Lack of Support for Segwit2x

in cryptocurrency •  13 days ago

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We are closing in on segwit2x and while I thought we had all the information we needed new information has come up which could potential lead to CANCELING segwit2x.

Unlike bitcoin cash and bitcoin gold who hard forked off bitcoin segwit2x is more towards taking over as the new blockchain instead of being a forked coin.

The days leading up to this potential hardfork where promising that perhaps it could take it over. However when you start getting down to the guts of it this is why we find out and why segwit2x might cancel now.

Mining difficulty

Mining difficulty plays a huge part in this update. In order for segwit2x to win out and become the dominate used blockchain it needs to hold 51% mining power. From our graph whoever we can see only about 15%-20% looked like it was going to be pulled and used fro the new segwit2x.

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Exchanges support

While most exchanges said they would support it that being coinbase and xapo as two I know of they clearly stated that they would let the markets decide on which one would get the dominate BTC ticker.

Futures

Futures for segwit2x where pushing at about $1,700 which is a very far cry from the near $8,000 mark we have seen so far today for bitcoin showing that support there was also at about 20% overall.

For now it does look like segwit2x will not be successful and also just waiting on confirmation it might be canceled.

Also I would not be surprised if we saw more fork attempts and a possible POW for bitcoin hardfork coming up here end of November.


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I think its a good thing for now. Thanks so much for the post. Won my vote and resteem. !!

How did you know it would be canceled right in this last minutes ;-)

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Potentially cancelling? It has just been cancelled two hours ago in fact! https://steemit.com/cryptocurrency/@pandorasbox/breaking-news-segwit2x-cancelled

It's a good thing, no splitting of the community.. and finally my alts are getting some love!

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I figured as such but I don't like to jump the gun as some times it could be fake news but yes it does seem in fact is is cancelled I wonder if we will see a massive bump to bitcoin or a sell off from people buying in for the hard fork.

And because BCH was about to make a move to become the main chain.

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BCH is just hard forking itself now. The only adjustment is an error the found that was not working for the mining difficulty.

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Yea, true. I think that mining difficulty adjustment was going to put BTC in a tough spot with their fork. As BTC forked it was going to be high difficulty. A lot of the miners may have swapped to BCH.

I find it healthy for bitcoin not to be forked anymore in the near future

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and with all this new information going up or down?


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Hi bitcoinflood,
Very interesting read, Thanks you for sharing it!

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