Questions for Bitcoin Unlimited

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Avatar for BlockchainParadigm
4 years ago

The Clarification Regarding BSV

On the 11th of February 2020, Bitcoin Unlimited posted an article on read.cash regarding the claim that they supported BSV. While some BU members support BSV, I think it was made pretty clear that the organization in itself does not. And that every BU Improvement Proposition in favor of BSV instead BCH were all rejected.

But in this article, a biggest issue was left unanswered. Considering they (BU) work on BCH and not on the BTC chain, one would expect them to hold more BCH than BTC. As they refused to sell parts of their BTC stack for BCH, questions got raised. Unfortunately, those questions were not answered. Instead we got the following :

 This specific issue requires a much more detailed explanation and therefore deserves it’s own article, which is to be published shortly.

To this day, this detailed explanation was not yet published. And it was more than two months ago. When we can expect this explanation to be released ?

edit : The detailed article was posted on the 13th of February only on Reddit and not on read.cash.

Holding BTC instead of BCH revealed itself to be a good choice regarding their finance. But now the bear market is over, things have changed. Can we expect of Bitcoin Unlimited to cast another vote regarding that subject ?

Waiting for the BTC Side to Raise the Blocksize

Additionally, I want to talk about another concern that I have related to the subject. Peter Rizun once said, back in 2019, on What Bitcoin Did (Peter McCormack's podcast) that he was holding BTC in case Core developers decided to raise the blocksize. Starting at 12:25 :

Yeah, I think most BCH enthusiasts still hold lots of BTC. Because, you know, maybe BTC gets their act together, realizes that we have to increase the blocksize limit, and I think that would really reunite the community and we can all move forward together. So yeah I hold both to prepare for that risk.

When looking at the BUIP127 (Partially re-weight 50% BTC to BCH), we see that Peter Rizun voted against that proposal. I assume for the same reason that he holds BTC in case BTC got its blocksize limit raised. But is that the official position of BU ?

I consider reunification between BTC and BCH to be impossible. The BTC folks proved themselves to be wrong on so many aspects of the scaling debate. Most of what they've been working on since then is still unusable for the average user. If not corrupt, they are tremendously incompetent.

Moreover, raising the BTC blocksize would be a validation of the BCH strategy. It would be unacceptable to switch to the BTC chain and reimplementing what already works on BCH and therefore losing all the network effect it got for itself.

If Peter's position were to be shared among other BU members, I fear it would be a possible attack vector against the BCH ecosystem. If BTC Core devs were to raise the blocksize limit, just enough for the BCH community to be deprived of the amazing BU's workforce, it would be disastrous.

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Avatar for BlockchainParadigm
4 years ago

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It is game over for BU

They might as well work for Coingeek

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