Taxes Are The Next Attack on Bitcoin Cash

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2 months ago (Last updated: 2 weeks ago)

Bitcoin Cash was created to undo the globalist hijacking of Bitcoin Core, where a transaction limit was imposed to destroy its scalability.

They were trying to destroy Bitcoin, the greatest tool to end slavery (taxation), wars, and governments worldwide.

The enemy never sleeps. They have now set their sights on Bitcoin Cash as their next target to destroy. Because it represents the greatest threat to their violent control.

The evil leftists are now implementing their next attack vector - a mandatory tax on Bitcoin Cash.

Mandatory taxation is just a euphemism for theft and extortion. But you don't have to use Bitcoin Cash, so that means its OK to implement a virtual tax then?

True, it's not the same as government taxation because no violence is initiated. Bitcoin was destroyed by Blockstream nonviolently using only propaganda and bribery. But the principle of taxation is still the same, whether it is achieved by the barrel of a gun or a soft fork.

Taxation is an awful idea, because resources are siphoned away from voluntary individuals in a free market and are pocketed instead by a centralized and corrupt oligarchy.

Taxes are the next attack on Bitcoin Cash.

Dear Bitcoin Cash Developers:

If nobody wants to fund you, you are not needed. Sorry you can't live in a 10 bedroom house living strictly as a Bitcoin Cash developer.

We don't want you to fix something that isn't broken. Bitcoin Cash works great. We're only going to pay for you VOLUNTARILY if you are needed.

Developers - you are not entitled to anything!

Central Planning Always Fails

Who will receive the block tax reward? A central authority with NO accountability. They will NEVER be able to distribute the reward as well as the free market can.

But what about [INSERT LEFTIST ARGUMENT HERE]?

The common good, the free rider problem, the all-humans-are-corrupt arguments.

These are all ways that leftists try to justify their violent control.

Truth is - if something cannot be funded VOLUNTARILY in a free system, it shouldn't exist in the first place!

A Bitcoin tax is the end of Bitcoin Cash as we know it.

Here is the attack plan of the globalists:

Step 1: Small amount of mining reward (12%)

This money will be sent to the unneeded development teams, who will squander it on wine, expensive dinners, and untenable "solutions" to problems that don't exist (Example: Lightning Network).

You should expect to see a DROP in productivity, as is the case with all welfare-subsidized people.

The mining reward will be squandered on cognac. It should instead be going to the hard working miners who actually keep the network running.

Step 2: Large percent of mining reward (70%+)

This will be sent to different Bitcoin "governing bodies" who will squander the money on community team building exercises. Mining incentives will die, along with the decentralized nature of Bitcoin Cash.

Step 3: Mandatory tax on all transactions (50%+)

All transactions will be taxed by a global governing body. Use of any other cryptocurrencies will be banned. We are back to square 0. Government controls our entire lives.

A Bitcoin Tax paves the road to global governance

The Free Market Solution

Different node implementations that already exist will provide different rules and and solutions. People will voluntarily give their money to the best teams working on the best software solutions.

For example: Bitcoin Unlimited is way better than ABC, which is where the centralized taxation authority currently plans to send the mining reward.

If Bitcoin ABC can't get enough funding, it deserves to die! Natural selection is an awesome function of free markets.

Bitcoin Governance is Garbage

Bitcoin Governance is the enemy! Bitcoin was supposed to be our ticket out of government altogether! Voting is the way for the mob to extort the wealth from the minority of productive people. Any form of democratic voting on Bitcoin Cash is a terrible idea.

Bitcoin Cash in its current form is the greatest version of democracy - one in which your vote is based on the value (hashpower) you provide to the mining network. Bitcoin Cash will always be this way, no matter what changes are made to the code. Blockedcoin BTC is still like this.

Bitcoin Blockstream was almost saved by Bitcoin XT, where Roger Ver heroically pleaded with the mining pool operators to run the XT software instead to unleash the full power of Bitcoin again.

My Final Message

We can still save Bitcoin Cash, and even Bitcoin Core.

Forget the developers. Forget the node operators. Forget all of the leftist infiltrators. None of them matter.

The only people whose opinions actually matter are the MINERS.

Convince the miners to run your mining implementation, and that will be the way the blockchain operates. Doesn't matter if a bunch CASAHODL node running leftists disagree. Running a node means you have exactly ZERO influence on the network.

We have to encourage solutions like Bitcoin XT if Bitcoin Cash is hijacked yet again to avoid ANOTHER hard fork.

We have to be vigilant to avoid another takeover of peer to peer cash. Bitcoin Cash is our only hope in an increasingly totalitarian world.

Long live peer to peer cash for the world!

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Comments

Insinuating (and even in a general fashion) that developers are entitled and lazy is not exactly the best strategy for attracting talent. Also, who do you think writes the software the miners run?

$ 0.00
2 months ago

Only certain developers are entitled and lazy. The others sell their skills in the free market. I love developers who work for exchanges and crypto companies. They are only entitled once they want to take a chunk of the mining reward.

$ 0.00
2 months ago

My initial thought was that this was a good idea. However after reading a number of articles on this topic, I have done a complete 180°.
Had this been implemented at the very start, I think it could have worked well. However, implementing it now results in a 12.5% decrease in miners earnings and of course, miners are working on slim volumes to begin with. As a previous article I read proposed that this will also adversely affect other coins (BTC SV, BTC GOLD etc) as the smaller miners change their focus on other coins.

$ 1.00
2 months ago

results in a 12.5% decrease in miners earnings

no, it doesn't. Difficulty will adjust and miners will earn the same. The real cost is carried by every holder and user because they get less for the same price: a less secure chain (user), and more risky investment (holder). Maybe also a lower value of their investment, but that's a secondary effect.

Up to this point Bitcoin Cash inflation was used solely to pay for network security (miners). The plan is to funnel part of that away from securing the network and into something else.

Even if it had been implemented from the start by Satoshi it would still be a problem: you'd have this huge pile of money and no good way to decide how to spend it. It'd create a "centralized point of politics"... something we are trying to get away from, not recreate.

$ 0.00
2 months ago

Exactly. I saw this tax coming months ago. It's really just the natural evolution of free markets. People create a ton of value and then some group wants to siphon that value for themselves. Usually it's governments. Then that free market system eventually gets taxed to death.

The 12.5% is delivered to the centralized developer oligarchy every block reward, regardless of whether they provide value or not. Why do they need 50,000 dollars a day? Being a developer is cheap. I'll work on ABC full time for 50,000 dollars a YEAR.

Of course that 50,000 dollars will appreciate massively as the reward increases. Eventually the developers will be grabbing over a million dollars a day.

I think we have successfully stonewalled this attack for now, so I'm not worried.

$ 5.00
2 months ago

I think we have successfully stonewalled this attack for now

"for now". I'm still worried.

$ 0.00
2 months ago

I lean on the left side of things and I'm adamantly against this tax.. Don't bundle AnSocs in with the pseudo Libs who are pushing this tax...

$ 0.00
2 months ago

Leftism is the idea that the collective should have control over the individual. Bitcoin Cash taxes are a perfect embodiment of this idea.

$ 5.00
2 months ago

No, it's not. Quoted from wiki - "Left-wing politics supports social equality and egalitarianism, often in opposition to social hierarchy. It typically involves a concern for those in society whom its adherents perceive as disadvantaged relative to others..."

If anything, Leftism is against the idea of this tax because it puts power into the hands of a centralised authority.

It creates a huge disadvantage to the small miners and small devs. That's not equality.

$ 0.00
1 month ago

This is true:

"The enemy never sleeps. They have now set their sights on Bitcoin Cash as their next target to destroy. Because it represents the greatest threat to their violent control."

Then you go on to support that enemy by claiming an attempt by BCH miners to donate to BCH developers is an attack on BCH. This ludicrous claim is exactly what the anti-BCH forces infesting social media want real people to believe. They have a massive army of dishonest trolls spreading this sort of false narrative. It is amazingly powerful social engineering being used against BCH.

$ 0.00
2 months ago

A tithe/tax is NOT a donation. This is a coercive soft fork that FORCES the mining reward to go to a centralized group of people.

What happens when the mining reward gets used up for all the special interest taxes? They will dip into the transactions themselves.

Socialism always fails because you eventually run out of other people's money.

$ 0.00
2 months ago

You start out with two speculations that are unlikely or harmless. We do not know it will be a soft fork yet. We do not know how many people it will go to yet. Then your reply shifts into speculative nonsense.

$ 0.00
2 months ago
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