• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Segwit Locks-in, Segwit2x Declared “Cancelled” By Blockstream, Bitcoin’s Price Falls

09/08/2017 12:51
No comments

Segregated Witnesses (segwit) has finally locked-in on the Bitcoin Core chain at around 8PM GMT yesterday after more than a year of stalling and delay.

It is now expected to activate and go live on or around the 21st of August following 2016 mining blocks, increasing capacity to around 1.7MB dependent on  its level of adoption.

Segwit begins its activation period.

Just hours after segwit locked-in, Samson Mow, Chief Strategy Officer at Blockstream – a for profit company that hires many Bitcoin Core developers – declared segwit2x “cancelled.” He stated:

“Public Service Announcement: New York Agreement November #SegWit2x hard-fork has been cancelled.”

The New York agreement is similar to the Hong Kong agreement reached last year. Miners and businesses agreed to activate segwit and then three months later to hardfork increase bitcoin’s base block-size to 2MB.

The later part is being strongly resisted by Blockstream specifically, but also other Bitcoin Core developers, who have agreed to lock-out segwit2x nodes.

Bitcoin Core developers and some Blockstream employees/contractors dining.

Mow’s statement was met with a reply from Guy Corem who used to be (and may still be) a strong supporter of Bitcoin Core. He says:

“Pre HK agreement, Samson Mow was pretty militant about Core and vocal in his demands for HF in some internals discussion I was part of… The metamorphosis this dude went in the last 18 months is nothing short of amazing.”

Mow used to work at a Chinese bitcoin exchange, BTCC, and was somewhat neutral in the debate, but then begun strongly supporting small blocks and was eventually hired by Blockstream.

Bitcoin’s recent price action.

Bitcoin’s price begun moving downwards after segwit locked-in, starting its fall from around $3,440 at around 9PM, then accelerated downwards to a low of $3255 at around midnight, shortly after Samson’s tweet.

It has now recovered somewhat to $3,300 and the price movements may be coincidental, but some uncertainty has now been re-introduced in the Bitcoin Core chain.

Miners retain many options. They could, for example, move to the Bitcoin Cash chain, which might significantly delay segwit’s activation, perhaps even beyond November.

But it’s not clear whether they have any real appetite for further increased capacity. They may be enjoying the high fees and might have perhaps delayed even segwit under the pre-text of a blocksize increase, which has been made as clear as day that it won’t happen as far as Bitcoin Core is concerned.

That, however, is speculation with the picture somewhat complex following the addition of segwit2x that was suddenly proposed after a non-public meeting of businesses and miners.

 

Related Posts

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Apes

Cristiano Ronaldo Binances

Load More
  • Trending
  • Comments
  • Latest
Grayscale's Bitcoin Trust price, June 2022

Grayscale’s Bitcoin Price Falls to $12,000

Ethereum longs, June 2022

Ethereum Longs Spike

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Bitcoin and other asset prices, June 2022

Bitcoin Drops Below $20,000

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Ape

Eminem Apes

Cristiano Ronaldo partners with Binance on NFTs

Cristiano Ronaldo Binances

Comments

Latest News

  • Lido Votes Against Limiting Staking
  • Defi Dapps DNS Attacked
  • Eminem Apes

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?