The day before the fork

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Avatar for Cain
Written by
3 years ago
Topics: Cryptocurrency

Saturday, November 14th, 2020, 1 day before the fork

I honestly have no idea what's going to happen tomorrow. I'm not a miner, nor am I in contact with miners. I'm just putting my faith in the idea that there must be others out there who value merit over politics.

Maybe you think my faith is misplaced, and I admit I'll feel much better once I see the first few ABC blocks come in, whether that takes minutes, or hours (hopefully not days), but no matter how long it takes I know that the moment the first ABC block is mined, history will have been made, and it will signal that the new coinbase rule is born.

Recently some have been saying what a big moment this is because it's the first time a lead implementation team has been rejected in favor of a new team, but I think those people are focused on the wrong thing.

Instead I'm focused on the fact that this is the first time protocol developers will have the ability to extract value from the market through their proof of work, just as miners extract value through theirs. Going back to January 3rd, 2009, the Bitcoin project has been maintained through the work of volunteers, sponsors, donations, or outside investors. But for the first time in its nearly 12 year history, there will be a branch of Bitcoin that will fund development directly through the coinbase reward, aligning the incentives of both miners and developers, hopefully ushering in a new era of Bitcoin characterized by professionalization in development.

Just as we wouldn't want our electricity company to rely on donations and volunteers to keep itself running, why would we want our financial system to run that way?

It's time for Bitcoin to evolve and have the ability to pay for its own maintenance and growth. I want to see Bitcoin become the first public good that is truly public, only made possible because everything will be on the blockchain and in open view.

While everyone else celebrates BTC approaching its all time high, I will be celebrating history being made with the activation of the new coinbase rule and the beginning of the next era of Bitcoin.

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Avatar for Cain
Written by
3 years ago
Topics: Cryptocurrency

Comments

Very nicely put. Let us see what the morrow bring!

Thank you for your article and all the best,

$ 0.00
3 years ago

nice article

$ 0.00
3 years ago

Just as we wouldn't want our electricity company to rely on donations and volunteers to keep itself running, why would we want our financial system to run that way?

you really seem to love that "old" centralized way of doing things .. and no, I don't think anyone expects a public utility to run on donation, smh .. can't blame you for wanting to be comfortable, but most of us here are willing to sacrifice the comforts that come from "taxing" to continue building something unique and quite special..

i do hope after tomorrow, or after next month, or after next year, you return to THAT dream; and you can rest assured that we'll be waiting...

$ 0.00
3 years ago

"OLd CenTrAliZed Way" - that's where you're wrong

$ 0.00
3 years ago

the "traditional" centralized way ..

however you want to call it, there are many of us want something different; and Bitcoin was it; then Blockstream crippled it, and now ABC wants to make it corporate

$ 0.00
3 years ago

Still wondering how this fork will turn out since i haven't been online for a while due to some things so I'm just watching and waiting

$ 0.00
3 years ago

Hello sir ! Sir i have been working for a week today read cash but i am not being given any points please tell me.

$ 0.00
3 years ago

I hope that this change turns out to be for the the better and not for worse.

$ 0.00
3 years ago

Anticipating the morrow so big. Let's see the new world of bch.

$ 0.00
3 years ago

Going back to January 3rd, 2009, the Bitcoin project has been maintained through the work of volunteers, sponsors, donations, or outside investors.

Technically, yeah, but the Bitcoin developers did mine their coins that time, amd therefore they had a reserve funding now that it blew up. The Bitcoins today being moved is a probable reason that they needed it now more than ever.

$ 0.00
3 years ago

Instead I'm focused on the fact that this is the first time protocol developers will have the ability to extract value from the market through their proof of work

What a load of bollocks. They don't extract value by proof of work. It's by abuse of power.

But don't worry... You'll probably get your historical first block and you can have your chain.

$ 0.10
3 years ago

It is more a proof of miner-faith in their work than proof of work. So far they seem to have little of that proof. There is not really any evidence of abuse of power. This is an open and permission-less situation and they had every right to code their node as they saw fit.

$ 0.00
3 years ago

Very nice article

$ 0.00
3 years ago

Like seriously, I'm up and watching. Keep us updated please

$ 0.00
3 years ago

Like really I wake up earlier just to witnessed how the bch evolves 😅

$ 0.00
3 years ago

Miners dont "work". They make digital mud pies.

Developers dont do "Proof of Work". They do actual work.

$ 0.05
3 years ago

This is really a great news

$ 0.00
3 years ago

We hope for the best tomorrow 15/11/2020.

$ 0.00
3 years ago

Just anticipating tomorrow, hope it turns out well for the Bitcoin Cash community.

$ 0.00
3 years ago

It’s 15th November here! I'm so excited too, what will happened. Hope everything will go with bitcoin cash. ❤️

$ 0.00
3 years ago

I'm glad I'm not the only one who is wondering about the fork today. I've moved all my BCH (not that I have a huge amount) to Binance in anticipation, as I know that Binance will be crediting holders with the new coin - unlike some exchanges.

$ 0.00
3 years ago