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Joint Statement from BCH Miners regarding Bitcoin ABC and the November 2020 BCH Upgrade.

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Avatar for asicseer
Written by   35
1 year ago

In February this year, we, a group of notable miners* voiced our concerns over the proposed IFP, which culminated in a 24 hour AMA session on reddit. The clarification of our stance resulted in the eventual 100% BIP9 miner voting AGAINST the IFP, which persisted until the deadline. This same group of miners are here today and have invited more BCH miners to issue the following joint statement:

Regarding IFP V2.0 - Our view remains unchanged from six months ago. We predict miners again being against this latest iteration of the IFP. Our reasons for being against also remain unchanged. In summary, these reasons are:

  1. It reduces the sha256 share which in turn reduces the security that is offered to BCH which makes it a less secure coin.

  2. It introduces volatility to BCH miners. Disrupting the rules of economics increases uncertainty. Miners that are expecting consistency in returns over a multi year period will get penalized. This ends up disproportionately penalizing altruistic BCH miners which results in even less security for the coin.

  3. There is a slippery slope for allowing arbitrary decision making by one irrational individual, which can happen repeatedly after it has been done once. 8% today means it could be 80% tomorrow. 

  4. Our group feels that ABC did not adequately engage with miners and pools with regards to their IFP proposals. This approach drives a further divide and stifles healthy communication between parties with vested interests in BCH. Furthermore, IFP V2.0 is an even more divisive approach as it was not accompanied by any RFCs with which pools and miners could engage.

With ABC’s new proposal for IFP V2.0, it appears they are not interested in further discussion. In the interest of mutual respect, we will honor their wishes and will no longer engage in debates. Regardless of IFP, our group has already completed the process of switching to BCHN. Since IFP V1.0 failed six months ago, we have been testing and running BCHN and find that it offers technical superiority in functionality and for block creation compared to Bitcoin ABC.

Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate. With the existence of BCHN as a mining node, we do not expect any sensible miner to choose to receive 8% less mining revenue.

Signatories List (alphabetical order):

  • Kanat Amren - Founder of p2pcash.kz

  • Matt Carson - Head of Business Development at Northern Data AG

  • Andy Chen - Miner & Developer

  • Daniel Conover - CEO & Founder of Tessarack

  • Ian Descoteaux - (/u/DigitalOwls) CEO of DigitalOwls / CTO of pow.re

  • Clay Johnson - CEO of JOHNSON Data

  • Alexander Levin Jr - (/u/ugtarmas) CEO of ASICseer.com

  • Li Pei Cai - Founder of Wayi.cn

  • Daniel Neufeld - Managing Director at Benedura Business Advisors

  • Peter Ng - (/u/1kbken) Founder of JD Mining

  • Nishant Sharma - Founder & Partner of BlocksBridge Consulting

  • Carson Smith - CEO of SBI Crypto

* /u/1kbken /u/DigitalOwls /u/ugtarmas /u/cryptomemer are the four miners that participated in the reddit AMA in February.

Attention, representatives of mining companies:

If you would like your name added to the Signatories List:

  1. Make sure your company signs off on this joint statement.

  2. DM @kotarius on telegram or /u/ugtarmas on reddit with your full name, position, and company name.

Note: Any tips collected for this article will be awarded to the Bitcoin Cash Node Developers.

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Avatar for asicseer
Written by   35
1 year ago
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Comments

nice post

$ 0.00
1 year ago

Nice job

$ 0.00
1 year ago

Very nice post

$ 0.00
1 year ago

awesome!

Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate.

are you saying majority hashrate uses BCHN? can you back this up? I wouldn't have thought so...

$ 0.10
1 year ago

There is no proof. Just this article here. Yep. That's all there is!

$ 0.00
1 year ago

Two devs spent a lot of time working on the speed of the RPC calls, specifically the JSON creation. They made stuff significantly faster and as a result using BCHN for mining has a direct advantage.

So this isn't that odd. And, yeah, why not go with an almost identical client. That is exactly what happened when they moved from Core to ABC for BCH.

$ 1.10
1 year ago

You are so full of it. The same work was done already in ABC. Not to mention that pools already mine empty blocks for a for ms before getting a new one from the node.

https://reviews.bitcoinabc.org/D6063 https://reviews.bitcoinabc.org/D5982 https://reviews.bitcoinabc.org/D6007 https://reviews.bitcoinabc.org/D6008 https://reviews.bitcoinabc.org/D5783

$ 0.00
1 year ago

Absolutely good

$ 0.00
1 year ago

Sounds like dishonesty to me.

$ 0.00
1 year ago

Perfect, thanks all!

$ 0.00
1 year ago

great work

$ 0.00
1 year ago

Maybe it could be seen as a bit lacking in style. I cannot complain about BCH. I make profits with it, so it does fine.

$ 0.00
1 year ago

Well this good write-up should do something good

$ 0.00
1 year ago

This article is full of lies. Here are the official data for the last 1000 BCH blocks mined, only 20 (or 2%) were mined with BCHN. Again another propaganda piece to try and divide our community. Check the data: https://cash.coin.dance/blocks Here is a screenshot: https://imgur.com/R4FMuxp The writer of this article doesn't represent any of the main miners on BCH. There is a disinformation campaign trying to discredit ABC.

$ 0.10
1 year ago

you are misleading. 98% blocks didn't signal which node was used, which doesn't mean portion of BCHN= 2% or portion of ABC=98%

$ 0.00
1 year ago

I own a lot of Bitcoin Cash, I really believe in the project!

$ 0.00
1 year ago

Sounds like a dishonest troll-inspired social engineering attempt to fool people into thinking BCHN is already the miners most favored node. It might turn out that way, but, pretending it is true before it is is a classic anti-BCH team strategy.

$ 0.00
1 year ago

Good

$ 0.00
1 year ago

Good Article!

$ 0.00
1 year ago

@asicseer i believe something good would come out of this because i have seen the project grow drastically i am a newbie but i am glad to be part of the family

$ 0.00
1 year ago

let's boost this article so more people get to see it!

$ 0.00
1 year ago

bravooo

$ 0.00
1 year ago

Nice

$ 0.00
1 year ago

I feel miners were not involved by ABC as it concerns the IFP proposal

$ 0.00
1 year ago

At first i was amaze how moning works but Mining is no longer that profitable due to high cost of electricity

$ 0.00
10 months ago

Just a article

$ 0.00
1 year ago

Sir can I translate it into Bengali???

$ 0.00
1 year ago

Great Your contain . Actually I want get something need to understand. Need to Understand project well

$ 0.00
1 year ago

Another slice of history being made today.

$ 0.00
1 year ago

They have provided no proof of anything, yet they are making history. What a bunch of BS!

$ 0.00
1 year ago

Why not make a call to one of the companies, or send them an email to ask them to verify?

$ 0.00
1 year ago

I think there is a name for what you are saying. Should I appeal to the authority of a bunch of no name companies??? Are you for real Jonathan? In a permisionless and decentralised system, I should appeal to authority??? Lost a lot of respect in you.

$ 0.00
1 year ago

What are you talking about?

Getting verification by contacting the signatories out of band validates that they are who they are and that they signed the statement. It's a reasonable-cost effort if you believe he article itself is fake.

If you're problem is that they claim to represent more hashrate than you think they do, then the only proof they can give you is by signing cryptographically with the keys they send their mining reward to.

Either way, they have provided this statement publicly and put their reputatin at stake, and I have other means to verify the authenticity of the statement, so you can either do your own research, or not.

$ 0.00
1 year ago

I can make the same statement and say I have 86% of hashrate. Just trust me! This statement from these "companies" is pure fabrication! They either provide data to back it up, or they lie.

They failed to provide data, so they are lying!

$ 0.00
1 year ago

If a tree falls in the woods, and you did not observe it, did it still fall?

Or are you claiming that someone else who did observe and told the story would be a liar, because they are unable to provide sufficiently good proof according to your criteria?

$ 0.00
1 year ago

Your logic is weird. I claim to be a man. You think I'm lying? Just because I didn't attach a copy of my passport?

$ 0.00
1 year ago

It will be a hit..

$ 0.00
1 year ago

Amazing, thank you for participating in the discussion and hearing out the community. ABC node should not be used anymore for the purpose of mining because of the instability of the development team and lack of confidence from the majority of the community in this node.

$ 0.05
1 year ago

None of the big players and SBI are CSW / BSV peeps. Maybe Mr. Shadow kw can show up too. Nice to see KZ represented.

$ 0.10
1 year ago

nice article bro.i like it.

$ 0.00
1 year ago

Wow greats !

$ 0.00
1 year ago

History has answered this. We'll see how in the future.

$ 0.00
1 year ago

Is there any kind of proof to back this story up? Or just sensationalist stories?

$ 0.50
1 year ago

You can talk and vote with your hashpower in a decentralized, on-chain, signed and legitimate way in https://BMP.virtualpol.com

Small miners can participate, not only pools.

In a serious way, open to every miner. Beyond and doubt.

But this require vision and balls.

$ 1.11
1 year ago

Mining is no longer that profitable due to high cost of electricity

$ 0.00
1 year ago

Evidence they do not give to adopters, history has answered this. We'll see how in the future.

$ 0.00
1 year ago

amazing

$ 0.00
1 year ago

Good

$ 0.00
1 year ago