Kushagra Singh
Nov 8, 2017 · 4 min read
via Cointelegraph

You might have heard of recent news regarding suspension of segwit2x due to lack of consensus. Lets take a closer look at the flip of events from announcement to suspension. Now again hoax and different announcements are creating confusion regarding Segwit2x.

What is segwit2x ?

Bitcoin added a staggering 24% last week en route to fresh record highs. However, one of the motivations for buying bitcoin is the hard fork itself.

What was The New York Agreement (NYA)?

Announced on May 23rd, The New York Agreement (NYA) is the contract between the Bitcoin miners who represent the majority of Bitcoin’s hashing power, and a group of over 50 other businesses, to implement the Bitcoin software upgrade Segwit2x.

Theories and controversies surrounding segwit2x

Segwit2x had already started losing miners trust, which showed a drop in signal from 95% to 83.5%.

The SegWit2x fork could have generate a black swan event for Bitcoin; that is to say, there is a small chance that the fork could have enormous repercussions.

The past few months in the Bitcoin community have been filled with discussion of an upcoming hardfork — SegWit2x. There have been a lot of people voicing their opinion on the matter of whether that fork should be allowed to pass or not.

Over 4,000 people took part in the survey on Twitter, which quizzed them on which chain would be considered ‘Bitcoin’ after this month’s hard fork.

A total of 84 percent concluded the original chain would maintain its role as the ‘real’ Bitcoin.

With OpenBazaar and Vinny Lingham’s Civic having pulled out, things suddenly look a lot less certain for supporters of the fork.

Bitcoin developer Jimmy Song has said none of the most common predictions for SegWit2x will in fact come true.

Daniel vogel mailing list screenshot related to segwit2x

Daniel vogel mailing list screenshot related to segwit2x

With most of the major exchanges announcing to adapt the most viable chain after the fork as Bitcoin. Adding further uncertainties in market.

Segwit2x even lost trust with most of the development issues coming out in the community.

They even claimed to implement replay protection on website and later launched an bounty just 4 days before fork to implement it and accepted that segwit2x chain doesn't have any replay protection implemented.

Then opt in replay protection was implemented.

With lot of confusion regarding Segwit2x, Finally the suspension of the hard fork was called on the grounds of lack of consensus.

Just after few hours of Official deceleration of suspension Bitpico made another announcement of going ahead with the fork with just 30% miners majority who are backing down on difficulty.(I can’t confirm and deny on this development by bitpico).

I will be editing and updating this blog with the articles and news surrounding the segwit2x.

Full disclosure- I am working as chief of community for stature.network.

Stature.Network can help you figure out what should be your next crypto investment.

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