The Hobby Lobby in BCH

From a private conversation, published here with permission of the author.

It is funny how some people fail to see that what ABC is doing is not forcing others, nor are they saying they should be the only one that is being paid.

They basically say that they believe they have proven track record and a solid plan that provides value and that justifies asking 8% of the coinbase reward. They add to that, that they actually ask 4% for ABC dev and 4% for a council of miners and holders to decide on.

People interpret this as that there is no place for other implementations to coexist or even compete. This is not at all the case and Amaury has said as much.

There is room for others to provide value, build reputation and be similarly funded and they actually show by doing, how that would be done.

As an example: Say you are BCHD.

You have proven track record of providing value (instead of drama) and there is sufficient users for your software.

You release a soft fork on top of the ABC soft fork.

you say in that soft fork: ABC gets 8% and BCHD gets lets say 0.5% on top of that (assuming this 0.5% accurately reflects the value they provide for the ecosystem)

Now if the miners value BCHD and a multi implementation Bitcoin Cash they can do so and if sufficient numbers of miners support this, this will start to cause a risk for those running ABC software that does not support this new rule.

So now ABC has wipe out and reorg risk.

The miners will go to ABC to ask them to add this rule in their software or someone will release a patched version of this software.

As there is no cost to ABC (they still get their 8%) and the other smaller implementation only asks for a tiny cut to start with, it is very likely they will go along and release a version that offers that extra coinbase reward at some point, just because this offers their customers the most security.

So now BCHD is part of the paid infrastructure.

They can subsequently use "the council" to lobby for a higher reward and if their value to the network and their reputation is indeed high enough, the council is likely to agree on that which makes it possible for them, to after 6 months, get a higher percentage.

The discussion and drama would be mostly restricted to those that have long term stake and those that have been providing their mining services.

The most interesting thing is currently that people on the BCHN side do not even see this play.

That they are blinded by the narratives people have been spinning about ABC being the sole ruler and never to be removed and stuff like that.

They are unable to see (due to bias or lack of strategic thinking ability) to see the plays that are on the table. Games that are both competitive and non destructive.

They instead chose to go onto the baricades and protest .

The interesting thing about that, is that we are now looking at internal fights so this is not even the real battle yet and they are proving themselves to only rely on mob rule and social media spin.

Both of which very easily turn against you in the future and are guaranteed to not have a stable outcome. History has proven this over and over again.

But I guess people are not interested in history. They do not want to know what came before. Which is a sign of great immaturity as those who do not know history are destined to repeat it.

I watched the governance livestream they posted on YouTube.

One thing that was telling is that there was nobody from Bitcoin Unlimited there.

They all have their own ideas about how things "should " be but if that is the case then why have they not done anything other then advocating these past years.

BMP is the only thing that has been developed. It is shit but at least the guy has done something. No serious developer will ever tell you it is a good idea but it is much better then most others there

Also interesting was Roger flirting with Derek Magill (he is one foot in BSV and one foot in BCH 😍) and wanting George to invite him into the livestream.

Are these the people that are the new leaders?

Roger is going to jump ship. Move to other coins, include BSV (stable protocol 🎉) look for the next hot thing, try to gain back his status of crypto popular boy.

It is written all over his face.

They may win this battle but their complete lack of self awareness and strategic insight will cause them to lose at the same time. Most of what has caused the current situation is embraced on their side.

What ever happens on the ABC side, the BCHN side is destined for a future that is filled with the same BS that I have seen over and over again these past years.

I’ll pass.