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Author Topic: [2017-11-14] 2x or No 2x, That Was the Question  (Read 1389 times)
iamTom123
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November 14, 2017, 07:23:31 AM
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SegWit2x was supposed to be a SegWit derivative that doubled the amount of data a block could hold from 1MB to 2MB. The SegWit2x plan came into being at the 2017 Consensus conference in New York. At this event, 58 Bitcoin-related companies signed an agreement that SegWit be activated as soon as possible, and that it be followed up by a block size increase in mid-November. The agreement came to be known as the New York Agreement (NYA).

Of the 58 companies that signed the NYA, sixteen companies were wallet providers,15 were exchanges, nine were miners and 17 businesses can be classified as “other.” In this case, “other” means that they are businesses that provide goods or services in the cryptocurrency space.

As time passed, a number of companies began to withdraw from the NYA or decided to focus their resources on the Bitcoin Cash chain instead of Bitcoin and the proposed SegWit2x upgrade. As of early November, 12 companies had withdrawn from the NYA, eight had focused their resources on the Bitcoin Cash chain, and 38 of the original 58 companies still supported SegWit2x.

SegWit2x received a lack of support from both the Bitcoin core developers and the wider crypto-community. Both the core devs and many in the community thought that it was too soon to upgrade the Bitcoin network. SegWit2x was planned to occur in November, barely three months after the network had upgraded to SegWit.
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In the midst of confusion and panic, one thing is very clear: We need to find the best solution for the scaling problem otherwise Bitcoin will really have a big problem and we are legitimizing the migration made by many to BitcoinCash. Personally, I am wishing that there would be Bitcoin leaders who will step out and made their voice known about this situation. We could not go on like this because we are all dreaming of that mainstream adoption...getting into the mainstream means gargantuan of transactions and if the network is not ready then we are just making a big joke on ourselves.

This is now the challenge that must be answered as soon as possible...actually this had been the same problem that keep on hounding Bitcoin for a long time and is the basis why some are looking at Bitcoin not fit for the mainstream.
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