As was to be expected, SegWit2x eventually launched. Without much of the fanfare originally associated with it, mind you. A small group of developers and miners decided to go ahead with this fork anyway. Whether or not this was a smart decision or not, remains to be determined. The launch itself has not gone off without a hitch. In fact, the nodes are struggling and the network has come to a standstill.
It was evident this hard fork would not go ahead without issues. More specifically, there seems to be a very little mining support for this network. Not surprising, as it has virtually no backing whatsoever. There is also some controversy over the code itself, which seems to be largely untested.In the end, it’s not surprising to see the network stuck on block 494.782. The Bitcoin network is 16 blocks ahead, which indicates SegWit2x is lagging quite a bit. The wait for the “big block” is still ongoing as we speak.
SegWit2x Launch is a Shitshow
It remains to be seen how this new network will survive. That is, assuming it can effectively survive to begin with. Right now, that seems highly unlikely, as there is not enough support. The nodes are operational on the network, which is a good sign. However, if miners don’t join the network, things will not improve anytime soon. There is no reason to back this fork whatsoever. In fact, it seems far more likely the chain will turn useless pretty quickly.
This also marks an important milestone for Bitcoin itself. With the SegWit2x fork out of the way, all political shenanigans for this year are pretty much over. We’ve had Bitcoin Cash, Bitcoin Gold, SegWit2x. It has been a busy year for Bitcoin enthusiasts, to say the very least. So far, none of these altcoins have come even close to dethroning Bitcoin. Nor will that change in the future either. Bitcoin is and remains the world’s leading cryptocurrency in terms of support and value alike.
How things will play out for SegWit2x remains to be seen. Right now, it is almost better to call it quits rather than drag on. No one wants this solution in its current form and the code is very contemptuous, to say the least. Despite support by Jeff Garzik, very few people care about this fork. Not surprising by any means, as it never served any real purpose. The New York Agreement was dead on arrival and everyone with a brain knew it right away.
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