Bitcoin fork SegWit2x cancelled

Co-founder of Bitcoin wallet software provider BitGo announced suspension of higly anticipated Bitcoin fork SegWit2x
08 November 2017   840

On November 8, Mike Belshe, one of the leaders of the Segwit2x project and CEO and co-founder of Bitcoin wallet software provider BitGo announced in an email that Bitcoin fork SegWit2x is currently being suspended. The fork was expected to occur sometime in November 2017.

The aim of the project was an upgrade of Bitcoin, though the developers of the project state that the current aim they posses is keeping the community together. SegWit2x was not higly supported by miners and exchanges, for instance SurBTC left SegWit2x agreement in October, and Charlie Lee, Litecoin creator, announced his rejection of the fork. Moreover, crypto specialist and researcher Nick Szabo posed himself as an opponent of SegWit2x too.

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.

Mike Belshe

BitGo Inc., CEO 

The announcement was signed by CEO and co-founder Mike Belshe, mining pool Bitmain co-founder Jihan Wu, Xapo CEO Wences Casares, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

A long-awaited Bitcoin fork SegWit2x was aimed at the increase of size of block 494784 to 2MB and improving Bitcoin scalability.

Bitcoin charts november 2017Bitcoin Charts

It is worth mentioning that Bitcoin price rose immediately after the announcement had been made, rising by almost 5% in one hour from $7484 to $7776, but then started falling down and at the press-time is traded at $7639 having market capitalisation of $127 billion.

2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   7

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.