Jihan Wu

Welcome to our Jihan Wu news page. Here you'll find some of our featured Bitmain's Jihan Wu content pieces as well as all our latest Jihan Wu controversy posts.

Bitmain's Jihan Wu Says Bitcoin Cash Community Is Booting 'Fake Satoshi' (Craig Wright) Out

Jihan Wu, the founder of Bitmain and crypto billionaire, has recently announced that the Bitcoin Cash (BCH) community is currently working to kick Craig Steven Wright from the community after he claimed that he was Satoshi Nakamoto. The case happened after a fight with Roger Ver and other BCH miners.

According to Wu, the whole community is united to “kick the fake Satoshi out” and that resistance against cult leaders is very important for the ecosystem of Bitcoin Cash. Craig was accused of being a “Faketoshi” and a “Blockstream spy”.

Our information is that Craig sent an email to Roger Ver, the CEO of Bitcoin.com, affirming that

“Bitcoin will die before ABC shits on it” and the will see it trading at 0 for a few hours. He threatened Ver that if he sides with ABC, he hates Bitcoin and will be his enemy. “I AM Satoshi”, he affirmed.

He made many other threats that he will ensure that all his enemies will be destroyed, etc. Looks like Craig Steven Wright has gone full supervillain.

Ver responded that Craig lacks the knowledge to back the claim that he is Satoshi. He affirmed that he may be spot on some of the things he says but that he has no clue of what he is saying when he promises to do ludicrous things like 2 years of no trading.

Bitcoin Cash: ABC Vs Satoshi Vision

While Craig’s allegations may be somewhat funny due to how ludicrous they sound, the whole war between Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision) is very heated. On one side, we got Jihan Wu and Bitmain siding with ABC and on the other, Craig, CoinGeek and Calvin Ayre with SV. The split will happen on November 15, which may explain why everybody is so tense now.

Many exchanges, like Coinbase, the largest crypto exchange in the U. S., are even going to stop using Bitcoin Cash for a short while as there will be a lot of instability when the fork happens.

While both sides have a case, it looks like SV might lose the war and this is probably why Craig is so furious right now. ABC will probably remain as the one truth BCH and BSV will lose the BCH ticker symbol.

However, some people are already arguing that divides like this one will only make Bitcoin Cash lose even more power as their power combined will be lower than Bitcoin Core.

Let’s wait until November 15 to be sure of what is going to happen. Is Craig going to fulfill his promises? Hardly, but it is interesting to look at the whole situation if you are interested in Bitcoin.


Jihan Wu Calls Craig Wright "Fake Satoshi" as BCH Controversy Continues to Rage on Twitter

BCH Controversy Continues to Rage as Jihan Wu Calls Craig Wright “Fake Satoshi” on Twitter

The Bitcoin Cash (BCH) community continues to rage with controversy today in the lead-up to the proposed November hard fork. Earlier today, Jihan Wu called Craig Wright “fake Satoshi” on Twitter after Wright threatened to force Bitmain into bankruptcy.

Yes, it continues to get ugly with Bitcoin Cash (BCH). Let’s get all caught up on this latest controversy.

First, back on August 30, Craig Wright tweeted a reply to someone on Twitter. Wright had originally tweeted his scaling proposal, advocating miners to choose the best option. In response, someone asked if that meant that no agreement had been reached between Craig Wright and Jihan Wu – both of whom represent the two sides of the BCH debate.

https://twitter.com/ProfFaustus/status/1035109363646574592

The tweet didn’t attract considerable attention at the time. This past week, however, rumors have been swirling of a potential Bitmain bankruptcy. The company is reportedly facing various problems – including financial problems from a poorly-timed investment in Bitcoin Cash and technological problems from a failure to produce new mining chips. Pre-IPO investors are reportedly jumping ship and suing the company as rumors of an impending Bitmain bankruptcy swirl. Now, Wright’s tweet about a Bitmain bankruptcy from three weeks ago looks more plausible.

Jihan Wu Writes Controversial Post on Reddit

Much of the Bitcoin Cash (BCH) November hard fork controversy swirls around blocksize upgrades. Namely, Jihan Wu and Bitcoin ABC feel that higher blocksize limits will increase mining centralization because only larger-scale miners will be able to process larger blocks.

Craig Wright and his nChain, meanwhile, are taking the opposite stance: they propose raising the blocksize to 128MB, increasing the transactional capacity of the Bitcoin Cash network at the expense of increased mining centralization. Wright and nChain claim that 128MB blocksize limits will increase competition on the bitcoin network, and competition is what secures the bitcoin mining ecosystem in the first place.

Justin Bons took Craig Wright’s side earlier today on Twitter, tweeting that:

https://twitter.com/Justin_Bons/status/1041662385721933827

That tweet was shared by VeritasSapere on Reddit’s /r/btc forum. Jihan Wu himself decided to chime in on the thread under his Jihan_Bitmain account:

In response to a follow-up question, Jihan maintained his commitment to reduced block time:

Jihan Wu didn’t provide statistics to back up his claim.

Craig Wright and Jihan Wu Say Bad Words to Each Other on Twitter

Craig Wright and Jihan Wu are two of the most powerful men in the crypto space. The two men, however, spend a significant amount of time and energy arguing on social media.

The two went at it on Twitter earlier today after Jihan replied to a  tweet about an article by Coingeek called “Bitcoin BCH – The Value Proposition.”

Coingeek is the largest mining pool in the Bitcoin Cash community. Led by Bodog founder and Canadian billionaire Calvin Ayre, Coingeek has taken the side of Craig Wright in the BCH November upgrade debate.

Coingeek re-emphasized that support in a blog post earlier today. That blog post, written by Eli Afram, highlights how proposed changes can make Bitcoin Cash the best cryptocurrency it can be. Although it supports the proposal by Craig Wright and nChain, it also highlights the need for stability and consensus within the Bitcoin Cash community:

“It’s easy to become excited and consumed by the latest gadget or idea that we often lose sight of the forest for the trees. Bitcoin is the only Proof of Work based cryptocurrency that can scale to global adoption, and it has the community and the drive to do so. The killer-app is money, and CoinGeek seeks to propel BCH to become not only the most dominant crypto-currency in the market but also become world-wide global cash.”

CoinGeek emphasized that BCH needs stability if it wants to become a global giant:

“We believe that in order to become global money and see BCH reach global adoption, we need to prove that the platform is indeed stable and that businesses can ‘trust’ that protocol development will not impede their actions. BTC has a history of tampering with the code in a manner that kills business. Consistency is important, stability is important, and the electronic cash use case comes first.”

“Fake Satoshi Admitted That He Was Never a Part of BCH Founding Community”

Jihan Wu read the article on Coingeek and he didn’t like what he read. Here’s what Jihan Wu wrote in response to the article on Twitter:

https://twitter.com/JihanWu/status/1041688070951657472

“BSV” is Bitcoin Satoshi Vision, the proposed BCH software client from nChain and Craig Wright that would compete with Jihan Wu’s Bitcoin ABC.

A few hours later, Wright responded with a tweet of his own while linking to Jihan Wu’s Reddit comment:

https://twitter.com/ProfFaustus/status/1041719365194997762

Earlier today, Wright linked to the Coingeek blog post, describing it as “a very valuable read.”

Conclusion

Bitcoin Cash is the fourth largest cryptocurrency in the world by market cap. It has genuine potential to be the world’s best form of electronic cash. BCH has proven on-chain scaling can work while BTC continues to suffer from 1MB blocksizes. Despite all of these advantages, however, the BCH community is becoming toxic, and all of this feels like high school drama. The price of BCH continues to tank, sitting near a low of just $422. Public disputes like the one between Jihan Wu and Craig Wright certainly aren’t helping.


Bitmain Leader Jihan Wu Calls Craig Wright (ProfFaustus) Faketoshi in a Private Group Chat

BCH Set To Hard Fork Again, Many Supports Unhappy

Bitcoin ABC, a development team behind Bitcoin Cash have announced the details of the next Bitcoin Cash update (hard fork) set to roll out on the 15th of November 2018. The series of hard forks performed aim at transforming BCH into a more agile form of digital cash.

The goals of Bitcoin include constant updates to achieve goals of becoming both a faster form of digital cash, and a platform with other features such as smart contracts and oracles. The November 15 hard fork and preliminary updates are likely to not be the last for BCH. But this time, the update hardly caused the market price to recover. The most recent market downturn saw altcoins lose much faster compared to Bitcoin (BTC).

The update is now live and ready to be downloaded and implemented, but as stated, the update won’t actually go live until November. So in essence, if this affects you, download now and forget about it, the rest will happen in good time, automatically.

The specific features included in the November 15th upgrade, and provided by Bitcoin ABC 0.18.0, are:

  • A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable uses such as the use of oracles and cross-chain atomic contracts.
  • The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
  • Several minor technical fixes and improvements.”

Notably, Bitcoin ABC is moving forward with hard fork incompatible with nChain and Coingeek’s hard fork plan (128 MB limit).

https://twitter.com/CobraBitcoin/status/1031798125680381952

Bitmain’s Jihan Wu, in a private chat called nChain’s Professor Craig S Wright fake Satoshi.

https://twitter.com/cryptovenus/status/1031797999926763520


Crypto Billionaire, Bitcoin Mining Kingpin Jihan Wu Talks With Fortune About Bitmain

Crypto Billionaire, Bitcoin Mining Kingpin Jihan Wu Talks With Fortune About Bitmain

Jihan Wu is one of the youngest millionaires all over the world with just 32 years old. He is the co-CEO of Bitmain, which is the largest cryptocurrency mining firm in the world. The company that is only five years old, has brought in $2.5 billion dollars in revenue, just in 2017.

According to Wu, these results were largely dependent on specialized cryptocurrency-mining, computer chip hardware. At the same time, it has an important cut from the fund that it generates with its dominant position in the cryptocurrency mining market.

Wu and the co-founder and co-CEO, Micree Zhan, own about 60% of a business that has a private valuation of $12 billion dollars.

But Bitmain needs to diversify its activity if it wants to keep growing in the future. At the moment, it has decided to enter the field of Artificial Intelligence (AI), which is also booming alongside blockchain technology. Additionally, Wu and his colleagues are trying to negotiate with regulators to reduce the regulations around the world, but specifically in China - where virtual currencies and activities around them are totally restricted.

Mr. Wu commented:

“We see in the future that negotiating and working with regulators is quite important. We need to push those heavy regulations back a little bit. But we need to work with them, not just try to get around it.”

Old Mining Rigs?

One of the main speculations behind Bitmain is whether they sell older devices to the market before using them to mine virtual currencies. Some users believe that Bitmain develops a new miner, starts working with it, and when they develop a next generation mining hardware, they sell the old ones as if they were new.

About it, Wu said that they do not do that and if they would do so, they would not be transparent with their customers. He explained that if the products they sell would be already used, they would say that to the buyers.

At the same time, Wu stated that they have never mined before they release a miner into the market because that would be not transparent and against Bitmain’s strategy. He mentioned that these rumours are related to a group of individuals that were controlling the hash rate of Monero.

“There’s some kind of group of people that controlled the majority of the hass rate of Monero for a long time,” Wu explained. “I would like to say that to develop such a kind of ASIC is not a kind of secret skill that only Bitmain has.”

For the future, the company will be investing important resources into the research and R&D of mining rigs so as to make sure to maintain an advantage over other competitors.

At the end of the interview, he said that he does not speak so much with regulators, just sometimes when they meet in conferences. Circle, for example, has been talking with regulators much more than Bitmain - which is one of the reasons why it wants to acquire Circle.


John McAfee Supports Jihan Wu, Says Craig Wright Is Not Satoshi Nakamoto

John McAfee, a known Infosec personality, decided to take a public stance against Craig Wright, and deny Wright's claims that he is Satoshi Nakamoto, Bitcoin's anonymous creator.

McAfee Vs Wright

Many are already familiar with Craig Wright — nChain's chief researcher who stood against Bitcoin ABC in the issue of recent Bitcoin Cash upgrade. Wright argued that the road BCH is about to travel is not what Satoshi Nakamoto had in mind a decade ago when he started the crypto trend.

He even went as far as to claim that he is Satoshi Nakamoto, which gives his claims additional value. In an attempt to prove these claims, Wright signed a message from a private key which was believed to be owned by Nakamoto himself. However, while he did have access to it, many have taken this as proof that Nakamoto is not its real owner, rather than proof that Wright and Nakamoto are the same person.

One person who stood against Wright even before the BCH debacle was John McAfee, who publicly supported Wright's opponent, Jihan Wu.

https://twitter.com/officialmcafee/status/1062940423793098754

Wright responded by calling McAfee a conman, as well as mocking his Bitcoin wallet, that McAfee called unhackable. This was still not the end, as McAfee soon tweeted out again, this time calling Wright a liar for claiming that he is Satoshi Nakamoto.

https://twitter.com/officialmcafee/status/1063496032506531840

This statement seems to indicate that McAfee is aware of the real identity of the real Satoshi Nakamoto. However, he never hinted at who that might be, nor did he give away his reason for being so sure that Wright is not Nakamoto. He mostly evaded providing real answers to any such question.

McAfee Knows Who The Real Satoshi Is?

McAfee has stated that he knows the real identity of Nakamoto in the past as well, on several occasions. The most recent one came during a YouTube interview when he openly admitted to knowing Nakamoto's real identity. He also claimed that Nakamoto is not the CIA, nor is he a committee, or Korean bureau 21.

McAfee specifically stated on this occasion that Satoshi Nakamoto is a single, very bright individual. However, also according to him, that individual is definitely not Craig Wright.

While McAfee has been one of the most vocal deniers of this, he is also not the only one. In fact, he is just another name on the list of those who publicly doubt Wright's claim. Another big name on this list includes Vitalik Buterin, the co-founder and a face of the second largest coin by market cap, Ethereum.

Buterin explained that he believes that Wright is not Nakamoto due to the way he tried to prove his claims. His methods are noisy, which is unlike the personality that Nakamoto expressed in the past. The list of Wright-opposers appears to be growing, and some spectators have even wondered whether this might provoke the real Nakamoto to once again address the public, after years of silence.

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