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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
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  • (Score: 2) by The Mighty Buzzard on Friday November 10 2017, @08:46PM

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Friday November 10 2017, @08:46PM (#595337) Homepage Journal

    We accept it here because you can reliably and instantly convert it to more easily used currencies. If we had to touch BTC our taxes would suuuuuuck for our poor CPA.

    --
    My rights don't end where your fear begins.
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