Bitcoin’s SegWit2x fork is canceled. This means a hard fork will not be occurring at at block 494,784 (which was expected Nov. 16).

UPDATE: The Segwit2x fork was officially cancelled but may still occur (according to Coinbase and other sources).  See Coinbase’s update. Block 494,784 should still be the snapshot block. That block is expected to occur between 6am and 8am Pacific Time Nov. 17. We will update this page as we learn more. See our page on Segwit2x for more about the fork.

This is essentially good news, as the fork was causing a lot of tension in the Bitcoin community.

The announcement led to a lot of instability in the Bitcoin market. With that in mind, as noted, this could easily be seen as a net boon for Bitcoin. Thus, those who are confident in Bitcoin are well advised to wait out the chaos and not jump ship in a panic.

Learn more about why Segwit2x was cancelled from Medium.

“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.”

– From the Segwit2x team’s article on Medium: Onwards — all in on SegWit.

Learn more about the SegWit2x cancellation from TechCrunch.

RUMOR: There is a rumor going around that some miners plan to go ahead with the SegWit2x fork anyways. It is likely this isn’t real. However, even if it is, it won’t have the same implications as the more widely embraced official SegWit2x fork that had been planned and then cancelled. One thing to keep in mind is that some portion of the crypto community bought SegWit2x futures, another portion was gearing up to mine SegWit2x coins, and another portion generally backed SegWit2x is likely upset with the cancellation. Thus one should be weary of misinformation until the dust settles. The official word is SegWit2x is cancelled.

What do you think?