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BCC#6: My choice

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Written by
  91
1 month ago
Topics: Bitcoin Cash

Sunday, February 16, 2020

Here we go again.

It's like I'm having deja vu.

I remember the last time we went through this, I couldn't make up my mind. Then it looked like the Infrastructure Funding Plan (IFP) was dead, and I sort of stopped thinking about it, until yesterday.

I admit at first I was just as conflicted as before. But then something happened. As I asked people against the plan some questions in an effort to try and better understand them, I was told to fuck off, that I was asking loaded questions, and that I was a coward. I admit it kind of hurt. Last time, this type of hostility made me rethink my initial reaction to the funding plan. I wasn't sure what I supported anymore, and I resigned myself to being neutral. But maybe I wasn't really neutral, maybe I was just fooling myself into thinking I was.

I understand why people are upset. This goes against their idea of what bitcoin is supposed to be, what they believe is the best path forward for this project. I am sympathetic to that. I respect how passionate everyone is. It's why I was so conflicted for so long, because people who I have a lot of respect for and have learned from were vehemently against the plan. Though there were also plenty of people in support of the plan, I wondered if they were wrong, if I was wrong. I make mistakes all the time, this wouldn't be my first. But I also couldn't get myself to see the plan as some atrocity that shouldn't be given any consideration. I saw the plan as a potential solution.

The fact is the devs need funding. They need to hire more people, and to know they can promise their hires some level of stability beyond just a handful of months. New employees want to believe they will be employed for at least a couple of years. I know I wouldn't leave my job for a company who could run out of money at any moment.

So yes, I guess my questions were loaded, and maybe I was indeed being a coward in that I didn't want to choose. But now I have. I understand those who oppose this decision, so please don't take this personally. I respect your position, but you must also respect mine, even if you disagree or think it unwise. I am not hurting anyone with my actions. I believe in Bitcoin Cash as a potentially revolutionary technology. I believe in the economics that make it work. I want to see it succeed, and I believe that if no other solution arises, this plan gives Bitcoin Cash its best chance of surviving and thriving.

I know what some of you may be thinking. People seem to assume that I'm just trying to suck up to Amaury and the Bitcoin ABC team. I'm not. I simply agree with their logic and have come to this decision on my own after a lot of hard thinking. As a result, I'm going to make my bet based on the information available to me. But like with any bet, I understand I could lose.

The way I see it, the biggest mining pool operators want this, and they asked the devs of the lead implementation to code it in so it can be an option for the May upgrade. Nothing is for certain at this point. I assume nobody knows what's actually going to happen, only what they think will happen. It is no different for me. I have tried to see the situation from all angles and this is how I perceive it. Bitcoin is an elegant system. Miners mine on top of whatever block they want. If they don't agree with the consensus rules of one network, they can mine on a network they do agree with. Similarly, if devs aren't interested in building on a specific network, they are free to work on any project they want. And if users and holders no longer believe in a project's future, they have the option to sell their coins, or to stop accepting those coins at their place of business.

Everyone has a choice. Nobody is being forced to do anything. I can always sell my BCH and forget all about it and move on. Miners who don't like this plan can mine what they want. Devs who don't like this can work on other projects and some already have. I will choose to keep using Bitcoin Cash until it no longer is in my best interest to do so. In my mind, it's still the best money the world has ever seen, and this plan means that serious miners are willing to invest in the future of Bitcoin Cash. It means teams working on BCH infrastructure will have an opportunity to focus on building rather than surviving.

I hope that there are others who feel the same way I do, but to those who don't, I equally hope you can understand and respect my position. When we split off of BSV, I might have thought those who followed nChain and Coingeek were making the wrong choice, but they were free to do as they pleased.

I could sit here and go on about my reasons for choosing to support the IFP if it goes forward, but I'm not here to try and convince you. I think it's up to everyone to come to their own conclusion based on their own research.

Like I said, maybe I'm wrong. Maybe this plan doesn't work and I end up regretting my choice. But that's my choice to make. You might think it's stupid, but you can't stop me from doing what I want, just as I can't stop anyone else from making their own choices assuming these choices aren't infringing upon the rights of others.

To be honest, I have a feeling that in the future there will be many cryptocurrencies that are used as money. Just as we have Visa and Mastercard and Discover and American Express, there will be BCH, BTC, ETH, LTC, XMR, and many more. We'll all be free to choose whatever coin we like best. In fact, you're already seeing it now on read.cash.

I sincerely hope we can keep this community united. If a legitimate fundraiser is put together, I plan on contributing. But if the donations don't meet the necessary goals, and the IFP is activated in May, I will choose to continue supporting BCH and contributing in whatever way I can.

Thanks for reading.

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Comments

after watching this, and hearing that Bitcoin.com was NOT on-board with the original, nor the revised IFP, I'm 100% convinced this is absolute SHIT!!

Amaury and the Bitcoin ABC team, NEED to do a better job of monetizing, like every other business on earth that seeks profit .. end of story

(correct me if I'm wrong, but have they even TRIED to raise money through campaigning on their own?? smh)

$ 0.00
1 month ago

I fully get your position. As I said, I don't claim to know 100% that supporting the IFP is the right thing. But I'd like to respond to your comment anyway. The way I see it, Bitcoin ABC isn't a normal profit-seeking business. I don't know how you monetize protocol development other than to be invested in BCH and help make the price go up. But another way is obviously to raise money. And at the moment, they have a group of mining pool operators who are willing to take the step of raising money on their behalf with this IFP. It would be as if a VC firm came to them with a proposal, and being desperate for money, even if the VC firm's offer is controversial, it's either accept the money or die. I'm still thinking this through as the situation appears to be constantly changing. If I wasn't so heavily invested, I'd find this all fascinating, and I still do, but at the same time it's very stressful like I put a huge bet on the superbowl and I'm still waiting to see the outcome. Always appreciate you reading my column and giving feedback nyusternie. Let's hope BCH survives and half the community doesn't hate the other half at the end of this.

$ 0.00
1 month ago

If I wasn't so heavily invested, I'd find this all fascinating, and I still do, but at the same time it's very stressful like I put a huge bet on the superbowl and I'm still waiting to see the outcome.

THIS EXACTLY!! I'm investing 100% of my time, money and heart into BCH, so this is all very upsetting .. and I HATE TO GAMBLE!

I don't know how you monetize protocol development

my argument above is STRICTLY based on the information that I now know .. THEY NEVER "TRIED" TO RAISE MONEY .. if they tried and failed, then I would say okay .. but I don't even see an attempt (I've been searching too), where is their EFFORT??

I always appreciate listening to (and trying to understand) ALL perspectives, so I greatly value yours (wasn't try to sway you in anyway) .. and I MOST CERTAINLY have respect for the work that ABC (is doing, has done, and will continue to do) .. BUT, imho, they need someone to MANAGE their business, and help them in MONETIZING their value

$ 0.00
1 month ago

I agree that ABC could improve in that regard. If they released a budget detailing what they need who knows what might have happened. But when they have big mining pool operators offering to give them money, I guess they see that as the easier option. I don't know what the right answer is. Basically it's become a shitshow.

$ 0.00
1 month ago

Thanks for writing this up, it helps me better understand the position of at least one person who leans toward the IFP! :-)

I sincerely hope we can keep this community united.

I think most of us do. But it seems to me like there is a game of politics being played here that aims to be at a level where they don't really like our opinion about anything to get involved.

And that I find a shame.

$ 0.65
1 month ago

Good read. These things will keep happening, without fail, as long as 1) there are changes/decisions to be made and 2) as long as there isn't a more effective governance mechanism for achieving this.

$ 0.01
1 month ago

And, there is a lot of honesty in your publication! :0)

$ 0.05
1 month ago

Fortunately, we don't all have to agree on things. The important thing is to respect each other and stay united on common projects. Life is just a multitude of choices to make, every day. To choose is to move forward, for yourself. First!

I'm just speaking from a "philosophical" point of view.

:0)

$ 0.00
1 month ago

Glad I am seeing some logic finally.

$ 0.05
1 month ago
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