Segwit2x Failed - Last Minute Call
After the team for Segwit2x said they where abandoning the update due to not enough support a few miners felt it was on them to go ahead and push forward with the project anyways. What came of it... nothing other then a few hours of stalled trading as the potential hard fork took place.
What floors me is why a few miners and people feel like they should be making the calls when literally 80% of the market is showing no support for this at all. Bitcoin was developed to be decentralized which means the community as a whole has to agree before something gets done. A super slow process but one that is needed so such hard forks are not successful otherwise bitcoin would have been destroyed long ago.
While there are still very few nodes mining the new updated segwit2x it is clear that it has failed and will not push forward. Currently segwit2x chain is locked on block 492,782. Also after further review it seems that if segwit2x actually pushed forward and won we would be in a much different world today. One where bitcoin honestly would not exist due to some faulty code that was found pushing the blocks off by a small amount that would of left the new chain in limbo. Yet another reason why such forks need to not happen unless everyone is behind it.
This is the reason why consensus is important when trying to implement changes to the decentralized network that is bitcoin.
A lot of bots commenting here. I will leave my comment between them too. I want to say that I agree with you completely, that a change is needed in the Bitcoin chain and in its mining algorithm, but this should be done through a hard fork supported by most of the people behind Bitcoin, or not done at all yet. Just as Ether did last time. No more chain splits, these are not good, and they just make Bitcoin weaker which is not desired.
I will always upvote comments of value so no worries about that :) Agreed it needs to be a universal upgrade but from what I am getting is bitcoin is more of a store of value that everything else ties into. Which currently we already see on exchanges. You need bitcoin first to trade into other cryptos all of them accept BTC.
I see the direction more towards building systems laying over top of bitcoin that don't hit the block chain as hard.
Yep, I guess this happens at exchanges because Bitcoin is not that volatile as the rest of the alcoins so it could be easily take as a reference
This post has received a 6.01 % upvote from @buildawhale thanks to: @bitcoinflood. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Solid article.
Visit CoinCheckup.com | SteemIT - Daily Technical Analysis
we can follow each other
and like each other's post . it will be good for us
https://steemit.com/@khaledibnax
Agree. However bigger block are good but can make the coin have less nodes. But there this tech called graphene that 20x more faster than segwit but with bigger blocks. It the same tech in steem :)
So segwit+Schnorr Signatures+graphene= a faster bitcoin with out bigger blocks :)
This post was upvoted & promoted by @monitorcap traffic bot.
Send minimum 1 SBD to @monitorcap bot with your link in MEMO field and recieve random upvote & post promotion in our daily TOP posts listings. @monitorcap - where 'seen' matters !
well, everybody knew that was going to happen. no support
10% price drop on "official" Bitcoin hardly constitutes no support. It takes more time for SegWit2x chain to become really active as there is hardly any information how people can mine on it.
No forking fixes the harsh fact that the blockchain is too big for new miners to enter as solo miners and support any alternative blockchain, and the difficulty is too high for any new miner to succeed in pool mining unless having expensive and dedicated hardware.