Here’s Real Reason Why Bitcoin Surged To All- Time High At $7,800 | Crypto Market
Bitcoin hit a high of $7,879 today (November 8), a new record high, moments later one group of the community that had been pushing for a hard fork, which would have doubled its transaction volume, declared that it would abandon its upgrade.
The chief executives of a number of noticeable bitcoin firms, including Xapo, Bitmain, and Blockchain.info, signed off on a letter today (November 8) stating that the effort to fork bitcoin, called Segwit2x, would be called off because it would “divide the community.”
The letter was posted to the Segwit2x mailing list. “Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x,” the letter, signed by six CEOs, said.
Here’s is the announcement:
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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*Mike Belshe*
*CEO, BitGo, Inc*
