Accelerating Evolution Through Forking – Fred Ehrsam – Medium _ btc bitcoin price chart live

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It seems frequent bitcoin transactors were the ones that had issues in the past 2 years, while the bitcoin hodlers didn’t mind (obviously, no fees by hodling!). Given bitcoin cash’s value relative to bitcoin is 0.13 at the moment, the fork gave hodlers the lion’s share of outstanding bitcoin cash (transactors typically have less BTC/BCH). It is an uphill climb for bitcoin cash supporters as the fork didn’t yield more skin in the game, just equally proportioned skin at lesser market value, plus maybe a cloned codebase to implement a version that works better for their use-case.Bitcoin price chart live

I work with a lot with startups. Sometimes even if they have the best product in the world, they don’t succeed due to structure and incentives. Ie a founder owns 99% and 1-10 employees collectively own 1%. Key employees can walk out since their salaries can be matched elsewhere. Or a founder can’t quit day job and doesn’t have the cash to start or continue an endeavor. They may have no choice but to take an investment from an entity which takes 51-80% equity. The founder may get boxed in after moderate success, where a VC does not want to get involved for less than 25-40% ownership themselves, or believe founder will stick around because they don’t have enough skin in the game after further dilution.

Instant network effects [by forking] would have been a good strategy if a few were oppressing the many, but the many had more collective BTC.Bitcoin price chart live but it turns out core, core supporters and agnostic hodlers controlled the majority of circulating coins. How do you incentivize bitcoin cash developers to innovate when they can’t quit their day job and mine 50 BCH at a clip on their 3 year old laptop while writing code, which was the motivation for early bitcoin developers? A typical solo miner can’t mine BCH without $250k worth of gear. A pool miner needs 75-180k worth of gear (assuming 1 year ROI) just to make up for lost wages as a developer.

I do think certain impossible things have happened with bitcoin cash, but that was due to the will and resources of bitmain and some collaborators. Bitmain is a shrewd company, if this experiment does not gain traction, I can see them cutting support. Where does that leave the passionate people who believe their use-case/vision is getting executed?Bitcoin price chart live they will be forced to switch pow and truly be a typical altcoin trying to win based on merit, features and it’s own ecosystem. But, the baggage from the airdrop where the majority of beneficiaries are the people they tried to fork away from will come back to haunt them.

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It remains to be seen if the distribution was good or bad. After all, it was not as if bitcoin treasury or clearing houses were responsible for distributing stock to thousands of brokerage firms. The core code was modified slighty for the fork. Nodes were spun up to enforce new rules at a certain time and some hash power went with it. The greatest level of effort was probably getting listed on exchanges in a coordinated effort. The follow up was getting wallets and some businesses to adopt.Bitcoin price chart live

My point (and sticking with the theme of the article) was that, if a handful of brilliant developers were interested in the ideals of the project, that the upside proposition is entirely different from developers of bitcoin past and present who CPU/GPU mined (pre 2013) and saw over 1000x gains. Core doesn’t want to go anywhere because they hodl coins of such high value that they don’t need to work. And they believe executing their vision will make bitcoin retain or gain even more value, even while differing on scaling methods.

The fork and drop were both mature, mature codebase and distributed historical ledger. If I was a have-not before, what will make me a have now? Unless you believe that bitcoin cash community was comprised of have [coins], but didn’t have peer-to-peer electronic cash via dynamic adjusting blocks with enough capacity to match adoption and transaction throughput.Bitcoin price chart live

FYI, bitmain is valued very much in the billions. Many times bigger than most blockchain companies combined.

Enthusiastic/passionate people certainly help all grass roots efforts. But how do you stay passionate over long durations if you didn’t have a stack at the time of the fork?

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