Does BCH FUD Make It BULLISH? Bitcoin Cash Halving, Developer Fund Tax

On January 22, 2020, it was announced that a funding plan (the “Mandatory Funding Plan”) had been privately agreed upon by the BCH Mining Group and will be implemented on May 15, 2020 in conjunction with the next protocol upgrade of the BCH network.

It was stated the Mandatory Funding Plan is proposed because BCH protocol developers do not have sufficient funds to support their continued infrastructure work; as a result, the BCH community has been discussing how to pay for the sustained protocol development work needed for the BCH network.

The BCH Mining Group announced that the Mandatory Funding Plan is intended to last 6 months, until November 15, 2020, and will divert approximately USD $6 million worth of BCH coins from miner block rewards to a new Hong Kong corporation which would then provide funding to BCH developers.

No details have been provided about who controls this new Hong Kong-based corporation or who will decide how to spend the BCH coins raised from the 12.5% forced contribution by miners.

Roger Ver and TAAL, a Canadian mining firm have withdrawn their support from the Developer Tax Proposal for Bitcoin Cash.

Also Bitcoin Cash Halving is Around the corner and because of high fee and low reaward many are expecting BCH chain to become much weaker.

However Dobe4Ever, a BCH supporter thinks the market will act contrary to the sentiment, believes this is all just FUD and great gains are expected from BCH and said to us “I find probable that BCH would be half of the price of BTC in the coming bull market”

References:

Hash War Looms as Bitcoin Cash Tax Drama Explodes
https://www.ccn.com/hash-war-looms-as-bitcoin-cash-tax-drama-explodes/
THE BITCOIN CASH ‘DEV TAX’ IS A COLOSSAL MISTAKE
https://bitcoinist.com/why-the-bitcoin-cash-dev-tax-is-a-colossal-mistake/
Bitcoin.com withdraws from Bitcoin Cash proposal to divert part of block rewards to dev fund
https://www.theblockcrypto.com/linked/54204/bitcoin-com-withdraws-from-bitcoin-cash-proposal-to-divert-part-of-block-rewards-to-dev-fund
Bitcoin Cash Dev Tax Still Might Go Live Despite Roger Ver Revokes Support
https://asumetech.com/bitcoin-cash-dev-tax-still-might-go-live-despite-roger-ver-revokes-support/
https://bitcoinist.com/canadian-mining-firm-rejects-bitcoin-cash-tax/
Bitcoin Cash Halving
https://www.coingecko.com/en/explain/bch_halving
BCH halving FUD
https://twitter.com/danheld/status/1188817899647127558
Dobe4Ever is bullish on Bitcoin Cash predicts $4k BCH
https://twitter.com/altcoinbuzzio/status/1222787992806481921
Litecoin Mining Tax?
https://sahiwal.tv/blockchains-miners-and-taxes-how-to-finance-development/
Zcash to terminates the old Founder’s reward model
https://cointelegraph.com/news/zcash-community-approves-new-mining-reward-distribution-scheme
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Post Author: CoinCryptoNews