Ever since the XBTC project was announced, bitcoin community members have raised a lot of questions regarding this idea. Creating a new bitcoin mining pool is never a bad idea, although it remains unclear if this pool will support Bitcoin Unlimited or not. Earlier indications seemed to hint at XBTC supporting Unlimited, about the team behind this mining pool has not clarified their stance ever since.
What is XBTC’s Long Term Plan?
While it is quite ambitious to launch a new bitcoin mining pool, Chandler Guo feels now is a good time to do so. Project XBTC was seemingly designed to signal Bitcoin Unlimited support albeit no one is certain that is the case anymore. It seems logical the pool will not support Segregated Witness, though, albeit anything can happen in the world of cryptocurrency.
People who are not a big fan of Bitcoin Unlimited are concerned about what effect this new pool could have on the bitcoin network. Some people feel this will create instability, although it remains to be seen if this can even be a problem. to begin with. The acceptance of Ethereum Classic as the only investment option has already raised a fair few questions along the way.
At the same time, some Ethereum Classic community members are not too happy with XBTC either. Some people feel Guo is using ETC to push his agenda regarding Bitcoin Unlimited. One anonymous Twitter account referred to this project as using ETC as a “political pawn to push Bitcoin Unlimited”. It is safe to say this entire mining operation is shrouded in controversy and uncertainty.
Mixing Bitcoin’s scalability decisions with Ethereum Classic seems to very unusual decision, to begin with. Bitcoin Core and Unlimited are at odds with one another, just like Ethereum and Ethereum Classic are. There is no need to get these separate markets mixed up with one another, as that could end up hurting the cryptocurrency ecosystem more than anything else.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.