In news out within the last hour, it was reported that the controversial SegWit2x proposal has been put on ice.
The announcement came via email from the CEO and founder of BitGo, Mike Belshe.
Stating this:
"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 would divide the community and be a setback to bitcoin's growth. This was never the goal of SegWit2x."
The proposal was set to increase the block size by way of a software upgrade in order to help the currency better scale.
At first it garnered serious support, but lately had been seen as increasingly controversial.
The group still hopes that the block size will be increased further at some point down the line, once there is more agreement from stakeholders.
However, until that time period, the current proposal has been suspended.
More on it can be read below:
"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. Unfortunately, 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. ... We are suspending our plans for the upcoming 2MB upgrade."
https://www.forbes.com/sites/laurashin/2017/11/08/bitcoin-hard-fork-called-off-averting-major-disruptions-and-turbulence-in-cryptocurrency/#12987d355303
Good news in the short term!
Overall I think this is great news as it avoids a potential catastrophe if they tried to go ahead with the software upgrade without having full support.
It also sets a precedent going forward that they will not do anything without first getting the approval of the overall bitcoin community.
Both good things in my opinion.
Also check out the price action of bitcoin:
The price of bitcoin seems to like the news as well as it made a charge all the way to $7900 within minutes of the news breaking.
Stay informed my friends!
Sources:
https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/
Image Sources:
https://www.radiotnn.com/dho-peshawar-suspended-over-irregularities-in-appointments/
https://www.coinbase.com/dashboard
