Bitcoin Core Conspires to Cease Bitcoin Halving? Chinese Mining Giant Suspected of Lying
A minor-scale of crypto civil war recently ignited heated discussions within the Chinese community. The man, who threw himself into this storm swirl, is nonetheless, the infamous Chinese mining giant JIANG Zhuoer, also popularly known as a steadfast BCH advocate and an ally to Bitmain who shares a rather similar reputation.
The career suicide-like incident could be considered as an extended chapter to a more known topic causing worldwide disputes — the Bitcoin supply increase proposed by Matt Luongo, a rank-and-file attendee of Satoshi’s Roundtable who made his mark by casting this very bombshell.
The founder of Fold — not a Bitcoin Core developer, please beware — commented that the network will grow more and more susceptible to reorganizations as the Bitcoin halving mechanism, activated once every four years, pivots BTC from inflation-based crypto to a transaction fee-based one. He followed up with a couple of remedies, which feature a bold plan, even borderline with blasphemy to the eyes of some Bitcoin maximalists — to get rid of the long-standing supply limit of 21 million BTC to “allow some emission for chain security, at the expense of all holders.”
A proposal without much backing and endorsement, though audacious as this one seems, will lose its favor with the media circus and forgetful audiences in no time. This one shall see no exception until a Chinese mining giant decided to butt in and claimed to expose a grander plan, conspicuously concealed by the Bitcoin Core. From a proposal to a conspiracy involving the semi-most mystical guardians of the Bitcoin network, the news stated by JIANG Zhuoer, CEO and founder of a world-leading BTC mining farm, sent some Chinese crypto investors on a wild goose chase.
This influencer published an article on his Weibo page, a Chinese equivalent to Twitter, on Feb 10th. It started with: “I’ve been long aware of the Bitcoin Core’s plan to cease Bitcoin halvings.” Though he followed this statement with three more sessions to justify a decision of such nature from the perspective of logic, which is more acceptable to BCH supporters than to BTC ones based on a preliminary analysis on the following replies, the first paragraph, by all means, dwarfed them to the eyes of run-of-the-mill crypto investors who lack due knowledge but are easily victimized by hypes.
The message went viral in the Chinese crypto community and drew criticism from other prominent crypto influencers living on this land. Since the publication of the finding by CoinNess China in first, more than 800 beholders have joined the discussion, while nearly 70% (555 out of 801) of them voted in favour with a negative impact on the Bitcoin (BTC) price in a poll that comes with its each news flash.
The intensity of disputes invites the same level of criticism, which can only be labelled as brutal, if not ferocious. As a long-standing early believer of Bitcoin, and later of BCH, JIANG was suspected of camouflaging a well-reasoned inference to a piece of factual truth and selling it to the masses for an unspecified agenda.
Among all the dissidents, one merits more attention than others for his connections with the Bitcoin Core and for a fund set up by him to sponsor a couple of Core developers. Asking to speak on condition of anonymity, the source told CoinNess that what JIANG said were merely speculations, hinting that he himself had no knowledge of such plans in progress. He emphasized in his communications with CoinNess that the public must differentiate the “opinion” from the “fact” in JIANG’s misleading message, which he believed that JIANG clearly counted on the insufficiency of such awareness to prey on the fear that he sowed.
And the two events in recent memory are mentioned in JIANG’s article, serving more of an argument to support a theory in mind he trusts to hold together, instead of entangled facts that are situated on the tip of an iceberg — a grand plot pulled off by ill-intentioned Bitcoin Core developers to force-hand a road of small blocks for Bitcoiners.
Wait a minute. Does not this narrative strike too familiar to the fresh memory of a diehard civil war between BTC and BCH? Thanks to the legacy of his friendship with Bitmain and its CEO WU Jihan, JIANG was some figure who claimed a spot in the history of BCH since its inception. In other words, he helped breed the most successful fork coin of Bitcoin and attempted a helping hand whenever BCH required his assistance. With deep backgrounds with BCH, JIANG made such a specific accusation against the rivalry camp, it might backfire horribly.
If JIANG cannot submit further evidence to substantiate his statement that the Core does cultivate such a plan or adequately defuse the negative reactions coming his way, the article might be easily dismissed off the hand as a poorly-orchestrated and yet a very dangerous smearing campaign, because it carries chances of the ringleader’s reputation dragged through the mud.
CoinNess promptly approached JIANG for confirmation surrounding the hot issue — is he telling the truth or just putting forward a theory? Though maybe rather well-established, still just a theory?
JIANG skirted the “yes and no” question by expanding on the MimbleWimble-based GRIN, the so-called “Bitcoin of the Next Ten Years.” GRIN is designed without a halving mechanism and its major developers voluntarily pulled themselves from the Bitcoin Core to pilot a non-halving mechanism for Bitcoin, according to JIANG. This falls within the aforementioned realm of “worth questioning,” along with another fact used to back up his story — Matt Luongo proposed a plan of eliminating the supply limit of BTC. JIANG said that Matt Luongo was a developer brought from outside to utter the Core’s determination in order to navigate the possible criticism away from the Core. Once again, worth questioning.
When the journalist of CoinNess pressed hard to get a simple yes or no out of JIANG, he eventually flipped, “When this becomes a fact, the information will be worthless.” Clearly, he was unwilling to die a disgraceful death and withdrew the deductions that he called “facts,” but erected himself as a prophet who sang a tune too high-sounding to be well received by the less visionary beings.
In the following interview, he flip-flopped between a determination to call it a day and confess, or to fight till his last strength to withstand his initial definition of the piece of information — it is a fact. “Everyone within the Core’s circle shall be aware of the plan, and it’s not my deduction,” said JIANG. And yet he remarked right away, “It’s a plan designed for the long-term development. The core might ‘persuade’ the community prior to the 2024 halving and 2028 halving. All we need to do is wait. Nothing is worth discussing at the current phase.”
As the owner of the world’s sixth largest BTC and the largest BCH mining pool around the world, JIANG’s words carry a lot of weight and he has indeed done his fair share of blockchain education for newcomers. His sound judgments seem to show a tendency of malfunction whenever it comes to the disputes between BTC and BCH, a major flaw to his adversarial peers’ eyes. Or as JIANG sees it, he is the highbrow one who foresees the direction in which the historic juggernaut roars down.