NO2X wins: SegWit2x cancelled

SegWit2x has come to its logical end after storms of discussion in the cryptocurrency community. Holders and even, as with the case of Charlie Lee, founders of altcoins had a few words to say as well, because Bitcoin serves as a locomotive for all other cryptocurrencies and plays a big part in building of the reputation of the whole phenomenon.

According to the statement posted online, the update has been postponed indefinitely, and the primary reason for this is not some glitch, but rather, the lack of consensus amongst the community the update developers do not intend to harm. Previously, some considered SegWit2x to be a corporate conspiracy, but now it looks like it was not.

The authors of the statement — Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees — hope that when the need for SegWit2x becomes obvious enough for everyone in the community, they will introduce it again and increase the size of the block in the BTC network.

The price of Bitcoin, quite reasonably, started to grow after the message was posted — and it hit another all-time high of $7900, partly confirming what Sheba Jafari predicted about the overall trend. If someone thought $7500 is a cap and sold everything at that point — well, we all make mistakes. This protocol update, one of the hot topics of this autumn, was a mistake from the start as well, as it has caused nothing but turmoil in the community.

First comments on this are already being voiced. For example, financial analysts from FxPro explain:

“On one hand, people claimed this hard fork would change the EDA rules that allowed to manipulate the market using the Bitcoin Cash mining difficulty. The opponents of this fork insisted that SegWit2x developers did not implement security against repeated transactions. And the third group offered to support both the original [B1X] chain, the 2X chain and the new PoW-based blockchain, too. Meanwhile, investors bought Bitcoin Cash that has increased by 89% from $336 to $635.

After this news, Bitcoin Cash has dropped to $594, but then it managed to regain some values. As soon as the hype fades, we can expect the drop of Bitcoin Cash, the stable Bitcoin and the return of demand for altcoins.”