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The hard fork that was planned to happen around November 16 is called off by the lead developers of the SegWit2x movement. The news follows a period of uncertainty over the future of the Bitcoin blockchain because of a long running divide within the community.
The hard fork was intended to adhere to the so-called New York Agreement (NYA) made in May this year in which the community agreed to implement both Seggregated Witness (SegWit) and 2MB blocks as an upgrade in the scalability of bitcoin. The last part of the upgrade coined SegWit2x was planned in a hardfork at block height 494784.
However, bitcoin core, a group of leading developers, backed out of the 2MB part of the agreement a while ago and propagated a SegWit1x chain. Now, an email send by Mike Belshe, the lead developer of the team working on SegWit2x, definitely called of the hard-fork.
Bitcoins price initially jumped 5% to $7900 as a result of reduced uncertainty just to correct again afterwards, indicating a capital outflow towards alternative cryptocurrencies.
Wim Maas is a lecturer at the Department of Accountancy at Tilburg University, The Netherlands. His interests include the implementation of distributed ledger technology for financial accounting and reporting purposes.