Bitcoin Explodes To $7900 After Hard Fork Suspended

The USD price of Bitcoin just exploded higher - near $7900 - on heavy volume as CoinDesk reports The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade. Bitcoin is up over 10% today, now up over 650% YTD:

 

As CoinDesk details, known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply 2x, was to trigger a block size increase at block 494784, expected to occur on or around November 16th.

Understanding Segwit2x: Why Bitcoin's Next Fork Might Not Mean Free Money

The suspension was announced today in an email, written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

He wrote:

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size 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."

 

"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.

The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including CEO and co-founder Mike Belshe, Xapo CEO Wences Casares, mining pool Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

The group still has hopes that the block size will be increased further down the line, once there is more agreement from stakeholders.

Comments

VD Wed, 11/08/2017 - 12:46 Permalink

Bitcoin is already owned by the banksters on the segwit2x hard-fork attempt -- you've all been headfaked by this while the banksters get cover to PUMP it yet again. SEGWITCOIN aka bitcoin, as OWNED by BLOCKSTREAM, which is backed by global insurance giant AXA, whose CEO in 2010 served on the Bilderberg Group's steering committe, whose AXA has direct ties to Goldman Sachs and Deep State.Who is really ignorant?You are all being duped. Blockstream OWNS the patents on segwit, ergo Blockstream OWNS bitcoin! Segwit allows miners to form consensus and STEAL bitcoins from anyone's wallet! Keep deluding yourselves and playing crypt0-zealots; the same Deep State rigged your precious silver up to 59 handle while you all cheerleaded that on are doing THE EXACT SAME thing with segwitcoin aka bitcoin.this article explains the crypt0 endgame quite well: https://gizadeathstar.com/2017/11/walking-away-debt-cryptocurrencies/ there are posters on zerohedge shilling for cashless society crypt0 off the rigged parabolic moves of these Deep State controlled "coins". you may do research and see that everything i have written is FACTUAL. i realize it's a hard pill to swallow for the few genuine crypto fans here, but these are the cold hard FACTS i am presenting.

Raffie NugginFuts Wed, 11/08/2017 - 13:42 Permalink

LTC is greatly under valued and is poised for moon shot.LTC can only have 84mil coins ever. Never been HF either. Faster and cheaper transactions then BTC by far.Amazon about to accept BTC and looking at LTC. Once more and more businesses accept LTC that price will go up.LTC is not an exciting coin, but stability is a good thing.  I got BTC and LTC.I had ETH which I got into a few ICO's and will give it a couple years before I look at converting the ICO coins into LTC/BTC.I'd put a little into LTC if anything. 

In reply to by NugginFuts

SILVERGEDDON tmosley Wed, 11/08/2017 - 13:01 Permalink

Hey, tmosley - where have you seen a similar chart once before ?Oh yeah, right - silver right when it edged over $50.00 an ounce before it tanked. You might want to re-think your patriotic crypto fever when it applies to your investments relative to the last silver rodeo. If you lose your ass again, I won't have the pleasure of poking fun at your Cramer like investment wisdom posts for a few years.Just like last time you were fervently pumping.  

In reply to by tmosley

Raffie VD Wed, 11/08/2017 - 12:49 Permalink

ROFLMAO..... keep spamming your wickered fact junior.....The more your QQ the more my crypto profits grow.CRY ON!!!! They are going cashless and not much we can do about it.Cryptos are the next logical step, does not mean it has to loved, but it will happen.

In reply to by VD