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Bitcoin SegWit2x Fork Cancelled, Prices Surged... and Sagged

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

An Anonymous Coward writes:

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.

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Original Submission

 
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  • (Score: 3, Insightful) by bob_super on Friday November 10 2017, @05:47PM (1 child)

    by bob_super (1357) on Friday November 10 2017, @05:47PM (#595224)

    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...

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  • (Score: 0) by Anonymous Coward on Sunday November 12 2017, @07:22PM

    by Anonymous Coward on Sunday November 12 2017, @07:22PM (#595973)

    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.