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Bitcoin Cash [BCH] network faces attack threats from SBI, says Bitmain’s Jihan Wu

Priyamvada Singh

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Bitcoin Cash [BCH] network faces attack threats from SBI, says Bitmain's Jihan Wu
Source: Pixabay

On 6th September, Jihan Wu, the Founder and CEO of the Chinese mining company Bitmain publicly wrote on Twitter about SBI threatening to pull an attack on the BCH network. Wu claimed that the group will use its hashpower to hand over the control of the BCH network to its ally, Craig Wright, the Chief Scientist at nChain. The tweet read:

“SBI threaten to attack BCH with their hashing power, to help CSW control BCH. They are bad people, and they will fail.”

In December 2017, the Japanese group SBI BITS, which is the subsidiary of the financial conglomerate SBI Holdings announced its strategic partnership with nChain.

The above comment was dropped by the Bitmain CEO on the Twitter post of a Yours.org author, which was titled ‘There can be NO SPLIT of BCH — Or the network dies!’. In this, David Jerry [author] had written about the history of the BTC/BCH split, the relevance of creating the BCH network and the disadvantages of further splitting the network. He also stated that the reason for the split matters more than the forking mechanism itself.

One of the most significant points raised by Jerry was that the business adoption of Bitcoin Cash will not go on as intended if the ledger splits into two. Mentioning the hard fork from BTC, he wrote that the low rate of business adoption on BTC saved the businesses from facing irrecoverable damage from the split.

Furthermore, in his opinion, the businesses running on the BCH network will be displeased in case of a split, since it will break the permanence of the ledger shared by them. For instance, a business has multiple counterparts who prefer to use a public blockchain to suffice their transaction requirements. When a ledger they are sharing splits into two, the opinions of the counterparts might split too, leading to legal consequences and much haphazard.

The blog post also discussed the hash war that was supposed to break in 2017, which could have avoided the split from BTC. However, the hash war was averted when the BCH was created and got its own ticker. Subsequently, he concluded by stating that the longest chain is always most likely to win the battle, addressing the words of  Satoshi Nakamoto in the Bitcoin whitepaper regarding the ‘longest chain wins’ rule.

To Jihan Wu’s comment, David Jerry replied by writing:

“No such claim was made. SBI will remain neutral and support the longest chain. If a split occurs then unfortunately BCH cannot be used as a platform for real businesses.”

Another Twitter user came forward and said:

“Jihan, if Coin&Chain (coingeek/nChain) get 51% hashrate on BCH, will you and the other chinese miners defend by moving hashrate from BTC to BCH? And how much hashrate can we expect to move over? Coin&Chain “claim” to have 2 exahash. The total in the system is about 50 and BCH 4″

The Bitcoin Cash community developers have been in a clash for months now, which is likely to lead a hard fork expected to arrive in November. The two parties involved are the supporters of the nChain implementation and the Wormhole protocol. Calvin Ayre and Craig Wright are the proponents of the nChain implementation while Roger Ver and Jihan Wu are greatly inclined towards Wormhole, which is being developed by the Bitmain developers.



In this Twitter battle, Cobra, the owner of Bitcoin.org also joined in and responded to Wu’s comment. He mocked Bitmain, saying:

“So just like BITMAIN and friends tried to do to Bitcoin last November? Karma sucks doesn’t it motherfucker?”

Many Cobra followers were surprised by his comment as he has previously vouched for the Bitmain community. Recently, he called Bitmain as a company of ‘misfits, rebels, troublemakers, dreams, and undesirables’, stating that the community is crazy enough to believe that they can ‘change the world’. His recent tweet concluded that the Bitmain group should not be underestimated as it can achieve huge success.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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