The Bitcoin Communist Manifesto?!


Welcome, welcome to One Minute Crypto! I’m your host, Chronos, and today I want to
talk about a specific clause in the latest version of Bitcoin Cash’s Infrastructure Funding
Plan, or IFP. Basically, this is a plan to force miners
to give a piece of each block reward toward any project on a specially-selected whitelist
of Bitcoin Cash development teams. Here are the criteria for being eligible for
these donations: First, the project should be common infrastructure
for Bitcoin Cash. Second, it should provide a “Public Good”. Third, it should use an open source software
license. And lastly, it should be in need of money. Can you guess which of these I think really
stinks? It is the last one. Now, it does kind of make sense, because if
a project doesn’t need money, why would it receive miner donations? But this kind of logic reminds me of a famous
slogan by Karl Marx, the author of the Communist Manifesto. It goes like this: “From each according to his abilities, to
each according to his needs.” This makes intuitive sense, but it creates
a HUGE problem with incentives. Let’s say you’re running a project that doesn’t
really NEED money, but you want to get a piece of the action. What do you do? Start wasting money! Eventually, the projects with the worst money
management become the most “deserving” of donations. Yuck. Post your thoughts below. I’m Chronos. Thanks for watching!

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