More

    Roger Ver's Bitcoin.com Mining Pool Pulls Out Of Bitcoin Cash Tax For Development Fund

    Bitcoin.com, a mining pool associated with Roger Ver, has announced it has withdrawn its support for the proposed BCH development fund which has been controversial among BCH miners due to insufficient consultation in the community.

    Bitcoin.com through a blog post stated that it will withdraw the support of the development fund whose details were released last week by BTC.TOP CEO, Jiang Zhuoer. Bitcoin.com stated that it would not support the proposal as it didn’t want to see chain split or an alteration of the current economics.

    The blog also states that such a proposal requires a consensus of many mining pools as possible. The firm also indicated that the opinions of other players like exchanges and businesses should also be considered before such a plan can be implemented.

    Roger Ver, Bitcoin.com’s chair had signed last week’s proposal. Others included Haipo Yang of ViaBTC and Antpool/BTC.com’s Jihan Wu. The proposal called for a taxation of 12.5% block reward to be set aside as development fund like the Zcash one. During the launching of the proposal, the group stated that the fund will be used to finance long-term development but members will determine the projects to be funded.

    While the proposal received some support, critics have argued that various aspects were underspecified like the ‘Hong Kong corporation’ which is set to coordinate as well as compensate for network development. In addition, critics pointed out at the ‘no-debate’ clause which meant that a miner who doesn’t support a soft fork may have his/her blocks orphaned.

    Bitcoin.com explained that withdrawal of its support will offer an opportunity to both the users and developers to discuss and agree on precise funding proposals.

    The new developments follows threats of a hard fork by unidentified ‘opposing miner group’ that says it controls about a quarter of the entire network’s mining hashrate. The opposing group said it was unfair for some mining pools to dictate to others to come up with proposals without engaging them.

    Bitcoin Cash (BCH) Live Price

    1 BCH/USD =$380.5013 change ~ 1.63%

    Coin Market Cap

    $6.96 Billion

    24 Hour Volume

    $734.02 Million

    24 Hour VWAP

    $372

    24 Hour Change

    $6.1895

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,287FansLike
    2,765FollowersFollow
    4,135FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    PAX Stablecoin Issuer Paxos Settles First US Equity Trade Using Blockchain

    The first blockchain-based settlement of US equities was claimed by Paxos, the New York-regulated cryptocurrency startup, Instinet, the broker dealer owned by Nomura, and...

    Ripple (XRP) Price Analysis (February 20)

    Key Highlights XRP's price strength has once again overpowered by the US dollar market worth. A fiercely breakthrough of a $0.30 mark will portend...

    Sweden's Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

    Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona. The pilot program...

    Australia’s National Stock Exchange Is Building A DLT-Based Real-Time Trading Platform

    Both companies listed publicly, NSX Ltd., which is the owner of the National Stock Exchange of Australia, and the financial institution known as iSignthis...

    Brazil Central Bank To Roll Out PIX, A Non-Crypto, QR-Based ‘Near Instant' Payment System

    Brazil’s Central Bank is set to launch a new payment system which it claims will offer near instant fund transfers. The new payment system...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.