Fork Off: Path To Bitcoin’s Segwit2x Protocol Proves Perilous

On November 8, 2017, CEO of Bitgo, Inc., Mike Belshe, sent out a message to the blockchain community indicating that the upcoming Segwit2x fork which had been previously scheduled to take place on or around November 16, has been called off.

The Segwit2x code that would have been integrated was intended to deliver scalability for bitcoin by means of an increase in block size. However, in light of an insufficient consensus for "a clean blocksize [sic] upgrade," as Belshe writes, "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 explanation for the decision to renege on the fork expresses the hope that, eventually, the necessity to invoke on-chain capacity increases will become self-evident, as fees rise on the Bitcoin blockchain. The message was also signed by ecosystem leaders Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith, and Erik Voorhees.

The statement closes with gratitude that, for the time being, dispels any question of contention over the Segwit2x debate:

"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."