In less than eight days Bitcoin network market participants were ready for the planned Segwit2x fork, canceled yesterday. Now cryptocurrency proponents everywhere are expressing opinions about the Segwit2x plan in general, and the working group’s decision to give up on forking the protocol.
Segwit2x: Failing to Build Sufficient Consensus
It all started back in May when the venture capital firm, Digital Currency Group, announced the Segwit2x plan, which would activate Segregated Witness (Segwit), to be followed up three months later with a 2 MB block size increase. Segwit was activated this past August by a vast majority of miners, but following the implementation, the 2 MB hard fork became ‘controversial.’
Up until the day before yesterday, according to Segwit2x’s lead developer Jeff Garzik, the project was “full steam ahead.” However, on November 8, on the projects’ developers mailing list, Mike Belshe (Bitgo), Wences Casares (Xapo), Jihan Wu (Bitmain), Peter Smith (Blockchain) and Erik Voorhees (Shapeshift) revealed the team could not “build consensus.”
Social Media and Crypto-Focused Reddit Forums Erupt
Immediately following the announcement, social media and bitcoin-centric forums erupted with people’s opinions about the canceling of Segwit2x. The entire front page of the Reddit forum /r/bitcoin was littered with tweets from bitcoin luminaries like Charlie Shrem, Francis Pouliot, Jameson Lopp, and more. For instance, one such post highlights bitcoin developer Peter Todd’s statements, who mentions the six signatories left on the announcement email stating:
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