SegWit2x Called Off

[Lecam]

I think that we all are happy to see that those things become true, i was hoping that this fork got canceled, and twelve hours later it got canceled, it seems that i am a magician, lol.
But yes, it is very weird to know that a fork got canceled just five days before it was going to be realized, i dont know why people didn't support this one, but yes, it was a terrible idea, and it was a fork.. We were going to lose a lot of money because of this one.

I was expecting to get free coins from segwit2x.  I guess a lot of people invested bitcoin because they wanted to get free coins from hard fork too. So, I guess the bitcoin price would go down and people would start investing altcoins again because the fork is cancelled.

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[jaysabi]

I think that we all are happy to see that those things become true, i was hoping that this fork got canceled, and twelve hours later it got canceled, it seems that i am a magician, lol. But yes, it is very weird to know that a fork got canceled just five days before it was going to be realized, i dont know why people didn't support this one, but yes, it was a terrible idea, and it was a fork.. We were going to lose a lot of money because of this one.

I am glad that it was eventually cancelled due to lack of consensus. In the past many weeks, there had been big and small Bitcoin leaders who expressed apprehensions about SegWit2x and some even carried some form of a protest online by wearing NO2x. The whole Bitcoin community is happy that things went well and that the voice of the many have been heard though it took time for that final decision to come down. So what have we learned on this another fascinating chapter? Well, they should always listen to the majority and should not be devising a plan even if it has no critical mass of support.

Please tell me what exactly you don't like the idea of increasing block size? This problem exists and we still have to solve it. Maybe next year. The miners think only about their profit and they are not interested in other opinions. You will agree with me that it is not correct. I'm afraid that it might provoke a more serious conflict in the future.

I think increasing the blocksize is a good thing. I was initially in favor of segwit2x, but the way they went about doing it was very problematic and potentially damaging. If they had instituted replay protection, the chains would have split cleanly and the side with the better ecosystem would have over time become the dominant ecosystem through market consensus. By not employing replay protection, they were attempting to force market consensus by essentially holding the system hostage. Anyone who didn't agree to their rules (which were NOT reached by consensus) risked having their mining power or coins devalued on a chain they were attempting to render inoperable by having the vast majority of mining power agree to support their version of the chain. In this way, they were attempting to strong arm everyone into their system because the threat of not going along would be two chains of vastly different value, and coins spent on one might impact the coins on the other. This chaos threatened the viability of bitcoin as a whole, not to mention the price. I think they ultimately called it off because people were starting to call their bluff, and a couple medium sized miners backed out, and they could start to see that the chaos would tank the price hard.

So while bigger block size is a good goal and something needed to be implemented, it needs to be done in a way to protect what bitcoin has already built. SegWit2x was not doing that, and they were not doing it on purpose.

[aoihs00]

Yeah the hard fork is gone, and its like disappointment to those millions crypto lovers who were expecting the free coin from the hard fork. It is now weird situation really because people may wanna stay for little longer to see if the news turns back on or they will try to sell the coins at this very high which is also very portable for them if they have not bought it at this high. So either way bitcoin price is going to fall very very down below and this could be opportunity for those who are willing to earn money from the coins next pump.

Now the suspended segwit2x will happen later in time which means there will be pumping of the bitcoin again. So that way we can grab the profits if we buy at very low. Hope to see it drop a lot.

[Theb]

Did the prices disproved them otherwise? Bitcoin was soaring above 7500 yesterday and as of right now it is 7187$. Maybe the Bitcoin community actually are anticipating for Segwit2x after finding out they are cancelling it the price got down to where it is now. Nevertheless it is a good call for them to cancel it as we cannot risk splitting up the community as Bitcoin's growth might be tremendously affected. I just hope the price will settle above 7000$ even just for this week.

[McKane]

I think that we all are happy to see that those things become true, i was hoping that this fork got canceled, and twelve hours later it got canceled, it seems that i am a magician, lol.
But yes, it is very weird to know that a fork got canceled just five days before it was going to be realized, i dont know why people didn't support this one, but yes, it was a terrible idea, and it was a fork.. We were going to lose a lot of money because of this one.

I was expecting to get free coins from segwit2x.  I guess a lot of people invested bitcoin because they wanted to get free coins from hard fork too. So, I guess the bitcoin price would go down and people would start investing altcoins again because the fork is cancelled.

Bitcoin is best place for contributing in light of the fact that it's superior to different altcoins on the grounds that we can foresee the cost of bitcoin that it will go high on the off chance that we discuss different altcoins then we can't anticipate there costs even we can't anticipate the cost of ETH. So it's smarter to put resources into bitcoin rather going for altcoins in light of the fact that 1 venture can change your life.

[Vohoanghiep]

This is only a preliminary result when applying the program Segwit2x into Bitcoin. It reduced the price of Bitcoin, fortunately it stopped. I think there are too many people disagreeing with it so maybe stopping everything until there are positive comments from the community.

[jaysabi]

I'm guessing this news has something to do with the volatile spikes today. Bitcoin dropped from 7800 to 7100 in about an hour earlier today. SegWit2x is being suspended by organizers for lack of consensus.

The organizers of a controversial bitcoin software update are suspending their attempt to increase the block size by way of a hard fork.

Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply '2x,' was to trigger a block size increase at block 494,784, expected to occur on or around November 16th. The goal of the project, according to those involved, was to use the measure to increase bitcoin's transaction capacity, which is today constrained by the nature of the software's rules.

The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

He wrote:

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size 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."

"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.

The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

The group said that it still hopes the block size will be increased further down the line, once there is more agreement from stakeholders.

In statements to the BTC1 Slack group, developer Jeff Garzik said the alternative software would continue to be developed, and that it may support "other chains such as bitcoin cash, litecoin and other bitcoin-family chains."

I was initially pro-SegWit2x, but seeing how it was being implemented and the plan to intentionally refuse to implement replay attack protection as a means to force itself into the dominant chain, I have to say that I'm glad this is being called off. As planned, I don't think this was going to go well and would have likely lead to a dramatic price crash in the ensuing battle.

I have seen some people arguing that BCH was a beneficiary of the SegWit2x fork, but I wonder if this dims the prospect of BCH now for them. The price of that coin has been holding up better than I would have expected.

"I'm guessing this news has something to do with the volatile spikes today. Bitcoin dropped from 7800 to 7100 in about an hour earlier today. "

few minutes after the announcement the bitcoin price has been spiking hard, from about 7400 to 7900 in less then 10 minutes, and then the instant fix has came out and it dropped down to about 7700$ before breaking the support point at 7000$.

Basically, we are can't say that the news about the fork cancellation made the price drop, because the first reaction was a sudden rise.

I think that there are a lot of people who sold their bitcoins because they thought that the upcoming fork is going to hurt it, and once they realized that the fork won't happen, they decided to buy it again,.

The initial rise was so short and completely overshadowed by the subsequent drop, I would write off the price rise as either a coincidence or a substantially small number of traders making a bad bet that the news would lead everyone to buy more and they were trying to capitalize on that. That peak was so short it only shows on a 24 hour graph, any longer duration completely washes it out because it had no staying power. The fact that the price has remained more than 10% below that peak ever since leads me to conclude that the larger market disagrees with that initial gambler, and money has been trickling out in response to the fork being called off. As bitcoin remains down, almost every alt coin on the front page coinmarketcap is showing gains as that fork money flows back into the alts that were abandoned to try and score free bitcoin at the fork point.

[Hazir]

I was initially pro-SegWit2x, but seeing how it was being implemented and the plan to intentionally refuse to implement replay attack protection as a means to force itself into the dominant chain, I have to say that I'm glad this is being called off. As planned, I don't think this was going to go well and would have likely lead to a dramatic price crash in the ensuing battle.

I was the only reasonable solution - support for SegWit2x was not satisfactory enough.
Additionally is clear that they have not built sufficient consensus for a clean blocksize upgrade.
Introducing SegWit2x in its current state against the will of the people would only cause harm to the bitcoin in the long run.
As SegWit2x would divide the community and be a setback to Bitcoin's  future growth. I am happy that this unfinished upgrade was called off.

[Hamstead]

Maybe, a called off for SegWit2x is a good thing. Bitcoin needs to go slowly, there were too many hard forks in the past and a break is needed, if it wants to go further and higher from this current position.

However, I think SegWit2x will continue the scheduled hard fork within a short period...

Probably they realize that it is not the right time to launched that hardfork. Because as they said, there are only few miners and investors supporting this fork and it would be possible that this won't be recognized by the community if they still continue to launched it.

Anyway, this is just a kind of adjustment and  development towards crypto world as they want to spread it in the other form of coins. But this is not the way to take our risk in dealing those coins and losing our money.

[d0r10n]

From what I read, they haven't dropped their plan completely, but rather will reapproach in future in a better way with proper consensus instead of trying to ram it down everyones throats, the bastards.

[starblocks]

This is fine with me at least this will give a chance for the real project like altcoins to grow.
As I have observed in the market now, it seems like the bleeding altcoins is over and it started to climb on its normal price, this could be bad for some but I am sure majority of the altcoin holders are really happy now, we can call this day as an alts day.

Yesterday and today there's a wide variety of altcoins/assets that are reaping nice rewards if you bought them cheap before the cancellation announcement

[karmakeddon]

You see the dude on medium who bought 81k worth of b2x futures? This is what we call entertainment.
https://medium.com/@bartjellema/why-i-just-bought-90-b2x-bitcoin-segwit2x-futures-f94d0ee13eb9

One word that could describe this is Ouch! The volatility of the current market will surely sting a lot of people, including this one. I have been a victim before but that is another story to tell some other time.

Back on the SegWit2x news. I do think they should hold off for now. Bitcoin is on a steady rise, and we do not want to do the fork up until it really stabilizes. Maybe sometime next year we can do it, just not now. There have been too many bitcoin forks that happened within these past 5 months and it has greatly  affected bitcoin prices.

[d5000]

I have seen some people arguing that BCH was a beneficiary of the SegWit2x fork, but I wonder if this dims the prospect of BCH now for them. The price of that coin has been holding up better than I would have expected.

I have expected that. My reasoning is exactly the opposite than that of the people you've mentioned:

Now that Segwit2x failed*, "hardcore" big blockers will likely try to push Bitcoin Cash up, for it to become a serious Bitcoin competitor. That's why I expect stable and even higher BCH prices in the near future - $1000 are not out of reach, I think.

But the success of this strategy depends on them building a larger ecosystem based on BCH (more services like wallets and payment processors etc.), because only then they would be able to attract long term investors that are not big blockers. If they don't, then very likely it will drop again to its "normal" value of $200-300 or even lower.

*If some miners really "fork off" on November 16/17 (block 494,784), their chain won't have much support -  it will likely become an altcoin smaller than Bitcoin Gold, imho.

[starblocks]

From what I read, they haven't dropped their plan completely, but rather will reapproach in future in a better way with proper consensus instead of trying to ram it down everyones throats, the bastards.

A much smarter strategy which will probably give Bitcoin a great deal more credibility

Investors in general don't like the uncertainty so the price should remain quite healthy for now as well

[cah ndablek]

I'm guessing this news has something to do with the volatile spikes today. Bitcoin dropped from 7800 to 7100 in about an hour earlier today. SegWit2x is being suspended by organizers for lack of consensus.

The organizers of a controversial bitcoin software update are suspending their attempt to increase the block size by way of a hard fork.

Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply '2x,' was to trigger a block size increase at block 494,784, expected to occur on or around November 16th. The goal of the project, according to those involved, was to use the measure to increase bitcoin's transaction capacity, which is today constrained by the nature of the software's rules.

The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

He wrote:

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size 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."

"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.

The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

The group said that it still hopes the block size will be increased further down the line, once there is more agreement from stakeholders.

In statements to the BTC1 Slack group, developer Jeff Garzik said the alternative software would continue to be developed, and that it may support "other chains such as bitcoin cash, litecoin and other bitcoin-family chains."

I was initially pro-SegWit2x, but seeing how it was being implemented and the plan to intentionally refuse to implement replay attack protection as a means to force itself into the dominant chain, I have to say that I'm glad this is being called off. As planned, I don't think this was going to go well and would have likely lead to a dramatic price crash in the ensuing battle.

I have seen some people arguing that BCH was a beneficiary of the SegWit2x fork, but I wonder if this dims the prospect of BCH now for them. The price of that coin has been holding up better than I would have expected.

I think this segwit2xt will not affect the bitcoin exchange rate.The problem can be seen from now the price movement is very fast along with the many market demand.Therefore do not be directly affected by this news and continue to hold the coins you have.Until today to wait for the exchange rate to increase drastically.

[Wall-ET]

You see the dude on medium who bought 81k worth of b2x futures? This is what we call entertainment.
https://medium.com/@bartjellema/why-i-just-bought-90-b2x-bitcoin-segwit2x-futures-f94d0ee13eb9

It is crazy as that was a very huge risk to take honestly. I almost laughed off my chair when I was reading the comments recently dropped by those who read it and I am impressed he still responded. According to him, in response to a comment, he said;

Thanks for the support, but I’m good… I don’t risk money I’m not happy to lose…

But let's face it, that is a whole lot of money to lose, but it is one of those things. I wonder what I would have been doing right now, if I had lose that kind of money.
I believe the segwit2x would have really been a stumbling block to bitcoin's growth which I am happy that was seen pretty fast. I hope the scaling issue is solved but I am still happy this did not pull through as it started getting scary at some point.

Guy took it well, it was a huge gamble and he seems to have understood that going in. He's kind of nonchalant about it, so I'm guessing that if he 1) had the funds to sink $85k into b2x futures and 2) doesn't think the sky is falling now that that has become almost worthless, that he's done well enough and is a sophisticated enough investor to understand the risk/reward here. His lesson is the crypto lesson at large: don't hold anything you aren't prepared to lose entirely. No one seems to acknowledge it, but bitcoin itself could undergo a rapid fall the same way b2x futures did, and for not discernible reason too since it's an asset whose price is based solely on speculation.

\

Actually the fact that it also gives:
1. Fast transactions Worldwide;
2. Relevantly cheap transactions (for big amounts);
3. Limitation of oversupplying;
4. Power consumed cost money, so miners will not sell for loss!
5. Limit of the supply - nobody can bring more then the preset amount (like the tulips) ...
etc...

The futures of b2x where only futures, so when there was no future in witch the b2x will be present, they stop existing.
btc does not have this problem.
Probably has different problem/s but not this.

So at the end they are not the same as the futures b2x....

[zombie6]

Already said again what will be! Fucking speculators, SegWit2x will not be just fork bitcoin cash!!

[raven7886]

It really would not have gone well if it had been implemented but I am happy segwit2x dudes had to reconsider most especially since the support dropped drastically for the coin and it would not really be sensible if it had been allowed to be implemented and still refuse to implement replay attack protection despite the support drop.

I really believe this would give some breathing space chance for the dev to come up with a scaling solution cause we really need that right now.

[jaysabi]

Maybe, a called off for SegWit2x is a good thing. Bitcoin needs to go slowly, there were too many hard forks in the past and a break is needed, if it wants to go further and higher from this current position.

However, I think SegWit2x will continue the scheduled hard fork within a short period...

Probably they realize that it is not the right time to launched that hardfork. Because as they said, there are only few miners and investors supporting this fork and it would be possible that this won't be recognized by the community if they still continue to launched it.

Anyway, this is just a kind of adjustment and  development towards crypto world as they want to spread it in the other form of coins. But this is not the way to take our risk in dealing those coins and losing our money.

I agree entirely. SegWit2x needed to go down and I'm glad it did. However, I fear that an inability of BTC to solve the capacity problem is only going to lead to its decline. There's nothing special about Bitcoin in particular, and other cryptos can (and are trying) to take its place as the preeminent crypto asset. If consensus can't be reached, and there's a good indication some folks will always be opposed for any number of reasons good and bad, then the network will become more and more unusable. There are already plenty of suitable replacements. And at the same time the small blocks are a disadvantage to those suitable replacements, they also make BTC susceptible to spam attacks that clog the network. So a solution is needed, and time is of the essence.

[d5000]

Well, Segwit2x seems to have failed definitively. The miners' support is simply too small.

I think this is the best for both small blockers and big blockers (they have their BCH anyway), and maybe even opens the way for a block size increase in the far future (2019+) with Core support, but for now Segwit is sufficient (it must be used more, however ...).

By the way, I see that my BCH call in this thread ...

Now that Segwit2x failed*, "hardcore" big blockers will likely try to push Bitcoin Cash up, for it to become a serious Bitcoin competitor. That's why I expect stable and even higher BCH prices in the near future - $1000 are not out of reach, I think.

... wasn't that bad, I was even conservative