The much anticipated block size increase of 2X on the main Bitcoin chain has been formally cancelled, calling off the fork just one week before it was set to activate.
Yesterday there was a lot of commotion in the Bitcoin space as the SegWit2X fork which caused a lot of hype prior to yesterday was abruptly called off. We posted a message update to our 2X countdown clock letting users know there too as well.
The cancellation notice was posted by prominent members of the Bitcoin community which reads,
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
We left the countdown clock up for posterity, but also we left it up because there is a slight chance that the 2X fork may happen anyways, with some community members posting to the SegWit2X working group mailing list that they will be carrying on the fork regardless of who says it’s cancelled.
Whether that happens in a few days or not is still up in the air. The market immediately responded after the cancellation news and began to rise in price from around $7200 up to $7600 with the price settling back down after a few hours around $7200 again.