BUIP073: (closed) Fully re-weight BU's funds towards BCH

[Norway]

BUIP073: Fully re-weight BU's funds towards BCH

Go "Bagatell Berserk"

With the failure of the NYA network upgrade scheduled for Block 494,784, it has become increasingly clear that the BTC token has limited long term viability due to extremely high transaction fees and unreliable confirmations. This BUIP proposes to convert all BU's holdings in BTC to BCH.

We should tie BU to the mast and go down with the ship if BCH fails. If BCH succeeds, we will be better positioned to advance the bitcoin we love.

The trades would be carried out as soon as possible at the discretion of the President, Secretary and Lead Developer of BU (the three key holders). Coins will be stored in multisig wallets with keys held by the three BU officers at all points in time.

Conflict of Interest

The author holds both BTC and BCH tokens.

 

[solex]

Ha! Well, there might be some merit in leveraging the "Wisdom of the crowd" for trading purposes. Maybe 50 minds would collectively choose a more optimum position than a single person trying to evaluate all info for himself.

At present BU has a 1:1 holding, as would many orgs and early investors, but also Satoshi who can't lose now, whatever happens. We can be pretty confident that at least one of BTC and BCH will be in the top two cryptos in 10 years time.

My bet is for Cash to prevail for reasons too obvious to mention now, but also that it will take more time, and Cash has to actually build a large ecosystem, which takes more time . It appears that network effects are very powerful and even Core napalming the growth of BTC's network effect (driving devs away, crippling capacity, etc) has still not created a point of no return. The long battle continues.

Anyway. This is a another sound proposal deserving of membership consideration.

 

[solex]

Modified BUIP title for voting and historical purposes.

 

[Bagatell]

Historys loss, I say

 

[torusJKL]

@solex it seems that BUIP073 is a counter - BUIP of BUIP072.

If both come to be voted on in the next round will we use the defined twofold approach?
Does the voting system support this @awemany?

Note that members could make both votes simultaneously (I vote for the counter, but if BUIP wins I vote to accept it), depending on the Secretary's implementation of this process.

 

[solex]

@torusJKL
I have been thinking about this. The BUIPs are not necessarily in conflict. They are intended to guide the officers decision-making. If the result is both passed, then I can see a further BUIP being warranted to indicate a specific percentage of re-weighting.

 

[Norway]

I intend to vote Yes on both BUIP 072 and 073. My interpretation is that if both gets majority, all funds are converted to Bitcoin Cash.

 

[torusJKL]

I partially agree.
The problem is that both BUIPs give a clear mandate.

BUIP072:

This BUIP proposes to adjust BU's BTC holdings (presently 640 BTC) by trading 150 BTC in exchange for an additional 500 - 1000 BCH.

BUIP073:

This BUIP proposes to convert all BU's holdings in BTC to BCH.

None of them say that the amount is at the discretion of the officers.
[doublepost=1512577746][/doublepost]If I vote for 072 and not 073 I would assume that 150BTC is the limit.

And if I vote for 073 and not 072 I would assume that all BTC are sold.

The counter-BUIPs role in the voting process is to have clarity.

 

[solex]

@Norway
If you vote for both then you are only weakening the mandate for BUIP073. If you want "all-in-cash" then best to vote just for that. I can see the logic of not wanting both BUIPs to fall short.
@torusJKL
Agreed that BUIP073 is very clear, but the conflict only occurs with BUIP072 about going beyond 150BTC. The situation with BUIP072 is more nuanced as the exchange rate has moved such that 150BTC is outside the BCH range given.
The voting system does not support anything other than BUIPs passing or failing. We have commissioned a lot of improvements, but not yet an automated handling of counter-BUIPs.
Being pragmatic, let's see if one or both BUIPs pass. If both pass then clearly the membership has decided to re-weight, while undecided about how much. We can discuss the form of a further BUIP if needed.

 

[torusJKL]

@solex I understand your reasoning and the shortcomings of the system.

I propose that you define this clearly in the voting thread. Meaning that voting for both means to balance between them.

A unfavorable outcome would be if none of them receive enough votes, but would have received enough if all that voted for BUIP073 had voted for BUIP072 or vice versa.