BTC additional issuance, BCH miners stole coins, a "hand-to-hand battle" among cryptocurrency camps

Since the birth of the crypto community, the debate has never stopped.

After the BTC forks out of BCH in 2017 and the BCH forks out of BSV in 2018, the gunpowder smell among the crypto camps has also grown stronger, and the quarrel has also shifted from decent private places such as "Hong Kong Consensus" and "New York Consensus" to Twitter On Weibo and Weibo, the dark history and unfortunate past of each stakeholder were picked up.

Additional issues by BTC and stolen coins by BCH miners. These topics that directly pierce sensitive nerves have also been thrown on the table. A "hand-to-hand battle" among cryptocurrency camps is being staged.

1 disputes sparked by Peter Todd

"The 21 million bitcoin supply cap is actually a 'religious belief'."

On February 25, Peter Todd, a supporter of the 1M block and a senior development member of the Bitcoin Core Development Group, caused a heated debate in the community. He also said that anyone with economic awareness knew that we were indeed There is a high rate of inflation, but that's fine, and the difference between 0% and 0.5% sounds trivial.

Peter Todd's remarks suggest that he believes that Bitcoin should exceed the 21 million limit, and the additional issue is correct.

Peter's argument is exactly in line with the BCH community's point of view: As long as BTC still maintains 1M blocks without expansion, only the issue of additional shares can go. The bitcoin community is shocked: the issue of adding bitcoin Yanran is a "risk of the world" argument. As a core development member of bitcoin, how can Peter throw such an argument?

Therefore, Peter's point came out, and the entire crypto community had a fierce debate on this.

So why did Peter make a big wave in one sentence?

This is related to Peter's senior bitcoin development experience and the status of the bitcoin community, which can also be reflected in the code contribution of the bitcoin code base.

According to the latest Github data, a total of 682 developers (Contributores) have contributed code to the Bitcoin core code base, and Github will automatically show the top 100 most outstanding developers.

Among them, Peter Todd's code contribution excellence ranks 26th, and Peter code submissions are concentrated from 2013 to 2016, which means that even if Peter has almost never submitted the code in the past 4 years, his The ranking in the Bitcoin Core Codebase still exceeds 95% of Bitcoin developers.

In addition, Satoshi Nakamoto ’s successor, Gavin Andresen, ranked ninth in the 2016 contribution. Since 2016, Gavin has also stopped submitting code for the core code base.

That is why Peter's remarks attracted the attention of the domestic and foreign currency circles.

In response to Peter's point of view, Jiang Zhuoer, a strong supporter of the BCH route, said that Core's attempt to issue (over 21 million) BTC is because the additional issue is the only logical choice after 1M is locked.

To this end, on February 25th, Jiang Zhuoer published an article "Why is Core persistently trying to issue additional BTC?" ", The article passed" Core will persevere in issuing additional (more than 21 million) BTC this seemingly ridiculous thing "," Core lock 1M violates Satoshi Nakamoto's plan "," Now BTC locks 1M fee Because of the surge in congestion in a short period of time, it is a kind of overdraft and back to light.

However, Jiang Zhuoer's objections caused public refutations from the BTC community, and led to the old history of BCH's early mining of stolen coins. [1]

The BTC community and the BCH are still in the technical category (the dispute over the route is the dispute over the block size), but later developments have exceeded expectations, and it is also a continuation of the dispute between the BCH and the BTC community, and these disputes have already Beyond technology.

At 9 pm on February 26, Jiang Zhuoer posted his experience on off-market financing to buy coins via Weibo, and said: "Find out how to borrow off-the-counter People, one million to several million can still be borrowed, and it is not difficult to turn over their net worth several hundred times in a cycle. "

BTC community supporter Xiong Yue answered this question in dozens of minutes.

At 10 pm on February 26th, Xiong Yue said via Weibo: "I heard that some people are urging everyone to borrow millions to buy BCash (a bad name for BCH) to take their own orders. Why does BCash show that it is not his heart? At this time next year , I don't know if BCash is still alive … The price of 0.003 means that it can be 51 (51% attack) if you just do it. "

As a result, the dispute triggered by Bitcoin developer Peter escalated again.

Subsequently, on February 27, Jiang Zhuoer stated that Xiong Yue "does not know if BCash is alive … 0.003 price", and expressed his willingness to verify the right and wrong through a 3000BCH / 108BTC bet. And picked up TumbleBit's past purchase of Mercedes-Benz at a price of 6000 yuan.

At present, blogger TumbleBit mentioned by Xiong Yue and Jiang Zhuoer on Weibo has not indicated that he is ready to meet the challenge.

At this point, the dispute between the two communities triggered by Peter's Bitcoin issuance has been completely offside. Of course, we will wait and see to what extent such short-term engagement will end.

In fact, as early as 2019, Peter had expressed similar views and caused similar disputes.

On February 4, 2019, Peter discussed the Bitcoin inflation rate with Twitter user The Bitcoin Rabbi: "Will the mining industry fail because mining rewards have become too low? Of course, maybe not in 10 years. , But at some point in the future. "

Peter's words were to judge whether bitcoin will be issued in the future, and his remarks also caused extremely fierce community disputes at the time.

However, Peter showed a strong antipathy toward reducing the number of Bitcoin blocks. In February 2019, in response to the idea of ​​Bitcoin core developer Luke Dash Jr proposing to reduce the block size of BTC to 300kb, Peter, also a Bitcoin core developer, said that this is a stupid idea, which is a high Cost adjustment.

So why are there so many differences between the cryptocurrency community? What's the underlying reason behind this?

2 Behind the dispute

"The root cause is the dispute over computing power, technology, and users."

As a senior investor in the cryptocurrency industry, Zhongnan has written several articles to analyze the root causes of the "fight" in the crypto community. When asked why investors in the crypto world are struggling, Zhongnan analyzes it this way.

"Let ’s break it up and analyze it. Bitcoin was born from a loose coalition of" crypto punks "composed of mathematical hackers, civil libertarians, programmers, and cryptographers who changed flags. They advocate protecting personal privacy and want To create a free world of free competition, what inspires them to form these loose organizations is tokens. "

From the perspective of Zhongnan, since it is a loose organization, these capital, talents, and computing power are basically free flowing. "Therefore, some stories are needed to attract these resources to support your project."

Whether it is BTC or BCH, it is essentially a project, but its weight is different.

"Core accuses BCH of being tied up by large computing power, accuses BCH of being a fork of Bitmain, and accuses large blocks of being superfluous. The BCH community accuses BTC development of being blocked by Blockstream's intervention. The curve expansion is not feasible at all. "Zhongnan said.

From the perspective of Zhongnan, the dispute between the two camps is essentially to tell stories within their own logical framework.

"BCH's story is this: Bitcoin 1M block, the network will definitely be congested in the future, which will lead to a very high commission fee, a transfer fee of tens of thousands, and no one will continue to invest in it. In line with Satoshi Nakamoto's definition of "peer-to-peer electronic cash system". Therefore, the BCH block must be large enough to meet the current network infrastructure. "

From the perspective of Zhongnan, the reason why BCH chose to fork is because the BTC block is too small to meet the market demand.

"BTC's story is this: Although the block size is only 1M, Segregated Witness and Lightning Network can solve the problem of network congestion. On the contrary, BCH has expanded the block by forking, but it is still a forked coin in essence. The block is too It ’s big, and the miner ’s commission is very low. Will there be a few more cuts in the future? Is n’t nobody willing to mine on it? ”

"In fact, whether they are Jiang Zhuoer or Xiong Yue, they are essentially arguing over route issues. Whoever has a more self-consistent logic can win the support of capital." Zhongnan said.

In addition, from the perspective of Zhongnan, any supporters themselves will have a lot of such coins, and they are actually waving flags for their own interests.

Whose logic is more self-consistent, and who can win in future competition?

"No one is sure in the future, but at least from the perspective of computing power and market value, BCH is much weaker, but this does not represent the future." Zhongnan said.

According to the latest data from bitinfocharts, the computing power of BTC network is 107.58Eh / s, and the computing power of BCH network is 4.08Eh / s, the former is 26 times as much as the latter. The latest data from coin360 shows that the market value of BTC accounts for 64.21% of the total market value of cryptocurrencies, while the market value of BCH accounts for 1.1% of the total market value of cryptocurrencies, the former is 58 times the latter.

"But there is one thing we must pay attention to, like Wu Jihan, Jiang Zhuoer, Yang Haibo, Roger Ver, etc. are all established investors in the cryptocurrency field. They are also strong supporters of BCH. I don't believe they will choose wrong."

As the main force of the crypto market, BTC and BCH are also practitioners of different crypto routes. On two different paths, I believe that they will continue to quarrel in the future, but they can go further and further due to this.

[1] Over 19000 BCH were sent by mistake, and nearly half have been stolen. This problem is annoying for miners.