After this all hyped because of segwit2x many will surely sell their bitcoin now afraid to lose profit but seeing the graph, it's too early to sell as bitcoin is still in uptrend position and there's no need to cram.

[Hunt_777]

Hey guys, how about we create our voting here in the forum about the Segwit2x. Someone should create it for us to know if Bitcointalk forum agrees or not. This can shade light in our stand about this move. Anyone agrees with it? hehe

[bitPico]

Majority miners never claimed to have backed out of SegWit2x. It is not cancelled nor can it be...

[Wunderkind]

Was not prepared for this event AT ALL. Kinda bummed I missed out on some good opportunities.

[alfstep]

Almost time to sell our alts at an expensive price to buy more bitcoin at a lower price
To many fork in a short time frame, even BCH which is BTC fork has itw own fork 

[Erelas]

Just by odd chance I happened to be where I could cash out on, what I think, will be the high for now, and if predictions hold, BTC will drop, altcoins will recover a bit, and I get to play the "buy back in" game.

I am certainly hoping that my prediction doesn't make a liar out of me, lol.  Diversify and hold for a bit, see what happens, and buy in.  I do feel like a lot of money has been made for people more "in the know" than your average crypto-enthusiast.  Someone knew far enough in advance to make bank on this decision I'm sure.

[aml007]

So based on this news, what would be the best investment strategy going forward? BTC or altcoins?

[Phalo]

segwit2x(b2x) was always intended as an altcoin and not a bitcoin upgrade

it was just a bait and switch to push segwit(core1x) into being accepted after 9 months of objection(from last year). and then backtrack out of the 2x part

core closed off the chance of any community adoption of B2x the same day it was suggested to core.
https://github.com/bitcoin/bitcoin/pull/11128

Perhaps a noob question but, How is consensus reached?

Well, two things mainly are needed: big "juicy" exchangers and wallets announcing that they will support it and miners signalling that they support it.

But isn't what the signalling has been about? I'm sorry, I don't know much but I think.in the end there was about 70 something signalling.

[chichigirl]

Segwit2X has been cancelled.

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

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*

I don't expect this cancellation. What will be the better decision now? What will be the best things yo do? Invest in bitcoim or altcoins? Should i keep on holding?

[DanWagner]

This is good news for btc , but they guys behind segwit2x are a shady bunch.

[prashanta]

I think this is a good decision. The segwit2 may be good for miners but for bitcoin as a whole it may divide us. This move i think benefits us all. I just hope this decision will not have a negative effect on the price of bitcoin. It is already approaching the 10,000 mark.

What are you worried about? If you're already holding bitcoin and the 2x fork is "successful" then you'll be able to spend coins on that chain too. Just don't be too hasty to sell your coins and wait to see which one succeeds.

[LouVandetta]

What? Is that true? I didn't see that coming. After all these past weeks was always about segwit2x this and that.
So that's why bitcoin price was having a flash dump. And no wonder alts price is recovering.
Well, it means that now is the time for alts to rise up, right? I better fasten my seatbelt, then.

[Indrawan77]

This has been a big news since this morning, and its such an unfortunate, it is cancelled just a week before forking while some of the exchanger already ready to accept it, but it will be good for bitcoin growth,  the investors wont need to split the investment and will be back to keep bitcoin, so it is still a great news for all of us