Topic: is bitcoin cash jihan wu's bip 148 equivalent? (Read 1490 times)

I doubt that Jihan has this kind of political power (yet). After all it seems that in China the government is more likely to pull the strings of corporations than the other way round. I also think that if this were the case, other chinese exchanges and miners would already have been "encouraged" by the Chinese government to follow suit.

The ace has a name : PBOC.

 I`d like to thank the last poster, for wining the craziest thought trophy. That was close.

That does indeed make sense, I was already wondering wtf he's up to. So from a political perspective, not a bad move. I still wonder how it will play out though. Unless other miners follow suit, Bitmain would essentially control 100% of the hashrate on that chain. So basically, JihanCoin. But maybe I'm underestimating the thunder behind BTU / BCC. Or maybe Jihan still has an ace up his sleeve that we're not aware of yet.

you know what, after reading your comment and thinking about it, this makes perfect sense!
i don't know if it is going to be successful when done on bitcoin but that is a possible motivation for all this. specially after the other day i saw how ViaBTC is advertising their "cloud mining" services and tries to sell contracts for mining BCC!!!

And then what? I'm sorry, but I fail to see how this is a threat to Bitcoin's network, it's users and other miners. He will just drop difficulty for Bitcoin miners and make them quite happy.

I think this is about selling more asics and mining more altcoins. ETC created space for miners equal to 9% of ETH network's hashrate, while maintaining the same revenue, so maybe BU, BCC, Segwit2x serve the same purpose - create more space for mining.

that doesn't sound like a plausible theory to me.

specially because you are a little confused about how consensus rules work. it is not just the hashrate with power. it is the whole ecosystem. the nodes, and all the people using bitcoin whether they are just investing or a business owner are affecting it.
if you change a consensus rule and nodes reject your block, you are on your own.
if you change a consensus rule and nobody buys your chain's coin, you are again on your own.

one of the biggest obstacles that i currently see in front of BCC is its price. everything is determined with this price. when it goes down miners will start losing money, losing lots of it as BTC stays up and moves up because it still has a lot of demand for sure.

The quicker we get rid of him, the better for all of us. He has been disruptive and he has been arrogant by throwing his hash power behind everything that are not Bitcoin Core related. In some instances it would be better to cut of a sick limb and rather go without it, if it threatens to poison the whole body.

Let him fork off and create his own coin, we would care less. Someone will replace his hash power in the future. ^grrrrrrrr^

Even if this conspiracy was true, it wouldn't make sense to use an alternative chain as "threat". Jihan can't force the participants of the original chain to change the algorithm if he doesn't own 51% of that chain (and even then, the honest participants could simply hard-fork away with a PoW change).

He could get the hashrate majority, probably, in his "Bitcoin Cash" altcoin, but if people refuse to accept it as "the real BTC", what would be his chances to "kill Bitcoin"?

And I doubt that he would be so aggressive at Twitter and other communication channels (and a bit immature, if you think of the "ForkYourMother" incident) if he was an evil conspirator that wanted to kill Bitcoin.

 To solve this mystery, you need to remember Wu`s ultimate goal here. He`s not a capitalist, he`s a tool of china. China wants BTC dead, but they cant attack it, (except fork attacks) until the consessus rule is changed. Wu`s forks come with that rule change. He dosent care about block size, its just a vehicle to cary his poison code.

I like the theory a bit. However, there is one point I don't understand: What would be the point of Jihan switching his mining power to Bitcoin Cash in November?

Or saying it in other words: What could be his threat?

If he and the Bitmain pools switch alone, then he only reduces the "original Bitcoin" hashrate about 20-30%. That is not enough to cause a disruption on the Bitcoin block chain. Block time would simply be a bit longer, but only for 2-3 weeks.

So to have really an effect on the Bitcoin blockchain he would have to try to get other pools and miners on board. But from the NYA signing pools only about 40-50% of the hashrate is coming from the "big blocker" fraction (those who supported BU before Segwit2x came into existence) and could follow him. You have to take into account that you would need a very strong incentive to mine on the Bitcoin Cash chain if the original Bitcoin chain still is the one with most users and market cap - because otherwise you would mine at a loss.

So the maximum he could probably achieve is to double block time for a month or so.

one thing to consider when talking about this is the price of BCC. specially when you are talking about possibility of Jihan (or anybody for that matter) taking his mining power there.

bitcoin mining is a very expensive process. and the reward must be high enough to compensate the costs. and so far despite it all being speculation but we know it doesn't have proper support which means a much lower price to begin with and as the dumps come (since people practically get free coins "aridropped" in their laps) the price of BCC tanks even more. and a miner can not survive in these conditions.

it started purely as a threat to say "we have power" to BIP148 supporters. why they are sticking to it now, i have no clue!

https://www.reddit.com/r/BitcoinMarkets/comments/6ozf11/daily_discussion_sunday_july_23_2017/dklkssh/

"Okay, BCC. I've been dismissive of this as I just thought it was BS FUD. (Apologies to those I said that to too.) I've thought through it more a bit more and heres what I think:

This is about the November Segwit2x HF.

Jihan signed onto Segwit2x like others, but he gets his piece (the 2x in block size) last. Theres nothing that forces others to implement this except for their word, which he doesnt trust. Segwit will most likely go through, but how can he force everyone else to keep their part of the bargain? With his mining power of course.

Instead of saying if you guys screw me, I'm going to fork, he says I've already forked and am ready to go RIGHT NOW. BCC forks now, he creates a shitty little alt-coin, and nobody GAF (except for some radicals, which could make it interesting actually). But hes ready now that if anyone looks likes screwing him before November, he could move his mining power in an instant. This also gives time for exchanges etc to carry his coin.

So essentially, nuclear deterrence. And hes moved the rockets onto the launch pads and pulled out the fuse ready to be lit if necessary."



this feels kinda plausible to me. i'm gonna guess that the two megabyte hard fork definitely will not happen in november. between now and then maybe core will warm to the idea but even if they do they'll put it off for a proper amount of testing.

in that scenario does the big block crew go all in with their mining power on bitcoin cash? is it gonna flop badly or will their sheer muscle win the day?

i really don't see them creating it as a fun little experiment. they have to be confident that it'll somehow win out.


in fact it's already been predicted a few months before here - https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd