jaysabi (OP)
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November 08, 2017, 09:34:15 PM |
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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. |
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uszaty43
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November 08, 2017, 10:24:53 PM |
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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.
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BillCoin
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November 09, 2017, 09:19:30 AM |
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This claim is not unverified anymore, it is signed by Mike Belshe, who is the CEO at bitgold, and one of the leaders of the fork. It was announced by Charlie Shrem, Litecoin inventor, through his twitter. Also, if you take a deeper look, you will find out that bitfinex was able to confirm the authentic of the document, and they removed Segwit2X future contracts from trading, they act like this token doesn't exist at all. I think that it is a sure thing to say that the fork has been cancelled. |
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Wall-ET
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November 09, 2017, 10:16:28 AM |
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Well at least he didn't get into Bitcoin Gold futures, that over a month they are still futures... So if they do not do it now, will they do it/try to do it next year? I think this was a somehow good idea to do, as transactions are growing and making the block accept more transactions will decrease the price per transaction... |
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Ziskinberg
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November 09, 2017, 10:34:58 AM |
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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.  |
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ladydark
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November 09, 2017, 11:46:42 AM |
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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.
At first,F2Pool and two other companies withdraw their support for segwit 2x.They stated that they expected that bitcoin core team would agree for segwit 2x activation and when they knew it not supporting,they have no other way than withdrawing their support.It seems that many other pools and companies would have taken same stand and so,the segwit 2x team announced that they cancel the activation process. We may think that many people who bought bitcoin for claiming free coins would drop their bitcoins to buy altcoins and so,bitcoin price would fall.But we should also notice that the only bigger threat for bitcoin has gone and so bitcoin price would trigger. |
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haroldtee
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November 09, 2017, 12:01:51 PM |
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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. |
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Wall-ET
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November 09, 2017, 12:09:36 PM |
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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. Well I understand him... I lost 40 BTC and now I can talk with a smile about that. it is bad but what can you do. now I keep my coins secured in hardware wallets and paper wallets. I am not risking losing anymore... And he is correct you should never risk more then you are ready to lose... Happy trading.. |
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iamTom123
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November 09, 2017, 12:44:49 PM |
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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. |
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Proton2233
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November 09, 2017, 01:03:07 PM |
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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. |
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crptotrader007
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November 09, 2017, 01:04:49 PM |
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Finally a good thing from Segwit2x side They said that they are suspending it because they lack support for the consensus and will be back when they have community support. They also said that when the mining fee will be high then it will be a must to increase the block size or find a solution for it at that time may be the community will support them. This might be true but as long as the community stays together and is in favor of Bitcoin there won't be any problems. |
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Wall-ET
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November 09, 2017, 01:09:29 PM |
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Finally a good thing from Segwit2x side They said that they are suspending it because they lack support for the consensus and will be back when they have community support. They also said that when the mining fee will be high then it will be a must to increase the block size or find a solution for it at that time may be the community will support them. This might be true but as long as the community stays together and is in favor of Bitcoin there won't be any problems. Well even Satoshi said that the size will have to be increased in some point, but it needs to be done slowly, as bigger size means harder to keep the full blockchain thus having centralized nodes... |
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DannaWonder
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November 09, 2017, 01:14:09 PM |
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This claim is not unverified anymore, it is signed by Mike Belshe, who is the CEO at bitgold, and one of the leaders of the fork. It was announced by Charlie Shrem, Litecoin inventor, through his twitter. Also, if you take a deeper look, you will find out that bitfinex was able to confirm the authentic of the document, and they removed Segwit2X future contracts from trading, they act like this token doesn't exist at all. I think that it is a sure thing to say that the fork has been cancelled. This a good sign that not all fork will have consensus, but why segwit2x didn't have that enough consensus for it to go through, is it because come of the people who supported it before will not have that much profit from it that is why they just withdrew their support? I am not really a fan of these forks. |
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wilhb81
Full Member
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Activity: 224
Merit: 100
Any store can buy, sell, and accept Crypto
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November 09, 2017, 01:37:27 PM |
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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...
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nidacoinlove
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November 09, 2017, 01:53:15 PM |
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Well honestly speaking I was at first excited for the bitcoin segwit2X and this being a non technical person or a lay man was ok because I never thought of the complexities of it. I only thought about the block size increase which according to me was a good step because the transaction support by this software would take frictions of seconds for confirmation. Now after reading the whole script it is a good step to delay it, work on it so to carry and support all the bitcoin chain family.
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AVAMONEY
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November 09, 2017, 03:21:52 PM |
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SegWit2x has been announcing cancellation, this is actually a signal that we do not need fork conditions to create a new altcoin, altcoins that already now are still good enough to keep in market.
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jaysabi (OP)
Legendary
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Activity: 2044
Merit: 1115
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November 09, 2017, 04:10:27 PM |
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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. |
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BillCoin
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November 09, 2017, 04:17:21 PM |
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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,. |
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