Bitcoin drops SegWit2x hard fork after community objects

Bitcoin drops SegWit2x hard fork after community objects

The proposal was contentious because of the way the changes would be imposed, which would have changed the "block size", a cap on bitcoin's transaction rate set by its creator, Satoshi Nakamoto.

Numerous major supporters of SegWit2x including ShapeShift CEO Erik Voorhees, Bitmain founder Jihan Wu, Xapo CEO Wences Casares, Blockchain CEO Peter Smith, and SegWit2x lead developer Jeff Garzik signed the official announcement of Belshe, officially announcing their withdrawal of support from the SegWit2x hard fork.

While not accounting for all of the recent record highs in the price of bitcoin, as we noted October 13, at least some investors are buying into bitcoin to be on board for the fork, speculating that the new 2x coin would provide returns in a similar way that another forked version called Bitcoin Cash did in August. It received significant support when it was announced in May but many bitcoin developers had withdrawn support for the upgrade over the last few months, analysts said.

The bitcoin split was scheduled to take place in mid-November, with developers planning to introduce an upgrade called SegWit2x.

"Our goal has always been a smooth upgrade for Bitcoin", wrote Belshe.

Josh Gordon is back in Berea: 'I'm feeling great'
He also recently completed a stay in rehab that he has said lasted more than 100 days. "It was good", Gordon said of the meeting. He's supportive more than anything. "Now being back in the situation to do it, I'm going to see it through".

The controversial SegWit2x fork has been suspended indefinitely, with promoters citing a lack of consensus for the November 16 software upgrade. The fork had been proposed by a group of developers as a measure to increase the transaction capacity of the bitcoin network. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Bitcoin immediately surged to $7999 on cryptocurrency exchange Bitfinex but promptly flash crashed by more than $1,000 in a matter of minutes. (You can read all the details about the proposed fork here). Continuing on the current path could divide the community and be a setback to Bitcoin's growth.

Looking ahead to the rest of the day, it remains to be seen how the market is going to react to the news of the cancellation and it is better that the traders stay away for the short term and wait for some correction to happen, if it does. "This was never the goal of Segwit2x", the letter, signed by six CEOs, said.

As Bitcoin has risen in popularity the network has become somewhat overcrowded and transaction fees are presently tipping the scales at over $6 according to The Register.

SegWit2x is an agreement among high-profile figures in the bitcoin world aimed at upgrading the bitcoin network's capacity.

Related Articles

  • Caboche apologises for horse punch

    Caboche apologises for horse punch

    Australian Jockeys Association chairman Des O'Keeffe said he would recommend his directors oversee a code of conduct hearing. TRSA said that Caboche will be able to appeal his penalty, which is expected to commence at midnight on Friday 17 November.
    Bigg Boss 11: Beat the Heat in the Bigg Boss Rocket!

    Bigg Boss 11: Beat the Heat in the Bigg Boss Rocket!

    Bigg Boss calls everyone in the living area and tells them that they have failed the task and the prize money is zero. Instead of keeping a watch on the contestants, he went to sleep and was also seen romancing with Bandgi Kalra.
    Salvation Army Kona to Hold Red Kettle Kickoff, Nov. 16

    Salvation Army Kona to Hold Red Kettle Kickoff, Nov. 16

    Volunteers will have the chance to ring bells with the iconic red kettle at over 37 locations around Smith County this year. Each tag lists the first name, age, gender, clothing sizes, wish item, and need item of the individual you will be helping.
  • Drake to Produce 'Top Boy' Reboot for Netflix

    Drake to Produce 'Top Boy' Reboot for Netflix

    The acronym for "you only live once" was featured on "The Motto", a bonus track from Drake's 2011 record "Take Care". Before he committed to his current projects, Drake was pursued by Weinstein to star and produce The Heist .
    Kevin Owens And Sami Zayn Sent Home From WWE's Europe Tour

    Kevin Owens And Sami Zayn Sent Home From WWE's Europe Tour

    ProWrestlingSheet's report indicates that Owens and Zayn have been hard to work with lately and seem to be unhappy backstage. New Day then waited in the ring, and there was an awkward pause where the sound crew didn't play any music after the match.
    Veterans Day program is Friday, Nov. 10, at Boone Central

    Veterans Day program is Friday, Nov. 10, at Boone Central

    Today, it's a day set aside to thank and honor living veterans who served honorably in the military during war or peace. Veterans are invited to stay for a reception and conversation immediately following the ceremony.
  • Places With The Best Veterans Day Deals

    Places With The Best Veterans Day Deals

    Outback Steakhouse will be giving away a free Bloomin' Onion and beverage to every veteran and military member on Veterans Day. Veterans and active duty get a free haircut on Veterans Day or pick up a free haircut card to use through December 31.
    Christopher Plummer replacing Kevin Spacey in 'All the Money in the World'

    Christopher Plummer replacing Kevin Spacey in 'All the Money in the World'

    Paul Getty instead of Spacey, people close to the production told the Associated Press on Wednesday. His former co-stars, Michelle Williams and Mark Wahlberg , are reportedly in favor of the reshoots.
    Tons Of Prescription Drugs Collected In DEA Take Back

    Tons Of Prescription Drugs Collected In DEA Take Back

    DEA Alabama Assistant Special Agent in Charge Bret Hamilton said, "We can never be too safe with highly addictive opioids". The Drug Enforcement Agency announced a strategy to help cities dealing with heroin and prescription drug abuse Wednesday.
  • Knicks' Porzingis to sit with ankle and elbow injuries

    Knicks' Porzingis to sit with ankle and elbow injuries

    He shot 10-for-15 from the floor overall, draining four 3-pointers Tuesday. Unfortunately for the Knicks, Porzingis isn't superhuman. Porzingis has had some injury problems in his career.
    White Supremacists claim Papa John's as official pizza

    White Supremacists claim Papa John's as official pizza

    The blog post included a photo of a pizza with pepperoni slices arranged in a swastika pattern. The chain is recognized as the official pizza of the NFL.
    Self-driving shuttle in minor wreck on launch day

    Self-driving shuttle in minor wreck on launch day

    It uses Global Positioning System , electronic curb sensors and other technology to make its way. It has an attendant and computer monitor, but no steering wheel and no brake pedals.