Bitcoin has 3 major problems right now. Scaling, Privacy, and Governance. People are excited about Bitcoin Private because it provides a solution to the first two problems

Fluffy Pony and Chris DeRose Talk Governance

This was a fantastic discussion between two crypto veterans on Blockchain Governance. Monero, like Zclassic is a privacy based coin with no pre-mine or any kind of organized Treasury.

At one point Fluffy addresses the challenges of competing with Dash, which can budget up to $4Million per month on marketing, compared to $0 for Monero. Currently, Dash is a few spots higher than Monero on CoinMarketcap.

Pros And Cons

Right now, much of the development in Bitcoin Private is being driven by the recent price increase in Zclassic. The community is able to offer bounties to developers, and possibly to pay for exchange listing fees.

However, at some point, the price is likely to level off and it may become more difficult to pay for bounties. It’s already a lot of effort to track down individuals who want to make donations on a case-by-case basis.

Bitcoin Private is already turning into a bigger deal than I could have possibly imagined 3 weeks ago. Things are moving incredibly fast, and everyone is participating in a process that is likely to have a huge rippling effect in the future. Here is the twitter poll where we literally decided the name based on feedback from the community:

A Simple Proposal (Feedback Requested)

Without making things too complicated, I’d like to hear how the Zclassic / Bitcoin Private community feels about the following implemented in the upcoming hard fork:

5% of mining rewards goes to a multisig contract used to provide ongoing support for Bitcoin Private. Proposals are made in an open manner, and multisig keyholders must authorize how any Bitcoin Private is spent in some kind of majority voting (5 out of 9 or something similar).

No Decision Made Yet

I want to make a few things clear. One is that I don’t know what the best option is. I’ve been surprised by many things in Cryptocurrency last year. There are tradeoffs to both options.

Giving all of the rewards to miners helps to make a blockchain more secure. It also helps to ensure that the coins are distributed in a fair manner.

Considering these points, and looking at other projects that exist with and without a treasury, I want to reach out to the community to hear what you think.

Bitcoin Private is a community-driven project. Blockchain is about economic freedom. The freedom to choose and the freedom to leave. It is likely that a choice on this issue could splinter the community. However, if we try to get on the same page about this now, it will help shape our future vision and will make us stronger in the future.