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Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
A drop in Bitcoin’s on-chain transaction activity has resulted in miners making just 30 BTC per day. People are not interested in transacting on the bitcoin blockchain, instead, they are just tokenizing their holdings for DeFi markets, or just buying more
A drop in Bitcoin’s on-chain transaction activity has resulted in miners making just 30 BTC per day. People are not interested in transacting on the bitcoin blockchain, instead, they are just tokenizing their holdings for DeFi markets, or just buying more (x-post from /r/Cryptocurrency)
The supply of bitcoin is strictly limited!! Just never mind that BTC miners are now holding "inventory", because there isn't enough actual-dollar market demand to sell the freshly mined coins at the price they need to
So you have people around the world using resources to mine Bitcoin. This includes using massive amounts of energy, as well as materials used to create the ASIC chips. Bitcoins are spontaneously created out of nowhere to reward these "miners" that solve mathematical calculations that serve no purpose at all except as a desperate means of decentralizing the network. When new Bitcoins are created, it devalues all of the other Bitcoins due to inflation. We're rewarding people for wasting resources, at the expense of those that hold Bitcoins. Miner's will continue to purchase or manufacture more ASIC devices as long as the costs associated with making and running them is less than what they make from the excessive amount of new coins entering circulation. That's how the free market and pursuit of profit works. 25 BTC are being mined every 10 minutes. 1 BTC is worth about $600. So $90,000 worth of resources are being spent every hour just to achieve a decentralized network. This number will increase as Bitcoin's value increases. If Bitcoin was a major world currency, and worth 1 million, we'd see $150 MILLION wasted an hour. Everyone talks about how Bitcoin is more efficient of a payment protocol than credit cards or fiat. But is it really fair to assume that, when if Bitcoin grew to the same scale as such systems, trillions of dollars worth of resources would be wasted annually? Sure it'll reduce as the block reward lowers, but when the block reward lowers too much or approaches 0, then there's risk of a 51% attack. Just look at the crisis with Dogecoin if you don't believe me. Fees aren't going to support a coin enough to make the hashrate secure enough especially when monopoly tactics can be applied to kick people out of the mining business and how expensive it would be to enter. Wouldn't alternatives to proof of work like Proof of stake be more ideal? It would result in less inflation and less resources being wasted on hashing with absolutely no purpose besides decentralization.
UASF is an economic boycott against miners who are holding back bitcoin's progress so they can collect high fees.
I've had a lot of questions about what to do about UASF. The answer will be clear to you in a few sentences. Put simply, SegWit is a major on-chain scaling upgrade to bitcoin. It also fixes a bug that prevents off-chain scaling from working well. SegWit will increase transaction throughput on-chain by 100% and by untold percentages off-chain. It was developed by the best developers in crypto-currency and it was thoroughly tested before being deployed. But some miners want to keep transaction throughput low because that drives fees higher. And as it was set up, a small group of miners can prevent the activation of SegWit. But UASF will end that impasse. If you run a UASF node, on August 1st you, along with everyone else in this protest, you will boycott any miner that does not signal for the activation of SegWit. You will be part of creating a blockchain that will activate the features discussed, developed and tested by the bitcoin community. You will leave behind the legacy chain that is stagnating and unable to handle today's transaction demands. If you want more transaction throughput and lower fees SegWit will provide it. By August 1st, run a UASF node. Tell your wallet provider to run UASF nodes. Tell your exchange to run UASF. Tell miners that you will reject their blocks on August 1st if they don't signal to activate SegWit. Right now, start saying "I support UASF". Put it on every reddit comment you post in Bitcoin, on every tweet about bitcoin, on Facebook, on Medium. TAKE BITCOIN BACK from a small cabal of miners. I support UASF Boycott Miners Against SegWit Boycott Miners who constrict the blockchain Activate SegWit Now with UASF
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