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A New Hope

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Avatar for Cain
Written by   607
2 months ago

Friday, November 13th, 2020, 2 days before the fork

One of the many beautiful things about Bitcoin is its resiliency. How all it takes is a handful of people (maybe even one single person) to keep a chain alive.

In my last post I wrote how disappointed I was by the recent direction of BCH, but I'm happy to report I don't feel that way anymore. What I see now is the potential for a huge opportunity and a chance for a fresh start.

To me the bottom line is the mission hasn't changed. The mission is still to create a global digital cash system that can be used to facilitate peer to peer transactions without the need for a third party. And despite most people having no idea what a potentially civilization changing technology this can be, I want to echo what Bitcoin ABC's lead developer Amaury Sechet said in a recent interview:

"There are new economic times that are coming, and people need to be paying attention to that because the people paying attention to that are going to be far ahead of the pack effectively. Many people are just not looking at it, and they are going to find themselves in a dire position. And this is true even in crypto. Because if I look at Bitcoin or Ethereum, they are always running at capacity now, which means if you want to use Bitcoin at a larger scale it's going to be through custodial services. But if there's a huge economic crisis those services can run out of liquidity and not be able to transfer money anymore. So you may have Bitcoin and not be able to transact with it. Ethereum is not in as dire a position but it's still running at capacity. And all of that is more about people than technology, I'd say, and the people in the Ethereum community are focused on defi and this kind of stuff, which is interesting, but it's not solving the economic problem that it's profiling. And then I'm looking at BCH and I see people that are having effectively philosophical arguments about what is the essence of Bitcoin and disagreeing with that and forking to oblivion because of it, which is also not solving that. So what I want to do right now is get rid of that baggage and focus on solving that problem, because I think this is the most important problem you can be working on right now." - Amaury Sechet, Lead Developer of Bitcoin ABC

When I discovered Bitcoin Cash and made my first transaction, I was truly amazed by this technology. Without fully understanding how it worked, I thought it had the potential to be a real game changer. Only when I took a deeper look did I realize how much was still needed to be done, and how few resources were available to get us to the finish line.

For the past couple of years those of us in BCH have been arguing over how to deal with the funding problem. It's what ultimately led to the current situation. While I admit that it appears that the ABC chain will have much less support in terms of price and hash, I remain hopeful that the new coinbase rule will usher in a new era for Bitcoin because this funding mechanism is something that has never been tried before, at least not on a branch of Bitcoin that stems from the original genesis block.

People are familiar with the old joke that socialism hasn't worked because it has yet to be done correctly (aka that wasn't real socialism), but what we have here is the complete opposite situation. Through Satoshi Nakamoto's creation, we are getting the opportunity to try something truly novel, to truly test the resiliency of the system he created.

I have nothing against those who want to run their experiment however they want, but I for one am looking forward to seeing how the new coinbase rule will be enforced by Nakamoto consensus.

I'm not saying this is going to be an easy road, or promising this road will lead us to the promised land, but I feel that for the first time in a long time, I can be optimistic about the future of peer to peer digital cash. One where there's less debating and more building.

I'm also excited to see how the Global Network Council evolves. I look forward to participating in this new community by having skin in the game and associating with like-minded people to make our voices heard.

Nobody knows the future, but neither did anyone who was buying up BTC for $15 a coin back in 2012. Who knows, maybe one day we'll look back and see this was a rare opportunity at a second chance for those of us who discovered Bitcoin late.

With that said, please don't take any of this as financial advice. There are way too many unknowns to accurately predict how this will play out. The only thing I do know is that I can finally see a version of the future I want, and I look forward to watching it all unfold beginning on November 15th.

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Avatar for Cain
Written by   607
2 months ago
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Comments

Educative article

$ 0.00
2 months ago

I have subscribed to you. I hope you will too.

$ 0.00
2 months ago

Can you describe your hope for this project without mentioning Amaury Sechet, and why its better than what all currently exists?

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

I agree with you hundred percent because the world is always changing

$ 0.05
2 months ago

Great article.

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Hey man, Glad to see you "back" in a good mood! :0) O.S: and what a great title Track or Album: "A New Hope". #postit

I think we are still in the beginning of the blockchain revolution, evolution. Everything is possible! :0)

$ 0.00
2 months ago

I agree that we are still in the beginning and am excited for the future. By the way, A New Hope is the title of the first Star Wars movie =)

$ 0.00
2 months ago

Haha yes, it's true. :0) I didn't make the connection, and yet I'm a big fan of Star Wars. I just thought, "hey that's cool.. inspiring!".

$ 0.00
2 months ago

Nice post dont loss hope keep on living 👍

$ 0.00
2 months ago

The world is always changing. Never loss your hope... inn sha Allah butter day are coming

$ 0.00
2 months ago

Never loss your hope my dear. Well composed.

$ 0.00
2 months ago

It is a great chance to us here in read cash community to get the new bch ABC coins in the wallet that support it

$ 0.00
2 months ago

I started very recently to accumulate BCH and I hope this project will be approved by many people, of course read.cash helps a lot in promoting the crypto

$ 0.00
2 months ago

Nobody knows the future, but neither did anyone who was buying up BTC for $15 a coin back in 2012. Who knows, maybe one day we'll look back and see this was a rare opportunity at a second chance for those of us who discovered Bitcoin late.

There is a big difference. In 2012 there was only Bitcoin. 2020 there are over 1000 cryptocurrencies and several Bitcoins.

$ 0.00
2 months ago

I hope nothing would change or everything's still normal because tomorrow will be the day, just starting to learn n knew BCH because of read.cash

$ 0.00
2 months ago

Undoubtedly there will be changes coming from all this, yet is very uncertain the IFP will lead us were we want to be. Is a change ok, but is a good change? It creates division in a community that needs more consensus, and centralization in a decentralized environment. And all this is worth so a single person (and associates) can decide the future of BCH? The answer seems to be negative.

$ 0.06
2 months ago

The thing many BCHN supporters don't want to see is that the division in the community already existed almost since the start, and it has slowed down the project dramatically. Decentralization does not write the code, it is a false idol if you do not specify what you want to decentralize. Decentralizing the monetary system is good. Decentralizing the development of a critical piece of software that run a multi-billion dollar network is a different story. I want the software to remain open-source so that anyone can create a fork at any time if they feel like the current development team has been compromised. But I do not want anyone to be able to submit code without a proper review. We do not have today a proper mechanism for decentralized code review.

Consensus with uninvolved vocal activists is not a goal I'm interested in. Not at the expense of healthy competition and striving for technical excellence, anyway. And this split actually improves the amount of consensus on both sides by separating irreconcilable points of view into two distinct projects.

$ 0.25
2 months ago

It existed, granted. Yet this isn't helping to close the gap, on the contrary.

$ 0.00
2 months ago

100 percent correct the world is evolving and Bitcoin cash is a gateway to the new world

$ 0.00
2 months ago

Hope! I am happy that you remark that BCH is a hope for a lot of people in the world.

$ 0.00
2 months ago

This is wonderful I will like to know more of coinbase

$ 0.00
2 months ago

please don't take any of this as financial advice.

$ 0.00
2 months ago

I totally concur. This is true

$ 0.00
2 months ago

super

$ 0.00
2 months ago

Great article

$ 0.00
2 months ago

Nice

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Hope BCH will not loss It's value after fork. Good luck bch

$ 0.00
2 months ago

Very interesting article

$ 0.00
2 months ago

Great article.

$ 0.00
2 months ago

Great article

$ 0.00
2 months ago

Nice article

$ 0.00
2 months ago