Mike Belshe has published a blog post indicating that the planned Segwit2x hard fork will not be taking place. The markets have responded dramatically, with the price quickly setting a new all-time high of approximately $7900 USD.
It Has Been Revealed That the Segwit2x Fork Will Not Take Place
Bitgo CEO, Mike Belshe has published a post indicating that the contentious Segwit2x hard fork scheduled for this month will not occur due to a lack of community support.
The post states that “the Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners.” Belshe adds that “Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation.”
Belshe states “our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.” Belshe concedes “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. This was never the goal of Segwit2x.”
The Markets Have Responded With a Dramatic Surge Into New All-Time Highs
<img src="https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-300×300.jpg" alt="Breaking News: Segwit2x Fork Cancelled" width="300" height="300" srcset="https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-300×300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-150×150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-768×768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-696×696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204-420×420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2017/11/shutterstock_197351204.jpg Read More Here