SegWit2X: Comprehensive Analysis of Fork Day Events
The relative date of the SegWit2X hard fork came on November 17, at 2:50 GMT+2 time.
Block 494,784 and the next block was mined by AntPool, a miner that did not signal support for SegWit2x. No peculiarities were seen in thenew blocks.
After the block was passed, there were no immediate news on performing a fork from any known entity. But a few hours before the block, some expected the event would go through and a minority chain would appear, supported by a fraction of miners.
"#Segwit2xis happening and that is the truth. Fork at Block number 494784. Stop telling yourselves that is not happening.#bitcoin#bitcoin2x#b2x#bt2$btc— Crypto Examiner (@CryptoExaminer)November 17, 2017"
At least 48 hours may be needed to see if mining is happening and at what hashing power and speeds.
"Happy 2X everyone!#Bitcoindoesn't care.pic.twitter.com/mBeYFfWrgY— WhalePanda (@WhalePanda)November 17, 2017"
According to CoinDance, the new chain could not survive:
At the same time, an entity calledBitcoin2Xmay be the force behind the new chain. Yet it is unknown if actual blocks would manage to appear.
At the very least, the hard fork day may have frozen some resources on Coinbase, GDAX or other exchanges around the time of the potential network split, to avoid problems with moving the coins in conditions with unknown replay protection.
"Access to#bitcoinon@coinbaseblocked due to#Segwit2xfork. Can you imagine your bank account suddenly being blocked because of the actions of a small group of currency traders? No different and why BTC is a long way from being a currency.pic.twitter.com/dHWDLLCSJT— Tony Fischer (@adfischer)November 17, 2017"
Others took the waiting for a new type of block to be mined as a joke:
"Waiting for the first#Segwit2xblock to be mined (if it ever happens)...pic.twitter.com/c2NEgdLc5u— Petr Misan (@petrmisan)November 17, 2017"
On the day of the fork, futures for a potential 2X coin rose sharply, but their fate is still unknown if it is clear no viable blockchain has appeared from November 17 onward.
At the same time, hash rate has been climbing for the Bitcoin network in the past 504 blocks, while Bitcoin Cash has seen mining slow down to produce about three blocks per hour, despite lowered difficulty. In many ways, "hard fork day" resembled other days in the world of cryptocurrencies, some coming with even more panic and lack of clarity.
In any case, the SegWit2X digital asset turned from a hypothetical coin that could displace Bitcoin and into a small-scale blockchain which was still to make an impression, if it existed at all.
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