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RE: Bitcoin fork canceled and investors are pissed!

in #crypto-news7 years ago

The markets are a sea of green this afternoon, whether you look at the 1 hour, 24 hour or 7 day charts. Cryptocurrencies, including btc spiked after 2x was canceled. I'm not sure that shows people are pissed. It seems more like canceling the fork showed spawned a huge sign of confidence.

6 dudes canceled the fork, such decentralization? Yeah, those 6 dudes couldn't convince a large % of the btc community there was a need to fork to 2 MB blocks. If there was 70-80% they would have forked.

This has been an interesting process. I don't think 2x is going away, it's most likely just on the back burner to see how off chain solutions like the lightning network help with fees and scaling.

But the bigger block argument will probably stay in the forefront for the next few years.

At least we know one thing: this is how bitcoin is supposed to work. You have to win over public opinion, wallets, exchanges, and developers in order to reach consensus. It wasn't there yet, and there was financial incentive to hold off.

I'm not sure what the best process to scale is. But I am glad that the processes in btc hold true. I'm glad there is choice and if those 6 guys had went ahead and forked, they have the ability to do so. I'm glad they realized that maybe that wasn't the right answer at this specific time.

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