BREAKING NEWS: Segwit2x Canceled

BREAKING NEWS: Segwit2x Canceled

Wednesday November, 8 2017 17:23 UTC
by Gene Cotillo for Coinstaker.com

According to a post by Mike Belshe, the CEO of the BitGo Inc., the Segwit2x hard fork has been canceled.

This comes as complete shock and surprise to everybody in the Bitcoin community and within the financial sector as a whole. In his post on the Linux Foundation’s website, Mr. Belshe reiterated the fact that that the purpose of Segwit2x was only to help improve Bitcoin’s functionality by increasing the block size. He said that it was never intended to cause strife, heated debate, or any other sort of negative repercussions.

He said the goal was only to have a smooth upgrade for Bitcoin. He also stated that the Linux Foundation strongly believes in the need for a larger block size. However, he said, more importantly, was keeping the community together and he felt that continuing on the current path would be a setback to Bitcoin’s growth and the overall future of the crypto world. He believes, in the near future, a solution will have to be found to increase the block size to help with the congestion that the Bitcoin network is currently experiencing. When that time comes, he states that he sincerely hopes that the Bitcoin community can come together to find the solution and until that time they are suspending their plans for the upcoming 2 MB upgrade.

He goes on to thank everybody in the community, whether in favor of or against the upgrade, and finishes by saying that “Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.”

The document assigned by Mike Belshe, winces Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees. The short letter was posted on the Linux foundation.org mail list and can be found here.

It was posted a mere 25 minutes ago, at the time of this writing with a time stamp of Wednesday, November 8 at 16:58:41 UTC 2017.

Bitcoin’s Future Outlook: Stronger Than Ever

Whether or not you are for or against the 2mb upgrade plans that the Segwit2x hard fork would have brought into existence, does not matter. What matters most is this: That Bitcoin itself and the very core principles for which it stands were put before one groups need to see their ideas realized. I think the lesson the can be learned here for everybody Bitcoin community, as well as all other all coin communities, is that if we let an idea that is passionate to us rulers thinking, sometimes we can forget the bigger picture. While it is no argument that something needs to be done to relieve the Bitcoin congestion, the exorbitant fees, and the length the time it takes to receive your money, it is not worth risking Bitcoin as a whole for a quick fix.

While many of you are probably hoping to receive some free money out of the deal, I wouldn’t worry quite just yet. I wouldn’t empty your Bitcoin balances from the exchanges where your hoping to benefit from the double coin windfall. In fact, I would begin starting to plan some trading strategies. The price of Bitcoin has had all-time highs within the last few days, and is expected to climb even higher.

How high will Bitcoin climb?

According to most financial experts, (and we are talking about experts from Wall Street, the financial sector, and other reliable and reputable sources), Bitcoin has no choice but to eventually reach over $1 million per Bitcoin within the next three years. We might even see Bitcoin hit a high of $10,000 by the end of this year.

The strength of the Bitcoin community is what is most important those who have been supporting Bitcoin from the beginning those who are just now getting into the Bitcoin sphere and those who have yet to enter the community are the future of the community. As the old saying goes, “United we stand, divided we fall.”

Let us never forget that.