[2017-11-01] Bitpay to Suspend All Services During the Segwit2x Hard Fork

Skyborn

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Quote from: eckmar on November 01, 2017, 05:03:50 AM

Quote from: Terraformer on November 01, 2017, 01:06:43 AM

"If that occurs, Bitpay’s services will follow the chain with the most accumulated difficulty."

And that basically means they will support Segwit2x after the fork, because like it or not, Segwit2x chain will have the support of majority of miners.

Why are you so certain that the segwit 2x chain will have the majority of miner support? 8 mb would mean more transactions in one block so more revenue for the miners. Is this a valid reason why they would support 2x over the legacy chain? Could you pleas elaborate and if possible share some information that I'm missing?

Quote from: Carlton Banks on November 01, 2017, 09:02:14 AM

Quote from: Lancusters on November 01, 2017, 08:29:49 AM

It seems to me that segwit2x is a logical upgrade bitcoin. Don't understand what the problem is.

Explain why this is logical:

1. Increasing the blocksize limit to 4MB in September
2. Blocksize averages between 0.9 MB and 1.1 MB after that (and still does today)
3. Increasing the blocksize limit to 8MB less than 2 months later

That's the "logic" of the Segwit2x "upgrade" right there for you

Agreed. I feel like it's too much too quickly. We will need 8 mb blocks at some point but this time around it feels way to rushed and it feels more like a coup than an actual upgrade to the network and ecosystem. Whatever the market, miner and nodes decide in 10 days, I just hope we will make the right decision for the network, community and ecosystem.

rindo

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Like said previously on this thread, Bitpay released their contingente plan to solve the problematic created on the adaption of the SegWit2x to their wallet software Copay and to users with the Bitpay Visa Card. Bitpay just asked to there users to don´t use the Bitcoin Network during the fork block (494784) until all the situation is resolved. Differently of the Hard Fork of the 1º of August (Bitcoin Cash), Bitpay will stop all the operations for 24 hours, or more. They will not accept deposits, withdraws of payments or recharges of the debit cards, approximately 24 hours after the Segwit2x activation.

warrior333

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Quote from: Thekool1s on November 01, 2017, 09:21:09 AM

Quote

Segwit2x chain will have the support of majority of miners

Will the miners aren't the only users of the bitcoin Wink

, We too have our say in it, Good luck mining a worthless coin that nobody will be interested in, Just like Carlton Banks said, I hope they have some source to create electricity out of thin air else I don't see them sustain their mining operations. I do agree with bigger blocks but right now its not the right time to implement it, Especially not without the core team.

It seems to me that the increase of the unit was agreed. The miners rebelled then when there was no time to change anything. I don't really understand all the intricacies but I'm not advocating that someone had the ability to dictate the terms. All bitcoin users have long wanted to correct it. instead, we see another fork.

Variogam

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Quote from: Terraformer on November 01, 2017, 01:06:43 AM

Bitpay Will Follow the Chain With the Most Accumulated Difficulty

And most miners decide to mine the most profitable chain. So thanks for neutral Bitpay position, free market at work.

Thekool1s

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Change is in your hands

Quote

Segwit2x chain will have the support of majority of miners

Well the miners aren't the only users of the bitcoin Wink

, We too have our say in it, Good luck mining a worthless coin that nobody will be interested in, Just like Carlton Banks said, I hope they have some source to create electricity out of thin air else I don't see them sustain their mining operations. I do agree with bigger blocks but right now its not the right time to implement it, Especially not without the core team.

Carlton Banks

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Quote from: Lancusters on November 01, 2017, 08:29:49 AM

It seems to me that segwit2x is a logical upgrade bitcoin. Don't understand what the problem is.

Explain why this is logical:

1. Increasing the blocksize limit to 4MB in September
2. Blocksize averages between 0.9 MB and 1.1 MB after that (and still does today)
3. Increasing the blocksize limit to 8MB less than 2 months later

That's the "logic" of the Segwit2x "upgrade" right there for you

Lancusters

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Merit: 263

It seems to me that segwit2x is a logical upgrade bitcoin. Don't understand what the problem is. The greed of miners? But increasing consumption of electricity is also not in their interest. I think that the developers had to solve the problem otherwise. At first, it was necessary to return the ability to provide transactions to the weak capacities of the users and only then to change the block size. Then the miners would be tractable and would go on concessions.

Carlton Banks

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Quote from: eckmar on November 01, 2017, 05:03:50 AM

Segwit2x chain will have the support of majority of miners.

If the market rejects B2X, the miners will not have an option to do so. Unless they have a very understanding relationship with their electricity supplier, i.e. "please let us have our multi-gigawatt hours of electricity for free"

And it seems that the market will reject B2X, and that your statement is therefore likely to be wrong.

eckmar

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Quote from: Terraformer on November 01, 2017, 01:06:43 AM

"If that occurs, Bitpay’s services will follow the chain with the most accumulated difficulty."

And that basically means they will support Segwit2x after the fork, because like it or not, Segwit2x chain will have the support of majority of miners.

Terraformer

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With roughly fifteen days left bitcoin-based businesses all around the world have been preparing their users for the possible hardfork expected to take place on or around November 16. Now the world’s largest bitcoin merchant service provider, Bitpay, has revealed its contingency plans for the upcoming Segwit2x hard fork.

Bitpay Will Follow the Chain With the Most Accumulated Difficulty

The Atlanta-based company Bitpay has announced its plans for operations during and after the hard fork scheduled to occur at block height 494784. The firm says the company’s top priority is the safety and security of its users. With this in mind during some protocol upgrades, Bitpay says it “must take precautions to protect our users.” Bitpay details that while a good majority of miners and businesses support Segwit2x, it understands that not everyone is supporting a hard fork.

“While most miners signaled their support of this protocol change, not all support it. If miners are divided over this change, there is a significant risk of a chain split,” explains Bitpay.

"If that occurs, Bitpay’s services will follow the chain with the most accumulated difficulty."

https://news.bitcoin.com/bitpay-to-suspend-all-services-during-the-segwit2x-hard-fork/

Topic: [2017-11-01] Bitpay to Suspend All Services During the Segwit2x Hard Fork (Read 3754 times)