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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
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(Score: 2) by Fnord666 on Friday November 10 2017, @05:03PM (4 children)
In what way?
(Score: 1, Insightful) by Anonymous Coward on Friday November 10 2017, @05:21PM (3 children)
Pyramid may be closer to the facts than Ponzi.
Bubble may be closer still.
They all have idea that new investors fund returns for previous investors.
Ponzi seems more central control.
Pyramid seems more active work of current investors to find new blood.
Bubble seems more self inflating. Each new investor comes on his own.
Mr. Madoff's area of expertise might be in how far one of these can go before it won't go.
For BC to be a real success, it needs to keep going long enough to become actually useful.
The speculation is not helping this.
(Score: 3, Insightful) by bob_super on Friday November 10 2017, @05:47PM (1 child)
It fits bubble nicely. The people who have invested in it refuse to acknowledge all signs that there is a value realization problem, and keep pushing the prices up.
When you ignore all the red flags, and dismiss all the friendly advice from people trying to protect you, that typically ends with bruises...
(Score: 0) by Anonymous Coward on Sunday November 12 2017, @07:22PM
all business will go on distributed ledger tech of some kind eventually. every drop of water and electron that goes through the pipes and wires. every apple and egg in the store. this is early days for crypto, adoption wise. bubble or no bubble. overall this is just the beginning and that's what matters if you're a hodlr.
(Score: 2) by cykros on Monday November 13 2017, @04:31PM
If anything it has gotten less useful as more interest has arisen in it. I used to occasionally use it as a currency at high points, either to pay for VPN services or get delivery food on Foodler, but with the rising interest and valuation the fees have gotten to a point where you start questioning your sanity if you're using it as anything but an investment tool (and a high risk one at that.)
Ethereum I'm a little more hopeful for. Currency utility or not, the whole distributed Turing machine aspect of it strikes me as a very promising idea.