No More 2x: Bitcoin Hard Fork Cancelled Due to Lack of Consensus

It’s official, no more hard fork.

Revealed today, organizers and developers behind the controversial bitcoin scaling proposal, Segwit2x, are temporarily suspending the official integration of the software upgrade.

Broadly speaking, the general purpose of Segwit2x was to increase bitcoin’s block size at block 494,784, which was to occur on or around November 16th. However, due to lack of agreement and consensus within the bitcoin community, the team behind the 2x proposal has decided to suspend the blockchain’s official upgrade.

The announcement was made earlier today by Mike Belshe, CEO of BitGo and central leader of the Segwit2x project. In an email, Mike claimed that the scaling proposal is simply too controversial to move forward.

He stated:

“Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus fora clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

He then added:

“Until then, we are suspending our plans for the upcoming 2MB upgrade.”

Mike Belshe Announcement Email

The email announcement was also signed by other members and companies that originally supported the upgrade proposal, such as Xapo CEO Wences Casares, Blockchain CEO and co-founder Peter Smith, ShapeShift CEO and founder Erik Vorhees, and others.

Nonetheless, while the block-size increase proposal has been delayed, there is still hope that a similar protocal change will occur in the future. However, this will only happen once bitcoin’s community and stakeholders arrive upon an agreeable, logical, and beneficial network upgrade.

More of this developing story coming soon.

Conclusion

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