How much worth 8% of 1 BCH.

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Avatar for alberdioni8406
Written by
3 years ago
In community: Bitcoin Cash(e11c)

I was just browsing the web like usual and reading some stuff online when this Post on medium caught my attention for many reasons, one of them because is concerning BCH with the propelled plan to attribute right in the coming month, November, 8% of the newly generated coins by miners for support (mandatory, as I understood) the Infrastructure Funding Plan (IFP) which will be managed by Bitcoin ABC staff (I believe that is a company and I don't mean to direct names here), this "in the name of security and well management of the whole infrastructure that support the BCH Blockchain.

Well, that is good, when is something that will benefit the whole ecosystem surrounding the BCH, but somehow this "plan" isn't consensual and raises some voices against it, and I may know why!

So digging more about the plan on the medium post I could understand that isn't voluntary, it's compulsory and mandatory if not, then find other place to run your business, wow, that is something to note and that will never be a posture in leadership firm that fight to a free monetary world, when all the community want to be in a fun network, adopting something different such Bitcoin Cash (BCH), and spreading the word about!

When I go further to make maths (am not that good in maths), but that is an easy account 8% for 1 BCH= 0.08 BCH that each miner will need to pay each time he generate new coins, that its a Huge money, tons of dollars going to the IFP, and I now i see why it's controversial and with reasons to support the controversy.

I won't along it more but one thing is clear that 8% of 1 BCH= 0.08 BCH (do the math...don't be lazy)...

I hope this don't destroy my beloved coin BCH!..

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Avatar for alberdioni8406
Written by
3 years ago
In community: Bitcoin Cash(e11c)

Comments

That is the calculation with 1 BCH, but the coinbase rule will take 8% of 6.25 BCH + Fees. A much higher number, in fact.

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User's avatar RowanSkie
3 years ago

What that's a lot! And that isn't voluntarily as I understood is like if you want to continue in business better pay it or else...find another thing to do!!!

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User's avatar alberdioni8406
3 years ago

Yup. And since the fees were added by Satoshi to be able to pay Bitcoin miners after the block reward's gone, you can see how bad it will be.

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User's avatar RowanSkie
3 years ago

Now I have a full plain idea, It's huge capital to fill someone else desires and its completely unsustainable!

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User's avatar alberdioni8406
3 years ago

The sad thing with Amaury is that he's actually planning to make it to even as high as 75-80% (I think). You can see why the BCH infrastructure is pissed now.

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User's avatar RowanSkie
3 years ago

I believe that somehow in his mind he believes that BCH is his coin and all those developments can surely place him as "persona non grata" among the community, BCH suppose to be fun, a whole different than others communities and that "I am charge mindset" can actually destroy many things but am sure that isn't BCH the community will always prevail💪

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User's avatar alberdioni8406
3 years ago

If you look, in fairness, IFP-believing people have been denied all kinds of support lately like George Donelly (BCH Ignite/former ABC), @Cain, and Tobias Ruck (be.cash). For their side though, the idea of IFP as a development fund is a good thing.

For me though, IFP's not been explained that the BCH multi-node community agrees with and has now banned the idea in the community, and Amaury, not even trusting his million-dollar donation fund (not Flipstarter, it didn't exist then) and not respecting people like @RogerVer and @MarcDeMesel, who donated and helped ABC up.

It doesn't also help that Bitcoin ABC was the node that split away from Bitcoin (Core).

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User's avatar RowanSkie
3 years ago

I believe this topic will run so much conversation and somehow it's needed a solution from this, no unilateral moves could be taken but decisions must be from all community and sincerely he must respect the ones who put money into ABC (Ver and Demesel) those guys are icons!

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User's avatar alberdioni8406
3 years ago

Yeah you are very correct, bch is now so less in value than before

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User's avatar Jaysea1447
3 years ago

Go read this article explaining exactly what it means.

https://read.cash/@georgedonnelly/amaury-sechet-is-forking-bitcoin-abc-away-from-bitcoin-cash-8734adc1

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User's avatar Yann.Poire
3 years ago
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