I, maff1989, in support of the miners' intent to fund their software infrastructure to grow Bitcoin Cash to be the most competitive peer-to-peer electronic cash for the world, pledge to pay a minimum of $0.10 in fees for each economic (i.e. value-exchange) transaction I make using the Bitcoin Cash network during the period of May 15th 2020 to November 15th 2020.
Assuming a current BCH price of ~$338, we take the 5% block reward reduction from the IFP and a 6.25 BCH base block reward (May 15 IFP = post-halvening). To offset the 5% block reward reduction completely, it would only take ~1060 transactions per block, each paying a $0.10 transaction fee.
6.25 BCH * 5% = 0.3125 BCH (reduction per block reward)
0.3125 * $338/BCH = $105.63 (paid to dev address)
~$106 / $0.10/tx = 1,060 tx/block
Over time, as the price of BCH rises in contrast to BTC (and with the right marketing and timing, it will), and/or the amount of economic activity increases on the BCH network, the number of transactions required by each user to pay the $0.10 fees will reduce, since the decreased BCH/BTC ratio and/or increased activity will offset the 5% block reward reduction even further - or completely - as miners switch to mining BCH due to increased consistent profitability vs BTC. :)
And even if the BCH price goes down in the interim, then paying a minimum $0.10 per transaction will only further incentivize hashrate to mine BCH vs BTC.
After all, BCH needs hashrate for security.
The halvening is upon us. The confidence is gone. Ask yourselves this: would you be confident in the value of a chain where the miners and developers weren't working together in an attempt to bolster functionality and infrastructure; to proceed more hastily down an already-established roadmap; especially at the current time in history?
Wouldn't you feel more inclined to support a movement like that with your transaction fees?
I mean, let's think about it for a second: motherfuckers paid $0.50 per transaction to feed chickens across the Internet. Motherfuckers like me did it, too. It was fun!
Why can't the IFP be fun, too? It's an attempt to mature the ecosystem; to truly test Nakamoto Consensus between each equal component within: devs, miners, and especially users. I wanna take part in that test of time, and I'm putting my money where my mouth is. I hope more people feel the same.
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source https://www.reddit.com/r/btc/comments/fcpjis/i_support_bitcoin_abc_and_the_ifp/
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