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submitted by /u/CryptoBitCoinUSD [link] [comments] |
Saturday, 22 February 2020
Newbie here
Is bitcoin cash directly related to bitcoin? Like if I were to buy bitcoin I can use that bitcoin to buy things being sold for bitcoin cash?
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source https://www.reddit.com/r/btc/comments/f7o37g/newbie_here/
BCH ....TAX
I'm worried about splitting is a good thing. Certainly, the worst thing you can split is the strength of bitcoin, but if the BCH community who has experienced splitting twice in the past becomes split again in this short time, many people will give up and be amazed, Wouldn't be able to follow . We are willing to cooperate in avoiding the fork, but honestly, we don't care about the controversy about what's right or what's wrong. The debate about whether it's a TAX or a TAX is really silly. The important thing is that many people deny this fact, and that if BCH enforces this, "many people will lose interest in BCH". Conversely, some people lose interest in BCH even if they ignore the problem of funding altogether. If not inclusive, BCH will not win. Obviously, if the BCH branches again, the BSV will exceed the BCH by market capitalization, and knowing that they have enough incentive to trigger the BCH branch. It is ironic that the code that enables such actions is prepared on the BCH side.
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source https://www.reddit.com/r/btc/comments/f7omwr/bch_tax/
How Bad is Bitcoin Mining for the Environment? New Research Suggests Not So Bad
Bitcoin mining emissions were on par with Estonia, suggesting that the climate change impact of the first digital asset is less than previously reported. Furthermore, the research seems to suggest that where Bitcoin is mined contributes to how much carbon Bitcoin emits. With so much of the mining being done in China, one might wonder if that country’s infrastructure is more to blame than Bitcoin.
Past research demonstrated that emissions from mining bitcoin could be as high as 63 megatonnes of CO2 per year. Reports surfaced suggesting Bitcoin mining put out as much carbon as some Scandinavian countries. But, Susanne Köhler and Massimo Pizzol at Aalborg University in Denmark suggested previous researchers had built misguided axioms into their studies. Poor assumptions about carbon emissions from electricity generation across China, in part, led to the doomsday conclusions about bitcoin mining.
Köhler and Pizzol instead broke emissions down within China to take into consideration regional levels of CO2 produced, as reported by The New Scientist. They came up with a lower carbon footprint for Bitcoin: 17.29 megatonnes of CO2 in 2018. The new numbers result from facts such as coal-heavy Inner Mongolia accounts for 12.3 percent of bitcoin mining, resulting in more than a quarter of the total emissions.
“On the one hand we have these alarmist voices saying we won’t hit the Paris agreement because of bitcoin only,” said Köhler. “But on the other hand there are a lot of voices from the bitcoin community saying that most of the mining is done with green energy and that it’s not high impact.”
Köhler and Pizzol say the affect of Bitcoin mining on the environment won’t truly be known until more accurate data on where it takes place is available.
Source: goldsilverbitcoin
[link] [comments]
A Rothbardian Evaluation of the IFP
Published my first ever article on read.cash. This one is an attempt to evaluate the Infrastructure Funding Plan (IFP) through the lens of Austrian economics and a Rothbardian view of private property. Hopefully it helps clarify some of the issues in the debate.
If you're into Bitcoin because you're a libertarian, this one is for you.
https://read.cash/@fatalglory/a-rothbardian-evaluation-of-the-ifp-7199e249
[link] [comments]
source https://www.reddit.com/r/btc/comments/f7mgtd/a_rothbardian_evaluation_of_the_ifp/
$30M BCH sim hack.
https://explorer.bitcoin.com/bch/address/bitcoincash:qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7
is my address, goddamnit. It's only had 3 confirmations, if any miners/the community can help somehow, I've got the private keys. Help help help.. big reward obviously.
[link] [comments]
source https://www.reddit.com/r/btc/comments/f7lbae/30m_bch_sim_hack/
In Crisis, There Is Opportunity.
I hope by writing this, it will be somewhat helpful to the Bitcoin Cash community. The IFP, for good or bad, for anyone observing closely, is telling us so many things. There is a saying in Chinese, “In crisis, there are opportunities.”
And indeed, during this IFP crisis, there are so many opportunities.
I have always thought of Bitcoin Cash as the people’s money and during this crisis, I was not disappointed. The people are willing to band together and resist when they feel Bitcoin Cash is moving in a different direction than what they expected. You don’t have this in BTC because BTC is entirely centralized by Blockstream. This incident is a great opportunity to show the world that Bitcoin Cash is as decentralized as can be compared to other cryptocurrencies.
Even better, the passion from the Bitcoin Cash community has been overwhelming. This is a great signal for a cryptocurrency, particularly because the value of a cryptocurrency is strongly driven by its community. I think there is saying in tech startup like, “It’s better to have 100 loyal customers than 1000 ordinary customers.”
During crisis, there are opportunities and during this month, we can see some people stepping up and taking responsibilities to fix the crisis. That is super amazing. It means people care about Bitcoin Cash more than we think. What you want in times of crisis are leaders who would think, “Ok, although I didn’t cause this problem, but I am taking responsibility to fix it anyway”. These are the type of things that highly productive people do and it’s great to have them in the Bitcoin Cash community.
At the same time, there were some things that I should have said earlier, but I didn’t. Before the situation even escalated to the IFP, I knew ABC needed funding and I suggested to Amaury that he doesn’t need to pay me anything, I can voluntarily help find a VC for them to solve their financial situation. However, the VC would likely expect some things in return. Amaury told me that by doing that, ABC would be no different from Blockstream and he doesn’t want to go down that route.
I do not think Amaury is a bad person, just like I would like to think that Peter Rizun and Andrew Stone are decent folks as well. Jonald is also a great person. Actually, there are lots of good talented people in the Bitcoin Cash ecosystem, which was what attracted me to Bitcoin Cash in the first place. I think we need to recognize that we are playing in the same team and it is not productive for us to make false accusations against someone else in the heat of the moment. For an outsider, such false accusations won’t just look bad on both parties, but it also looks bad on Bitcoin Cash in general.
There are actually many positives one can take from the IFP incident if one care to look closely. They could see that the Chinese miners are willing to take drastic actions (not just empty words), if necessary, for the long term benefit of Bitcoin Cash. In hindsight, it is very easy for others to point fingers at them. Given that these Chinese miners with ABC's help made Bitcoin Cash happened (without them, we may not even be here today), them miners funded the infrastructure since 2017 (3 years now), invested millions into Bitcoin Cash, I would really prefer not to be so harsh on them.
Unfortunately, the IFP incident reminds me of the BCH/BSV fork where people once on the same team started turning against each other aggressively. I really hope we can be more tolerant and remain united after the incident has passed. It is also obvious to me that there are paid trolls and saboteurs trying to divide us and encouraged us to fight internally against each other, let’s not fall into their trap.
In crisis, there are opportunities. Will you use this opportunity to learn something or step up? That is a question we all may think about.
[link] [comments]
source https://www.reddit.com/r/btc/comments/f7kur9/in_crisis_there_is_opportunity/
Hello everyone, I have an important question.
I had this idea for a long time, and I finally want to share it with you guys. In my country, Cryptocurrencies are marked as something dangerous, illegal and unknown, and I just have an urge to prove people wrong, so I have this idea. I want to make presentations about Cryptocurrencies in my city, but using a space for it costa minimum about 300-400 euros. Do you guys want me to make Patreon so we can do it as a community. Open for any kind of discussion.
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source https://www.reddit.com/r/btc/comments/f7kvf8/hello_everyone_i_have_an_important_question/
Q: Why do people continually try to fuck up Bitcoin?
A: Short term reward in fiat.
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source https://www.reddit.com/r/btc/comments/f7ktzw/q_why_do_people_continually_try_to_fuck_up_bitcoin/
The development fund
The development fund diverts funds that are supposed to go towards mining, to something else. The funds are not paid by the miners, but everyone holding some amount of Bitcoin Cash
However these funds are distributed, it will form an organisazion where parasites will elbow themselves in, and the funds will enable them to steer the future direction of the money system.
This is exactly what we want to avoid, and why bitcoin was started in the beginning, as an alternative to current money systems.
[link] [comments]
source https://www.reddit.com/r/btc/comments/f7kqhc/the_development_fund/
Closed Coinbase account and funds missing after more than 2 years of being a faithful user
I’m a Coinbase Pro user since it was still Gdax and I was a huge fan.
I’m an active but non-professional trader and I own accounts at more than one exchange, yet, to all of my friends and family who showed interest in investing or trading with crypto, I always recommended Coinbase Pro. About 10 people have opened or are about to open their Coinbase Pro accounts based on my recommendation for their first encounter with crypto.
Then, a few days ago, I received a letter of ‘gratitude’: NOTICE OF ACCOUNT CLOSURE.
After the initial shock and a normal human reaction to apologize if I did something wrong, to try to find out what was the problem and to try to resolve the issue, I quickly realized, after contacting the Coinbase support, that that’s not going to happen:
“for security reasons we are unable to elaborate on our internal decision process”.
Being a huge fan and a supporter, I was a bit heart-broken. But soon, using my reason instead of my feelings, I made peace with that. I realized that I’ve probably somehow triggered a red flag in an automated algorithm which increased my risk analysis a bar too high and... off I go.In the eyes of Coinbase I was now being viewed as a risk they need to mitigate, not as a desirable user. They don’t hate me - they just can’t trust me anymore. Fine.They needed me to transfer my assets from my Coinbase accounts.
But when I tried to do that, I was in for another big surprise: about 90% of my assets were gone!
BTC and fiat balances were flat-out zero. I did have access to some of my other currencies and have successfully withdrawn them. But that was only a small percentage of my portfolio.
My efforts to find out what happened to my BTC, fiat and some other currencies always gave the same result:
“...we are no longer able to support your Coinbase account...”“...we have not blocked access to the balance currently in your Coinbase account...”“... you may still send your balance offsite to an external address...”
Yes, but what about the balance that is missing from my account and it was there before the closure?
The closest I got was when they replied:
“We have transferred your case to a specialist who will be able to assist you with this specific issue.You will be contacted directly as soon as we have reviewed your case.”
But the next answer was the same generic answer I received before...
I started to suspect that my account was breached prior to closure and that someone spent all of my fiat and stole my BTC.
I’m totally fine if Coinbase halted my BTC and fiat for the inspection purposes, as it’s written in the User agreement. I’m all for preventing terrorism and money laundering, even if that means that they need to check me from time to time, but I need to know that that’s what’s happening, that I wasn’t robbed by someone.
I need to know what currency my funds are being held in, if they are being held, to be able to adjust my trading activities to minimize the losses.
I also tried to download the trading reports, to be able to calculate and pay the taxes, but the button for generating reports on the ‘Close account’ page doesn’t seem to work.
Although I might sound like some big-time trader with money to throw, that is actually not the case. Most of my portfolio was on Coinbase Pro, because I trusted it the most, and it was worth a few years of hard-earned savings from my day job.
I was a big fan but will I stay one - it all depends on how this issue will be handled and, hopefully, resolved.
Any help in finding out what happened to my money and, perhaps, getting my transaction history would be greatly appreciated.
With love, still,rubi510
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U.S. government can’t stop Bitcoin, but involvement is increasing
I wrote this article to summarize the various actions being taken by the government and the Trump administration regarding the use of blockchain monitoring software and new IRS questions on "virtual currency".
[link] [comments]
Friday, 21 February 2020
Nice way to visualize Bitcoin Cash's improvements over BTC
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I was looking at charts today and noticed an interesting relationship. Over the past 2+ years, the daily average size of BCH blocks varies quite a bit, from as small as 5k to as large as 8MB. Unsurprisingly, the daily average number of BCH transactions varies quite a lot as well: from 3k to 2.5 million(!). But comparing the BCH plot with the BTC daily average blocksize plot, it hovers right near 1MB. And average number of BTC transactions only varies from 100k to 300k. This is because BTC chain cannot handle more transactions due to the ridiculously limited blocksize and the marginally useful Segwit "scaling solution". Now let's take a look at average fees for BCH versus BTC. The graph we see is the opposite of the blocksize and transaction charts - BTC fees swing wildly from 20x those of BCH to 6000x BCH! I will leave it as an exercise to the reader which coin has the healthier blockchain. Hint: If you use one of these coins, you will never know how high your fee will be, how long your transaction might take to confirm, and your transaction could even fail completely. [link] [comments] |
source https://www.reddit.com/r/btc/comments/f77x6a/nice_way_to_visualize_bitcoin_cashs_improvements/
How difficult would it be to accidentally have a hash collision with private key generation?
I was curious about this so I did some quick googling and thought you all may also find it interesting, at least those of you who don't already know:
Using the birthday attack on RIPE-MD160, there is a 50% chance of producing a collision in 890,362,173,273 years.
source: https://pthree.org/2014/05/02/analysis-of-ripemd-160/
[link] [comments]
source https://www.reddit.com/r/btc/comments/f77sd0/how_difficult_would_it_be_to_accidentally_have_a/
New guy here needing help
Hey! I’m new to this whole thing but I understand enough to be on this subreddit. I have been wanting to invest in btc, but coinbase requires you be 18 or older to start an account and i’m 13. Anything I can do to start investing as a youngling?
TL;DR: As an under 18, how can I start investing in BTC?
[link] [comments]
source https://www.reddit.com/r/btc/comments/f73pvd/new_guy_here_needing_help/
Some of the latest bitcoin innovation projects (list)
On Transactions (speed and functionality):
- The Lightning network (Introduces channel factories and private messages on Bitcoin’s second layer)
- Blockstream’s Atomic swaps on Liquid, a sidechain-based settlement network for traders and exchanges.
- Blockstream’s Elements, an open source, sidechain-capable blockchain platform, providing access to powerful features such as Confidential Transactions and Issued Assets.
- RSK (for the development of smart contracts on Bitcoin’s second layer)
On the mining front:
- The Fiber Network for connecting all the miners
- Matt Corallo’s Stratum Version 2 Protocol, (“going to make it a lot better for individual miners to control how the blocks get created instead of the mining pool screening it,” says Mayer).
- Mining derivatives (“like hashing contracts, will likely trade on a CFTC regulated swap execution facility,” says Mayer).
On the privacy front; particularly confidential transactions:
- CoinJoin
- Mimblewimble
- Dandelion
- Bulletproof (shorter proofs for more efficient confidential transactions)
- SNICKER (coin mixing)
- Value Shuffle (coin mixing)
Smart Contracts:
- Mast (Merklized Abstract Syntax Tree, for smaller transaction sizes, more privacy, and larger smart contracts)
- Taproot (for expanding Bitcoin smart contract flexibility)
- Graph root
- Tap script (Improvement’s to Bitcoin’s script structure)
source: cryptographicasset.com/the-state-of-bitcoin-according-to-btc-investor-trace-mayer/
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It's very easy to differentiate between BTC and BCH when talking to people - but if BCH splits, I don't think the division will be easily explained between BCH+Fund and BCH-Fund
The difference in belief that anything more than 1MB is dangerous and the big-blocker philosophy is quite easy to differentiate and perhaps to take a side.
But if BCH splits, I don't think its easy to prefer one side over another.
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source https://www.reddit.com/r/btc/comments/f74h9e/its_very_easy_to_differentiate_between_btc_and/
![Former Facebook VP Chamath Palihapitiya on Bitcoin: "[Bitcoin is] the single best hedge against the traditional financial infrastructure. Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress"](https://b.thumbs.redditmedia.com/kbZOZKsJzxiapSRF0_b7cycaF8imJ96OpCHLK0Rz_7g.jpg "Former Facebook VP Chamath Palihapitiya on Bitcoin: \"[Bitcoin is] the single best hedge against the traditional financial infrastructure. Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress\"")
Thursday, 20 February 2020
Where did we go so wrong?
How did an attempt to raise funds for protocol development result in attempting to oust the lead dev, the person who created it in the first place?
How could things escalate so fast? What proof is there that Amaury did this selfishly and not at the request at some miners?
Did you even give him a chance to respond to all the criticisms hurled at him? I recall someone request the ABC devs create a proposal for money specifying what the money will go towards, has enough time gone by for him to do that?
Seriously don't you think this is more emotionally fueled than logically fueled? Look at the timing, right as BCH started breaking out a massive outcry on social media.
Please look at my post history from before this drama, I supported and defended BCH continually on Reddit even in /r/cryptocurrency when I knew I'd get auto downvoted.
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source https://www.reddit.com/r/btc/comments/f6nh3z/where_did_we_go_so_wrong/
How to buy BTC in Nevada
Quick question. I’ve been buying BTC via debit card for a while. All of the sudden I’m unable to. I messaged the transfer company and they said they don’t offer their service in Nevada anymore. Is there a way around this or another method I could try? Thanks!
[link] [comments]
source https://www.reddit.com/r/btc/comments/f6o7d2/how_to_buy_btc_in_nevada/
Reminder: Monthly Bitcoin Cash Developer Meeting Happens Today
https://www.thefutureofbitcoin.cash/development-meetings
Next Meeting:
Bitcoin Cash Development video meeting 2020 #2
Thursday February 20th, 2020
15:00 UTC
Zoom link for attendees: https://zoom.us/j/823811641
Video meetings where developers actively working on Bitcoin Cash will participate to discuss and explore current and future development. These meetings are organised using Zoom.us software. Attendees are welcome and can ask questions using the Q&A function. The software is available for desktop and mobile devices. No registration for the event is required. For obvious reasons we do request attendees to use the name they are known by in the online community. If an email is asked for entering the meeting x@y.com style email will work.
[link] [comments]
source https://www.reddit.com/r/btc/comments/f6kvts/reminder_monthly_bitcoin_cash_developer_meeting/
Footage of user paying with Bitcoin Cash in our latest meetup! The place owner asked us to make it there again and we did! 🇻🇪✨ more updates soon from InstaBitcoin
Wednesday, 19 February 2020
Crypto newsfeed website
COINDELTA.TECH NEED YOUR SUPPORT! CREATETED MY MY NEW WEBSITE coindelta.tech which show all the lastest crypto Buzz from almost all the sources around the world check it out!
[link] [comments]
source https://www.reddit.com/r/btc/comments/f67yz6/crypto_newsfeed_website/
In a post-apocalyptic world, a citadel castout may have just found his ticket back to civilization...
Disclaimer: I am not a writer. I just happened to get inspired and whip this together over the last 45 mins. Let me know what you think!
The sun hung low in the late afternoon sky and the cool wind carried a bite not felt since the end of spring. Chirstian looked down at his filthy, aching hands for a moment. He hated digging in the cold, and with dusk quickly approaching on a long September day with no notable finds, it was about time to throw in the towel.
Christian rose to his feet. He stood atop a spectacular 30 foot mountain of trash - part of a discarded mountain range that stretched for miles along the outer wall at the southeastern quadrant of citadel 117.
These hills used to be teeming with other diggers like himself, in search of treasures mistakenly (or purposefully) cast out by individuals inside the well guarded monstrosity that loomed before him. However, as the efficiencies afforded by low time preference proliferated inside these modern day marvels of human ingenuity, products became more reliable, citizens became more likely to repair and reuse, and regular dumps of waste became fewer and further between. What was formerly a bustling effort of thousands of non-hodlers rising and sinking like curious meerkats into the jagged, man-made landscape, was no more. A lack of citadel waste meant a lack of salvageable goods, and it was only a matter of time before bands of non-hodlers began migrating away from the wall to try their hand at hunting and gathering.
Defeated, Christian began navigating his way down the foul-smelling heap carefully. He’d spent the past few days on this particular mound and with the results he’d had (or lack thereof), it was likely time to relocate tomorrow morning. The idea of catching up with this morning’s recent decampment crossed his mind, but quickly vanished. They were long gone, his tracking skills were non-existent, and even if he DID catch up - his survival skills in the wild left plenty to be desired. He would only further encumber them.
“Ah… God damn it.” Glancing around, Christian realized his wandering mind had allowed him to stray from his forged path down to flat ground. How long had he been wandering? Looking back upwards, he couldn’t spot where he’d deviated. At this point he couldn’t be bothered. It would maybe be five more minutes of hurdling junk before hitting the trails below.
Swinging his leg over some crumpled metal, he gently eased himself over and tried to find the ground with his toes. That’s when he felt something sharp slide through the thin sole of his shoe like butter and begin to pierce his foot. Christian instinctively pulled back, but the sudden weight transfer caused him to lose his balance and begin to tumble. In a last ditch effort to minimize what was sure to be a painful fall, Christian pushed off the mound with his opposite foot and attempted to catapult himself towards a nearby broken couch.
It was a mildly successful effort. The landing resulted in a loud thud on some surprisingly firm cushions, and his shin bounced firmly off the underlying wood of the arm rest. Lying on his back, he drew his leg towards his abdomen and took a few deep breaths while rubbing what was sure to be a painful bruise. Christian looked up at the pile of aluminum and steel that earned him his new lumpy shin, and in the fleeting moments of sunlight, something caught his eye…
Hanging precariously from the edge of a small bedroom dresser was a distinct gold glint in the form of a necklace with a long medallion. Gold had largely lost its value in the wake of hyperbitcoinization throughout the 40’s and 50’s, but still retained some ornamental and industrial use cases. Perhaps he could barter with some of the remaining citadel leeches back at the camp. With his barter skills he could likely trade it with one of the remaining citadel leeches back at the camp. A small battery pack would give him enough juice to jump online for a little while to see what was new inside the walls. Living vicariously through citadel dwellers was one of the few joys in life left these days.
Christian pulled himself upwards and reached out, snatching the chain. He rotated it around to the clasp and squinted to see the engraving. 14 karat. Hmm, not bad - at least the day wasn’t a total waste at this point. Turning his attention to the other end of the chain, he noticed that it wasn’t a medallion, but instead a USB drive. As it was lifted slowly to his face, Christian’s pupils dilated as he read the white words printed on the front of the device:
OPENDIME
---> Bitcoin
Holy. Fucking. Shit.
… to be continued?
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Understand what's at stake + personal remarks on how I will handle the current situation as an oldtimer.
What makes crypto special?
- P2P transactions without intermediaries
- based on sound money principles
- permissionless to any participant in any possible role (dev, miner, user, investor, node operator, business).
A crypto with a built-in tax (no matter if it's called a "dev tax", a "miner tax" or an "investor tax") is against the principles formulated in the whitepaper.
Only users have to pay a fee in order to make use of their right to transact on-chain. Despite the users self-interest to pay a fee as low as possible there is also self-interest in generally paying a fee as it secures the network. This means their incentives are aligned.
Now I suppose that neither in 1913 nor in 2020 people are thinking about the (real) long term consequences of their actions. Some may question if such a thing as karma (action) exists or not. Still it's undeniable that actions have long term consequence resulting in responsibility today.
This is meant when we are talking about precedents (bending principles we signed up for), as well as tragedies of the commons (we didn't sign up for but likely ignored). More could be said about slippery slopes and degradation of values over time resulting in divide and rule schemes or why the road to hell is paved with good intentions (from good guys). Because people always forget that all three: intentions, people and successors change over time.
So I may be the first to ask this question: Who has thought about the long term consequences of this tax proposal*?
*Remarks: I know that funding devs is a hard problem we as community should tackle. Still I think it's a red herring (propaganda) to frame this tax around a thing we all can agree upon. Namely that development (caveat: NOT developers) need funding in order to develop and scale this project.
So fast forward [>>] : After installing this temporary tax (we all know it won't be temporary) what potential outcomes can be expected in the future when reward (inflation) tends against zero.
In this not to distant future fees have to pay for security of the network. Notice how BTC and BCH fundamentally disagree on how fees have to pay for security. But they both agree that fees will have to and also will be sufficient to pay for security. (Notice how Monero begs to disagree and uses tail emission instead).
In that future world what implications does a "mere" 5% tax have? Which incentives do the tax collectors in control have? But most important: Won't they be incentivized that the stream of funds will never stop even if rewards decline (like every other tax system in human history)?
Now what kind of methods can they use to leverage their influence over the network? And how easy is it to influence certain policies (from easy to hard):
- Keep or change beneficiaries
- Increase or decrease tax?
- Increase or decrease fees?
- Increase inflation aka 21M limit?
I am quite sure the list above is incomplete. My main take away is that by adjusting the effective tax rate after (and even before) rewards have gone to zero, "we" created a financial policy instrument that will be used to influence the economy built on top of Bitcoin (Cash) as well as control other (opposing) participants.
If an entity (let's call it "Fundstream") can leverage centralized control over the network AND use this for all kinds of monetary policy (e.g. alimenting the good developers aka the good guys and fighting against the bad guys, whoever they may be) a central bank like structure has successfully been established on top of Bitcoin. This is genius -or NOT!?
Fellow Bitcoiners. This is our personal Wilson Woodrow moment. Everything else is history.
Personal remarks:
I will immediately stop any activities that will lead to more adoption for BCH be it through new users or through investors. I can not recommend to invest in a project that is planing to introduce a tax on their investors. That's 100% against what Bitcoin stands for. I already started to talk to current investors and make them aware of the situation including the potential for complete divestment.
As someone who entered this market as an investor in 2011 and someone who manages quite a huge amount of BCH for others I will observe the situation closely and am already looking into best divestment strategies in the case Amaury gets his way.
A funding model based on voluntarism and accountability like it's perfectly working on Monero is the way forward and anybody denying that is either not interested in accountability or is more interested in attacking Bitcoin (Cash) right before it enters a new bull market and just before BTC's fee problems could wake up plenty of people. Monero proves and other oldtimers agree with me that funding is not the problem. UX and accountability is. I hope Flipstarter can help in this regard just like CCS helped Monero.
If this was about funding developers we would simply sit down. Evaluate what projects need to be funded in the next 3 or 6 months (looking at the roadmap) and come up with some numbers. But this is not about funding developers. This is about playing a power play to gain as much control over the Bitcoin protocol as possible in order to define monetary policies a decade or two down the road.
I wonder when we will call this an attack of one or two colluding miners who built a cartel with the devs of the reference client maxing out their current power (going all-in on control).
The BTC capture has been bad. You can like the propagated arguments for node decentralization or not. But in the end a fee market is still some kind of free market. The capture of the protocol we see in BCH is even worse. It introduces government and central bank like capabilities into BCH. And believe me - it won't be temporary. If anything it will kill the host like every government system does if you give it enough time as there never will be enough taxes for all the wonderful things we could fund.
Also notice how BTC produced a spill over effect into alts in early 2017 when it maxed out for the first time. The tax on BCH willl create another spill over effect as miners can enforce some rules but fortunately they don't have ultimate power. Capital controls won't work in BCH. Imagine what would happen if citizens were free to move their money in the light of the fact that a 5% tax is going be enforced on all investors in stock markets...
Without capital controls the money will simply leave! That's economics 101.
I fear for the long term prospects of BCH if economic illiterates take over once again just like they did when Amaury himself had to provide the code for a fork from BTC.
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source https://www.reddit.com/r/btc/comments/f670m3/understand_whats_at_stake_personal_remarks_on_how/
Thanks to Calvin Ayre many BCH users have added 50%-100% of their BCH holdings (selling BSV, buying BCH). Overall this has made BCH more scarce since the BCH supply is still limited.
On the other hand Calvin is left holding BSV which is a coin based on the false premise that the original creator of Bitcoin would create a minority fork and not be able to sign any addresses. Which is a ridiculous joke/scam and really makes BSV the current Bitconnect.
We warned many people about Bitconnect but some people still bought it and lost it all when it went to $0. So dear friends of r/btc beware of BSV. It is built on a lie and will likely end in losses.
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source https://www.reddit.com/r/btc/comments/f67bcq/thanks_to_calvin_ayre_many_bch_users_have_added/
"When you're ready to protest income (and sales, and estate, and capital gains, and VAT) tax as hard as you're protesting this 'miner tax,' holler at me." - Vin Armani
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