The jury has come back with a no verdict for the proposed Segwit2x hard fork and they've officially stuck a fork in it! It was only going to be about 8 more days until the BTC blockchain was scheduled to split and bring loyal BTC investors a new bag of coins at a 1 to 1 ratio to their current holdings.
What was the original point of the fork in the first place?
Well, developers and supporters proposed that the fork would offer a new chain with an increased block size which could create cheaper transaction costs and allow the chain to scale more easily.
The SegWit2x fork should have increased the block size to 2 megabytes. This change could have helped when it comes to bitcoin scalability.
But it has always been a controversial change and many bitcoin companies have not actively supported the move. So many feared that this fork could have split the community into two branches.
I think it is logical to come to the conclusion that splitting the BTC community into two camps could have extremely dangerous repercussions and could end up doing long lasting damage to cryptocurrency markets overall.
“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together,” the note says. “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.”
To me, all this says is that these guys had ambitious plans and they simply weren't strong enough to push this massive fork through in a way that would end up benefiting them and the Bitcoin community as a whole. Messing with BTC ain't as easy as you may think it would be. Even if you are backed by wall street and central banks...
They all met in person earlier this year in New York to agree on this two-part plan. The first part was a bitcoin update called Segregated Witness. This soft fork already happened back in August.
Data is stored differently with segwit in each block. This change improves the transaction capacity of the blockchain. Ultimately the changes that took place in August created a faster and better BTC. Furthermore, the Lightning Network has now been implemented doing even more to benefit the blockchain.
Lightning Network are now also possible thanks to SegWit. Lightning Network is a sidechain implementation that could solve many of bitcoin’s scalability issues. Instead of routing every transaction through the blockchain, transactions between two addresses could happen on a sidechain and you could settle those transactions every now and then with the main blockchain to ease the load.
So what we are left with is one half of a two part plan. We keep the tech upgrades and put the proposed new Segwit2x coin in the bin. I think these guys have made the right choice. As much as some people want to beat BTC at their own game, this just wasn't the way to do it. For all we know this could have caused a civil war and people may have just decided to dump their BTC for fiat or even worse, pick a competitor like Ethereum...
What do you guys think about all this hoopla? Is this a good result to a long and confusing process. Do you think the original idea was a good idea in the first place?
Please leave thoughts and feedback below!
Source:
SegWit2x backers cancel plans for bitcoin hard fork - TechCrunch
Good news :)
Thank Satoshi, the last thing wee need around these here parts, is another fucking shitcoin!
Totally agree with You ;)
Ha ha, thanks!
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[steemit](https://steemit.com)Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.So glad it was cancelled bitcoin need to settle and not be disrupted by some cray developers
I agree with this. Mainstream needs a bit of stability in order to convince them to dip their toe in this market a bit!
Bitcoin devs really need to work on a better way to come to consensus. It is not healthy to continually have contentious fork conversations multiple times per year. Things need to change if BTC is to become what we all hope it will!
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segwit 2x was a banskser takeover ploy proposed by some very very nasty critters who we as crypto fans are trying hard to stay away from
Does that mean that the other crypto-currencies will start soaring again and BTC price will fall?
It isn't bad for altcoins based on the green flags everywhere!
I don't see the need for a bunch of different bitcoins. If the idea is good enough make an alt coin.
Bitcoin prices dropped but relative to % it did not look like it crashed. Not to say it will not but this to me is a relative sign the majority of bitcoin holders have the same opinion as you. Where not having the fork is not the worse thing to happen with bitcoin.
I don't know why but I'm happy Just Because my altcoin VTC is way up!!!!!
great job.
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The people who want the free bag of new coins probably don't care about bitcoin long term health. It's just make money and dump it.