Join 76,150 users and earn money for participation
read.cash is a platform where you could earn money (total earned by users so far: $ 540,061.20).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
The following is a compilation of arguments against the infrastructure funding plan proposed by Bitcoin ABC.
I'm convinced that all known and relevant actors of our current community act in good faith to promote Bitcoin Cash as a peer-to-peer electronic cash system for the world. For the reading time of this article I invite you to assume the same. I've previously explained how a developer might arrive at a #proIFP stance. Here's what I conceive as strongest arguments against it.
Achieving Bitcoin's re-centralization back to a single lead implementation (after BitcoinXT had achieved majority vote, after Bitcoin Classic, Bitcoin Unlimited and BitcoinS2x) has previously led us down the wrong road. Even if it wouldn't have been for hostile intents initially, it definitely simplified the final hostile takeover.
Introducing a single point of failure either in development team or in funding address is a bad idea despite the relief it brings to governance.
More than 13 kBCH (totaling roughly 4 M$) have been raised over the course of the IFP debate [1,2]. While Bitcoin ABC's flipstarter and their own funding campaign have not been completely filled, both together did raise about 8 kBCH. This is sufficient to start a professional software development team and continue a valuable discussion with the other implementation teams and stakeholders. Very likely it is this discussion which turned out too difficult to continue mutually.
Bitcoin Cash is Bitcoin's last hope. It shouldn't be put on the line lightly. It is currently barely surviving in terms of hash rate. While certain Bitcoin-Core chain miners have a stake in Bitcoin Cash's survival the risk of a 51%-attack persists. It would be a devastating PR event for Bitcoin Cash's security and value proposition.
Both resulting chains of the upcoming split will most likely stand even weaker than we do now united. As long as we don't find consensus on a new way of funding infrastructure development other than voluntarily, we simply cannot afford a change. While people claim this were a deadlock and energy is wasted on discussions, I highly disagree. This issue deserves even more thought given the stakes.
A meme competition by @micropresident paved the way for the debate to personal attacks and towards hostility . While arguments are made the campaign itself were a mere response to hostility, I would yet have to see the particular post by the agent provocateur.
The degree to which Amaury Séchet and prominent advocates of the current IFP engage in the meme warfaring doesn't shed an appealing light on the future governance style of the IFP.
Money is a social construct. The more people join a particular currency the more it reduces friction, the more valuable it becomes. This is nowhere more true than in the cryptocurrency space where money is programmable: The more people join a particular currency the higher the likelyhood of emergence.
The Ethereum community is an excellent example for that. Inventive projects mutually enrich each other as they become increasingly interoperable. In Bitcoin Cash we just start to see emergence gain traction. The idea of @TobiasRuck's Be.Cash for example was only born from lucky coincidences (a student's wifi problems at the other end of the world) which were conceivable only because Bitcoin Cash had grown sufficiently large. It would be mean a setback in adoption and emergence in a critical moment.
If successful the current IFP will give a considerable amount of money, i.e. power, to Bitcoin ABC. It is hard to imagine that any other node-implementation team could ever come close to challenge Bitcoin ABC's leadership claim ever (with considerably less funding than their competitor).
Based on historical evidence power tends to corrupt. Once implemented regulations are hard to ever shake off again.