Bitcoin-Drama finished - SegWit2x Hard Fork officially cancelled

skyrockzzz (41)in #bitcoin • 7 years ago (edited)

An Agreement that divided the Community: With the New York Agreement (NYA), Bitcoin Giants such as Miners and Stock Exchanges should pave the Way for SegWit2x.
The planned Hard Fork should now bring the last Part of the Deal: Increasing the Block Size in Mid-November. With the Spin-off of Bitcoin Cash, however, SegWit2X stumbled - and now officially came to an End.

Unite the Bitcoin Community

From the Mailing List on Linux Foundation it can be seen that Mike Belshe, CEO of BitGo, officially stops the Development of SegWit2x with immediate Effect. He explains that SegWit2x was only credited as a scaling Solution for the Crisis of the last three Years and that SegWit alone only received 30% Approval from the Miners. The Two-step Approach was to reduce the Hurdle for SegWit and then bring a Block-Size Increase from 1MB to 2MB.

Since the smooth Transition from SegWit1x to SegWit2x cannot be guaranteed, Belshe and other large Representatives of SegWit2x quit the Support of SegWit2x. Next to him there are Wences Casares, Jihan Wu (Bitmain), Jeff Garzik, Peter Smith and Erik Voorhees.

Belshe explained:

It has always been our Goal to create a smooth Upgrade for Bitcoin. Even though we strongly believe that a larger Block-Size is necessary. We believe that one thing is more important: Keeping the Community together. Unfortunately, we haven't built up enough Trust in the Community to increase the Size of the Block. Continuing to follow this Path could divide the Community and reverse Bitcoin's Development. That was never the Goal of SegWit2x."

Belshe means that with the increasing Fees, On-Chain Solutions must be found and hopes that the Community will come together again for such Solutions. This Step could effectively unite the Community. With a Price of currently 7,282 US Dollars, this Step could send a Signal to the whole Crypto Community, we look forward to the Bitcoin Price.