[Bitcoin-segwit2x] Segwit2x Final Steps

[Melvin Carvalho]

On 8 November 2017 at 17:58, Mike Belshe via Bitcoin-segwit2x <
bitcoin-segwit2x at lists.linuxfoundation.org> wrote:

> The Segwit2x effort began in May with a simple purpose:  to increase the
> blocksize and improve Bitcoin scalability. At the time, the Bitcoin
> community was in crisis after nearly 3 years of heavy debate, and consensus
> for Segwit seemed like a distant mirage with only 30% support among miners.
> Segwit2x found its first success in August, as it broke the deadlock and
> quickly led to Segwit’s successful activation. Since that time, the team
> shifted its efforts to phase two of the project - a 2MB blocksize increase.
>
> Our goal has always been a smooth upgrade for Bitcoin.  Although we
> strongly believe in the need for a larger blocksize, there is something we
> believe is even more important: keeping the community together.
> Unfortunately, it is clear that we have not built sufficient consensus for
> a clean blocksize 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.
>
> As fees rise on the blockchain, we believe it will eventually become
> obvious that on-chain capacity increases are necessary. When that happens,
> we hope the community will come together and find a solution, possibly with
> a blocksize increase. Until then, we are suspending our plans for the
> upcoming 2MB upgrade.
>
> 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.
>
>
> Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik
> Voorhees
>

Thanks for taking this course of action.  It was certainly the right thing
to do.

For those that care about capacity increases implementing segwit addresses
will help

I believe next on the roadmap is schnorr sigs

After that, I believe there is a compelling case for 2x to be on the
roadmap.  But please let it be a conversation and listen to the reasonable
pushback.

A note on fees:  Consider a system where instead of users paying a fee for
a transaction, every holder of bitcoin pays a very small amount to
subsidize the mining of that tx.  In a sense that is exactly what happens
with the inflationary block reward.  The number of coins is increased and
everyone's holding is very slightly diluted.  But that secures a high value
network.  However, that block reward will go away.  In 40 years it will be
1000 times less, and in 80 years, one million times less.  As such, a high
capacity network with zero fees cannot be made secure with distributed
zero-trust proof of work.  It helps to take a holistic view towards fees,
rather than, trying to pass them from one entity to another.  Tough
problems to solve, but we have (hopefully) some smart thinkers on the case,
and a bit of time to get there ...


>
> --
>
>
> *Mike Belshe*
> *CEO, BitGo, Inc*
>
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> Bitcoin-segwit2x at lists.linuxfoundation.org
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>
>
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