BTC USD - SegWit2x to be canceled, announces Mike Belche

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Apparently, the hard fork of SegWit2x planned for next week will not occur any more.

In a posting on the Linux Foindation forum, Mike Belche, CEO of BitGo and one of the 2x supporters, said the block increase planned for mid-November will no longer occur.

The reason alleged was the lack of consensus on the division, which could cause a serious outlook in the community - something that, according to Belche, was never the group's goal.

The statement by Belche has the names of important supporters of SegWit2x, such as Jihan Wu , CEO of Bitmain; Wence Casares, CEO of Xapo; and Belche himself

Check below the full statement:

SegWit2x's effort began in May with a simple purpose: to increase the size of the blocks and to improve Bitcoin's scalability.

At the time, the bitcoin community was in crisis after nearly three years of heavy debate, and the consensus for the implementation of SegWit seemed 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 the successful activation of SegWit. Since then, the team has shifted its efforts to phase two of the project - an increase in size from block to B.

Our goal has always been a smooth upgrade to Bitcoin . While we firmly believe in the need for a larger block size, there is something we know is even more important: keeping the community together.

Unfortunately, of course we do not build enough consensus for an upgrade of the size of the moment. Continuing on the current path, there could be a large divide between the community and be a major setback for Bitcoin's growth. This was never the goal of SegWit2x.

As transaction fees increase in the blockchain, we believe that eventually it will become obvious that increases in capacity in the chain will be needed. When that happens, we expect the community to come together and find a solution, possibly with an increase in blocks. Until that happens, we are suspending our plans for the 2MB upgrade.

We want to thank everyone who has contributed constructively to SegWit2x, whether you favor it or not. Their efforts are what make bitcoin even better. Bitcoin continues to be the largest form of money mankind has ever seen and we remain dedicated to protecting and promoting its growth around the world.

Mike Belshe, Wences Casares, Jihan Wu , Jeff Garzik, Peter Smith and Erik
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