Segwit2x Cancelled: Bitcoin Has Cleared All Obstacles

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Today brought some very enlightening news from Mike Belshe, the CEO of BitGo, Inc. and five other prominent supporters of the Bitcoin Segwit2x Proposed Hard Fork. These six individuals announced that the hard fork effort is suspended indefinitely, and the proposed hard fork is cancelled.

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This information was released in a publicly available email message from these six individuals. Francis Pouliot on Twitter wrote:

Segwit2X died the same way it was born: an edict signed by an elitist group of distant CEOs following a closed-door agreement.

The fact that the fork was cancelled through an email message sent by six CEOs gives a lot of information on how the fork was organized.

Months of Controversy are Over

The fork brought stark division and feud in the Bitcoin community, which weakened Bitcoin for a period of time. With the Segwit2x Fork gone, it looks like Bitcoin has conquered all nearby obstacles. Now, we must move onto conquering the true opponents:

  • Censorship
  • Authoritarianism
  • Centralization
  • Fiat

and work to make Bitcoin a more decentralized system for us all.

The writers of the email message cancelling the hard fork wrote:

Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.

Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.

With fork troubles gone, development will continue on Bitcoin Core and the Lightning Network. If the Lightning Network gets successfully implemented, it would lead to an almost complete lack of fees and instant confirmations on the network.

The Final Blow

Many believe the final blow to the 2x fork was Bitcoin pioneer Nick Szabo adding the NO2X tag to his Twitter account name, as shown to the right.

Szabo also retweeted a quote criticizing the lack of replay protection on the fork, from his Twitter account. With so much opposition and polarization, the six main spearheads of the 2X campaign decided it was too much to handle.

Additionally, Reddit users ran scripts to find that a surprising majority of nodes signaling for the hard fork were running on cloud computing servers such as Amazon's EC2 (presumably bought with money).

Conclusions

Thankfully, no hard fork means a sigh of relief on many accounts. We don't have to worry about replay protection or coin splitting in the near future, and this provides an opportunity for our community to reunite once again.


Thanks for reading,
@mooncryption

image sources: 1, 2, 3

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I'm not too sure any obstacles have been cleared just yet. There are currently 45k+ unconfirmed transactions in the mempool and fees are still high. I still can't believe that so much BS was spread over a measly 2mb upgrade.

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Users, nodes, and miners should start switching to SegWit blocks and SegWit support for added benefits (for example Electrum 3.0 added support for all-new SegWit addresses, which seem to have boosted my confirmation time).

Once the Lightning Network gets implemented and SegWit gets more widespread usage, I expect this problem to start clearing up.

People were definitely not mad with some intrinsic evil in a block size upgrade. In fact, I think a 2 MB upgrade will eventually be required if work doesn't get on. However, they didn't like how "shady" or "centralized" the movement was.

@LiThiuMElectro on Reddit said:

Yup a lot of people including me are for bigger blocks, but with consensus and good implementation. You have to be stupid to think that a bigger block is not needed, just not like they have done it and with a hard fork.

People are not cheering forth the death of the big block project, they are cheering because these shady individuals lost their battle. Now we can have Segwit across the board, and people working on LN and core devs working on a consensus on bigger blocks.

It's going to be really interesting to see how this affects the markets this week. I already transferred some BTC back to Steem and ETH. Love this crypto community.

rsz_1rsz_motivation.jpg

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Altcoin growth has been suppressed lately, I also think that altcoins like Steem have quite a chance to rebound this week!

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Let's gooo! I'm ready!

rsz_1rsz_motivation.jpg

it is a good news for most and the community wont split up but lot of volality is expected.. it went to a all time high of $7800 to $7000 in one hr... now at $7300 while i write this

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That's from the clash of two different groups:

  • new investors buying back in because 2X is cancelled
  • some investors selling because 2X was cancelled

The second group only bought in because they wanted access to some "free" coin airdrop. After they sell back into altcoins, I think altcoins like STEEM will start soaring once again.

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i really hope for STEEM to go higher soon... IOTA, Cardano, Neo saw a good surge today after this news

I heard there was a bunch of pseudo nodes on aws to make the network look more robust...gossip?

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People on /r/bitcoin allegedly made "scripts" that found out how many Segwit2x-signalling nodes were within Amazon AWS's IP Range.

They counted the percentage of nodes in this category and gave very large estimates ("more than 90%"). I'm not sure how valid these estimates are because I haven't verified the PHP code, but the script does show that currently at least 80% of the nodes are from AWS.

This could just be gossip/propaganda but since the script is open-source and availably publicly, it's easy for anyone to verify if these stats are true.

Calling @originalworks :)
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Nice, you got a 48.0% @peaceandlove upgoat, thanks to @mooncryption
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The @OriginalWorks bot has determined this post by @mooncryption to be original material and upvoted(1.5%) it!

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Im surprised bitcoin seems to be holding its own still? i expected a large drop of

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Fortunately, Bitcoin's doing quite well :) Altcoins should start rising too.

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Nice one :)

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That website is a well-known scam. You're wasting your time, and your reputation score's about to take quite a plummet unless you stop spreading links to scams like that.