Bitcoin Civil War Averted.....Time To Celebrate? (гражданская война предотвращена)
It was just announced a little over an hour ago that the Bitcoin SegWit2x fork isn't going to happen next week. Some of the major players decided that there wasn't enough consensus and that it could cause huge issues. The scaling debate continues and it is clear that the network is bogged down. At this point I'm wondering if SegWit which rolled out in August will stay in place but basically 2x won't be implemented which would have increased the block size from 1mb to 2mb.
We will see going forward if they can reach and agreement on how to scale Bitcoin. Somewhat of a surprise to me is that Bitcoin Cash is selling off pretty hard while other alts are surging. I would think that Bitcoin Cash would stay around the same or even go up considering it is the main fork that will survive and it has lower fees and larger blocks. I'm assuming it is because people feel that the original Bitcoin won't get torn in two and be further crippled.
Here are a couple of the tweets and also the original e-mail that went out announcing there is no fork for next week.
— Charlie Shrem (@CharlieShrem) November 8, 2017
— Charlie Lee (@SatoshiLite) November 8, 2017
Segwit2x hardfork has been called off! Common sense prevails. Let's now work together towards scaling safely. We may need something like a 2x hardfork in the future, but let's do it when there's consensus and not rushed. 🚀
(Removing my NO2X tag now.) 😀 https://t.co/FuaUy2Kzex
There is a battle raging with the Bitcoin price right now. I honestly feel like it is a bullish signal. There will be some profit taking and some surge back into alts but I could still see Bitcoin hitting $8,000 this surge. Time will tell!
Is everyone glad the fork isn't happening or do you think it would have been better for the crypto community?
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