Bitcoin Segwit2x Hard Fork Called Off, Bitcoin Surges to $7900
Bitcoin2X or Segwit2X which was expected to occur on or around November 16th at block 494784 has been called off, This fork was supposed to increase the block size from 1MB to 2MB. The organiser of a controversial bitcoin scaling proposal has cancelled the attempt to increase the block size.
According to the report from Coindesk, The Suspension was announced over the email. Mike Belshe, CEO and Co-founder of Bitcoin Wallet BitGo, One of the team member and leader for the Fork Segwit2X, He said its very much controversial to move ahead with the fork.
Unfortunately, it is clear that we have not built sufficient consensus for
a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.
He also added, “Until then, we are suspending our plans for the upcoming 2MB upgrade,” Other who supported the plan have also acknowledged the suspension. The group still gave a hint of meeting again in may 2018, with a hope to increase the block size after the more stakeholder agrees to it.
Litecoin CEO, Civic CEO and many other showed their protest of social media of cancelling the Segwit2X. They added No2X showing protest to Segwith2X. Immediately after this news, bitcoin surged to $7909.
Meanwhile, see the tweets on suspension by popular blockchain adapters,
— Charlie Shrem (@CharlieShrem) November 8, 2017
Vinay Lingham replied:
Agree that Segwit2x does not have sufficient consensus across the Bitcoin community to proceed with the block size upgrade and hereby endorse the agreement to suspend it. https://t.co/ubVbORyMbn
— Vinny Lingham (@VinnyLingham) November 8, 2017
Charli Lee Lite Coin Creator Tweeted
Segwit2x hardfork has been called off! Common sense prevails. Let's now work together towards scaling safely. We may need something like a 2x hardfork in the future, but let's do it when there's consensus and not rushed. ?
(Removing my NO2X tag now.) ? https://t.co/FuaUy2Kzex
— Charlie Lee (@SatoshiLite) November 8, 2017