A bizarre infrastructure funding proposal for Bitcoin’s foremost offshoot, BCH has landed it the ‘centralized crypto’ label from the community.
Bitcoin Cash Mining Tax
A controversial funding proposal from the CEO of the largest BCH mining pool has raised concerns of centralization among the wider crypto community.
Jiang Zhuoer, boss of the BTC.TOP mining pool, has suggested that 12.5% of Bitcoin Cash coinbase block rewards should be redirected into a development fund.
The fund is a Hong Kong corporation that has been set up to legally accept and disperse funds which would be used to pay for development contributions to full node implementations as well as other critical infrastructure according to the blog post.
The proposal is to implement this plan into Bitcoin Cash’s protocol upgrade in mid-May. It would receive around 112.5 BCH per day which is about 20,588 BCH over the six months. At today’s prices, the fund would receive just under $7 million in total though the post estimated it at $300 per BCH which is $6 million or so.
There will be punishment for those that do not contribute as outlined by this declaration;
“To ensure participation and include subsidization from the whole pool of SHA-256 mining, miners will orphan BCH blocks that do not follow the plan. This is needed to avoid a tragedy of the commons.”
In addition to Jiang Zhuoer, the proposal has already gained support from Bitcoin Cash leaders including Jihan Wu with Antpool and BTC.com, Haipo Yang’s ViaBTC and of course Roger Ver.
To justify the proposal Zhuoer used China’s GDP growth and some insights from Chinese politician Deng Xiaoping basically stating that this is not up for debate.
The unprecedented move has already incited the deeply divided crypto community and drawn comments such as;
“$BCH implementing a 12.5% miner’s tax is hilarious and anyone not donating will have their blocks orphaned. Literally a centralized totalitarian regime with a 51% attack threat.”
$BCH implementing a 12.5% miner's tax is hilarious and anyone not donating will have their blocks orphaned.Literally a centralized totalitarian regime with a 51% attack threat."A Hong Kong corporation has been set up to legally accept and disperse funds"https://t.co/UsDIv2yEl4
— WhalePanda (@WhalePanda) January 22, 2020
Other comments from industry observer echoed the sentiment;
“$BCH implementing a 12.5% miner’s tax, anyone not donating will have their blocks orphaned. Literally Bcash turned into a centralized protection racket crime syndicate.”
The concern is that if a small group of centralized mining pools can levy a tax such as this and control the funds through a corporation what else can they do.
At the time of writing Bitcoin Cash was trading down 4% on the day at $337.
Is the BCH mining tax a good idea or will it lead to further centralization? Add your comments below.
Images via Bitcoinist Media Libary, Twitter: @WhalePanda The post appeared first on Bitcoinist.com. origin »
Bitcoin, the world’s largest and oldest blockchain, is confronting an existential question of how much data should live on its ledger. A new proposal, Bitcoin Improvement Proposal 444 (BIP-444), seeks to roll back a recent OP_RETURN upgrade that allowed users to attach text, images, and digital signatures to transactions.
A fresh soft-fork concept billed as a “temporary” fix for non-monetary data on Bitcoin has ignited one of the sharpest developer rows since the blocksize wars, with critics decrying the move as censorship theater—and, more explosively, as an attempt to force changes under the specter of legal liability.
The crypto community was split in half when a proposal about Bitcoin sidechains was reintroduced. While the proposal aims to expand the utility of Bitcoin, its limitations cause controversy. A blockchain merge-mined with Bitcoin that also employs gas fee-friendly economics might hold the answer.
The Securities and Exchange Commission (SEC) has incorporated Valkyries spot Bitcoin exchange-traded fund (ETF) proposal into its formal review process. This is the most recent spot Bitcoin ETF proposal from...
In Bitcoin, it is nearly impossible to find out how much support there is for a proposal without trying it. CTV is a non-invasive change and should be accepted.
Bitcoin (BTC) and other cryptos were unmoved after the rejection of the EU bitcoin proposal on Monday. Traders expect a busy week ahead with the Fed meeting and geopolitical developments on tap.
The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims […]
A new proposal by the Israeli lawmakers might have a massive impact on Bitcoin, as the recent draft proposed to start treating the coin as a currency. If the proposal ends up becoming law, Bitcoin will officially be exempt from tax purposes.
The Bitcoin Cash [BCH] ecosystem's development fund proposal has faced a lot of backlash recently. The most contentious part of the entire episode was the "no-debate" clause which stated that any mineThe post Bitcoin Cash's new development fund proposal raises questions of sustainability appeared first on AMBCrypto.
Bitcoin. com, owned by Roger Ver, withdrew its support for a proposal that would coerce miners to divert 12. 5% of the Bitcoin Cash block reward to a development fund. Bitcoin. com Backs Out of Forced Development Fund “As it stands now, Bitcoin.
Bitcoin Cash miners have been left with a bitter taste in their mouths after BTC.TOP's CEO Jiang Zhuoer published his proposal to direct 12.5% of mining rewards to support the BCH infrastructure over The post Bitcoin Cash miners threaten to fork unless funding proposal is withdrawn appeared first on AMBCrypto.
Investment management firm Wilshire Phoenix and the NYSE Arca exchange have filed an amendment to their Bitcoin ETF proposal, re-seeking approval from the SEC for the same. As per the amended proposal, Coinbase Custody will not only be tasked with maintaining ‘custody of the Trust’s Bitcoin assets in cold storage,’ but will also be confirming […]
The post Wilshire Phoenix amends Bitcoin ETF proposal before the SEC appeared first on AMBCrypto.
Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day. Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours.
The Bitcoin ETF proposal and the question of whether it will get the SEC’s approval has been one of the key talking points of 2019. Several Bitcoin ETF proposals have been submitted to the SEC by institutions such as VanECK Securities, SolidX Management and Bitwise, but none of them have received any positive response, as […]
The post Bitcoin ETF ensures secure access to BTC for regular investors: Bitwise Exec appeared first on AMBCrypto.
Engineers and developers are continuously working to provide Bitcoin with technological improvements. Now, most likely, the next Bitcoin technological breakthrough will come through the Schnorr + Taproot soft fork.
An expected turn of events has once again occurred as the SEC released a public filing stating their intent to gather more public commentary on Wilshire Phoenix’s Bitcoin ETF proposal before coming to a conclusion, September 24, 2019.
Coinspeaker SEC Delays Decision on Wilshire Phoenix Bitcoin ETFThe US Securities and Exchange Commission (SEC) has delayed its final verdict on the Bitcoin exchange-traded fund (ETF) that is backed by investment firm Wilshire Phoenix.
Surprise Surprise, the Bitcoin ETF is delayed yet again! The United States’ Securities and Exchange Commission [SEC] has once again delayed a Bitcoin ETF. Filed by Wilshire Phoenix, the application, one of two before the financial regulator, was considered relatively conservative, because of the asset mix it tabled.
In a presentation to the SEC last week, Bitwise made a last-ditch effort to gain approval of its Bitcoin exchange-traded fund (ETF). But with the withdrawal of the Van Eck Solid X ETF proposal, the chances of the Bitwise ETF being approved appear slim.
The SEC or The United States Securities and Exchange Commission has recommended a proposal from Bitwise advocating why the time is ripe for the world’s first Bitcoin ETF (Exchange Traded Fund). This document by the San Francisco-based Bitwise was presented to SEC commissioners Robert Jackson, Hester Peirce, and Elad Roisman. Bitwise is a venture-backed Cryptocurrency […]
VanEck and SolidX have withdrawn an SEC proposal for their latest attempt at a bitcoin ETF, setting this potential institutional on-ramp back again.
The post Bitcoin ETF Regulatory Withdrawal Sets Institution On-Ramp Back Once Again appeared first on Bitcoin Magazine.
The Bitcoin ETF saga has taken another dramatic turn as the VanEck SolidX ETF proposal was withdrawn by CBoE. The SEC informed the public in a filing, September 17, 2019, just a month before they were to come to a decision about the ETF.
Coinspeaker CBOE BZX Exchange Withdraws Bitcoin ETF Filed by VanEck/SolidXThe VanEck Solid Bitcoin Trust decided to withdraw its Bitcoin ETF proposal filed earlier this year on January 30, 2019.
Coinspeaker CBOE BZX Exchange Withdraws the Bitcoin ETF Filed by VanEck/SolidXThe VanEck Solid Bitcoin Trust decided to withdraw its Bitcoin ETF proposal filed earlier this year on January 30, 2019.
Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day. Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours.
You’re not fired if you choose to quit. Exactly a month prior to the final decision on the Bitcoin Exchange Traded Fund [ETF], VanEck/SolidX have pulled the switch on their application. Not one to wait for the US Securities and Exchange Commission’s [SEC] decision, the New York-based investment giant has withdrawn the ETF application, based […]
The post Bitcoin ETF proposal withdrawn by VanEck, SolidX one month prior to final decision appeared first on AMBCrypto.
The VanEck-SolidX Bitcoin ETF proposal was withdrawn—again—from the SEC’s consideration prior to an October decision. Primer on VanEck-SolidX Bitcoin Shares VanEck-SolidX first submitted its proposal to list and trade shares of the “VanEck SolidX Bitcoin Trust” under commodity-based trust rules with the Securities Exchange Commission.
Bitcoin Exchange Traded Funds proposals have been on hold due to the fact that the United States’ Securities and Exchange Commission hasn’t given a thumbs up to any crypto-ETF proposal yet.
Primarily targeting institutional investors, VanEck and SolidX are reportedly selling a “limited version” of a bitcoin exchange-traded fund (ETF) after every bitcoin ETF proposal has been rejected by the Securities and Exchange Commission (SEC) to date.
VanEck, Bitwise, and Wilshire Phoenix have all had their ETF proposal decisions postponed by the SEC. According to the circular issued by the regulator, August 12, 2019, the commission decided the most coherent option they had was to further study these proposals and the market before making a decision.
The Indian parliament has repeatedly asked the finance minister about the government’s plans for cryptocurrency. In July alone, the Ministry of Finance answered three sets of questions: two in Rajya Sabha, the upper house, and one in Lok Sabha, the lower house of the parliament.
India’s finance minister has broken silence and talked about the crypto draft bill and report her department is examining which propose to ban cryptocurrencies. While she views the report as “very futuristic and well-thought-out,” the crypto industry sees it as flawed and incomplete.
As the Indian government considers banning bitcoin and cryptocurrency trading and holding, Nasscom, the country’s top software, and information technology body has spoken out against the proposal.
A proposal on Ethereum put forth by James Hancock has been shot down by the community. The proposal aimed to temporarily inflate supply by adding a . 0055 ETH reward in each block that would be routed to an independent developers fund, which would then be used to carry out necessary development on Ethereum 1.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin worshipper and investor in Tezos has come out to condemn the move. Now in a strongly worded message, the outspoken investor who recently advocated Bitcoin to the government of Argentina referred to India’s proposed bill as being […]
The co-founder of Ethereum, Vitalik Buterin, proposed using Bitcoin Cash as a short-term solution for adding a data availability layer to Ethereum. However, Buterin’s proposal was quickly met with heavy criticism, with many pointing out how seriously flawed the idea was.
Issuing a digital currency or providing financial services is not a straightforward process in this day and age. Especially for tech companies in the US, this uphill battle will become a lot steeper moving forward.
Аналитик не назвал государство, но все признаки указывают лишь на одну страну. Известный аналитик, ведущий криптовалютного сегмента CNBC Africa Рэн Нойнер, заявил, что ему доподлинно известно имя «маленькой страны», которая намерена «обеспечить свои денежные знаки биткоинами».
JPMorgan upgraded Cipher and CleanSpark, and cut targets for MARA, RIOT due to the increased risk of shareholder dilution. Bitcoin miners are increasingly diversifying their operations from hashrate to high-performance computing.
Bitcoin Magazine
Bitcoin-miner Bitmain Faces Federal Investigation Over National Security Issues: Report
Bitmain, the Chinese manufacturer behind many of the world’s Bitcoin miners, has been under US national security scrutiny for potential espionage or sabotage risks, including in Trump family-backed ventures, though the company denies any wrongdoing.
Hive Digital stock jumped by over 500% from its April low to its October high; it pivoted to AI and HPC industries. But its Bitcoin mining revenue is still strong.
Bitcoin crossed a watershed moment in its monetary history on Nov. 17, surpassing 19. 95 million mined coins and pushing the network past 95% of its immutable 21 million supply cap. This leaves the network with less than 1.
Cloud mining beats solo mining as Bitcoin climbs, and GBC Mining offers a $20 bonus plus instant hash power for daily BTC earnings with no hardware needed.
Power markets are starting to price Bitcoin mining that can switch on and off as a grid service. Curtailment remains elevated in regions with high renewable penetration, and short scarcity bursts continue to set value for fast demand reduction, which creates room for load that soaks midday surplus and idles during tight hours.
