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Bitcoin Mining Pool 2015 Charts #1

Bitcoin Mining Pool 2015 Charts #1 submitted by dublinjammers to BitcoinMining [link] [comments]

Bitcoin Mining Pool 2015 Charts #1

Bitcoin Mining Pool 2015 Charts #1 submitted by dublinjammers to Bitcoin [link] [comments]

Bitcoin mining pool est. 2015 offering 1btc blockfinder bonus for current round

submitted by Krisgt30 to Bitcoin [link] [comments]

In a pool of funds in 2017, Emin Sire was offered a little over 2015 Bitcoin to do a proof of Selfish mining and he still couldn't do it.

In a pool of funds in 2017, Emin Sire was offered a little over 2015 Bitcoin to do a proof of Selfish mining and he still couldn't do it. submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Global Bitcoin Strategic Business Report 2015-2022: Focus on Bitcoin Equipment Manufacturers, Bitcoin Mining Pools & Companies, Exchanges & Trading Platforms & Bitcoin Brokers - Research and Markets

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Global Bitcoin Strategic Business Report 2015-2022: Focus on Bitcoin Equipment Manufacturers, Bitcoin Mining Pools & Companies, Exchanges & Trading Platforms & Bitcoin Brokers - Research and Markets

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Press • [2015-12-01] Slush Pool to Re-Enable BIP 101 Bitcoin Mining

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Voici LA chronique à découvrir, intitulée: La guerre contre Bitcoin. Idéal pour comprendre certains tenants et aboutissants

Voici LA chronique à découvrir, intitulée: La guerre contre Bitcoin. Idéal pour comprendre certains tenants et aboutissants… Bonne découverte!
La guerre contre Bitcoin
Bitcoin est peut-être le meilleur outil de liberté économique de cette génération, et peut-être depuis plusieurs générations. Malheureusement, Bitcoin a été furieusement étouffé par une guerre civile brutale depuis environ cinq ans maintenant; menée par des ingénieurs sociaux professionnels de certaines des entreprises les plus puissantes des médias sociaux. Leur talent dans l'art et la science de la manipulation a permis aux "Bitcoiners" de se battre largement entre eux plutôt que de chercher à créer des modèles commerciaux innovants basés sur les données qui pourraient révolutionner l'économie mondiale via Bitcoin.
À la suite de la guerre civile de Bitcoin, trois versions concurrentes de Bitcoin ont vu le jour (BTC, BCH et BitcoinSV ), mais il en est de même pour environ 3000 autres projets et jetons de « crypto-monnaie » se faisant passer pour des entreprises légitimes, souvent jusqu'à un "exit scam" presque garanti, le fait de disparaitre du jour au lendemain avec tout l'argent des utilisateurs. Le principal bienfaiteur de la guerre civile Bitcoin a été Ethereum: une cryptomonnaie qui fonctionne comme une machine à états mondiale et permet un déploiement facile de tokens et de contrats intelligents. Mais le protocole Ethereum ne peut pas évoluer, et parmi les milliers de projets lancés, seule une poignée pourrait même être présentés comme pouvant devenir des entreprises légitimes. La plupart des autres sont des stratagèmes de Ponzi ou des émissions d'actions illégales enrichissant les développeurs et escroquant les investisseurs amateurs.
C'est dans ce contexte que les défenseurs de BTC et de BCH, les porte-parole d'Ethereum et les altcoiners (nom donné pour englober toutes les autres cryptomonnaies) de tous bords s'alignent pour attaquer sans cesse le protocole Bitcoin préservé uniquement par le réseau BSV. Une industrie composée presque entièrement de criminels, de fraudes et d'arnaqueurs s'est unie contre BSV citant - et c'est là l'ironie! - une prétendue fraude et arnaque présumée qui serait l'existence même de BSV.
Nous devons nous demander pourquoi ?
Quel est le différenciateur clé de BSV?
Pourquoi tous les arnaqueurs se sont-ils unis contre lui?
Je suis fermement convaincu que pour la plupart, la motivation est la peur de la capacité de BSV à absorber l'économie mondiale et tous les autres projets «crypto» qui vont avec. Pour les autres, ou ceux qui ne comprennent pas le pouvoir du Bitcoin, ils sont entraînés dans une guerre civile et culturelle qui les dépasse. Il est essentiel de comprendre les pouvoirs en jeu et leurs implications pour Bitcoin et l'économie mondiale.
Une histoire brève de Bitcoin
Bitcoin a été lancé avec un "livre blanc" sur la liste de diffusion de cryptographie en 2008. Le pseudonyme « Satoshi Nakamoto » a déclaré une solution au problème de la double dépense. Or il s'agit là du problème de tous les systèmes de paiement électronique précédents, et c'était le seul facteur limitant l'adoption d'une monnaie digitale fonctionnelle. Mais qu'est-ce que le problème de la double dépense ? Pour faire simple, il était impossible de prouver exactement qui possédait quelles unités d'argent sur des registres distribués, de sorte que les utilisateurs ne pouvaient pas avoir confiance dans le système, et ces projets mourraient assez vite. Bitcoin a résolu ce problème avec un concept appelé la « preuve de travail ». Il pose la question: qui a utilisé le plus de puissance de calcul pour résoudre des énigmes arbitraires ? ceci afin de rendre compte de l'état du registre d'une manière qui coûte de l'argent, de sorte qu'il y ait une incitation économique à tenir un compte honnête des avoirs de chacun des participants. Ce processus est souvent appelé « exploitation minière » car les nœuds honnêtes qui maintiennent l'état du registre sont récompensés pour leur travail avec des nouveaux Bitcoins toutes les dix minutes - un peu à la même manière d'un mineur d'or qui est récompensé par de l'or en échange de son travail.
Étant donné que Bitcoin n'avait aucune valeur lors de son lancement, il était extrêmement facile à miner et également gratuit d'envoyer des tonnes de transactions. En théorie, il s'agissait d'un vecteur d'attaque par déni de service (DoS). Une attaque DoS ou DDoS se produit lorsque les nœuds d'un réseau sont inondés de plus de données qu'ils ne peuvent en gérer et qu'ils se mettent donc à planter. Sur le jeune réseau Bitcoin, un crash comme celui-ci aurait été considéré comme un échec du réseau. Pour empêcher cela, un plafond de 1 Mo de données par chaque dix minutes de transactions a été codé en dur dans le logiciel - semant la première graine de la guerre civile Bitcoin. De 2009 à 2017, cette limite de 1 Mo sur le total des transactions était l'aspect technique le plus controversé du bitcoin et le déclencheur de la plus grande guerre civile virtuelle de l'univers de la cryptomonnaie.
Pourquoi est-ce aussi important?
Une seule transaction basique Bitcoin est relativement petite du point de vue des données, donc 1 Mo toutes les dix minutes donne environ trois à sept transactions par seconde avant que le réseau ne devienne trop encombré. Satoshi Nakamoto le créateur, a plaidé pour un nombre de transactions du niveau de Visa et bien plus, ainsi que son successeur direct en tant que développeur principal du projet, Gavin Andresen. Certains des premiers Bitcoiners influents comme Mike Hearn et Jeff Garzik ont ​​également plaidé pour plus de données par bloc pour permettre à Bitcoin de se développer et de rester le meilleur système de paiement électronique. Ils étaient pour des «gros blocs» contrairement au camp des «petits blocs» qui préconisaient une permanence de la limitation de 1 Mo des blocs.
Le camp des "petits blocs" estiment que Bitcoin n'est pas un réseau de paiement, mais plutôt qu'il s'apparente davantage à une banque décentralisée conçue pour stocker des Bitcoins qui ne bougent jamais: une sorte de coffre-fort d'or numérique. Ils voulaient que la limite de taille des blocs de 1 Mo reste permanente sous les auspices de chaque personne exécutant un «nœud complet» sans avoir à payer trop d'espace sur le disque dur. Cela signifierait qu'en période de congestion, les frais de transaction deviendraient absurdement élevés, mais cela n'aurait pas d'importance car le bitcoin ne devrait pas être utilisé pour des envois sauf en grosses quantités de toute façon, selon eux. En décembre 2017 les frais de BTC ont ainsi atteint les $50 par transaction. L'autre problème est que s'il est bon marché de rejoindre la gouvernance de Bitcoin, alors le réseau est facile à attaquer par Sybil, et je dirais que BTC est régi par des sybilles à ce jour.
Le camp des "gros-blocs" estime que tout le monde sur terre devrait être en mesure d'échanger et de faire ses affaires sur Bitcoin pour des frais infimes, de l'ordre d'un centième ou millième de centime par transaction, afin d'apporter à la population mondiale la liberté monétaire, y compris aux pays les plus pauvres qui sont gardés en dehors du système actuel car considérés comme pas assez profitables pour des entreprises comme Visa.
Les "petits-blocs" pensent que tout le monde devrait être en mesure de gérer soi-même le registre mondial chez soi, mais que seules certaines personnes très riches devraient pouvoir effectuer des transactions, ce qui est le cas quand les frais sont à $50 par transaction comme en 2017.
Après des années de querelles, en 2017, Bitcoin s'est scindé en deux chaînes distinctes, et en 2018, il s'est à nouveau divisé.
Alors quelle est la différence entre ces trois versions ?
BTC est actuellement la version qui a le prix le plus élevé, avec la plus petite taille de bloc et la plus grande puissance de calcul. On peut dire que BTC à gagné la guerre médiatique. Malheureusement, il est régi par des développeurs et des sybilles qui contrôlent le consensus grâce à une utilisation intelligente de logiciels malveillants appelés «soft-fork» qui leur permet de saper les règles du Bitcoin. Ils utilisent ce pouvoir pour changer les règles des transactions en mentant aux nœuds et en leur disant de les valider quand même. Toute la culture BTC consiste à acheter du BTC afin de le conserver jusqu'à un moment dans le futur où il serait revendu à un prix exorbitant. Le but est de spéculer au maximum. Les paiements avec BTC, particulièrement les petits paiements, ou les transactions de toute nature non-monétaires, sont méprisés.
BCH est un réseau basé sur Bitcoin qui pense que les blocs devraient être à peine légèrement plus grands, mais ils ont également des développeurs en charge des règles, tout comme BTC, et ils pensent que Bitcoin devrait être utilisé uniquement pour le commerce de détail, mais rien de plus. Le réseau change de règles tous les six mois. Les transactions non commerciales sont en général méprisées. Un nouveau scindement de BCH est prévu pour novembre 2020 suite à des conflits internes et l'incapacité à avoir un système de gouvernance dans un projet où les règles changent en permanence.
BSV est la version restaurée du protocole Bitcoin original avec tous les paramètres ouverts afin que les nœuds honnêtes puissent s'engager dans un consensus conformément au livre blanc de Bitcoin - par la preuve de travail ! Le protocole est gravé dans la pierre afin que les développeurs de logiciels ne puissent pas bricoler les règles. Cela permet aux entreprises de planifier des décennies d'utilisation du réseau et d'investir en toute confiance. Il s'agit d'apporter une réelle innovation technologique au monde plutôt que de spéculer. En tant que seul réseau bitcoin totalement sans besoin d'autorisation, le commerce de toute nature est encouragé sur BSV. Tout, allant des réseaux sociaux aux expériences de science des données météorologiques ou aux tests de disponibilité du réseau, est encouragé. Paiements de détail, tokenisation, ou tout autre type de contrat intelligent est simple à déployer sans limitations. Bitcoin SV n'a aucune limite dans son protocole sauf l'esprit humain, l'innovation et l'esprit d'entreprise. Il vise également une adoption mondiale notamment par les pays pauvres afin d'apporter la liberté monétaire et l'inclusion à l'économie mondiale de ceux que les grandes entreprises actuelles comme Visa dédaignent comme pas assez profitables pour leur accorder leur services.
Et c'est la racine de la haine envers BSV.
Les "petits-blocs" ont investi toute leur réputation et leurs moyens de subsistance sur la notion que le bitcoin est incapable de s'adapter. Pendant des années, des experts présumés ont convaincu de nombreuses personnes que les limites de taille de bloc de 2 Mo, 8 Mo ou 22 Mo casseraient littéralement Bitcoin. Ils ont furieusement mis en jeux leur réputation sur ces fausses notions. Et ensuite, BSV a eu de nombreux blocs de plus de 100 Mo. En fait, il y en a même eu quelques-uns de plus de 300 Mo! prouvant que les petits-blocs se trompaient depuis le début sur les limites du réseau. Mais cette prise de conscience est une menace pour l'hégémonie de l'histoire médiatique qui a été crée sur Bitcoin. Depuis 2015, lorsque le Dr Craig Wright est apparu sur les lieux pour expliquer que le bitcoin avait en réalité ZERO limitations, il a créé un tollé massif parmi l'intelligentsia des petits-blocs. Les leaders d'opinion de l'époque étaient payés pour prendre la parole lors de conférences où ils expliquaient à tort que Bitcoin n'était rien d'autre qu'une réserve de valeur rare sans autre utilité, et surtout pas à usage des plus pauvres. Le Dr Wright parlait de l'échelle illimitée du réseau, de son exhaustivité de Turing, de l'objectif d'inclure enfin les plus pauvres dans l'économie mondiale, et d'autres notions inconcevables (à l'époque) sur Bitcoin. Sa passion et ses connaissances se sont heurtées à des calomnies et des railleries. Ils se sont concentrés sur l'attaque de son personnage au lieu de discuter de Bitcoin!
C'est devenu l'une des principales méthodes d'attaque des petits-blocs. Lorsque de gros-blocs parlent des capacités de Bitcoin, ils sont ridiculisés en tant qu'escrocs et le sujet est toujours dirigé très loin de la discussion technique, car les petits-blocs savent bien qu'ils sortiraient perdants. Ils fouillent les dossiers personnels et cherchent des moyens de faire taire les gens du camp des grands-blocs de Bitcoin par des attaques personnelles - de la même manière que les guerriers de la justice sociale s'engagent dans la culture d'annulation contre leurs ennemis politiques.
Qui est le Dr Craig Wright et que fait-il?
Craig Wright est le scientifique en chef d'une société de recherche sur Bitcoin au Royaume-Uni appelée nChain : une société de 150 à 200 informaticiens. Craig dirige l'équipe qui étudie les possibilités de Bitcoin et de ses applications dans le monde. Il est l'un des experts en criminalité numérique les plus reconnus au monde avec les certifications SANS et GIAC ainsi que les titres GSE CISSP, CISA, CISM, CCE, GCFA, GLEG, GREM et GSPA. En outre, il est un polymathe multidisciplinaire de troisième cycle: un doctorat en informatique, économie et théologie et titulaire d'une maîtrise en statistique et en droit commercial international.
En 2015, il a également été exposé par une publication conjointe de WIRED et Gizmodo en tant que Satoshi Nakamoto, le créateur de Bitcoin. Quelques jours après cette révélation, les gens qui le soutenaient ont vu leurs clés d'accès au code de Bitcoin révoquées, et de nombreux autres ont été instantanément bannis. Craig a été mis sous enquête par le bureau des impôts australien pour ce qu'il considérait être une erreur de comptabilisation probable de ses bitcoins. Les retombées ont été agressives et rapides, avec une gigantesque armée de petits-blocs, organisée sur Reddit et d'autres forums, et nouvellement financés par l'argent de la startup pro petits-blocs appelée «Blockstream». Leur message était clair: Bitcoin doit garder de petits blocs. Le Bitcoin ne peut pas évoluer et doit rester réservé aux riches, et toute personne proche de Craig Wright sera harcelée pour se conformer à une armée de comptes Twitter anonymes et sans visage.
Voici un schéma qui retrace les financements de Blockstream et révèle comment le groupe Bilderberg, la banque centrale américaine (FED) et Mastercard on pris le contrôle du réseau BTC via Blockstream afin de le soumettre à leur propre profit: https://imgur.com/eFApDVE
Au cours des années suivantes, Ira Kleiman, frère du défunt Dave Kleiman, a poursuivi Craig Wright en justice pour sa part du prétendu «Partenariat Satoshi Nakamoto», affirmant que son frère Dave était plus impliqué qu'il ne l'était réellement, et l'affaire est en cours actuellement, jusqu'à courant 2021. Ira Kleiman pense que Craig est Satoshi et il a investi une fortune incalculable dans cette attaque et a obtenu l'argent d'investisseurs extérieurs pour poursuivre sa poursuite. Il est clair que les bailleurs de fonds d'Ira pensent que Craig est également Satoshi.
Les critiques qualifient souvent la révélation publique et le procès public de Wright de ternir énormément sa réputation, mais il convient de noter que les deux sont arrivés à Wright malgré sa volonté et qu'il ne souhaitait clairement pas être pris dans l'une ou l'autre situation.
Au lieu de cela, Craig est un défenseur passionné de la vision d'un Bitcoin avec de gros blocs, appelant à la professionnalisation, à la légalisation et à l'utilisation mondiale de Bitcoin pour une utilisation à tous les niveaux du commerce. La réponse à la passion de Craig et à ses affirmations a été d'attaquer sa réputation et d'endosser Internet avec le surnom de «Faketoshi». Lorsque de simples brimades ont échoué contre le Dr Wright, des attaques ont été intensifiées pour remettre en question ses divers diplômes, des pétitions aux universités pour enquêter sur lui pour plagiat dans divers travaux, y compris des thèses de doctorat, etc. Wright a même revendiqué des menaces contre la vie des membres de sa famille et il y a plus qu'une preuve que, selon Ian Grigg, une des légendes de la cryptographie: «des gens sont morts pour Bitcoin, croyez moi, des gens sont morts».
Les attaques en cours
Cela ne peut être assez souligné: la communauté des petits-blocs est construite autour de tactiques d'ingénierie sociale professionnelles. Gregory Maxwell, co-fondateur de la société Blockstream, a été formé à la pratique de l'ingénierie sociale et l'a utilisé de manière si subversive comme un outil de propagande pendant son mandat en tant que modérateur rémunéré de Wikipedia, qu'il a finalement été démis de ses fonctions avec les journaux d'administration citant une litanie d'infractions, notamment:
«Gmaxwell s'est engagé dans la création de faux comptes en masse…» - Alhutch 00:05, 23 janvier 2006 (UTC)
«Menaces, insultes grossières, usurpations d'identité d'un administrateur», -Husnock 03:18, 25 janvier 2006 (UTC)
«Son comportement est scandaleux. Franchement, il est hors de contrôle à ce stade. Son comportement d'intimidation doit cesser.» - FearÉIREANN 19:36, 22 janvier 2006 (UTC)
«Sa liste de contributions est hors de propos. C'est du vandalisme. C'est un comportement auquel je m'attendrais d'un éditeur en furie, et franchement, c'est ce qu'est Gmaxwell.» - Splashtalk 20h00, 22 janvier 2006 (UTC)
«Prétend être un administrateur, menaçant de bloquer les personnes qui ne sont pas d'accord avec lui, fait régulièrement des attaques personnelles» - SlimVirgin (talk) 12h22, 22 janvier 2006 (UTC)
Il passe beaucoup de temps sur Reddit et d'autres forums à semer la peur sur les dangers des gros blocs, et il a été surpris en train de faire semblant d'être plusieurs comptes à la fois en train d'avoir de très longues discussions techniques sur Reddit destinées à submerger les nouveaux arrivants avec ce qui ressemble à un débat intellectuel contre une version de Bitcoin libéré de ses limites.
Qui d'autre est attaqué?
L'autre cible commune de la machine de guerre médiatique anti-BSV est Calvin Ayre: un milliardaire à la tête de l'empire du groupe Ayre. Calvin est un entrepreneur canadien et antiguais qui a lancé un incubateur Internet à Vancouver au tout début du boom Internet. Fils d'un éleveur, Ayre est surtout connu en dehors de l'économie Bitcoin pour la création et la professionnalisation de l'industrie du jeu sur Internet. Plus particulièrement, sous la marque Bodog, Ayre a aidé à moderniser les lois financières américaines obsolètes en poussant les limites dans les marchés gris qui existent où les dollars américains sont utilisés à travers les frontières pour s'engager dans un commerce juridiquement compliqué comme le jeu d'argent. Son travail dans ce domaine lui a valu une petite fortune et un passage sur la liste des «plus recherchés» du gouvernement des USA pour blanchiment d'argent. C'est un point sur lequel les petits-blocs aiment se concentrer, mais ils le sortent complètement de son contexte. Calvin a finalement plaidé coupable à une accusation mais a été le fer de lance de la modernisation des lois américaines qui existent aujourd'hui sur les marchés. Il est respecté pour son travail dans l'industrie du jeu, des médias et de la philanthropie. Calvin est le bienvenu aux États-Unis malgré la critique souvent citée selon laquelle il serait une sorte de hors-la-loi.
Calvin Ayre
Dans l'économie Bitcoin, Ayre est une figure de proue dans la gestion de nœuds Bitcoin honnêtes depuis plusieurs années sous les marques CoinGeek et TAAL, et il est un investisseur dans nChain ainsi que plusieurs startups de l'espace BSV. Bien qu'il soit probablement le plus gros investisseur à ce jour, il n'est pas le monopole que les petits-blocs laisseraient croire. Il est important de comprendre que des segments entiers de l'écosystème BSV existent complètement en dehors de son influence.
Twetch, par exemple, est une entreprise indépendante appartenant à l'écosystème BSV, célèbre pour ses attaques contre les médias sociaux centralisés qui abusent de la censure. Ils sont même connus pour se moquer des entreprises qui acceptent l'argent d'Ayre, en plaisantant que Calvin possède tout sauf Twetch. Bien sûr, ce n'est pas vrai. Un autre excellent exemple est l'investisseur / entrepreneur indépendant Jack Liu : ancien dirigeant de Circle et OKEX. Liu possède la marque de hackathons CambrianSV ainsi que des propriétés précieuses dans l'espace BSV telles que RelayX, Streamanity, Output Capital, FloatSV et Dimely.
Les autres acteurs clés sont MatterPool Mining et leur écosystème Mattercloud: une joint-venture entre des acteurs indépendants de l'écosystème BSV, avec des connexions directes aux protocoles BoostPOW et 21e8 et des relations avec des développeurs BSV indépendants.
Bien sûr, il existe également des marques précieuses financées par Ayre. Il s'agit notamment de la propriété partielle via l'investissement dans HandCash, Centi, TonicPow et Planaria Corp de Unwriter.
Une autre mesure importante à prendre en compte est la distribution de la puissance de hachage (autre nom pour la puissance de calcul du résau). Alors qu'au tout début de BSV, les entreprises appartenant à Ayre représentaient une quantité importante de hachage sur bitcoin, afin d'assurer sa survie, BSV est aujourd'hui en grande partie exploité par des mineurs concurrents de Ayre tels que Binance, F2Pool, OKEX et ViaBTC - dont aucun n'est «ami» de BSV ou d'Ayre, mais beaucoup se déclarent les ennemis. Ces mineurs soulignent bien la nature ouverte et sans permission de BSV qui permet à quiconque de participer, notamment à ses ennemis!
Ayre est un acteur important, mais en aucun cas un contrôleur de la direction de la blockchain ou des entreprises indépendantes dans l'économie BSV.
Mais pourquoi Craig poursuit-il des gens en justice ?
Tout d'abord, et c'est crucial, le procès le plus important de Craig est l'affaire Kleiman. Les autres cas existent uniquement à cause de la diffamation publique du Dr Wright. Le hashtag #CraigWrightIsAFraud circule largement, poussé en grande partie par un mélange de personnages anonymes sur Twitter. Plus particulièrement Magnus Granath AKA «Hodlonaut» a été averti qu'une accusation publique de fraude courait à son encontre. La carrière du Dr Wright est en informatique et en criminalistique numérique, donc le déclarer publiquement une fraude sans preuve cause un préjudice financier au Dr Wright dans son domaine d'expertise commerciale. Puisque «Hodlnaut» a refusé de cesser, on lui a envoyer une requête pour être vu au tribunal afin de pouvoir apporter les preuves de ses accusations. Cela a causé le célèbre podcasteur de petits-blocs Peter McCormack à mendier d'être poursuivi aussi - en augmentant la rhétorique diffamatoire contre le Dr Wright. À la demande de McCormack, il a lui aussi été attaqué en justice pour être vu au tribunal. Le Dr Wright à depuis abandonné tous ses procès pour diffamation à l'exception de celui contre McCormack qu'il souhaite continuer pour faire exemple.
Cela a aussi engendré la campagne #DelistBSV menée en grande partie par «CZ», le PDG charismatique de Binance-Exchange. Divers autres échanges comme Shapeshift et Kraken ont publié des sondages twitter demandant s'ils devaient emboîter le pas, et des petits-blocs bien organisés ont voté en masse pour retirer BSV de leurs échanges - citant la toxicité du Dr Wright pour avoir intenté des poursuites en diffamation contre Hodlonaut et McCormack. Finalement, BSV a été retiré de Binance, ShapeShift et Kraken. Il a également été noté publiquement par Coinbase et Gemini qu'ils ne soutiendraient pas cette version de bitcoin à la suite de ce drame public. Il faut noter qu'après 2 ans, Binance a retourné sa veste et est aujourd'hui devenu un des principaux mineurs de BSV.
Au fur et à mesure que les choses progressaient, le fondateur de bitcoin .com, Roger Ver, a également réalisé une vidéo publique déclarant Wright comme arnaqueur. C'était après avoir travaillé sournoisement avec les développeurs Bitcoin ABC pour coder des points de contrôle dans le logiciel ABC de Bitcoin Cash, divisant de manière permanente le réseau Bitcoin pour la deuxième et dernière fois - un acte auquel le Dr Wright s'était opposé et pour lequel Roger est également poursuivi par d'autres parties privées en Floride. Roger Ver a été averti que s'il continuait, des poursuites juridiques similaires se présenteraient à sa porte pour avoir diffamé le Dr Wright, mais il à décidé de poursuivre les accusations publiques jusqu'à ce qu'il soit également entendu devant le tribunal pour fournir une preuve de la fraude de Wright, sous peine de sanctions pour diffamation publique. Aucune preuve n'a jamais été fournit, mais le Dr Wright a depuis abandonné ses poursuites contre Roger Ver pour se concentrer sur son procès avec Kleiman et celui avec McCormack ainsi que son travail sur Bitcoin.
Et maintenant que se passe-t-il ?
Nous avons établi l'histoire du Bitcoin, de sa guerre civile, des attaques publiques contre Wright, Ayre et BSV. Au moment d'écrire ces lignes, nous pouvons revenir sur les attaques contre Thomas Lee, Tim Draper et Jimmy Wales pour avoir eu une proximité avec BSV. Malgré la pression sociale, le rapport technique Fundstrat de Lee a rendu un examen élogieux du protocole fixe et de l'évolutivité infinie de BSV. Lee et son équipe étaient heureux de prendre la parole lors des événements précédents de CoinGeek, même après le tollé public.
Pour la conférence CoinGeek 2020 à New York, McCormack, Hodlonaut, « Arthur Van Pelt » et d'autres acteurs tels que le Dan Held de Kraken et une cacophonie de trolls anonymes sur Twitter ont mis à profit leur expérience de la culture d'annulation à la bolchevique pour faire pression sur l'orateur Gary Vaynerchuk ainsi que d'autres orateurs prévus pour cette conférence, afin de les forcer à annuler leur participation. Cette attaque sociale contre BSV, Dr. Wright, Ayre et les autres entreprises qui utilisent le réseau BSV pourrait être un gigantesque cas de fraude à la consommation. Ils trompent activement les gens en leur faisant croire que le protocole fixe et l'évolutivité infinie de Bitcoin BSV sont en quelque sorte dangereux, alors qu'en fait, le protocole et le réseau sont imperméables à toutes les attaques, à l'exception de leur ingénierie sociale.
Bitcoin SV s'est développé professionnellement avec un portefeuille de brevets de protection de niveau mondial. Il est utilisé par des entreprises indépendantes afin d'apporter des innovations technologiques et possède un groupe décentralisé de nœuds honnêtes qui se font concurrence. Le réseau est fixe, sécurisé et en croissance grâce aux investissements de petites entreprises et de gestionnaires de capitaux. Les transactions sont instantanées avec des frais de 0.0002€ par transaction en moyenne, explosant tous les records de compétitivité de l'écosystème et permettant aux plus pauvres de la planète d'enfin accéder à l'économie digitale mondiale. Les mensonges sont basés sur une campagne massive de dénigrement perpétrée par les communautés d'autres cryptomonnaies qui craignent l'adoption mondiale de BSV comme outil de commerce et ce que cela signifiera pour eux. L'histoire ne sera pas gentille avec ces manipulateurs et leurs réseaux qui sont financés par les fraudes probables des échanges de crypto-monnaies off-shore, le (très probablement) frauduleux Tether Stablecoin, et l'économie des arnaques de "pump-and-dump" qui sous-tend 95% du volume de négociation de l'ensemble de l'économie cryptomonnaie actuelle.
C'est une guerre civile. Il y aura toujours des victimes, mais alors que BTC et BCH se concentrent sur les ragots et les affaires illicites, BSV veut que le monde entier soit plus libre, plus souverain et plus capable de coopérer sur le registre mondial de la vérité afin que les entrepreneurs du monde puissent s'engager à créer des entreprises ou de simples nano-services sont rendus possibles uniquement par Bitcoin. Bitcoin est un test d'intelligence. Au fil du temps, les personnes intelligentes pourront voir à travers le brouillard de distorsion de la réalité créé pour confondre les innocents et reconnaître cela pour ce que c'est, une attaque coordonnée pour tenter de supprimer une technologie qui à un potentiel unique dans l'histoire, et qui les rendrait obsolètes.

Des exemples d'applications Bitcoin que vous pouvez utiliser dès aujourd'hui ?
Les applications qui sont construites sur Bitcoin et interagissent entre elles par ce biais créent ce qu'on appelle le "Metanet". Si vous vous sentez prêt à faire le premier pas dans le futur vous êtes libres de tester les applications les plus populaires du Metanet sur https://metastore.app/apps?sort=money
Le site le plus populaire du Metanet à ce jour est Twetch, une version de twitter incensurable sur la blockchain que vous trouverez ici : bit.ly/twetchapp

_______________________
sources: inspiré de https://coingeek.com/the-war-on-bitcoin/
image : https://imgur.com/1Yb0Yle
Voici un schéma qui retrace les financements de Blockstream et révèle comment le groupe Bilderberg, la banque centrale américaine (FED) et Mastercard on pris le contrôle du réseau BTC afin de le soumettre à leur propre profit: https://imgur.com/eFApDVE
submitted by zhell_ to BitcoinSVFrance [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoincash [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

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On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
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The senatorial governance of Bitcoin: making (de)centralized money: Economy and Society: Vol 48, No 4

The senatorial governance of Bitcoin: making (de)centralized money: Economy and Society: Vol 48, No 4 submitted by koavf to Bitcoin [link] [comments]

Providing Some Clarity on Bitcoin Unlimited's Financial Decisions

Providing Some Clarity on Bitcoin Unlimited's Financial Decisions

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Introduction

As promised in our previous article, we wanted to provide some extra clarity on Bitcoin Unlimited financial choices. We wanted to do this as there has been a lot of confusion and misinformation within the community as to the reasons behind these choices.
It has been claimed by a small number of influential people in the ecosystem that Bitcoin Unlimited does not support BCH (see the previous article debunking this claim) and that BU’s holdings are supposedly evidence of this. Background Bitcoin Unlimited was founded in 2015, and was set up as a response to the Bitcoin block size debate. More specifically, it was created to provide software that allowed on-chain scaling as originally proposed by Satoshi Nakamoto. As we all know, on-chain scaling is a vital component required for peer-to-peer electronic cash to serve the world’s population. Without it Bitcoin would be limited to serving only a small number of people willing and able to pay exorbitantly high fees. Our organisation was created to make Bitcoin unlimited. This prediction of high fees and limited capacity was played out in the BTC we know today as we predicted.
Bitcoin Unlimited received a large anonymous donation in BTC in 2016 from supporters of the ‘on-chain scaling’ movement. This donation allowed our organisation to remain independent and focussed on building software that allows on-chain scaling.
As you all know, in August of 2017, Bitcoin Cash was created after an unsuccessful multi-year effort to allow Bitcoin (BTC) to scale on-chain. Bitcoin Cash was created with the goal of on-chain scaling to support the world’s population right at its heart and BU has been supporting it since the idea was originally formulated.
Once Bitcoin Cash was created it also meant that all funds Bitcoin Unlimited held (BTC) were forked into two equal sets of coins, BTC and BCH. This put BU into a position where we had to make an important decision on how to handle these funds in a way that was in the interest of both BCH and BU.

Financial Prudence

Any organisation that wants to be effective in its goals must aim to always be financially sustainable. Without money, achieving anything becomes significantly more difficult. Cryptocurrencies only magnify this issue even further. Highly volatile asset values, opaque and dynamic tax and regulatory environments, and the unique properties of cryptocurrencies all contribute towards making the financial operations of an organisation an extreme challenge to say the least. Navigating this challenging landscape is a necessary requirement for the success of any organisation within our industry though.
While Bitcoin Unlimited’s primary goal is to make sure peer-to-peer electronic cash (as set out in the Bitcoin white-paper) becomes a reality, a secondary goal must be to make sure that it has the resources required to make its primary goal achievable, and an important part of these resources are its funds.
After Bitcoin forked into BTC and BCH, Bitcoin Unlimited then held an equal number of both. Although a BUIP was passed to authorize some extra conversion, significant practical obstacles to doing so exist (although this is still being worked on). However, since the overarching reason to convert a significant number of BTC to BCH is to maintain financial prudence based on the reasons outlined below and the poor BCH price performance has heavily skewed our holdings, we do anticipate some rebalancing when these obstacles are resolved.
We will further expand on these reasons below. Historic Volatility It is a fact that BCH has historically been more volatile than BTC. An organisation that wishes to maintain a lower level of risk must aim to hold a majority of funds in assets which will maintain their value over time, i.e. be less volatile in their price. It is unfortunately true that BCH has been a more volatile asset than BCH since its creation. While there has been lots of progress and maturation of the BCH ecosystem, this price volatility is likely due to BCH still being a smaller and less developed ecosystem than BTC. The graphs below show levels of volatility in the two coins compared.

BTC
BCH
This higher volatility in BCH has meant that to significantly increase BU’s holdings of BCH would expose the organisation to a higher level of risk for ideological reasons. BTC is already a high-volatility asset and to expose the organisation funds to even higher volatility and further risk is a decision that should not be taken based on simplistic ideology, but rather with the strategy of maximising the ability for the organisation to achieve its primary goals. This meant making the decision to not take on a higher exposure to price volatility, and instead maintain a more conservative risk profile.

Lack Of Say In The Protocol

One argument that has been put forward to suggest that this decision does not make sense because it is analogous to a CEO of a company holding more shares in their competitor’s company. This analogy does not accurately reflect the current scenario for BU or BCH. In this analogy BU is the CEO and BCH is the company. Ignoring the shareholders, A CEO is able to have the largest impact on a company compared to any other stakeholder. Their actions have a direct impact on operations of the company and therefore its value and the value of the shares.
Unfortunately, Bitcoin Unlimited currently has little to no input on the BCH protocol. It has no way to directly influence the direction or success of BCH. There are two reasons for this. Firstly, BCH has a mining software homogeneity that is as centralised as BTC (i.e. essentially all miners and pools run a single client, BitcoinABC). This means that, all though BU has a slight majority in non-mining and in-consensus nodes, BU has no say in protocol decisions unless a collaborative and decentralised development model were to be used by BitcoinABC. This is an unfortunate situation considering the fact that the community split from BTC for this very reason and is strongly in support of decentralised development. Secondly, BitcoinABC does not take a collaborative approach to development. All decisions and features are dictated by BitcoinABC.
In fact the situation is unfortunately even worse than this. BitcoinABC has decided to take an actively hostile position against Bitcoin Unlimited (and many other valuable participants in the ecosystem) and would rather that it did not exist at all.
While a number of members of BitcoinABC were previously members of BU, they unfortunately used their privilege as members to try (but fortunately failed) to sabotage the organisation.
https://www.bitcoinunlimited.info/voting/rendeproposal_vote_result/7eb0ded0487a6593ac3976b63422294e1a84b209be1307c46f373489922212a0
https://www.bitcoinunlimited.info/voting/rendeproposal_vote_result/6285fcef8fa44416b8e83f25bfebe79aff502c1446a7b60bfab28ec58c35b609
https://www.bitcoinunlimited.info/voting/rendeproposal_vote_result/b10f54ece2ea3b9001086ebdde0001fbef9dc2fd83729a65ba207c0f1d9dfceb
These three voting records show members of BitcoinABC voting for the purchase of BSV coin, voting for an unfeasibly large block size increase (10TB), and voting for implementation of and miner-activation of BSV features into the BU client. None of these actions were implemented in the ABC client, and the inclusion of BSV features is likely the single biggest criticism certain ABC affiliated people have made against BU, yet members of BitcoinABC voted for it.
While it is important to assume good faith, under no interpretation can this be seen as anything other an act of bad will towards BU. Unfortunately this kind of behaviour is rather the rule than the exception and has likely been a major factor in BCH’s struggle to attract quality developers into the ecosystem.
Regardless of the hard work done by members of BU to create useful software for Bitcoin Cash, and its continued commitment towards peer-to-peer electronic cash for the past 5 years, ABC will unfortunately never allow any of BU’s work to go into the BCH protocol willingly.
If BU were to invest all its funds into BCH it would be making a highly risky bet on BitcoinABC’s leadership, a leadership that has not only been historically unsuccessful (when looking at the price of BCH since its creation, both in dollar terms and BTC/BCH ratio terms), but also actively hostile to our organisation. A more cautious approach that takes these factors into account is to keep the funds held where there has been less volatility.
Regardless of all of this, BU is still 100% committed to supporting Bitcoin Cash.

Game Theory: The Strategy of Betting Against Yourself

Counter intuitively, a strategy where you bet against yourself can provide a beneficial low-risk profile. When you bet against yourself, if you lose you win and if you win you win. With BU’s current asset holdings of BCH and BTC the organisation is financially hedged in a way that it wins if BCH wins, and if BTC wins then BU lives to fight another day for worldwide peer-to-peer electronic cash.
If BTC goes down and BCH goes up then it means BCH is succeeding, and our funds in BCH will sustain us for longer. Not only that, but there would likely be more funds available for BCH development in this scenario. If BTC goes up and BCH goes down then BU will be sustained for longer to continue the fight for BCH and peer-to-peer electronic cash.
This is very similar to the strategy of BCH-supporting miners mining on BTC and then converting the BTC block rewards into BCH in an effort to use BTC gains to support BCH price. BU is similarly using its gains in BTC and converting them to efforts and initiatives in support of BCH. In doing so Bitcoin Unlimited is able to turn any BTC win into a positive for BCH.

Incentives

It has been suggested that the situation created by holding a larger portion of funds in BTC than in BCH creates negative incentives that push BU towards supporting BTC. It is important to keep in mind that Bitcoin Unlimited is not a profit driven organisation. While an increase in value of its assets is of course beneficial to the organisation, our primary goal is to accelerate the global adoption of peer-to-peer electronic cash as described in the Bitcoin white-paper, and the officials, membership and founding articles of Bitcoin Unlimited are the driving force for this.
It is also important to point out that there is no evidence to support the claim that BU is in support of BTC (or BSV). In fact the voting record clearly shows the opposite of this. BU has continually worked in support of peer-to-peer electronic cash, and specifically in support of BCH since it was created. This is thanks to the strong commitment by the BU officials and members, all of whom are long time Bitcoiners and supporters of the ‘on-chain scaling’ movement. The only members who receive any payment from the organisation are those who provide significant value in the form of various skilled services, and all of these are voted on by the membership. The BUIP record also shows that compensated individuals are often compensated at far under market rates for developers of their caliber. Should the price of BTC increase, no member receives any direct benefit from this beyond any appreciation in value of any BTC they privately hold. Therefore there are no strong incentives for BU to drive the price of BTC up and push the price of BCH down as this would be counter to our primary goal.

Has This Strategy Been Successful?

Bitcoin Unlimited and its members, all being long-time Bitcoiners, are acutely aware of the need to play the long game to make sure a globally adopted peer-to-peer electronic cash becomes a reality. BU is the oldest entity within the BCH ecosystem and with good reason. The financial strategy of BU to date has been highly effective in sustaining the organisation over a long period of time, and allowing it to independently support BCH development initiatives. This is made clear by the fact that BU continues to have enough funding to provide value to the BCH ecosystem for the foreseeable future.
Had BU converted all funds to BCH at, or at almost any point after, the time of the BCH/BTC fork in August 2017, then for much of the time since it would have been forced to either scale back operations or shut down support for BCH developers completely. We now see development teams such as BitcoinABC facing the prospect of being unable to fund their development of BCH, and their financial strategy may have contributed to this reality. This is despite the fact that nearly all the funds donated in the recent community funding drive sponsored by bitcoin.com were directed towards BitcoinABC.
Lack of a sustainable funding model also seems to have been a major factor in pushing BitcoinABC to make the highly controversial decision to support a change to the BCH protocol that would divert 12.5% of the block reward to themselves. Being financially prudent and sticking to its principles (as defined in the founding Articles of Federation has allowed Bitcoin Unlimited to steer clear of any conflicts of interest such as this.

Summary

Through its financial strategy Bitcoin Unlimited has been able to maintain its independence and financial sustainability and has therefore remained in a strong position to support Bitcoin Cash. BU’s officials and membership have continually made good decisions that have allowed BU to provide long-term support for the Bitcoin Cash ecosystem.
submitted by BU-BCH to btc [link] [comments]

Best Bitcoin Cloud Mining Sites 2020

Searching for the best bitcoin cloud mining site? All things considered, well you are in the perfect spot. We are here to give you the rundown of best cloud mining destinations that are making round on the web.
Is it true that you are tried to lease the equipment gear and mine without anyone else? Cloud mining can help you in such manner. We will experience each and everything from what cloud mining is to how you can lease gear to ensure your mining procedure runs easily. How about we plunge into this!

What is cloud mining?

Cloud Mining is a procedure where you participate in a mining pool and buy a specific measure of "Hash Power". An equivalent extent of benefit is disseminated among all the members who partake in the mining pool based on allotted hash power. It permits you to mine digital currency without introducing any equipment. There are numerous organizations that accomplish this difficult work for you and partake in cloud digging for you at a fundamental expense.

Bitcoin Cloud Mining Site #1: Hashflare

Something close to 2015, the site propelled its administrations to its clients and has developed colossally from that point forward. Presently, the site has around 1 million guests consistently.
Hashflare is a help that offers cloud mining contracts. The clients can mine five diverse digital forms of money through this stage for example ZCASH, DASH, Ethereum (ETH), Litecoin (LTC), and Bitcoin (BTC). The stage offers diverse pool mining arrangements. You can choose your own redo pool dependent on your inclinations and Hashrate.
The benefit is conveyed to all clients dependent on the Hashrate. The best thing about Hashflare is that you don't require large ventures to begin. The payouts are extremely straightforward with various installment strategies. It offers constant mining measurements with the goal that you can undoubtedly follow how much benefit you have made.
Read full article at Best Bitcoin Cloud Mining Sites in 2020 [Legit & trusted]
submitted by DavidBanks12 to Bitcoin_News_Daily [link] [comments]

MiniSwap -- A New Hybrid Incentive Model in DeFi

Cryptocurrency exchanges process over $20 billion in trade volume per day. Most of the transactions are going through centralized exchanges, where the users need to fully trust them for managing their assests and transactions. However, the risk of trusting these centralized exchanges has also been seen. For example, QuadrigaCX, which was the largest cryptocurrency exchange in Canada, lost $19 million of their customers' assets [1].
Decentralized Exchanges (DEXes) have been introduced to address this problem -- they allow traders to purchase and sell cryptocurrencies in a peer-to-peer manner, so no involvement of any trusted party is required. Atomic Swap is one of the promising technology for implementing a DEX. While it enables pure peer to peer trading, it also introduces problems such as unfairness and long confirmation latency. While existing work [2] has provided a solution towards a fair atomic swap protocol, the issue of long confirmation latency is inherent.
Another promising direction is leveraging liquidity pools. With liquidity pools, pairs of assets are reserved for trading. For any pair of assets supported by the liquidity pool, traders can exchange their assets without any third party. As traders can only perform the transactions if there are reserved assets, one core problem is how to attract liquidity providers to provide liquidity by reserving assets. It is not difficult to see that incentive [3,4], which has been a key component of all permissionless blockchains, can be equipped to incentivize liqudity providers. However, flawed incentive designs will lead to attacks and other concerns [5-13].
There are two main types of incentive designs, namely "trans-fee mining" and "liquidity mining". They are different from the Proof-of-X mining in blockchains for reaching consensus (a detailed analysis can be found in the survey [14]). Rather, they are used to incentivise users to join the ecosystem.
"Trans-fee mining" was proposed by FCoin in 2018 [15]. With FCoin, each time a transaction is created, 100% of its transaction fee will be returned in FCoin token to the payer as a reward. This is one incentive design to encourage traders to join the system. However, as FCoin may have no value to the trader, FCoin also introduces extra reward to all coin holders -- 80% of the transaction fee in its native currency (such as ETH) will be distributed to all coin holders. So, traders are incentivized to join the system, becoming a holder of FCoin token, and obtaining a share of the transaction fee of every transaction in the FCoin ecosystem.
While this had successful attracted traders, it is not sustainable. Rather than charging a trader to perform transactions, FCoin rewards traders. Profit-driven traders will create transactions at full speed to earn FCoin token and the share as a token holder. Indeed, the trading volume of FCoin was the top one among all exchange services, and the daily reward can be as high as 6000 BTC [16]. However, once all coins are minted, then the system would lose liveness as there is not enough supply to be distributed.
"Liquidity mining" aims at giving reward to the liquidity providers rather than the traders. There are different ways to implement liquidity mining. Compound [17] is a famous example of protocols deploying liquidity mining. With Compound, users become a liquidity provider by supply assets to a pool and obtain interests for its contribution (similar to depositing money into a bank). Liquidity providers first reserve some assets in the pool and obtain "cToken" of Compound which entitles the owner to an increasing quantity of the underlying asset. Users can use their "cToken" to borrow different assets available on the Compound and pay some interests to Compund. The borrowers may have some quick gains through the financial games [18]. Both borrowers and liquidity providers can withdraw their asset by trading them back with "cToken". Oners of "cToken" can also manage the business direction and decisions of Compound through weighted voting. The potential concern here is that rich users might be able to take over the control of the system.
Uniswap [19] is another popular DEX deploying liquidity mining. Uniswap incentivizes liquidity providers by giving them a share of the earned transaction fees. In particular, Uniswap changes each transaction a 0.3% fee, where 0.25% will be distributed to the liquidity providers, and 0.05% will go to the Uniswap account. One issue is how to incentivize traders. With Uniswap, traders are incentivized by the potential profit it can gain through the price difference between Uniswap and other exchanges. Uniswap price oracle is based on a constant function market makers [20,21], where the product of the number of reserved tokens is a constant. For example, if Uniswap has a pair of X token A and Y token B, then when a user using X' token A to buy Y' token B, the product of the reserved number of tokens should remain the same, i.e., XY = (X+X')(Y-Y'). The price of Uniswap (V1) is also defined in this way. This allows traders to speculate in the exchange market as the asset price on Uniswap is changed dynamically and is different from other exchanges. This, on the other hand, may have a security risk as the price can be easily manipulated. Uniswap (V2) fixed this problem by taking an accumulated price over a period of time [22]. However, as speculation/manipulation becomes harder, the trading volume may decrease.
MiniSwap [23] introduces a hybrid model (a mixture of "trans-fee mining" and "liquidity mining") to address the above issues. MiniSwap provides three types of rewards. For each trade with transaction fee f ETH in MiniSwap, a number of MiniSwap tokens (called MINI) worth 2f ETH will be minted. A (parameterized) portion of the tokens are given to the trader, and the rest are distribued to the liqudity providers. The transaction fee (f ETH) is used to exchange MINI in the liquidity pool. 50% of the obtained MINI will be distributed to all MINI holders, and the other 50% will be destroyed. In this way, both traders and liquidity providers are incentivized to join the ecosystem.
Recall that with FCoin, there is a problem when all coins are minted. MiniSwap has an upper bound (of 500,000 tokens) on the number of tokens can be created every day, and this limit reduces every month until a point where the limit (18,000 tokens) remains unchanged. This guarantees the sustainability of the system as the mining process can last for 100 years. The parameterized ratio of tokens as the reward to the trader and liquidity provider can also strengthen sustainability. It enables the system to dynamically balance the incentive of different parties in the system to make it more sustainable.
Overall, the MiniSwap hybrid model has taken the benefit of both "trans-fee mining" model and "liquidity mining" model, while eliminated the potential concerns. Formally defining and analyzing these models, e.g. through the game-theoretic approach [24], would be an interesting direction.
Reference
[1] The Guardian, Cryptocurrency investors locked out of $190m after exchange founder dies, 2019.
[2] Runchao Han, Haoyu Lin, Jiangshan Yu. On the optionality and fairness of Atomic Swaps, ACM Conference on Advances in Financial Technologies, 2019.
[3] Satoshi Nakamoto. 2008. Bitcoin: a peer-to-peer electronic cash system
[4] Jiangshan Yu, David Kozhaya, Jeremie Decouchant, and Paulo Verissimo. Repucoin: your reputation is your power. IEEE Transactions on Computers, 2019.
[5] Joseph Bonneau. Why Buy When You Can Rent? - Bribery Attacks on Bitcoin-Style Consensus. Financial Cryptography and Data Security - International Workshops on BITCOIN, VOTING, and WAHC, 2016.
[6] Yujin Kwon, Hyoungshick Kim, Jinwoo Shin, and Yongdae Kim. Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash, IEEE Symposium on Security and Privacy (SP), 2019.
[7] Kevin Liao and Jonathan Katz. Incentivizing blockchain forks via whale transactions. International Conference on Financial Cryptography and Data Security, 2017.
[8] Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. Financial Cryptography and Data Security, 2016.
[9] Ittay Eyal and Emin Gün Sirer. Majority Is Not Enough: Bitcoin Mining Is Vulnerable. Financial Cryptography and Data Security, 2014.
[10] Ittay Eyal. The Miner’s Dilemma. IEEE Symposium on Security and Privacy, 2015.
[11] Miles Carlsten, Harry A. Kalodner, S. Matthew Weinberg, and Arvind Narayanan. On the Instability of Bitcoin Without the Block Reward. ACM SIGSAC Conference on Computer and Communications Security, 2016.
[12] Kartik Nayak, Srijan Kumar, Andrew Miller, and Elaine Shi. Stubborn mining: generalizing selfish mining and combining with an eclipse attack. IEEE European Symposium on Security and Privacy, 2016.
[13] Runchao Han, Zhimei Sui, Jiangshan Yu, Joseph K. Liu, Shiping Chen. Sucker punch makes you richer: Rethinking Proof-of-Work security model, IACR Cryptol. ePrint Arch, 2019.
[14] Christopher Natoli, Jiangshan Yu, Vincent Gramoli, Paulo Jorge Esteves Veríssimo.
Deconstructing Blockchains: A Comprehensive Survey on Consensus, Membership and Structure. CoRR abs/1908.08316, 2019.
[15] FCoin, https://www.fcoin.pro
[16] The Block Crypto. Cryptocurrency exchange Fcoin expects to default on as much as $125M of users' bitcoin, 2020.
[17] Compound, https://compound.finance.
[18] Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, Ari Juels. Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges. IEEE Symposium on Security and Privacy, 2020.
[19] Uniswap. https://uniswap.org
[20] Bowen Liu, Pawel Szalachowski. A First Look into DeFi Oracles. CoRR abs/2005.04377, 2020.
[21] Guillermo Angeris, Tarun Chitra. Improved Price Oracles: Constant Function Market Makers, CoRR abs/ 2003.10001, 2020.
[22] Uniswap V2.0 whitepaper. https://uniswap.org/whitepaper.pdf
[23] MiniSwap. https://www.miniswap.org
[24] Ziyao Liu, Nguyen Cong Luong, Wenbo Wang, Dusit Niyato, Ping Wang, Ying-Chang Liang, Dong In Kim. A Survey on Blockchain: A Game Theoretical Perspective. IEEE Access, 2019.
submitted by MINISWAP to u/MINISWAP [link] [comments]

Epic Cash Vitex Exchange AMA

What is EPIC CASH?
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money:
1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved;
2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services;
3. Unit of Account — the unit by which the value of a thing is accounted for and compared.
Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list
Oleg✌🏻
Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself?
Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide.
Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year.
JLong I am John, Doing the general engineering and managerial work
Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years.
Oleg✌🏻 nice to meet you🙂
Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September.
Yoga Dude Great to meet everyone :)
Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about?
Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine.
Oleg✌🏻 Look like a real Bitcoin🙂
Yoga Dude with privacy and fungibility 😄
Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins?
Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses.
Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin?
Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value.
Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time.
Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam?
Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs.
Yoga Dude Yes, all that ☝️😄
Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for?
Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments.
Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms?
Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC.
Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable.
Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂
Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash?
Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄
Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team.
Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto?
Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals.
Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet.
Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward?
Yoga Dude First and foremost, we are focused on security and usability.
We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it.
We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability.
And of course we are constantly looking to add more exchanges both with and without KYC.
Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be?
Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life.
Yoga Dude The idea is to be able to access Epic Cash from any platform and device
Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate.
Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash?
Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊
Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world!
Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer.
AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ?
Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins.
Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet.
Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency.
Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible.
Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much?
Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction.
Joxes It is a pleasure.
When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far?
We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term?
Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it.
S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash?
Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50
Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home?
Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers
Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS.
Does your GREAT PROJECT have plan about TOKEN BURN?
Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place.
Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?
Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔
kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain?
Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have.
Dr Mönica Hello sir @maxfreeman4 @Johnsstec @Yogadude
Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm???
Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action.
Oleg✌🏻 Perfect! It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
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