Segwit2X Hard Fork Suspended – Nov 9th Cryptocurrency News

Well the big news is that the Segwit2x plans have been cancelled. so let’s take a closer look. American Computer scientist and CEO of BITGO, Mike Belshe said in a post “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. 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.”

Now let’s check out the performance of Bitcoin. It briefly surged past $7,700 on Wednesday before falling a good bit lower, dropping below $7,200. Today it is currently under $7,300. Joseph Lubin, who co-founded the ethereal platform told Bloomberg, “this is the good kind of bubble that occurs when a profound technology emerges and can’t build out its infrastructure fast enough for all the people that see the value and the vision”.

Nouriel Roubini AKA Dr. Doom who predicted the global recession believes that bitcoin feeds on itself. He told Business Insider that, “in my opinion, there is a gigantic speculative bubble related to the bitcoin because this is neither a serious method of payment nor a good way to store capital.”

Segwit2X Hard Fork Suspended – Nov 9th Cryptocurrency News

Related Post:

About The Author

Kane Dane