As if people needed more evidence the entire Bitcoin Unlimited movement is a sham, a new document has been released which reveals some intriguing details. The Bitcoin Unlimited confederation will be called into life, and there will be a President responsible for all ongoing activities of the confederation. A clear sign of centralization and people trying to exert control over bitcoin, that much is certain.
Why Does Unlimited Need A Federation or President?
If there is one thing the Bitcoin Unlimited team should have learned by now, it is how Foundations or Confederations will ultimately fail. The Bitcoin Foundation was once created to promote bitcoin and push mainstream adoption. Years of mismanaging funds have left the Foundation virtually bankrupt and very little has been achieved in the process. It is doubtful the Bitcoin Unlimited Confederation will fare any better moving forward.
While it is good to see the BU team actively recorded all activities and make them publicly accessible, the way they want to go about things is rather odd. Appointing a president who will be responsible for all ongoing Unlimited activities seems to be very strange. After all, they create a leader of sorts who will oversee their version of bitcoin, even though this ecosystem was designed to be leaderless and trustless. It appears this confederation aims to achieve the exact opposite goal.
Moreover, there will be a secretary responsible for logging vote results and other activities. Moreover, the secretary will create, maintain, and moderate a public forum for discussions. This will inevitably lead to censorship being enforced soon or later, even though Bitcoin Unlimited always claimed it is censorship-resistant. While the secretary may not delete content, he or she can still move things to different categories. It is doubtful anyone can be trusted with this responsibility.
Moreover, it appears there will be a dedicated bitcoin Unlimited mining pool operated by one person. It is unclear if this means all pools will be centralized under one offering or if anything else will be changed in the process. A president, Confederation, and seemingly centralized mining pool are the final nails in the coffin for Bitcoin Unlimited, that much is certain. Delusions of grandeur are a very dangerous trait, yet the BU team has no shortage of that by the look of things. Moreover, all of this validates how Bitcoin Unlimited should be an altcoin, rather than bitcoin’s main chain.
Header image courtesy of Shutterstock
