Blockchain Civil War: the Mounting Split Within the Bitcoin Community over Segwit2x

[cryptency_v]

Ever since Segwit2x - the hard fork of Bitcoin - was called off on October the 8th, there remained a contentious split within the Bitcoin community about whether that was the correct decision.

The highly controversial software was originally scheduled to be launched on November 16, and intended to increase the size of the data blocks that are utilized in the digital chain, from 1MB to 2MB. While the idea attracted the interest of numerous companies and entrepreneurs in the crypto community, many veteran Bitcoin developers saw the initiative as an attack on the popular digital coin rather than an improvement, describing the fork as a “corporate power grab.”

Facing increasing backlash from community members, the erstwhile developers of Segwit2x decided to cancel its release, citing - unity of the Bitcoin community - as their foremost concern. Mike Belshe, the CEO of the popular cryptocurrency wallet service BitGo and a known Segwit2x advocate, encapsulated the rationale for the cancellation of the fork in a recent public statement:

“Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together.”

Other potentates in crypto-community have made similar statements, to the effect that the cancellation is due to lack of consensus within the community, and going forward more effort would be made to reach community-wide consensus on similar issues.

Yet the controversy has not been resolved as Bitcoin enthusiasts learned about the pitfalls of democracy - it is impossible to please everybody at once. While placating the opponents of Segwit2x, the fork’s cancellation disappointed its supporters. The consequences of this confrontation are now going beyond most people’s imagination as disgruntled proponents of Segwit2x are threatening to go rogue. Groups of renegade miners have begun making claims that they will push forward with the fork on November 15th, and that additionally Bitcoin Cash is the “real” blockchain for Bitcoin.

It remains to be seen how this imminent discord will resolve itself. If it does not, the world’s most famous digital coin faces the very real possibility of tearing in two—with no clear consensus on which version is the “real” Bitcoin.

[CryptoBlackHat]

If both chains are fighting for a while and vying for the lead, I think this is going to make the whole cryptocurrency market take a big hit, as people lose confidence.

But if one coin leads all the others, and becomes established as the definitive Bitcoin, we're going to see a lot of new money pouring into this field and the prices could shoot well above the $8000 mark.

Exciting times!