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The IFP: Part 4

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Avatar for Cain
Written by   607
3 months ago

Tuesday, October 13th, 2020, 32 days before the fork

In case you might be wondering, writing these articles is hard. They take me quite a bit of time and effort, and believe me, what I earn in upvotes wouldn't be enough for minimum wage (though I appreciate every single satoshi).

So it's only natural to wonder why I even bother? Why do I spend hours at my computer writing these essays that hardly anyone reads, other than a small subset of the BCH community?

The best answer I can come up with is the same one Amaury gave when I interviewed him earlier this year: Because I believe in the mission.

Like him, I believe that Bitcoin Cash has the potential to become a civilization changing technology. And I believe that's something worth fighting for.

The crypto industry is currently made up of thousands of different projects. You have defi, digital gold, smart contract platforms, stable coins, this year's version of crypto-kitties, and on and on.

But to me Bitcoin Cash is by far the most interesting project of them all. It's also the project that happens to most closely resemble the reason everyone became so excited by Bitcoin in the first place.

I'm not trying to say other projects aren't worth trying, but what I'm personally interested in is a proof of work coin that is secured by hash power, offering fast, cheap, reliable transactions without ever having to rely on a third party.

I think it's fair to say we all want BCH to be accepted all over the world, to be used in commerce as well as be an excellent store of value, and for the first time in history, give people a way to opt out of the traditional financial system.

I joined this community because I believe in that mission, and as the global economy seems to be heading towards a massive crisis, I would rather have Bitcoin Cash positioned sooner rather than later to be ready to handle mass adoption.

I remember back in 2017, when I first learned about the BTCBCH fork, I did a ton of research trying to understand the differences between the two. I learned that BTC didn't want to raise the block size because it would lead to greater centralization. It was just kicking the can down the road, they said, and that on-chain scaling was a dead end while Lightning Network was the future. I didn't buy it.

Only a few years later and the Lightning Network seems like it's already in the past. The BTC network is as unusable as ever with unreliable confirmations, easier ways to double-spend, and tx fees that can easily be higher than those of credit cards.

The core developers were allowed to ruin the network by preying on people's fears and making everyone afraid to commit to what they said was a fundamental change to the protocol.

But imagine if the BTC community had made a different choice. What if they had raised the block size like so many had wanted, what would be the value of BTC now? What if Steam, Microsoft, Expedia, and countless others still accepted it as a form of payment. What if the fees were still low and 0-conf was secure and everyone who was introduced to it in 2017 experienced it the way it was intended, like magic internet money.

All this to say that for me the IFP is a case of history repeating itself. I joined the Bitcoin Cash community because I believed it was full of smart, passionate people who weren't afraid to take action. While everyone else was calling BCH Bcash, Btrash, China coin, and so on, we knew they were the ones who had it wrong.

I wasn't around during the scaling wars, but now I can imagine how frustrating it must have been for the big blockers then. Because to me, the IFP is a no brainer in the same way that raising the block size limit should have been a no-brainer.

As BCH faces yet another fork in the road, the path we should choose is clear. I know the IFP might seem less obvious to many compared to raising the block size, but I think it's just as important.

Those in the BTC camp argued against increasing the limit because they said it would make it difficult for the average person to run a node. They were afraid it would cause centralization and threaten the censorship resistance aspect of Bitcoin. But by not raising the block size the BTC network has become congested with such high fees that at times it's all but unusable. But so long as anyone can run a node, right? /s

It's the same pattern we're seeing with the IFP. Those arguing against it are afraid it will create centralization and threaten the censorship resistance aspect of Bitcoin Cash. Meanwhile, we have been flailing for the past three years due to the lack of steady infrastructure funding, and instead of fixing the problem with the IFP, you'd rather keep doing the same thing over and over again while wishing for a different result.

You can blame Amaury all you want for the lack of progress. But if you're going to blame him, don't forget to blame yourself. Because Bitcoin Cash is permissionless. Everybody is free to act, and if progress wasn't made, you're as much to blame as anyone else.

We have had three years to build, and one thing I've learned in those three years is that the donation model doesn't work. If you add up what was raised in flipstarter campaigns and last year's fundraiser hosted by Bitcoin.com, we are still talking about less than $2M over a 2 year period, all spread between a dozen or more different projects. Simply put, that isn't even in the ballpark of being enough to fund what Bitcoin Cash is trying to achieve.

You can convince yourself that with Amaury out of the picture everyone's suddenly going to work together to magically solve all the problems. If that's what you think, tell me why none of these people stepped up and did something about it a year ago, two years ago. Both Calin and Freetrader claim they co-founded ABC, like they were integral to the birth of this project. But if they saw so many problems with protocol development why did they both quit ABC? If they thought they could do a better job, why didn't they create a competing client and make Bitcoin Cash great again?

I don't want more of the same. I don't want to end up at the mercy of a small group of dedicated developers who ultimately come to realize they can't do it alone. I don't want another 2017 where the masses come and the network isn't ready.

The IFP can make it so that doesn't happen again. You might not like how the IFP was introduced, or how it's being implemented, but that doesn't take away from the fact that it's a solution to the problem, and that it has the potential to be the greatest catalyst that Bitcoin Cash has ever seen.

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Written by   607
3 months ago
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Comments

Meanwhile, we have been flailing for the past three years due to the lack of steady infrastructure funding, and instead of fixing the problem with the IFP, you'd rather keep doing the same thing over and over again while wishing for a different result.

That so? It explains why a lot of sites related to BCH development has propped up after Amaury has activated the code freeze and the countdown to the November 2020 Upgrade began, with actual viable results. Heck, I can even consider the ASERT DAA spec being part of this movement when the IFP was introduced last year. They were tired of ABC doing nothing, so we started doing it. With Flipstarter in tow, and with more specifications and applications being made and passing through with flying colors (SLP Protocol, Memo Protocol, Read.Cash, Memo.Cash, Member.Cash, SLP-supported Wallets, Mineable SLP Tokens [dSLP, MIST, MAZE], Investable SLP Tokens [LITH {Monolith tokens actually do pay you based on how many you have, essentially staking}], Payment Systems with SLP Support), I don't know why progress was slow, but I do know that the BCH ecosystem has exploded since the IFP inception.

Both Calin and Freetrader claim they co-founded ABC, like they were integral to the birth of this project. But if they saw so many problems with protocol development why did they both quit ABC? If they thought they could do a better job, why didn't they create a competing client and make Bitcoin Cash great again?

Freetrader did, it's called BCHN. Calin focused more on Fulcrum and Electron Cash.

You might not like how the IFP was introduced, or how it's being implemented, but that doesn't take away from the fact that it's a solution to the problem, and that it has the potential to be the greatest catalyst that Bitcoin Cash has ever seen.

It's a catalyst that woke up most of the BCH developers to get to work. These donations might be temporary, sure, but when they start to get the reward for simply doing the good will of the people, then the money will flow.

Most of the BCH Community doesn't want to follow ABC anymore. If it wins, BCH will be back to 2017 as there's nothing left, majority of the BCHers will leave.

And you'll have even less of an audience if you really care about the upvotes.

$ 0.10
3 months ago

BCHN has an strong up-welling of support from the community and dark money during this attack on ABC. The take-over of BCH is very motivational for many. I hope the support lasts well past the takeover phase. Past history does not suggest that is likely.

$ 0.00
3 months ago

I'd argue just about every BCH project is still in such a crappy state I wouldn't recommend it to anyone. Blockchain.poker being the lone exception.

My point about Freetrader and Calin is that they've had 3 years to work on the BCH protocol and outcompete ABC. They didn't do it. Now they're trying to, but my point still stands that they did nothing for 3 years on this issue.

I think you are also underestimating the people who don't post on twitter and reddit. If ABC wins, I don't think the majority of BCHers will leave.

$ 0.00
3 months ago

Actually, there's been polls and statements of abandoning BCH (and Cryptocurrency in general) if ABC gets control with IFP in tow, with roughly 80% depending on the users who voted on the poll plus the general statement claims.

$ 0.00
3 months ago

I am hopeful that those polls aren't indicative of what the greater community thinks. But who knows. If I'm in the minority, so be it. I have as much conviction as anybody that I am on the right side.

$ 0.00
3 months ago

It's good that you guys are frustrated by the slow pace of the project. It's good that this leads you to more involvement in actually writing code. But you are betting on the wrong horse. All the new developments you are mentioning still lack a business model, and have very poorly aligned incentives. If you prove me wrong in the coming months, I will be happy for you. Anything that advances p2p electronic cash is good. But please consider that maybe you are supporting people that have been part of the problem, and caused the slowness.

$ 0.00
3 months ago

Thank you for being a voice or reason as always PiRK.

$ 0.00
3 months ago

Maybe I am, yeah, but then, other open-source and server-related materials had relied primarily on donations.

Let's just all hope for the best at this rate.

$ 0.00
3 months ago

Exactly RowanSkie! You took the words right out of my mouth.

$ 0.00
3 months ago

Nice

$ 0.00
3 months ago

Meanwhile, we have been flailing for the past three years due to the lack of steady infrastructure funding, and instead of fixing the problem with the IFP, you'd rather keep doing the same thing over and over again while wishing for a different result.

remind me again how the ifp fixes everything? how many other chains have "sufficient" funding (remember ico 2017) for as long as BCH and have done nothing?

i don't blame you for wishing & hoping on a panacea like the ifp, but it's naive to believe that YOU aren't also "wishing" for a different result

to my disappointment, ABC has done absolutely nothing to explain the "how" in their master plan, and yet their followers stay faithful 😒

$ 0.00
3 months ago

Another great article.

Although the claims were first created by anti-BCH troll army writers, there is a chance the many claims that the reason for slow development have been due to Amaury's difficult personality and domineering management style do have merit. It is also possible he was being a perfectionist and that might be the smart way to go with a money coin project. It is real hard to know for sure.

A new team doing the job better is a good way to prove the anti-Amaury claims. Them waiting until now to start creating such a team is bad timing as you pointed out very well. Before they prove themselves and their claims, it seems the community will hand the project over to them if they can. This seems so risky to the future of BCH I can not believe the community is so willing to "risk it". Seems like the social engineers found emotional hot buttons to push and that is blinding people.

$ 0.00
3 months ago

Thanks Big-Bubbler. I will try to deal with the Amaury claims in my next article.

$ 0.00
3 months ago

Sir, I have read every part of you. Very good sir very important article you have presented. I must have subscribed to your profile because I always want to get important articles. If you want, sir, I can translate some of your important articles into my own language. If you allow, I can translate into my own Bengali language. Advance thank you sir.

$ 0.00
3 months ago

What a great information

$ 0.00
3 months ago

Sir i have read all 4 parts.i really love this article. it's really awesome.thanks for sharing with us.take my respect and love sir.

$ 0.10
3 months ago

nice

$ 0.00
3 months ago

nice tolk for in the post

$ 0.00
3 months ago

Nice tolk for in the posting

$ 0.00
3 months ago

Subscribe me

$ 0.00
3 months ago

"I want to believe!"

It is also an opportunity to say that I am reading you with a lot of interest. I have read all 4 parts. Thanks to you for this work!

I am a little needle in the big haystack. But.. I believe! :0)

$ 0.25
3 months ago

How many months until it is too late to fix BCH as the network effect of the top 2 coins is too strong?

$ 0.00
3 months ago

Can i translate your article into Bangali. Please,let me know

$ 0.00
3 months ago

Please feel free. Just link back to this as the original.

$ 0.00
3 months ago

I really like your article. I think all of your articles are very expensive

$ 0.00
3 months ago