"The Day of SegWit2X: Still Wary of Fork?"
CoinBase announced it would still watch out for a hard fork in case this causes disruptions. But most likely, SegWit2X will not happen once the block arrives.
At the moment, the Bitcoin blockchain is at block 494,732- just 52 blocks from the block where the SegWit2X fork was supposed to happen. With a bit longer relative time of 15 minutes, there is still enough time to worry if an entity actually forks the network.
Coinbase still monitors the situation, as it sees the possible time for the fork to be 6-8 AM Pacific time on November 17th.
"Coinbase is actively monitoring this situation and will make every attempt to allow customers to benefit from this fork if it results in a safe and functioning network. No action is required and all funds stored on Coinbase remain safe."
But according to Coinbase, even if a fork occurs, at current support from miners the network would be unusable. In the case of a usable network, Coinbase accounts would be able to withdraw the coin, now named Bitcoin2X.
The position of Coinbase clearly reflects its commitment to follow the chain with large miners' support. Ahead of the fork, while enthusiasm for SegWit2X was still strong, Coinbase gave signs it would be ready to award the Bitcoin ticker and official status to the SegWit2X coin.
Some believe Coinbase is becoming too influential in the world of cryptocurrencies:
Kevin Pham @_Kevin_Pham
Coinbase is Too Big To Fail.
Get your Bitcoins out. https://twitter.com/Melt_Dem/status/931309159831629824 …
5:45 PM - Nov 16, 2017
4 4 Replies 6 6 Retweets 24 24 likes
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Bitcoin has already moved past the drama of the upcoming fork, and is headed to projected levels of $8,000. Bitcoin added more than 9% in the past 24 hours, standing at $7,931.23. At the moment, Bitcoin Cash has taken on the role of a large-block coin, in lieu of the hypothetical SegWit2X digital asset. BCH trades at $1,012.84, down 8.59% in the past 24 hours.
The drama around Bitcoin and its support has sent tremors among the ecosystem, with probably a positive effect.
The Exodus wallet, one of the most affected by the weekend where a lot of users decided to send Bitcoin and caused a congestion, plans to step up its game with a larger team for better safety and user support.
"We plan to add another new feature warning you of the “surge pricing” in case of a similar network issue. This hasn’t been on our roadmap before this incident, so it might take some time to roll it out — but we believe this can be a distinguishing feature of Exodus," wrote the Exodus team in a blog.
Over the weekend, a few events coincided to produce a perfect Bitcoin storm: miners exploited the lowered difficulty of Bitcoin Cash, while users jumped into the rising trend of the coin. The events presented a scenario of two competing networks, and those may not be the first times this happens, as Bitcoin Cash has not given up on expanding its positions.
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