Tag Archives: fork

Bitcoin’s SegWit2x fork postponed indefinitely

With only a week to go before its planned implementation, yesterday’s announcement that Bitcoin’s planned SegWit2x fork is being shelved indefinitely came as somewhat of a surprise.

Ultimately this is good news. Bitcoin is already confusing enough to the average individual without another fork caused by lack of community consensus added to the mix—especially in the wake of the (very) recent Bitcoin Cash and Bitcoin Gold forks. Many view these recent forks as nothing more than scams designed to create wealth “out of thin air” by creating duplicate coins, and killing SegWit2x instead of further fracturing Bitcoin sends the right message.

The way that the SegWit2x saga unfolded still leaves a bad taste in my mouth, however. I suspect that the six individuals responsible for SegWit2x and its cancellation became quite a bit wealthier collectively over the past 24 hours. Judging from cryptocurrency pricing trends over the past couple weeks, quite a few investors have been shifting their funds from altcoins to BTC in anticipation of their “free” SegWit2x coins on the fork date. In the hours following the announcement that SegWit2x was dead, BTC dropped about 10%—and predictably, altcoins started rising steadily as people began converting their BTC back into other coins. Timing the cancellation announcement so close to the planned implementation (with Bitcoin’s price at an all-time high) probably made some insiders rich at the expense of the masses (like this unfortunate soul). Welcome to unregulated markets!

Ethereum’s Byzantium hard fork is imminent

Just a quick heads up that the Ethereum network will experience a planned hard fork at some point early tomorrow. A few of you have emailed me with questions about what you need to do to prepare, and the short answer is that no action is immediately necessary if you’re primarily worried about the continued operation of your miners. Your rigs will continue mining after the fork, and your mining pool will continue payouts to your wallet address (most large pools, including ethermine and nanopool, have already announced readiness for the fork).

You will need to make sure to update your wallet software before creating new transactions (e.g.: sending your ETH to another address) on the Ethereum network post-fork. You don’t need to do this immediately—just make sure that you update before sending coins from your wallet. The latest release of Mist (the official Ethereum client, and the wallet I generally recommend) can be found here. If you use another wallet, make sure that you grab the latest update from your wallet provider.

If you followed my mining guide and installed geth to generate your initial wallet address, there is no need to update it unless you want to use geth to perform manual transactions (which I really don’t recommend!).