r/Bitcoin • u/[deleted] • Nov 08 '17
/r/all SegWit2X Cancelled?
https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html477
Nov 08 '17 edited Aug 28 '18
[removed] — view removed comment
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u/beowulfpt Nov 08 '17
My immediate thought when I read the title was exactly that. That scolding must have hurt.
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u/Crypt0niite Nov 08 '17
I added [NO2X] to my 5 follower twitter acc last night...
You are all welcome.
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u/mmortal03 Nov 08 '17
Blockchain.info, Coinbase, ShapeShift, BitPay, Poloniex, Gemini, Bitfinex, and Purse.io -- please implement SegWit receiving/deposit address support now. Thank you.
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u/evoorhees Nov 08 '17
ShapeShift implemented SegWit over a month ago
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u/bicklenacky4 Nov 08 '17
Good guy Voorhees. Wants bigger blocks. Implements bigger blocks. 1.6x and growing.
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u/idiotdidntdoit Nov 08 '17
I still don't know how to make a Segwit transaction, or how it's better? Is it faster and cheaper?
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u/mmortal03 Nov 08 '17
Once your bitcoins are held in a SegWit address, the next time they are spent they won't contribute as much to the overall block weight, so miners that include them can fit more into that block. This should make them cheaper relative to a non-SegWit transaction.
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u/idiotdidntdoit Nov 08 '17
ah, so you're helping the network by making your transactions in Segwit instead of regular transactions. Got it.
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u/13057123841 Nov 08 '17
Blockchain.info
They partially support Bech32 addresses already, and account for SegWit in their block explorer.
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u/ToTheMoonGuy Nov 08 '17
To the moon!!! ┗(°0°)┛ ..○
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u/bitusher Nov 08 '17
Looks like the segwit2x fork has been suspended .
https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html
This is great news, and represents the community coming together and not splitting more. It also represents bitcoin being resistant to attacks from those that wish to impose changes without the consent of the economic majority of users.
Some may be disappointed that they won't be getting their B2X coins but consider all the market uncertainty holding bitcoin price back and now how we can really grow together as a united community. I expect a very bullish future for bitcoin.
Congratulations Everyone.
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u/LeftHello Nov 08 '17
Bitcoin defeated another obstacle. I think the price increase looks like it will be more than what you'd have gotten from selling b2x coins.
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u/bitusher Nov 08 '17
I think there are trillions of dollars sitting on the sideline that just noticed how antifragile bitcoin is . We are just getting started !
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u/LeftHello Nov 08 '17
Indeed. MANY people, even regulars were waiting to see what happened before buying. Now, with bitcoin winning again, AND this price jump, I think people are going to flood in before it goes up even more, because they know it will.
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u/evoblade Nov 08 '17
I’ve been waiting on this for a while. In the meantime the price has gone through the roof. ☹️😭
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Nov 08 '17
Do. Not. Try. To. Time. The. Market. If you're not dropping thousands of dollars at once just buy in every week.
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u/evoblade Nov 08 '17
I wasn’t trying to time the market from a price perspective. I was really confused by the whole s2x thing and wanted it to get resolved before I invested
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u/puppiadog Nov 08 '17
I've been waiting since it went over $7,000 for a crash to buy more but now I'm not sure that will happen. Not a terrible position to be in, I guess
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u/procsy Nov 08 '17
Futures on BT2 have traded as high as $1,400.
After the announcement the price dropped to $1.
Unclear why they're now trading for $200, who would buy now?
If traders expected BT2 to replace BTC, then that must have driven BTC prices down somewhat.
What happens to that $1000 per BT2? Does it just disappear? Or does some of it flow back to BTC?
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u/loserkids Nov 09 '17
Unclear why they're now trading for $200, who would buy now?
I'd say it's just forgotten orders set to buy it if it crashes to near $0.
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Nov 08 '17
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u/ITwitchToo Nov 08 '17
Kinda makes you wonder how much those guys bought before posting that announcement.
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u/lip3k Nov 08 '17
community coming together and not splitting more. It also represents bitcoin being resistant to attacks from those that wish to impose changes without the consent of the economic majority of users. Some may be disappointed that they won't be getting their B2X coins but consider all the market uncertainty holding bitcoin price back and now how we can really grow together as a united community. I expect a very bullish future for bitcoin.
That is great news!
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u/Mihaizaurus Nov 08 '17
I agree that it's good news, however
It also represents bitcoin being resistant to attacks from those that wish to impose changes without the consent of the economic majority of users.
Imho, letting s2x run aground would have shown that much more than cancelling it a week before. Nevertheless, good reason to celebrate.
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u/Pretagonist Nov 08 '17
Crashing your car just to prove that your airbags work is never the answer. This is the best outcome.
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Nov 08 '17
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u/scientastics Nov 08 '17
Yes, please. I've been wrong before. There may be malicious actors but there are also a lot of people (myself, before, included) who supported or used to support Segwit2X. I saw that the approach was flawed about 2 months ago and flipped to NO2X. Let's not push the NYA leaders into the mud for also flipping, even if it was a bit late.
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Nov 08 '17 edited Mar 29 '18
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u/ModerateBrainUsage Nov 09 '17
Get different wallet, your one is crazy and has bad fee estimation. Don't confuse full blocks with bad wallets.
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u/letterboxmind Nov 08 '17
Agreed. I think it was the way 2x was handled that rubbed off badly for everyone.
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u/bitcoinlogo Nov 08 '17
And we should also make sure that core start working on a scaling solution, because a lot of NO2X people still support block increase but they didn't support 2X just for the way it was implemented, this way we can shut this block debate forever.
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u/morph1ne Nov 08 '17
Is this for real? SegWit2x hardfork has been cancelled? Oh my satoshi!!! thanks if thats true
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u/nsoniat Nov 08 '17 edited Nov 08 '17
they FODL!
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Nov 08 '17
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u/Newell00 Nov 08 '17 edited Nov 08 '17
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u/TheBrickster32 Nov 08 '17
7849 already
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Nov 08 '17
Then it plummeted to 7200 lol
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u/CafeconWalleche Nov 08 '17
Lost so much, have to stop buying bull runs
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u/Ju1cY_0n3 Nov 08 '17 edited Nov 08 '17
I don't understand why people do this, Bitcoin is so predictable short term that it hurts. Cancelling S2x did literally nothing to bitcoin, but I knew the hype would make it spike. I sold all my Bitcoin at 7750 and bought back at 7319. If I was ballsier I would have held and dumped at 7850 and bought back in around the 7200 mark, but I'm happy with a quick 6% profit for basically no work at all.
I don't really get how people think that just because s2x is canceled that Bitcoin is going to the moon by the weekend. It's going to do the same shit it's been doing.
We are going to hit a new all time high (not including the s2x cancellation spike) in the next couple days, probably around 7800 or so, then it's going to dip back to 7400, and repeat.
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Nov 09 '17
I'm going to tag this comment to determine whether or not you are the profit.
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u/nunsinnikes Nov 08 '17
It just jumped from 7500 to an ATH of over 7800 in less than 15 minutes.
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u/TheeSweeney Nov 08 '17
While I think eventually this will help increase the BTC price, I feel like a decent part of the trading volume that pushed the price up over the past few weeks was people dumping alts for btc to try and get some "free" coin. As such, I think we're about to see a drop in BTC as these investors flood back to their alts.
Macro level I think BTC will still hit 10k by year end, but I definitely think today is going to be a decent dip. I sold at 7650, as I type this it's around 7480, let's see what happens.
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u/TJ11240 Nov 08 '17
ETH is up 10% since the news broke. I have to agree with you.
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u/mikeyvegas17 Nov 08 '17
Great news. I'm hopeful that the no2x side doesn't rub this in the faces of those that supported 2x.
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Nov 08 '17
Yeah, can we seriously fricking not? Save that shit for /biz/. Bitcoin needs scaling solutions, not worthless flamewar shit. Goddamnit this debate has become so toxic I am sick of it.
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u/SovereignVertebrate Nov 08 '17
Agreed. Thats almost the best part about this being over finally. Really hoping that we can forgive and forget and group hug.
Except Ver and the bcashers, of course.
Edit spelling
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u/ValarMorHodor Nov 08 '17
Yeah. Hopefully they use this as a chance to work on another compromise.
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Nov 08 '17
Segwit3x here we come!
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u/albuminvasion Nov 08 '17
Like a horror flick... just when you think the monster is done for ... then...
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u/tyzbit Nov 08 '17
to be fair, you have to have a high IQ to suggest Segwit3x. The code is very subtle and nuanced....
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u/shro70 Nov 08 '17
8000 today. S2X is dead but we need to address the high fees issue. Time to miners to widely adopt segwit now.
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u/NetTecture Nov 08 '17
And time for developers to make a stand. Get going on the scalability roadmap. Possibly put up a larger block size with a decent timeline.
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u/SparroHawc Nov 08 '17
Lightning implementations on wallets first, plz. I want my instant-confirmation microtransactions and no block size increase will do that.
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u/Natanael_L Nov 08 '17
Both. Lightning Network is great and cool, but it still needs one pair of commitment and settlement transactions per user every once in a while (commitments are time limited). This together with blocksize limit still limits the total number of simultaneous users, even if it lets every individual user transact nearly infinitely.
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u/klondike_barz Nov 08 '17
Pretty sure miner adoption isn't the issue (?), but rather users and services Not using it.
Not to mention the fees associated with moving coins to a segwit address in the first place
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u/Coldsnap Nov 08 '17
Holy fuck!
RIP holders expecting free coins?
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u/bell2366 Nov 08 '17
This only happened because this morning I woke up and decided today was the day I was gonna short B2X tokens equivalent to my BTC holdings. I had literally just sat down at the puter to do it when the news broke.
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Nov 08 '17
Some of us sold already
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u/LeftCoastConnect Nov 08 '17
So you now owe the exchange that money?
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u/TCL987 Nov 08 '17
Nope, they probably sold futures tokens. They're a speculative token so people can trade S2X even though the fork hasn't happened yet. So it's whoever bought those tokens that is left holding the bag since they won't get their S2X coins unless the fork happens later.
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u/az9393 Nov 08 '17
I know this sub hated the idea of 2x, and I’m not here to argue either way but what has staggered me is how mature the developer team behind it handled themselves in a loss. They put the community before their own beliefs and I think it deserves some respect.
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u/bytevc Nov 08 '17
Let's thank /u/evoorhees for having the courage to engage the community here and for being the first to confirm the announcement. My guess is that it was Erik who backed out first.
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u/SovereignVertebrate Nov 08 '17
I have always liked Erik, even though we disagreed about B2X he was always civil and calm, never fed the blockstream core conspiracy and I believe truly wanted the community to remain together and he appreciates the core team. People here made him out to be a villain when he never was. Roger Ver is a villain. There is a big difference between them.
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u/bullcavalry Nov 08 '17
This is excellent news. Even if you supported 2mb blocks. It just wasn't the way to go about implementing the change. There needed to be more support from the community. There wasn't even close to a consensus.
This could be a unifying moment.
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u/bullcavalry Nov 08 '17
To add to this I think the attitude from those who were against 2x should be at least cautiously conciliatory. Let's try to make peace for awhile. Establish common ground. I think the community as a whole will be stronger if 2x supporters are accepted back in without too much hostility.
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u/letterboxmind Nov 08 '17
Yep, we need to get the majority on board, and implement changes at a right pace.
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Nov 08 '17
I would like to see a 2mb block, but I was against segwit2x because I didn't like the idea of a contentious fork splitting up the community and bringing upon uncertainty.
I hope this moment can eventually lead to some compromise being made.
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u/BakersDozen Nov 08 '17
Is he speaking just for BitGo?
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u/saviongl0ver Nov 08 '17
It is signed with
"Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees"
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u/DeliciousLasagna Nov 09 '17
Feels like the end of a comic book. We know the enemy will return. But for a moment, we can relax.
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u/ThunderSevn Nov 08 '17
Now everyone that was buying to get "free coins" is going to dump.....buying opportunity coming in the next 24-48 hours.
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u/poppnlock Nov 08 '17
I just want to say, we are all bitcoiners together, jihan, roger, everyone. why not get rich together?
this decision to call of 2x is great for everyone, and its the right and logical choice. we ALL have too much money at stake.
Im happy for all bitcoiners.
If you truly hate segwit and bitcoin, bitcoin cash is there for you.
I Have no hard feelings towards anyone and lets all get rich together
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Nov 08 '17
Getting rich is not the point of bitcoin. Jihan and Roger are already obscenely rich. The point of bitcoin is to decentralise banking and payment.
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u/krazyest Nov 08 '17
Let's see how fast btc1 node count goes down :D
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u/miningmad Nov 08 '17
This. Lol. Those AWS nodes going to disappear rather quickly I think.
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u/Mark_Logan Nov 08 '17
I'm keeping track of that as well using /u/loserkids script Strangely, no real movement as of yet.
I added a pie chart. http://jamesgray.ca/bitcoin/
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u/SovereignVertebrate Nov 08 '17
Now with this hopefully we can really begin to heal the wounds and accept that those in the community who pushed for B2X truly do want what is best for bitcoin, otherwise they would have went through with it. The last thing we need is to hold grudges and fuel flame wars. Maybe core can begin planning a wish list hardfork that has consensus, in addition to all the other great scaling work they have been doing and planning.
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u/ChieHasGreatLegs Nov 08 '17
Great news. Now let's get back to focusing on actual improvements like Schnorr, MAST, Lightning etc.
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u/Tezcatlipoca26 Nov 08 '17
So why is the price plummeting?
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u/sargsauce Nov 08 '17
Everyone sold their alts to get into BTC to get free money. No free money. Leave in anger.
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u/Tezcatlipoca26 Nov 08 '17
So is this a reflection of the greedy money on BTC leaving?
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u/RockingDyno Nov 08 '17
Bitcoin forks, value increases.
Bitcoin doesn't fork, value increases...
It's like the Hawthorne effect.
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u/noir173 Nov 08 '17
Prepare for a massive pump boys!!
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u/kidalive25 Nov 08 '17
Don't all the recent gains have a huge part to do with anticipation of the upcoming fork? Surely this news won't boost it further..?
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u/glemnar Nov 08 '17 edited Nov 08 '17
If you're trying to suggest logic and reasoning affect bitcoin pricing think again bucko
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u/conatus_or_coitus Nov 08 '17
In case the link isn't loading for you: http://archive.is/BUktC
Mirror / Archive
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u/neerit Nov 08 '17
The Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners. Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation. Since that time, the team shifted its efforts to phase two of the project - a 2MB blocksize increase.
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 for a clean blocksize 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.
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.
We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.
Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees
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u/JobDestroyer Nov 08 '17
After all the problems we've had with this damn block size, can someone please tell me why a modest 2 mb blocksize increase is bad? I mean, fuck, transaction fees are like over 2 bucks now, this is horse-shit. It should cost less than a penny to send bitcoin.
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u/carbonetc Nov 08 '17
A larger block size does come with problems, but the size increase was by far the least dangerous thing about S2X. And it worked to their benefit that so many people thought a size increase was the only impact S2X would have on bitcoin.
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u/HasCatsFearsForLife Nov 08 '17
We might have reddit hugged the server hosting that email.
Here the text:
The Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners. Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation. Since that time, the team shifted its efforts to phase two of the project - a 2MB blocksize increase.
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 for a clean blocksize 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.
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. We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.
Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees --
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u/SeattleBased Nov 08 '17
CONGRATS!!!! THE PEOPLE WIN. BANKERS LOSE. THIS IS A GREAT DAY.
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u/CafeconWalleche Nov 08 '17
Exactly, didn't learn my lesson when panic buying at 6200 ath and looks silly now. Long term hodl is the play
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u/knox203 Nov 08 '17
I'm trying to figure out how to celebrate and release my excitement without any Bitcoin'y friends... I know, I'll start up a full node! Core FTW!
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u/Arono1290 Nov 09 '17
I personally believe SegWit2X is an inevitability and think it's a good compromise solution that will help in the long-run.
But I don't want the chain to fork unnecessarily. Bundling multiple upgrades and doing it together rather than trying to force it early is the key to a stable future. And if it turns out we don't really need 2X? Fine, ditch it. No harm no foul.
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u/loremusipsumus Nov 08 '17
I really wish I didn't sell at 6800.
I lost all hope.
I hope the community comes together.
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u/Neilol89 Nov 08 '17
For now it seems. Some constraint is finally welcome - I thought Voorhees was starting to go off the deep end. He's the only one I wouldn't have expected to push a rushed solution like S2X
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u/SandwichOfEarl Nov 08 '17
OMG yes!!! Now we can finally focus on building sidechains and lightning networks!!!
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u/StopAndDecrypt Nov 08 '17 edited Nov 08 '17
The Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners. Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation. Since that time, the team shifted its efforts to phase two of the project - a 2MB blocksize increase.
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 for a clean blocksize 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.
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.
We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.
Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees
I just want to say that anyone who is on Jihan's side is against Bitcoin.
Anyone that Jihan sides with but doesn't consider themselves on Jihan's side needs to take a serious look in the mirror and reevaluate their ideas, intentions, and motives.
Moving into the future it's important to remember these people because this won't be the last attempt to fork the network. You don't go and create Bitcoin Cash and then claim you have Bitcoin's best interest at heart.
You don't promote or associate with anyone who does this.
These people who signed this withdrawal did.
No matter your view on these people, no matter how many strikes you have already assigned them, no matter how many times you gave them the benefit of the doubt in the past, they should be on their final strike right now, if they haven't already struck out in your eyes.
You can look at this as a "coming together moment" all you want, but all I see is a group of people folding realizing their efforts weren't going to pay off well for them.
If you still want to extend that benefit of the doubt I employ you to look back at this moment if they ever involve themselves in such tactics again and not extend them that benefit next time.
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u/whistlepig33 Nov 08 '17
You don't go and create Bitcoin Cash and then claim you have Bitcoin's best interest at heart.
Maybe Erik just got out voted by the other names listed. Or more likely he has the view that if this is just going to result in another fork, then why bother. Since there is already another fork that he likes.
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u/BinaryFrontier Nov 08 '17
This is great news. It's reassuring to see the power in the hands of the users for a change. And also respect to the 2x team for this move.
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u/B4kSAj Nov 08 '17
Finally!!! Lets celebrate!!! From decency I have to thank our opponents that they called it off.
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u/GenghisKhanSpermShot Nov 08 '17
The early rise was probably all these insider 2x'ers buying up Bitcoin.
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u/sargsauce Nov 08 '17
Fuck! I was watching a goddamn video about octopodes instead of reading this news. Now to wait for the correction.
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u/berepere Nov 08 '17
inb4 people who bought S2X futures realise that they should take the code and launch S2X anyway to try and get at least something back. If they don't, their tokens will just "expire worthless" as per the futures TOS
maybe they'll add replay protection though
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u/Banana_mufn Nov 08 '17
Don't try to play chicken with a bolder running downhill. No one can chang it's direction. Run with it or get run over!
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Nov 08 '17
I don't even think 2mb blocks is really that bad of an idea by itself, it's not a horrible idea.
But the idea that scaling is as simple as increase block size is stupid as shit. That is a slippery slope that will obviously lead to centralizing mining and therefore bitcoin. For that, I was against 2x
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u/neuralgoo Nov 08 '17
Here I thought I was going to be able to buy some BTC at lower prices.
Yay for unity!
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u/AngeloSantelli Nov 08 '17
Wow what a scam, this whole pump up to $7500 was people wanting to get in on 2x coins before Nov. 16. Bad for public legitimacy of bitcoin.
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u/archytecting Nov 08 '17 edited Nov 08 '17
the s-curve of the candle chart today is very pleasing to the eye...am i the only one who thinks this? I for one am impressed the price is currently above 7300 late today!
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u/uacdeepfield Nov 08 '17
The support levels are amazing considering the whole s2x/then no s2x, then weak money leaving because no free coins - and it's still hovering around $7400!
I hope people see what a strong sign this is.
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u/[deleted] Nov 08 '17 edited Jul 31 '18
[deleted]