Stories
Slash Boxes
Comments

SoylentNews is people

posted by martyb on Friday November 10 2017, @01:38PM   Printer-friendly
from the three-tine-fork dept.

news.bitcoin.com reports that the proposed blocksize increase to 2MB from 1MB of the SegWit2x fork of Bitcoin has been cancelled.

The post states that "the Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability.

[...] [Bitgo CEO, Mike ] Belshe predicts that "as fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade."

The term "SegWit2X" is a combination of "Segregated Witness" which offloads some of the transaction data from the blockchain leading to smaller entries and "2X" refers to doubling the block size. More background at Explainer: What Is SegWit2x and What Does It Mean for Bitcoin?.

They further note that the prices surged by more than $500 in the first hour after the announcement and hit a new high of $7900 per coin.

But, as of this being written (2017-11-10 02:50:00 UTC), the price of a bitcoin is back down to $7,254.56.

Related:Will This Battle For The Soul Of Bitcoin Destroy It? - SoylentNews
Saudi Prince Predicts Demise for Bitcoin


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2) by fishybell on Friday November 10 2017, @04:14PM (3 children)

    by fishybell (3156) on Friday November 10 2017, @04:14PM (#595166)

    This is why I invest in DogeCoin. The only coin where the purpose is more important than the value.

    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 0) by Anonymous Coward on Friday November 10 2017, @04:26PM (2 children)

    by Anonymous Coward on Friday November 10 2017, @04:26PM (#595170)

    Didn't you lose it all recently?

    • (Score: 0) by Anonymous Coward on Friday November 10 2017, @08:04PM (1 child)

      by Anonymous Coward on Friday November 10 2017, @08:04PM (#595307)

      No, Dogecoin still has the same value it has always had!

      • (Score: 0) by Anonymous Coward on Friday November 10 2017, @09:55PM

        by Anonymous Coward on Friday November 10 2017, @09:55PM (#595365)

        Its market cap is $133,610,547 or 20,246 BTC [coinmarketcap.com] right now.