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BCH miner donation plan update again - a perspective

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  174
9 months ago

I wish to thank Jiang Zhuoer for his most recent update on the BCH miner donation plan.

I wish to address some of the points made in a little detail to show my perspective.

Before I do that, however, I want to say that after reading the fourth point in the update, I felt encouraged that there is real glimmer of hope for us all avoiding a Bitcoin Cash currency split. This is certainly a wish at the top of my mind and I believe it is shared by the many in the Bitcoin Cash community.

4. There are numerous objections now, I am inclined to start the donation plan after that the community reaches a basic agreement. If they fail to achieve it, we could set up the General Foundation first, let’s see its operation effect funding by donation, then we could proceed the hash voting next time.

As I tried to put into words on Reddit, I do have several strong concerns about the current plan. I do not claim to represent the community, only myself, but in my opinion, the discomfort with the plan is significant and real. I am very glad that is is fully acknowledged by "There are numerous objections now".

The fourth point mentions that the community could reach a basic agreement. This seems possible to me. The proposed way to set up a General Foundation to receive donations (from which developers could be paid for work) appears to be a good step toward enabling the community to show whether there has been improvement in the donation approach.
If it works, "then we could proceed the hash voting next time" strongly suggests an openness to giving the donation approach a firm chance first - something the community would certainly welcome.
This could be done using newly developed mechanisms like Assurance Contracts (Flipstarter) or other smart contract mechanisms and voluntary donation services which are currently being researched and developed.

I wish to comment with my own perspective on some of the other statements in the most recent update.

(I believe the miners have right to vote on how to spend their output)

This is a point I and many others certainly agree with. We may disagree on whether I have the right to collect and spend my neighbor's block reward output - I think that is a matter which needs to be considered both ethically and from a practical viewpoint of introducing changes to consensus rules which facilitate this.
I think the question must be asked whether such changes fundamentally change the nature of the system, e.g. by re-introducing third parties into the protocol itself.

I strongly support miner's right to deploy voting mechanisms to find consensus, although advice over the last 2 years informed me of the risks of using coinbase voting mechanisms while BCH has low minority hashrate. I would like to ask what has changed in the hashrate distributions from then to now, to make re-introduction of BIP9-like voting in ABC safe at this particular time.

For the 5% of the coinbase donated by miners, the miners shall have the option, at their sole discretion, to select a number of donation objects, such as: General Foundation, ABC, BCHD, Electrion Cash

Here too I think no-one would deny miners the discretion of who should receive their donations.

However, when those donations are in reality enforced upon anyone wishing to mine the chain, then the term "donation" loses its proper meaning.

The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months). I suggest that we stop the fund raising after 6 months, and we may restart it eventually to prevent it becoming a permanent rule.

I would recommend that we investigate ways to create a smoother development funding system which is more decentralized. This could avoid completely the need for introduction of funding-related consensus rules which otherwise require strong deliberation to avoid conflicts of interest and moral hazard.

Let's try to construct a better path together- one which lets all future participants in the system enjoy the same economic freedoms that we have enjoyed in Bitcoin before, and Bitcoin Cash since 2017.


1Libre7MGkCXr7pUAEbwihCR9X4quYAyQ4 // my first post on read.cash :-)

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  174
9 months ago
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👉👉This is a point I and many others certainly agree with. We may disagree on whether I have the right to collect and spend my neighbor's block reward output - I think that is a matter which needs to be considered both ethically and from a practical viewpoint of introducing changes to consensus rules which facilitate this. I think the question must be asked whether such changes fundamentally change the nature of the system, e.g. by re-introducing third parties into the protocol itself. This line makes the article complete

$ 0.00
1 week ago

Look at my opinion on this initiative, Great job friend, I have some observations in my article

https://read.cash/@BCHouseVE/bitcoin-cash-house-venezuela-review-new-mining-reward-plan-b6bd2e8a

$ 0.00
9 months ago

You don't get it.

They don't want your opinion or the communities' opinion. This has been in the works for a while.

You are no longer important here.

$ 0.00
9 months ago

We are all Satoshi.

$ 0.10
User's avatar freetrader
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9 months ago

Veo la Mineria Insostenible a largo plazo. pero si veo los nodos como el futuro.

$ 0.00
9 months ago

Hi!! good to have you in read.cash I hope you feel in this community as it is home. Could you help me a little in my brother's medical expenses please

https://read.cash/@stephanyvrh/we-continue-in-the-fight-we-made-a-harvest-to-raise-money-for-my-brothers-medical-expenses-2064bdb4

$ 0.00
9 months ago

Hi, thanks for your comment - yes, I feel at home here! :-)

Sent you a tip on your post.

Best wishes for your brother.

$ 0.00
User's avatar freetrader
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9 months ago

Thank you very much for your collaboration, with this less needed to operate my brother and get out of this family suffering. Our goal is to collect 1500 dollars, we will achieve it, all for my brother. I have written to you by reddit if you can check my message please. grateful to you

https://read.cash/@stephanyvrh/my-brother-has-suffered-a-serious-car-accident-i-need-your-collaboration-a1fe7bc2

$ 0.00
9 months ago

good plan :)

$ 0.00
9 months ago

Wow only just saw this. Impressive project and idea. Hope all went well. Mining is something I wanted to get into in 2017. But didn't.

$ 0.00
6 months ago

excellent article, what we least want is a fork for a reason like this, it's not worth throwing everything away, welcome to ReadCash @freetrader

$ 0.20
9 months ago

Read.cash 1st timer

$ 0.10
9 months ago

FreeTrader what do you consider the backup plan to be if voluntary donating doesn't work? Is BCH just to pack it up and call it a day?

I've heard some members of the community suggest we finance development through whale donations. But when pressed they have no idea who the whales are or if they in fact exist at all (the wealthy addresses could be exchange addresses for example).

It seems to me like pining our hopes on unknown whales that we do not even know if they exist has less than a 1% probability of success.

What then?

$ 1.06
User's avatar cpacia
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9 months ago

There's a choice between exploring not 100% reliable options, and killing the coin right now. It's strange that you seem to think the latter is preferable.

$ 1.52
9 months ago

Up front: I prefer lowercase 'freetrader' to avoid confusion with 'FreeTrade', the excellent dev who develops https://memberapp.github.io/ and other projects.

To your question, Chris, my view is this:

If voluntary donating doesn't yield enough, then companies that use BCH should make use of the existing options to contract BCH dev services. There are at least budding successful models of this (Verde, using funding requests via github ; token-funded development orgs like Permissionless Software Foundation ; suggestions to form specific developer org that provides requested services to companies in return for pay). I see lots of alternative ways to address the issue of getting paid as a developer.

OpenBazaar might be too small right now to afford financing a full time BCH developer for long, but there are large companies in the space - many of which already sponsor devs that take part in protocol & 'infrastructure' work, so I don't really see a big problem there - as long as we keep growing as a coin.

Growing as a coin means the ability of those companies to pay for such work grows, and our pool of volunteer devs also increases. I would never underestimate the raw talent in that pool in terms of its ability to get work done.

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User's avatar freetrader
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9 months ago

One problem at a time.

The interesting part is that I've not seen a single statement with an estimate of how much money ABC wants or needs, and yet all I see is Fear Uncertainty and Doubt about the subject.

$ 5.81
9 months ago

exactly. and usually when you pay people for work, you also get to tell them what to do. maybe I prefer storm to avalanche for example.

$ 0.00
9 months ago

Welcome, freetrader! Awesome to see you!

Signature is valid, address matches https://ftrader.github.io/

1Libre7MGkCXr7pUAEbwihCR9X4quYAyQ4 // my first post on read.cash :-)

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$ 1.50
9 months ago

:-)

EDIT: Thank you to everyone for the more than generous tips.

$ 0.00
User's avatar freetrader
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9 months ago

Friend @freetrader your article has seemed really amazing so we have decided to translate it to the Spanish speaking community, it is good to have you in our Read.Cash community we hope you help to grow the community with your knowledge and effort Welcome. regards

https://read.cash/@BitcoinCashPrice/actualizacion-del-plan-de-donacion-de-bch-miner-nuevamente-una-perspectiva-by-at-freetrader-928ef43b

$ 2.00
9 months ago