Bankless Times spoke with industry participants to get their thoughts.
Bharath Rao, CEO of Leverj: “While occasional forks due to deep philosophical differences are inevitable, habitual forks damage the network effect of any blockchain and undermines security and faith in the system. Cryptocurrency is still experimental and repeated forks can fracture the community into tiny silos and undermine the very concept of non-governmental money. Rewards exist precisely because risk and opportunity exist. Every small mitigation of a risk enhances value, and this event is no different. The Bitcoin community welcomed the cancellation of Segwit2x with a huge price spike. We hope to see a continuous stream of risks eliminated and value enhanced over the next several years.”
Abhishek Pitti, CEO of Nucleus Vision: “Canceling SegWit2x is a step in the right direction, and it looks like Bitcoin Core’s roadmap will prevail for now. While the intent behind increasing the block size was to make the Bitcoin network more efficient, going ahead with the fork without broad community consensus would have caused more harm than good for bitcoin. Furthermore, seeing the spike in bitcoin after the announcement shows that this move is welcome by the broader crypto community.”
Guy Zyskind, CEO & Co-founder of Enigma: “Indefinitely postponing the fork is a healthy move for crypto assets. The ability of the Bitcoin community to self-correct and avoid a contentious fork inspires confidence and shows how the ecosystem is entering a more mature phase. We look forward to seeing how on-chain scaling and other important improvements to the protocol will be addressed going forward.”
Ned Scott, CEO of Steemit: “When 2x was called off, it became immediately clear there’s greater consensus for a single bitcoin blockchain and therefore there is greater value retained in the bitcoin ecosystem. The case was made by the immediate price increase when 2x was called off.”