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in bitcoin •  11 months ago

A very important piece of information just appeared and it seems like the highly expected Bitcoin SegWit2X fork just got cancelled. Many say this is better for Bitcoin long term goal and I tend to agree. Honestly, I did not expect this.

Warning: the news is very fresh, so could not be verified 100% at this point.

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


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JUST read about this right now! Indeed, the info went public like, what, not even a full four hours ago?

Not even threeeeee!

Either way, learning that Segwit2x was an attempt to centralize and regulate Bitcoin turned my first fork experience into a goddamn horrorshow.

Here's to the hope that this will, indeed, be a good thing in the long run.

~Thomas Duder, Short Term Gains, Long Term Goals

mixed feeling for me. a bit disappointed that I'll not get those free coins anymore, but optimistic for a long and prosper future of the bitcoin

good timing, good info, thanks