Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 307. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCH/USD) forecast and analysis on September 17, 2019
As part of the Bitcoin Cash forecast, a test of level 303 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 322. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 293.
Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of 285. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on September 17, 2019 implies a test level of 303. Further growth is expected to continue to the area above the level of 322. The conservative area for buying Bitcoin Cash is located area of 293. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 285. In this case, we should expect a further fall.
ROGER VER: I DIDN’T SIGN 12.5% BITCOIN CASH (BCH) MINER TAX PROPOSAL
- Roger Ver Distances Himself from Bitcoin Cash Miner Tax
- Bitcoin ABC Proposes 5% Block Reward Tax
Bitcoin Cash (BCH) proponent Roger Ver says neither he nor Bitcoin.com endorsed the controversial 12.5% BCH miner tax. Meanwhile, Bitcoin ABC is proposing a new dev funding plan which reduces the tax rate to 5% of the block reward.
ROGER VER DISTANCES HIMSELF FROM BITCOIN CASH MINER TAX
In a YouTube video Roger Ver, Executive Chairman of Bitcoin.com declared that he did not agree to put to his name on the original Bitcoin Cash miner tax proposal from earlier in January 2020.
According to Roger Ver:
I didn’t sign this. There was definitely discussions and I thought the talks were still ongoing when all of sudden this was released with my name at the bottom. I don’t think my name was released with the intention of getting one over on everybody. I think it was just a lack of communication, lots of time zones [and] lots of different languages.
Shortly after the proposal become public, Bitcoin.com issued a statement saying the plan required greater consensus within the BCH community to have any success. As previously reported by Bitcoinist, the blog post stated that Bitcoin.com will not be supporting the plan unless a consensus emerges on the matter.
BITCOIN ABC PROPOSES 5% BLOCK REWARD TAX
Amid the controversy of the BCH miner tax, Bitcoin ABC issued a new infrastructure funding plan (IFP) over the weekend. One of the highlights of the updated plan reduced the block reward tax from 12.5% to 5%.
According to the Bitcoin ABC blog post, the new IFP proposal also differs from the initial plan in two ways — miners triggering the implementation of the block reward tax via BIP 9 and the possibility of allocating funds to several whitelisted projects at the same time.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Roger Ver raised some concerns with the new IFP saying the 5% miner tax was still arbitrary while raising alarms over the possibility of Bitcoin and Bitcoin SV (BSV) miners abusing the system. For Ver, with Bitcoin miners controlling the bulk of the SHA256 hashing algorithm, rogue actors could use the newly proposed IFP paradigm to damage BCH’s protocol.
Apart from Ver’s concerns, BCH mining nodes that do not accept the miner tax may move their hashing potential over to the Bitcoin chain rather than risk being “orphaned.” Such a move could see Bitcoin mining difficulty experiencing a further upward adjustment.
Attempts to push through the miner tax could also cause another chain split with dissenting voices arguing that the plan creates a dichotomy that heavily favors a cabal of miners and developers who appear able to shape the destiny of the network as they see fit.
Bitcoin Cash infrastructure funding plan wasn’t ‘signed’ by Roger Ver
Last month, BTC.TOP’s Jiang Zhuoer had announced his plan to implement an ‘Infrastructure Funding Plan’ (IFP) for Bitcoin Cash, which aimed to direct 12.5% of BCH mining rewards to a fund that will support Bitcoin Cash infrastructure. This was mostly met with mixed reactions, eliciting concerns about the arbitrary nature of the percentage of rewards that would go into the fund, as well as misappropriation of funds. And some miners simply didn’t want to contribute to the fund.
The announcement had included Bitcoin.com CEO Roger Ver among its list of supporters, though Ver claimed his name was added, “without his permission.” In a video published to Bitcoin.com’s official YouTube channel, Ver spoke about how things were still being discussed when his name was added to the list of supporters.
“I didn’t sign this,” said Ver. “I don’t think it was released with my name at the bottom out of intentional malice. I think there was a lack of communication.” In the video, Ver went on to talk BitcoinABC’s recent announcement that they would be implementing the updated funding proposal into the node software.
“I would like to know who specifically requested ABC to implement this. It wasn’t me, it wasn’t Bitcoin.com,” he said. “Maybe with some digital signatures this time.”
The updated funding proposal suggests that the plan will only move ahead, “if triggered by miners via BIP 9,” which allows miners to signal when they’re ready to enforce new rules, and to set up a parallel soft fork. Ver explained how this could be a, “recipe for bad things to happen.”
“What if Bitcoin SV miners — all one of them — decide to come in and start voting for this on Bitcoin Cash just to intentionally cause trouble?”
The Bitcoin.com CEO also drew attention to the part of the updated proposal which suggested the plan should prioritize projects that are in need of money. “That’s the most retarded thing ever,” he said. “Projects that are in need of money are in need of money because they haven’t done a good job of serving their customers and being able to monetize that.” He also said that Bitcoin.com would probably do a better job with the funds than projects in need of money.
However, not everyone was convinced by Ver’s claims of not supporting the funding proposal. In a recent tweet, CEO and co-founder of Blockstream, Adam Back suggested that Ver saying he, “didn’t sign,” was equivocation, and recalled him, “supporting it enthusiastically on Reddit.”
Notably, Ver can be seen talking in support of the funding proposal in an earlier video posted to the same YouTube account. However, Ver also recently commented on Reddit, stating, “I can’t believe you think I would support this insanity.”
Though it has been made clear Ver didn’t ‘sign’ anything, he was clearly in support of the proposal prior to his most recent video. We have reached out to Roger Ver for a comment and will update the article with his response.
Bitcoin Cash Gets Proposal To Add Dev Tax With New Software Upgrade
As it stands now, a massive potential shift in the Bitcoin Cash (BCH) structure, is looming ahead. Bitcoin ABC has recently had one of its developers, Amaury Sechet, publish an updated version of the BCH miner infrastructure Funding Plan or IFP. This plan was first introduced by the BTC.TOP founder, Jiang Zhuoer, before it was revised.
5% Set Aside For Development
As it stands now, the implementation will be coming with the new software update of the Bitcoin ABC program. The update itself is expected to take place on the 15th of May, 2020. The protocol itself must first be activated by the individual miners through the use of BIP9
The original proposal mandated a developer tax of 12.5%. This revised version, however, asks for only 5%. The entire rationale for the new tax, taking away a noticeable chunk of the miner rewards, is to develop the proper software infrastructure for Bitcoin Cash.
They explained that Bitcoin ABC recognizes the need as a project, for the appropriate infrastructure development of its network, Bitcoin Cash. Without it, the project is doomed to fail without proper innovation. It’s a cruel fact, but a fact regardless.
Taxation Heralded as “Poison Pill”
The developer taxes themselves will be funneled into an opaque list of projects that have been whitelisted by the developers themselves. The fact that the projects aren’t’ transparent was met with almost as much scrutiny as the developer tax themselves.
Regardless of the ideologies or the personalities of most people, no one wants to fork out money to a seemingly useless endeavor. It’s why taxation is hated by the vast majority of people, as they only see that some vague faceless entity desires their money.
Regardless of what it is and isn’t, one Peter R. Rizun, a member of Bitcoin Unlimited, has proclaimed these policy changes as nothing but evil. According to Rizun, Sechet will use this new modified protocol to mint his own coins. Rizun went as far as to describe this new proposal as “a poison pill” on twitter.
Humanity Being Human
More often than not, the space in crypto is more of an outlet for personal political ideologies, rather than forms of finance. People will always use the tools available to them to work their various agendas, this being no exception. On the one side, you have a private core of developers seeking to demand funding, with claims being that it will further their network.
On the other hand, stands a group that advocates decentralized development, with no central authority that needs funding, lest it is abused.