BUIP165: Sell the BCHA portion of the BU funds for BCH

[torusJKL]

BUIP165: Sell the BCHA portion of the BU funds for BCH
Submitted by: torusJKL
Date: 2021-04-28

Background
As part of BUIP143 the BU members have decided to reject any coinbase tax.
As holders of BCH at the time of the BCHA split BU has received BCHA tokens.

Why should we do this?
BU has no interest in supporting the BCHA fork and it has no use for the BCHA coins.

Timeline
How and when the coins should be sold is at the discretion of the BU officers.

Communication
Until the last BCHA coin has been sold a quarterly report on the progress should be published on this forum.
The progress post should include the amount of BCHA that was sold for what amount of BCH and at what date.
In addition is should state the remaining BCHA coins to be sold.

Technical Implications
None.

Post automatically merged: Apr 28, 2021

@solex please add this BUIP to the index list

 

[79b79aa8]

Is BU in a position to pay the corresponding taxes?

 

[solex]

@torusJKL

You correctly point out, "As part of BUIP143 the BU members have decided to reject any coinbase tax. ... BU has no interest in supporting the BCHA fork and it has no use for the BCHA coins."

The vote to reject coinbase tax does imply that the BU officers can dispose of the resulting forked tokens, and some preparation has been done, but the low value of them (about $16 for several months) meant it wasn't a priority. We also have Bitcoin Diamond which we should dump as well.

Therefore, this BUIP is arguably superfluous, but on balance may be useful for historic purposes.

 

[torusJKL]

I don't see how BIP 143 implies that the coins from a chain split can be sold.
In any case I think decisions like this needs to be explicit and hence the members should vote on this.

@solex
Please add this BUIP to the next BU voting.

 

[solex]

@torusJKL

We have a forum on our website (https://forum.bitcoinunlimited.info/ for new BUIPs and discussion of them as well as voting announcements. Please consider creating an account there for this purpose. We have long considered we should bring the BUIP raising and discussion "in house" without relying on 3rd-party infrastructure.