Bitcoin.com Backs Out From Its Proposed 12.5% Tax Amid Criticism
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Bitcoin.com Backs Out From Its Proposed 12.5% Tax Amid Criticism

January 30, 2020      Zain Raza

Roger Ver’s bitcoin.com, due to the community’s outrage is backing out from their proposed 12.5 per cent mining tax they wanted to implement on Bitcoin cash mining.

Last week, this proposal came to people’s attention, and it stated that the tax derived would go towards funding network development. It was met with massive backlash which led to bitcoin.com taking a step back and rejected the mining tax until serious changes to it are made.

Bitcoin.com talked about transparency, flexibility and unity in their post and suggested that these signs of disagreements could wreak havoc and risks a split in the chain. They’re, however, finding an alternative to keep funding their network growth.

“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible. We think it is clear that the existing proposal does not have enough support.”

“We will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”

Bitcoin.com Proposal Backfired

The infrastructure funding plan criticism not just stems from the high tax rate. Probably the most controversial element of the proposal was the idea of removing block which shares a resemblance with a 51 per cent attack, and the “orphaning” of miners who are unwilling to follow the dogma.

The right of voting was non-existent and the fact that the funding would go towards cooperation rather than a non-profit, made miners feel that this would hand all the powers in the hand of the organization and turn them omnipotent.

Charlie Lee laid into the proposal too by stating that the tax proposed is preposterous, and a 1 per cent mining tax could pay dividends too. Also, he mentioned that rather than being domineering and rubbing the tax into the miner’s face, it’s better to find a way and make them contribute willingly.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.