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BCH Dev Fund: My Thoughts

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Written by   71
4 months ago

I don't consider myself to be of high importance in this space, but a few people have asked me about my thoughts on this topic. Perhaps I'm a bit late to the debate. If you believe I am, and don't want to hear yet another article about this, then move onto the next article on this site.

I would like to start off and say I do not mind the concept of a coinbase reward going to protocol developers. As long as the developers are active. This means I dislike the concept of a coinbase reward going to "protocol developers" if they are not active. With that said, the Bitcoin Cash protocol developers are very active, so they deserve it. It should also not be forced in. When it is forced in, it becomes something like a tax.

Unfortunately, the current proposal does exactly that. I feel the planned execution could have been so much better.

Orphaning blocks that do not comply is a huge issue for one. You can say that this is "Nakamoto Consensus" in action, which it is for the most part. But the key part of Nakamoto Consensus is that it only works if the majority of nodes are acting in a cooperative and non-malicious manner. Many people in the community see the act of orphaning blocks of miners that do not agree to your wishes to be a threat.

Next, we have the shady Hong Kong company where 12.5% of the coinbase reward will be sent to. Many people see this as an issue as we now have to trust that the company will do what they say they intend to do. This part could be solved by simply having the direct addresses to protocol development teams in the coinbase transaction outputs. Pre-plan the distribution amounts for each team, just like you did with the initial funding plan to begin with, and exactly what teams that would be funded. Then, pay them directly in the coinbase transaction.

Use the blockchain to your advantage, people.

Finally, the people attempting to discredit the opposing side in this debate by saying "anyone who is calling it a tax is dishonest and should not be trusted" can be discredited themselves, as most of the people saying this have a financial incentive to discredit the opposing side, due to the coinbase rewards potentially going to them if this plan were to be put in action.

  • pokkst

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Avatar for pokkst
Written by   71
4 months ago
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I don't consider myself to be of high importance in this space

you're way lowballing, dude! Of course the contributions you (and people like you) make are of great importance to Bitcoin Cash. What else is there? It's just us: you, me,.. those other guys.

$ 0.50
4 months ago

Thanks for all your contributions to the space. I know with proper proposals from the teams in need of finance. With clear goals and time frames, we should see more donations coming from the community. I wish I could have donated more, but I'm hesitant due to no clarity. If I see something that is good for a stable improvement on an app or the base protocol I would be honored to contribute. The devs may not get 100% of their financial needs. But we are all here for the same reason. And that's to bring this revolutionary improvement of financial freedom to the world. Some have left their mark with no expectations of financial reward, and they have sacrificed their time for the better of humanity. I thank every last one of them. I believe Bitcoin Cash will grow and become a great financial tool for many. It may be a struggle. Bitcoin was always going to be a financial struggle on development. And it's grown for over a decade. So I see no reason to change the base coin rewards after such a successful run. Blockstream funding is a huge issue. But I believe we have a better chance identifying it with an open censorship free platform. We've all learnt so much.

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4 months ago

Welp, I accidentally found out you can "tip yourself" on here but it actually goes all to and the article is promoted or something


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4 months ago
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