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Bitmain CEO Jihan Wu: "I have huge confidence in the future of Bitcoin Cash"

18 Nov, 2018
by Richard Allen
News
Bitmain CEO Jihan Wu: I have huge confidence in the future of Bitcoin Cash

Speaking at the Nikkei/CNBC “Future of Money” event in Tokyo, Bitmain co-founder and CEO Jihan Wu came out in support of Bitcoin Cash and proof-of-work (PoW) mining, BitsOnline reports.

Wu addressed questions covering several topics, including the recent BCH hard fork and PoW’s massive energy demands.

There has been “a lack of connection between miners and the other parts of the (cryptocurrency) ecosystem,” as the sector matures over time, Wu said. In the next ten years, he explains, miners will try to rebuild that connection that will, in turn, see them become more active in protocol development.

Wu also used the opportunity to take a shot a Craig Wright, saying, “Craig Wright, the self-claimed Satoshi — fake Satoshi in my humble opinion — has attempted a 51 percent attack on BCH.”

“He’s quite a different kind of personality … Wright should take full responsibility for the chaos,” adding that no one should try to “take the community by force,” before calling for smarter ways to prevent this kind of thing from happening in the future.

He further stated that “Bitcoin SV only has two developers, who write very buggy code,” but he still has “huge confidence in the future of BCH.”

Regarding the use of PoW's electricity consumption, Wu explained that “The (current) banking industry uses lots of computers and consumes a lot of energy,” he said. Human society has to work with money … there needs to be a market. So it all serves a purpose.”

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