Topic: BCH: Miners should donate...or else (Read 203 times)
Is this for real? It looks like they are very desperate for the support of Bitcoin cash ecosystem that they are now blackmailing miners to donate 12.5%. Mining isn't an easy job and it takes a lot of money and electricity to mine a good amount of coins thus if they wanted donations or funding they might as least ask the miners their specified amount not that they will force them to pay a specific amount.
Donate or donation is a wrong word here. It is a misnomer for what is really being implemented. Miners are not asked to donate. They are forced to pay taxes. ~
They used "donate" in their blog but we all know that is not the case if we read further. I don't get this. Aren't miners already donating by the very act of mining itself? They are supporting the chain with their own expensive equipment and electricity. The profit margin is so small and 12.5% is massive. ~
Yup! Apprently, it's not enough for the BCH heads to just support the chain thru mining. The decision to force even the small/medium miners to donate will probably hurt their ecosystem in the long run. ~ Perhaps they want the medium sized and small sized miners to drop off, so that the handful of mega-sized miners can compete among themselves. ~
Yes, that is most likely the case. The 12.5% tax won't probably matter much to large-scale miners. Well, the small/medium miners can quit from May to October (six months) for the mean time and then resume after the "tax period" is over. They would have to sacrifice the little profit they can get though if they won't support the developers thru "donations".
Donate or donation is a wrong word here. It is a misnomer for what is really being implemented. Miners are not asked to donate. They are forced to pay taxes. And they are left with no choice at all. It is either they pay the said tax or be orphaned. They should seriously quit calling themselves the real Bitcoin with this centralized mentality.
Mining alone consumes a lot of electricity, plus has to pay 12.5%. This policy is very funny in my opinion and does not make sense. For what developers need to be funded, isn't this a new coin that has to look for funds. Gradually maybe the miners will be reduced because of the policy. IMO.
This is tantamount to suck miner's blood slowly for the welfare of dev.
The profit margin from the miners will be decreased a lot caused by this policy. it's better if they will be shifting to another coin rather than still mine this crap coin. Bitcoin cash developer just like a dictator in this case. I know that if that is about to be used for the future of the bitcoin cash ecosystem but what about those small miners? This is tantamount to suck miner's blood slowly for the welfare of dev.
If this taxation will be implemented without doing an agreement or issue a new proposal to get the vote and miners will be moving to the bitcoin again.
Mining alone consumes a lot of electricity, plus has to pay 12.5%. This policy is very funny in my opinion and does not make sense. For what developers need to be funded, isn't this a new coin that has to look for funds. Gradually maybe the miners will be reduced because of the policy. IMO.
This is tantamount to suck miner's blood slowly for the welfare of dev.
This is tantamount to suck miner's blood slowly for the welfare of dev.
I didn't know that BCH now ask miners to pay a fee to mine BCH, how this come and why i don't get it what is the problem to ask this fee? Maybe he want to kill the coin or this the stupid ever decission i see on crypto.
The problem is the major holders of BCH and the politiciants on bitcoin cash didn't wanna spend their money to help the bitcoin cash development. That motivates them to call miners as an alternative way to raise the money for BCH. lol this is a scam and i hope those miners will be moving to the bitcoin again.
What?? If it's a donation then it is a free will to give some bucks from the heart. From what I can see, it's a force donation. Forcing miners to give 12.5% bch is too huge and is unappropriate. There are so many ways to support bch, miners don't have to suffer this forcely donations. I am kinda disappointed to bch devs and owner. Miners will be very affected with this if it's true.
I don't get this. Aren't miners already donating by the very act of mining itself? They are supporting the chain with their own expensive equipment and electricity. The profit margin is so small and 12.5% is massive.
How will you even mine for profit if you must pay that much? What about the regular users? Tx fees stay the same? So it only affects miners? The very people who support the project. I only see holders benefit from this.
Miners have to pay. I do think the price will increase but by how much is the thing.
How will you even mine for profit if you must pay that much? What about the regular users? Tx fees stay the same? So it only affects miners? The very people who support the project. I only see holders benefit from this.
Miners have to pay. I do think the price will increase but by how much is the thing.
This is a very illogical move from the developers. Perhaps they want the medium sized and small sized miners to drop off, so that the handful of mega-sized miners can compete among themselves. Among all the Bitcoin forks, BCH is the coin where large-scale miners have absolute dominance in the mining sector. And steps such as this one will ensure that things will remain the same in the future as well.
This coin was too centralized a long time ago to invest in its development and it seems to me that only Roger Ver doing this. other people who continue to somehow connect with this project are simply fools for me who do not understand that they can lose their money very quickly. at any time, Roger Ver can do what is profitable to him and then each of those who invest in this coin will be very upset. so stay away from it
I didn't know that BCH now ask miners to pay a fee to mine BCH, how this come and why i don't get it what is the problem to ask this fee? Maybe he want to kill the coin or this the stupid ever decission i see on crypto.
Well what do you know, the "real bitcoin" needs to force its miners to donate for further development. The article says they have long debated over the matter and it is about time to implement. I wonder how many miners agree or disagree to the "donation"? I see that it is going to be a six-month trial period, I am not sure if it would even take that long for miners to leave and let Roger & Jihan look for private funding instead.
Bitcoincash was never a much decentralized coin to start with. It's primarily a bitmain and associates project. And their concept is not a very bad one as lack of volunteers is one of the reason for open source project to fall behind in development and get obsolete. I don't mean their plan is good but it could work.
I saw this somewhere else and I was a bit surprised. Sounds like dictatorship.
I wonder why they prefer this approach instead of the voluntary crowdfunding methods.
Besides it's not a sustainable way of funding a crypto project. If price goes down too low, what then becomes of the 12.5%?
It certainly will increase the coin centralization if it's the only "allowed" way to fund projects.
I wonder why they prefer this approach instead of the voluntary crowdfunding methods.
Besides it's not a sustainable way of funding a crypto project. If price goes down too low, what then becomes of the 12.5%?
It certainly will increase the coin centralization if it's the only "allowed" way to fund projects.
I find this very hard to believe, how genuine is this news or this is just another hate move toward BCH? Any way if this is actually true then BCH will be in trouble in no time, miners will dump BCH for another coin for sure
This is one bad move from the BCH developer. This action will make miners to move away from this altcoin. Owner of mining pool is not affected because they can charge it to the miners and if I am an owner of the equipment, I'll point it to other POW coins that does not rob me of 12.5% of the coins that I mined. It is their loss not mine anyway.
The donation will be for the development purpose and me thought that if bcash try to learn from the litecoin's case that needs donation to continue the development on the privacy protocol.
Bcash has already centralized since it was created
If the majority of miners will not approve it and the development of bcash will be stuck, and no more development will come.
https://cryptoslate.com/development-has-started-on-litecoin-privacy-features-but-crowdfund-still-needs-57000-in-donations/
This problem has already happened with litecoin too. Just hope roger is willing to donate all of his coin for his lovely coin called bcash. All of the platforms that can't generate revenue will be slowly but surely dead in the future
Bcash has already centralized since it was created
If the majority of miners will not approve it and the development of bcash will be stuck, and no more development will come.
https://cryptoslate.com/development-has-started-on-litecoin-privacy-features-but-crowdfund-still-needs-57000-in-donations/
This problem has already happened with litecoin too. Just hope roger is willing to donate all of his coin for his lovely coin called bcash. All of the platforms that can't generate revenue will be slowly but surely dead in the future
if this is determined for large miners maybe not so much a problem, what if he is a solo miner and others, I think it hurts some BCH miners, honestly I am not a lover of BCH and BSV I have never been on these two altcoins that are actually filled by people people who are greedy and still need time to make it big, obviously it's robbery in my opinion
I have a doubt that this is a multi-level group. do you think so ? Because of the money and effort that every miner has to devote to an uncertain organization? I think this is a bad idea and is aimed at appropriating property of everyone and I encourage you not to trust this organization. Maybe this is a fraud organization, consider giving them money. For better, you should report this channel and ask people to share about this series of phishing news.
Wow that was huge 12.5% donation requirements by force im sure it will be a major backlash on the Bitcoin Cash mining community, in my opinion many will question these rules and wont agree with that bargain, what's going on with bitcoin cash ecosystem why they are requiring their miners to donate that amount and if they are not comply according to the treat their blocks will be orphaned i think these is an interesting story to follow.
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