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Bitcoin Cash stopped for 5.5 hours Is BCH going to disappear?
Roger Ver has always been a faithful advocate that Bitcoin should be P2P digital money. When the Bitcoin community authorized the Segwit update, Roger Ver decided to separate from the common Bitcoin project and create his own cryptocurrency, Bitcoin Cash (BCH).
The slogan that Ver has repeated as a mantra is that Bitcoin Cash is immediate P2P digital money, obviously faster than Bitcoin. As WhalePanda (@WhalePanda) points out, if BCH were used as a means of payment for a coffee ordered with BCH it would be very cold at the moment to have to wait 5.5 hours for the payment to be made.
A stop so abrupt can only mean one thing, Bitcoin Cash miners have joined as a demonstration to send a message about the new tax or are leaving the project and therefore Bitcoin Cash has died.
A new tax for the BCH network has been promoted a week ago, to which Bitcoin Cash miners would be forced to pay. The tax would amount to 12.5% and the funds collected would be to invest in developers for the Bitcoin Cash network. This new tax is something inadmissible that has never been seen in crypto space because it is as high as how it has been applied.
Cryptocurrencies have always been characterized by having a vision towards decentralization. With this measure, as BeInCrypto reported, it shows the great centralization existing in Bitcoin Cash and how its leaders (Si Jiang Zhuoer of BTC.Top, Jihan Wu of Antpool and BTC.com, Haipo Yang of ViaBTC, and Roger Ver of Bitcoin. com) they are acting as a cartel by imposing such a high and mandatory tax, in short this measure could be a suicidal movement for the Bitcoin Cash project.
This measure was so controversial, that other personalities of the crypto space felt compelled to comment something about it. Charlie Lee, creator of Litecoin, could not resist communicating that the measure would bring the hashrate to minimum levels facilitating an attack of 51%, could lead to new forks and especially criticism that such a measure was blatantly centralized marking a disastrous precedent for the industry of cryptocurrencies.
Lee commented on the possibility of voluntary donations by Bitcoin Cash miners to sustain the network and its evolution, but it does not seem to have fallen on deaf ears.
Roger Ver and his clan will have to rethink the foundations of the project. Changes will have to be made because this type of event does not provide any trust to a cryptocurrency that also claims to be a means of payment, a 5.5-hour break is simply unacceptable.