1.BCH will fork again
The Bitcoin Cash (BCH) core development team, Bitcoin ABC (ABC), has created the latest version of the Infrastructure Financing Plan (IFP), which requires only miners to trigger BIP9 to take effect. The community has some controversy over this. In addition, the technical upgrade of Bitcoin Cash twice a year uses a hard fork method. Some people who don’t know the truth mistakenly believe that BCH will be forked and new coins will be generated.
However, this is not actually the case. BIP9 is a soft fork protocol. BIP9 allows the deployment of multiple backward compatible soft forks. Miners can vote in a target cycle. If the activation threshold is reached, the upgrade can be successfully enabled. Soft forks will not generate new coins. Bitcoin deployment isolation verification is a soft fork. Therefore, it is a misunderstanding that BCH will fork.
2.Miner's income is greatly reduced
The new version of the Bitcoin ABC proposal reduces the block reward of 12.5% of the entire BCH network to 5%. Some miners still believe that this has harmed the interests of miners and greatly reduced their profits. However, at present BCH only accounts for about 4% of Bitcoin's entire network. There are also some forked junk coins in the market that also occupy a small portion of computing power. In this case, the miner's revenue has been reduced evenly.
Miners have the right to decide what to mine, and the benefits of mining BCH decrease. The miners left BCH mining to invest computing power into Bitcoin, which reduced the computing power of the entire BCH network, and the BCH miner's income would also be restored. In short, the market will adjust the computing power and optimize the distribution so as to achieve a balanced income.
3. The developer decides the future of BCH
BCH is decentralized. Any major new technology and new proposal needs to be discussed and agreed by the community before it can be deployed. Developers have the right to write code into the software, but miners and users have the right to decide whether to use it. Bitcoin ABC, as the core development team of BCH, has contributed to the development of BCH and has great influence in the community, but this does not mean that the ABC team can decide the future development direction of BCH against the wishes of the community.
Recently, including Bitcoin Jesus, the BU development team and others have raised objections to the ABC tax proposal. The solution proposed by ABC is still just a proposal, and it needs to be voted by miners to decide whether to deploy. BCH is not like the Bitcoin community, the core development team Core can decide everything. BCH is an open and free decentralized community. Developers and miners have no way to determine the future of BCH alone. The future of BCH is ultimately determined by the community. Any plan must be widely agreed to be implemented.
4. There is no money for BCH development
Since its birth, BCH has adopted a community donation + part-time development model, but this is not a long-term solution. The sustainability and stability of funding funds are not strong. Because it is not profitable, most developers are part-time and will not use All energies are devoted to development, and these have affected the development progress and ecologicalization process of BCH. In addition, some large institutions or organizations will request funding developers, for example, Satoshi Dice has expressed willingness to fund 1,000 BCH to the BCH Development Fund, but the prerequisite is to cancel the 25 Confirm transaction restrictions. The company behind the Core development group, Blockstream (BS), can to some extent control the future direction of Bitcoin through developers.
In short, if the development of the BCH underlying protocol is to be decentralized, the entire ecosystem must be responsible for the funds required for development. But this does not mean that BCH lacks the necessary development funds, it is just that the funding sources for the development of the underlying technology of BCH are unstable. Although a small amount of funds is allocated from the block reward to support developers, although there are certain differences, it is currently the best way to provide developers with sufficient funds to steadily focus on the development of the BCH underlying protocol. Better serve the entire ecological community.
5.BCH internal fighting caused the price of coins to fall
The BCH community does not have internal fighting at this stage. This solution has received support from most developers, miners, and users, but there are disputes over the specific implementation details, especially the white list proposed by Bitcoin ABC without the BU development team. Many people object. Taxation proposals are still under discussion and improvement, and have not been implemented. It is inevitable that there will be controversy in any improvement scheme of the decentralized community.
As for the internal price of BCH, which caused the currency price to fall, it is nonsense. The crypto market has risen for more than half a month, and there has been no effective callback. BCH has also reached the pressure of $ 500.
Thank you, @Ellie for generous tips!