It is only 32 days from the halving of BTC. BCH and BSV have completed the halving in succession. Does the reduction in production affect the geometry?

Planning and finishing: Vivian Publisher: Vernacular Blockchain (ID: hellobtc)

In this issue of "Vernacular Sayings", we welcome the frontal confrontation between the two camps of BCH and BSV that let guests host Cindy's "live and see" directly. Around the current hotspots in the blockchain field, Qiu Shaoxian Wang Hongli, the person in charge of BCH.Club, gave a unique and sharp answer to a series of questions raised by the host:

"I am not pessimistic about the future of Bitcoin. On the contrary, I think that halving is a very important opportunity for the Bitcoin industry, because the mechanism of Bitcoin halving determines that this will be a process of survival of the fittest, some in resources and mining machine performance. Mining trade unions with no advantage are eliminated from the competition. "-Qiu Shaoxian, owner of BSV Skeleton Association

"Why are some people advocating that Bitcoin is digital gold, a store of value, rather than a world currency? Setting aside ideological stubbornness and different positions in business competition, all that remains is the packaging of hype demand. The BCH community has been Adhere to prove that he is pursuing decentralization. Although he is supported and recognized by Bitmain, it is not controlled by Bitmain. "-Wang Hongli, head of BCH.Club

• Report: Who is the most likely currency to become Bitcoin and Ethereum?
• Why did the mining pool business become the "sweet bun" of the exchange?
• 312 plunge paved the way for new funds to enter the market, a large number of investors "bottom" Bitcoin

The following is the original text of the dialogue:

01 How is the big coffee made

Vernacular blockchain Madan: First of all, please invite two guests to introduce themselves to us, and talk about the opportunity to enter the blockchain industry?

Qiu Shaoxian:   Hello everyone, this is Qiu Shao, thank you very much vernacular blockchain for inviting me to participate in this event. My exposure to Bitcoin was around 2013, when I published some articles at Babbitt, and I have been paying attention to Bitcoin since then, witnessing the bitcoin expansion dispute that lasted for several years after 2015. Personally, I was very disappointed with the continued congestion of Bitcoin at that time. After the Bitcoin fork in 2017, I supported BCH for the first time, and then later supported BSV.

For me, choosing to support BSV is natural, because this is what my ideal Bitcoin should look like, and there are enough theories to prove that BSV's existing architecture is strong enough. However, for various reasons, BSV is also the easiest way to attract black, and its ideas are somewhat incompatible with the industry's consistent views. But no matter what your opinions are, I think it is necessary to maintain an open mind, especially in this circle.

I believe that the truth is clearer and clearer. The chat history of the BSV Skull Club WeChat group established in the early days, as well as the later book "Bitcoin Rebirth: Return to Genesis", I will open it online. Learn the views of BSV supporters at https://metanet.press/ .

Wang Hongli:   Hello everyone, I am Wang Hongli of the BCH community and have always been a big fan and supporter of BCH. It is reported that I am a Bitmain employee and I would not comment on this. I am currently in charge of operations at Matrixport, but I will not introduce it here. What can be revealed is that our company is about to launch BCH's financial management products.

The opportunity to enter the industry was to help Bitmain hold a miner conference in 17 years, provided some video production services, and then officially entered the industry. It's embarrassing. I didn't introduce myself as long as Qiu Shao, and now there is a feeling that Xue Nuo first met Long Ma. 02 halving soon, where does the currency price go?

Vernacular blockchain Ma Dan: Ask a topic that everyone is very interested in. In the context of the spread of the new crown pneumonia around the world and the crypto market has just experienced a round of waterfalls, BCH and BSV, who are members of the halved army How do you view the currency price trend after halving?

Qiu Shaoxian:   I personally think that the idea of ​​doubling the price after halving is actually a modern version of the carved sword. When everyone has expectations, its expectations usually respond in advance, so it is not easy to go as expected. The price plunge a while ago must have hurt many people's hearts, but such a scenario is not uncommon when the industry is still dominated by speculation.

Bitcoin is based on economic incentives, and the PoW mechanism needs to continuously draw energy resources from the real world to maintain the operation of this system. In general, when the global economy is not good, the funds invested will be more cautious. Since the beginning of the New Year's epidemic, some people have felt that life has become more difficult. This is just a microcosm of the moment and will affect all walks of life. I personally think that if the mining cost is too high to provide sufficient profits after the halving, it is not surprising that the computing power or the price is halved.

Essentially, the account information on the Bitcoin chain needs to provide sufficient value to support this system. From the current situation, most blockchains are not enough to support their market value. Vernacular blockchain Ma Dan: So Qiu Shao is pessimistic about the halved market, right?

Qiu Shaoxian:   It is not pessimistic, but it is normal for the industry to have ups and downs, and halving will make some inefficient miners more pressure.

Vernacular blockchain Madan: What do you think of Manulife?

Wang Hongli:   Price is market behavior and no one can predict it accurately. Judging from the trend of the price curve after halving in the past, prices will increase after halving.

In a complex market environment (such as the current spread of the new crown epidemic worldwide, the general slowdown of industry growth, and insufficient investor confidence), it cannot be ruled out that the currency price has not risen in the short term after halving. However, the performance of BCH in global merchant applications and technology development has given me confidence to believe that the long-term price trend of BCH is bullish.

For example, in Australia, where the market environment is more open, BCH merchant adoption and personal consumption are far ahead of retail payment. (Here are two comparison charts of the use of cryptocurrencies in the Australian retail industry.) Whether it is from the overall consumption amount or the number of consumption, BCH's performance is far ahead.

As can be seen from here, BCH has a solid foundation for its use. A bottom-up thing is anti-fragile.

This is not just happening in Australia. BCH supporters around the world are building communities in their own way. Let's take another example. Now that the epidemic in foreign countries is spreading, BCH is actively organizing online gatherings and using VR technology.

Overall, the BCH route is correct and the ecology is vigorous. After a long time, the number of users is up, and the total supply is constant. Are you worried about the price? 03 Miner shuffle is inevitable

Vernacular blockchain Madan: This wave of currency price declines has caused a large number of mining machines to be forced to shut down or hover on the edge of shutdown. The decline in computing power has also caused Bitcoin to have just experienced the second largest difficulty downgrade in history. The currency price has rebounded, but there is still the possibility of large fluctuations again. I would like to ask two people, if the currency price did not usher in the skyrocketing that people expected after the halving, how would their respective computing power change? What about the survival of miners? Is it possible for a mining accident to occur?

Qiu Shaoxian:   Regarding the halving of Bitcoin production, I actually wrote an article in the public account "Who halves the death knell?" This does not mean that I am pessimistic about the future of Bitcoin. On the contrary, I think this is a bit of the Bitcoin industry. It is a very important opportunity, because the halving mechanism of Bitcoin determines that this will be a process of survival of the fittest. Some mining unions that have no advantages in resources and mining machine performance are eliminated.

The expectation of halving bitcoin is stable, and stakeholders actually started to lay out a long time ago. But unlike last time, there was a Bitcoin fork during this halving. At this point, we need to treat all SHA256 computing power as a whole. Although they are now divided into three chains, The computing power is interoperable, and together they determine how great the carrying capacity of this system is.

That is to say, in the next less than a week, we will really usher in half. And there will be a sequential order. The first halving will be relatively unfavorable. When the halving comes, there may be a large amount of computing power migrated to other chains to mine to obtain higher Under such circumstances, if you insist on digging this chain with too little computing power, then this chain is actually in a blood loss state and is caught in a death spiral until all chains are halved, the computing power Only then will it return to equilibrium again.

According to the current block height, BCH will start to halve in the next two days, then go to BSV, and then go to BTC in about a month. Among them, the BTC chain has an upper limit of 1M and the difficulty cycle time is 14 days. Its capacity is the smallest and the difficulty adjustment time is the longest. If there is a large-scale migration or shutdown of computing power, its situation will be the worst. It may easily lead to the situation that the transaction cannot be confirmed for a long time.

I do n’t know if anyone will do things at this time, but this time is a test for all bitcoin miners. If the miners are not worth the money for a long time, how many miners are willing to use coins like Satoshi Nakamoto did Where did the standard dig in silently for a year?

From this perspective , this is a big competition for the supporters behind it. At this time, we need to understand that the cost of digging out a block is high. If the ledger behind cannot provide sufficient value, it is foreseeable that the corresponding price will fall, and the computing power will decrease until a new balance is reached, and even computing power may appear. Withering phenomenon. Vernacular blockchain Madan: Manulife, what do you think?

Wang Hongli:   Generally speaking, the miner's income is halved after the block reward is halved, and the subsequent increase in the currency price offsets the impact of the output halving on the miner to a certain extent. As you said, assuming that the currency price has not skyrocketed after halving, some miners have worked hard to improve the operation level to drive down costs due to economic considerations, adjust the computing power to other SHA256 currencies, or directly withdraw from mining. The remaining miners digging BCH due to reduced competition, reduced the difficulty of computing power, and obtained higher returns than before. At this time, profit-seeking miners see that BCH mining is profitable, and then transfer the computing power back to BCH. So we can see that when mining is still profitable, there will still be miners and computing power.

Returning to BCH, you can be sure that BCH's computing power will be lost in the short term, but due to the advantage of BCH's dynamic difficulty adjustment, the difficulty will soon be reduced without too much impact. BTC will accumulate too much computing power, resulting in increased difficulty. In extreme cases, the unreduced BTC income may not even be as good as the halved BCH.

BTC will also lose its computing power after halving. The very obvious flow is toward the less difficult BCH or BSV. The difficulty of BTC can be adjusted for up to a week, and the block congestion caused by this week will be particularly obvious. The machine gun pool service of BTC.com and Ant Mining Pool has increased this possibility to a certain extent, and the miners are pursuing profits.

The inevitable reshuffle of miners will eliminate the miners with low production capacity and the mines with high electricity costs, leaving more efficient miners and more specialized operations, such as miners running S19. Vernacular blockchain Madan: What might be the worst case for BTC, BCH, BSV?

Wang Hongli:   The worst case is nothing more than shutting down.

Qiu Shaoxian:   In addition, it is worth mentioning that there has been a lot of new computing power in the past two years. How to choose this part of computing power is a phenomenon worthy of observation. Miners' profit-seeking is not a bad thing, on the whole, it is still a comparison of the computing power of supporters. Vernacular blockchain Ma Dan: Can Qiu Shao detail what is behind the "computing power ratio"? Like the value provided by the ledger mentioned above, it should be difficult to provide greater value in the short term?

Qiu Shaoxian:   Now some of the miners on the three chains are only digging a certain currency, and another part of the miners choose the most profitable currency based on the current best interests. This proportion is dynamically changing, depending on the miners' cognition and belief .

It is indeed more difficult in the short term, but fortunately, the value of Bitcoin's ledger is accumulated, and the value can be precipitated. If a miner treats mining as a business, it is not a bad thing to know more about it. 04How to solve the problem of development funds in decentralized communities

Vernacular Blockchain Ma Dan: I would like to ask Manulife. Some time ago, BCH's infrastructure financing plan caused a lot of controversy. Although it was supported by many big brothers at the beginning, it was still difficult to produce because of the strong opposition of the community. Do you think the "Nobel Prize Model" will be a good solution? Will the current model of community donation + part-time development adversely affect the future long-term development of BCH?

Wang Hongli:   First, the "Nobel Prize Model" is a "post-certification" mechanism; second, it also involves a jury committee; and finally, the symbolic meaning of the "Nobel Prize" model is greater than the actual value. I do n’t know how many developers can grind a sword in ten years and insist on developing a theme under the premise of “unexpected future”, and the development direction just solves the technical bottleneck. There is too much uncertainty in this, especially when it comes to the composition and work of the jury, which is equivalent to adding additional tasks to the community. I personally are not very confident about this model. Of course, if there is a complete set of plans, maybe you can consider it.

It is not entirely correct to say that BCH is a community donation + part-time development. Although all funds come from donations, a few companies and individuals are committed to providing the necessary assistance. This donation also confirms from the side that BCH is a truly decentralized community. What is incorrect is part-time development. To be precise, BCH is currently on call 24 hours + part-time development. Before the sudden situation of the BCH network, it immediately returned to normal, which is the credit of our developers on standby for 24 hours.

A smaller team of emerging developers may focus on a certain part. For example, Green Verde is a part-time development state. These part-time developers are professionals with experience in other fields, and occasionally have plans to make them want to try their skills, then starting from part-time development is actually a good choice, which can not only solve the problem, but also really let interest lead Development. If the developed things are useful, there will naturally be a market and help the ecological development of BCH.

Someone said, "BCH has no money for development, where does the money come from?" I want to correct this. It is not that no one is willing to provide funds to BCH developers, but they have explicitly rejected the funds provided by a company. The reason is that they are worried about gradually becoming a part-time worker of a company, and the development direction has evolved to provide customized services for a company. So the community has adopted "donations", "miners' fund-raising" and other plans to let developers receive donations, and most of the time it is not the initiative of the developers.

Did you think of a familiar word? Decentralized. Before this happened, the criticism of the entire industry on BCH was mainly based on the arguments of "mine mining currency" and "centralization", and the BCH community has always insisted that it is pursuing decentralization, although it is supported by Bitmain. And approved, but not controlled by Bitmain.

But with the passage of time, after two years of the big bear market, I found that the idea of ​​the idlers attacking BCH has changed, from mining hegemony, centralization to unattended, and the community is loose. The pursuit of decentralization will inevitably cost some efficiency. Just like our work and meetings, the goals after a long discussion are often more comprehensive and detailed. Although we will sacrifice some time, we will not step on a lot of mines.

For investors, a truly decentralized community is more reassuring than a project led by a project party. Everyone always said that the project is rich, who is who is a billionaire, how many Ph.D. degree doctors from Pheasant University, the team of people in this group is particularly able to do things, open the conference P fake pictures and forge various documents Even beyond Satoshi Nakamoto, these few people made enough money to run away, and the consensus of the entire project collapsed, leaving only chicken feathers and reverberating guns.

Of course, I am not targeting anyone. What I want to express is: the gathering is a fire, but it will eventually go out. San is full of stars, and the stars are close to eternity. Vernacular blockchain Madan: For the decentralized system, the token economy is very important. Considering the continuous expansion of the BCH community in the future, the number of developers and incentives will increase accordingly. So, are there any developers or ecological participants? A good sustainable incentive mechanism?

Wang Hongli:   This is a problem that every community pursuing decentralization is facing. Some projects have left funds from the beginning, and some projects have issued coins or IFO from the beginning to make money. They have enough ways and routines to make money. .

For communities like BCH, the best way to look at it at the moment is to donate by miners, just like the donation program released by Jiang Zhuoer a while ago. But many things are not as simple as imagined, and there are still many minor problems. Vernacular blockchain Madan: We are also looking forward to new progress.

05Is the iconic character Satoshi Nakamoto good or bad for Bitcoin?

Vernacular Blockchain Ma Dan: Shao Qiu, you once said "CSW is Schrodinger's Satoshi Nakamoto". CSW's insistence on unlimited expansion has indeed gathered many BSV followers, but it is undeniable that the controversy surrounding him has also given BSV brought some negative voices. Looking at other public chains, Ethereum has a V god and EOS has a BM. Do you think the existence of an iconic figure is a good thing for the development of the public chain?

Qiu Shaoxian:   Satoshi Nakamoto is an unavoidable existence for bitcoin, and it is not good or bad.

Personally, I have had several contacts with CSW, and I also get a lot of inspiration from his articles and conversations. He is not a perfect person, but his understanding and perseverance of Bitcoin is far above others. Regarding this point, in an interview in 2014, he said a lot of remarks about Bitcoin that were seemingly nonsense at the time. Those who are interested can verify it.

In short, I understand what he wants to do, and I am very thankful that he has been working hard to keep his original intention unchanged. Most people will only hear the word, and everyone will follow. Very few people study what he said, whether it makes sense, and whether it can be achieved. This test is the eyesight, and the ability is also tested. Fortunately, BSV will not change much after the Genesis upgrade. After the agreement is fixed, it is important that a large number of transactions generated by rich applications maintain the normal operation of this system. Satoshi Nakamoto The glory of the future needs to be carried forward by future generations, which is also the direction of our efforts. 06 What have the BSV camp's visions realized?

Cindy: I used to think that TRON is the most brave of all currencies, but later I found that BSV is the most brave. Throughout the CSW blows, from the hash wars threatening to destroy the BCH to making the Internet a side chain of BSV … Qiu Shao convenient for you to control what CSW blows in those years have been achieved? Is there a specific roadmap for Niuchi that has not yet been implemented?

Qiu Shaoxian:   Hahaha, get to know Metanet over the years, I have become more and more like dealing with smart people (rather than smart people). Smart people often hear awesome ideas, and they can quickly find potential opportunities and find their place in them to show their talents. I have seen a lot of such people in the Skeleton Group, and they have given me many new inspirations from time to time.

Many things are actually considered on two points: whether it can be achieved technically, and whether it is economically worthwhile. Smart people who have figured out these two points are now working hard to build, after all, this is done, and it is not without the conditions. I ca n’t figure it out, I can learn more about it and keep up with it, and as for waiting to watch jokes … If you don't believe me or don't get it, I don't have time to try to convince you, sorry. Cindy: This sentence is also very good in English.

Qiu Shaoxian:   After all, Satoshi Nakamoto said.

07 Some people called BSV a "demon coin" response

Cindy: The price of BSV has risen and dropped by many people as "demon coin", Jiang Zhuoer also said in many interviews that BSV is a typical banker's currency, who buys who SB. I often receive BSV related pushes in my own mailbox. Every time there is news such as Calvin investment acquisition, the currency price will be violently pulled. How does Qiu Shao view BSV's severe price volatility? Do you want to respond to President Jiang?

Qiu Shaoxian:   This question is interesting. If the price of a currency rises or falls to be a "monster coin", BCH two years ago is also pretty demon, and a few years ago bitcoin is also pretty demon. In the eyes of traditional investors, the whole is pretty demon.

In fact, from another perspective, this shows that the entire digital currency market is still very niche, which actually reflects a huge cognitive deviation. I personally do n’t like that kind of skyrocketing, because it shows to a certain extent that people are still speculative. If they deviate from the actual utility, pure hype is just a zero-sum game. In a few days, I will take the time to write a public account article to discuss the geometry of digital currency value. But after all, investing needs to be risk-conscious. Everyone is an adult. They should know how to be responsible for their choices. Buy if they are optimistic, and sell if they are not, otherwise it would be boring to make it like a shrew. Cindy: Very sincere.

08 The impact of the decline in computing power, no block for a long time, Bitcoin.com layoffs and other events

Vernacular blockchain Ma Dan: Talk about a recent hot event. Recently, it was reported that some miners will transfer their computing power from BCH to BTC. This move may have a serious impact on BCH. One of the performances is that Bitcoin.com has stopped recruiting and A large number of layoffs. At the same time, the data on the evening of April 5 showed that the BCH network did not produce blocks for an hour. In this regard , I would like to ask Manulife. Are the layoffs of Bitcoin.com and the delayed block generation of the BCH network related to the decline in computing power? Will the security and stability of the BCH network be affected?

Wang Hongli:   Now it is quite common for miners to switch computing power, and it is all market behavior. Mining BCH proceeds, the miners will naturally switch the computing power.

At this time, it is not uncommon for companies to lay off employees. Under objective market conditions, business adjustments inevitably involve changes in organizational structure. Bitcoin.com has had layoffs recently, but a large number of layoffs are unknown. As the halving comes, pay special attention to rumors from people with ulterior motives.

This year ’s economic situation is even worse than last year. For any company, optimizing the personnel structure is a very correct decision, especially under the threshold that BTC is about to be halved. As a worker in the circle, I think it is very very The right decision.

In particular, the problem of BCH delayed block generation is caused by the algorithm, and delayed block generation is common. Because BCH has so much computing power, in the case of difficulty adjustment, the mining union switches the computing power to other chains. In addition, BCH network has professional developers and mining pools to escort, so there is no need to worry about security issues. After all, we are the big devil, mining coins …

Cindy: I want to talk about the layoffs of Bitcoin.com. After all, I was an employee of Bitcoin.com in 17 and 18 years, so I can still say a few words. Bitcoin.com has been a globally distributed office, with many employees around the world. No punch card is required and there is no KPI review. I remember Roger telling us at the time: I don't care what you do every day, as long as you are promoting BCH.

Later, a friend of Roger Ver joined the company as an executive, and changed a management method. Employees need to punch in every day and submit today's to do list. In this way, some people who are accustomed to take the initiative to resign; and then some repetitive positions are cancelled. For example, Bitcoin.com has many community manager positions in charge of meeting. After all, companies are not charitable, and layoffs are normal. But a lot of layoffs need to be examined again. Vernacular blockchain Madan: As a BSV who also belongs to the SHA256 computing power camp, what does Qiu Shao think about this situation? Will there be the same concerns?

Qiu Shaoxian:   There is nothing to worry about BSV. At the same time, the agreement is unchanged. At most, there is a phenomenon of block reorganization. This is a natural evolution of the Bitcoin network, and the transaction itself has not been lost. After all, the block is large enough to accommodate transactions in the lone block.

09 Does Bitcoin have any hedging properties?

Vernacular blockchain Madan: There has been a lot of voices calling Bitcoin a safe haven comparable to gold, and after this plunge, many people said that the digital gold story of Bitcoin has completely failed. What is your opinion on this?

Wang Hongli:   Many BTC KOLs have long educated the public that "BTC is electronic gold". In my opinion, this narrative is untenable. First of all, if BTC is only stored in a safe place like gold, then it has no purpose at all, let alone solves any practical problems. To be as valuable as gold, it must first be useful. Secondly, look at the situation of Bitcoin network congestion and transaction fees. There is no better than the current currency system. In this case, it is not an excellent intermediate collateral, nor will it attract the use of mainstream society. Electronic gold The argument is not self-defeating.

Why do some people advocate that Bitcoin is digital gold, a store of value, not a world currency? Putting aside ideological stubbornness and different positions in business competition, all that remains is the packaging of demand for hype. Emphasizing value preservation and gold attributes, quietly converting Bitcoin into a pure investment product, it seems reasonable and reasonable to meet the status quo, but it is actually a short-sighted and tricky act.

Packing Bitcoin into gold, emphasizing investment, wearing invisible shackles, imprisoned in the small circle of speculators. Digital gold makes Bitcoin yaw in the direction of "financial scam". In addition to shouting slogans, these pseudo-evangelists did not actually make any contribution. They just wanted to use the title of "evangelist" to express bloodlessly. Don't follow the wave of wrong thoughts, imprison the ideals, and impose the upper limit. Vernacular blockchain Madan: So in your opinion, what is the real value of Bitcoin?

Wang Hongli:   Denationalization of currency and financial freedom.

Vernacular blockchain Ma Dan: What do Qiu Shao think?

Qiu Shaoxian:   The price of Bitcoin now largely depends on the confidence of the currency people, but the confidence thing is quite false. For example, a few days ago, a lot of people's confidence was gone, and recently a lot of people's confidence returned.

I ’m not saying that your confidence is worthless, but without practical application scenarios, the cost of maintaining confidence is very expensive. Unlike physical gold, Bitcoin is a system that continuously extracts energy from nature, and PoW is a mechanism to increase trust through "inefficient" means that the Bitcoin system is constantly asking someone to pay for it. . And the competition mechanism of Bitcoin will increase the competition of miners, let them continue to invest funds to buy mining machines to build mines to mine coins, we have also seen the huge investment in SHA256 computing power for more than ten years.

Now that BTC has the characteristics of a Ponzi scheme, future generations are only hoping to enjoy the dividend of its price increase, then if its price falls and crashes one day, its tragedy is conceivable. Every transaction in Bitcoin is essentially just a string of characters. Without the practical value behind it, the bubble will eventually be vulnerable. Vernacular Blockchain Ma Dan: Qiu Shao, what do you think are worth looking forward to in the future? There is really very little to see at present. Will Bitcoin be just a totem?

Qiu Shaoxian:   In fact, it is not uncommon to see medical data, digital invoices, postal express, streaming media, electronic copyright … These are actually used scenarios and can be implemented more efficiently on Bitcoin.

It is no exaggeration to say that what the current alliance chain can do can eventually be mapped onto BSV and can be done at a lower cost. The actual application development takes time, and the effects will take some time to show. BSV has spent more than a year in chaos. Anyway, this year's Genesis upgrade is the beginning of the prologue. I suggest you wait and see. Vernacular blockchain Ma Dan: It may be possible to look into each application scenario and there are still many problems that need to be solved. We will have the opportunity to discuss this later.

10 The debate about who is the real Bitcoin?

Cindy: BTC, BCH, and BSV all considered or once considered themselves to be true bitcoins, and embarked on different paths according to their respective understandings of the bitcoin system designed by Satoshi Nakamoto. Could you please tell us what is the core of Satoshi Nakamoto's design? What exactly does decentralization mean for Bitcoin?

Qiu Shaoxian:   Satoshi Nakamoto had been on the Bitcoin forum for a long time. It has been fixed and remains the same throughout the life cycle. ”Although Satoshi Nakamoto determined the nature of the core design of Bitcoin ’s economic incentives and free competition very early, there are still too many people who believe that the Bitcoin protocol is not perfect and Try to add something to it. Over the years we have seen the drama caused by too many developers, and in fact, Satoshi Nakamoto's design has never been fully realized.

BSV wants to set in stone, it does not mean that the code is written dead, in fact, Bitcoin SV Node now removes the upper block limit, and the other Teranode node will be T level under the same protocol. Prepare for the realization of the block. We also welcome anyone to develop the BSV client. In my opinion, the protocol is locked to avoid unnecessary development disputes since then, and let everyone develop freely on this basis is the real decentralization.

Wang Hongli:   In fact, BCH simply follows one of Satoshi Nakamoto's white papers, a peer-to-peer electronic cash system. Over the past few years, whether it is from a technical level or practical application, BCH is indeed moving towards the central idea proposed by Satoshi Nakamoto. Ten years, why do we still mention Satoshi Nakamoto and his design, not because the technology he proposed is the most advanced and most powerful, but because he proposed that everyone should have equal opportunities to participate in business and master their wealth .

As of today, many people in the world do not have bank accounts. As governments of all countries actively promote "cashless", are these people without bank accounts automatically excluded from modern civilization? The "point-to-point electronic cash" proposed by Satoshi Nakamoto just solved this problem.

In addition, I would like to ask everyone here, who has not encountered the problem of bank affairs? Today you may have to remit a payment to your business partner in Germany, but you need to provide sufficient materials to prove the identity of both parties and the reason for the remittance. Even if you follow the procedure, your German business partner still needs a certain amount of time to receive the payment. That's the problem. In today's society where everything is efficient, why can't you send money quickly? Why do I have to tell "others" where I spend my money?

Decentralization, as far as I understand it, is actually a means to achieve Bitcoin's vision. The original design of Bitcoin should be yours to do your own job. Every participant has an equal right to speak. Assuming that one party does not agree with the other, then these people can use different methods to pursue their own needs. In other words, there is no absolute authority in Bitcoin.

Who has the final say? Listen to everyone. An example: We know that people are the product of socialization, and social attributes show that we are constrained by social architecture while making decisions and actions. At this time, the decision may not be optimal. Take the elite who make policy, for example. This top-down decision-making group composed of core groups is not necessarily the best. People still complain that the regulations are not applicable. On the contrary, we listen to the voices of people from various places and backgrounds. This decentralized decision is more likely to produce the best plan.

Qiu Shaoxian:   In fact, when it comes to decentralization, there is something interesting. Bitcoin ’s white paper does not mention decentralize, but mentions honest dozens of times. The reason and phenomenon behind it are also something that deserves a careful taste. Those who are interested can think about it. Cindy: This Wu Jihan must be clear, he translated the white paper.

Qiu Shaoxian:   I think Satoshi Nakamoto will be more clear.

11 The ecological development of BCH?

Cindy: The recent news that Tether issued USDT on BCH through the SLP protocol is considered a milestone in the development of BCH. Wu Jihan, who has not spoken for a long time, also posted on Weibo that BCH supplemented the stablecoin ring, which is a long-term good. How does Manulife view this incident? What kind of benefits do you think this will bring to the ecological development of BCH?

Wang Hongli:   The number of users of Tether is extremely huge. After it migrated to BCH, the most obvious thing is that it has brought user and transaction volume to BCH. After that, every USDT transaction will be mapped in the BCH network, which also confirms from the side: Compared with other blockchains, BCH is more likely to achieve capacity expansion, which also increases the confidence of believers in large blocks; secondly, with the Matthew effect triggered by USDT, more commercial token development and payment will occur in BCH blocks On the chain. As the number of users increases, the price of the currency naturally increases upwards.

Of course, USDT based on BCH does not have much advantage over USDT of other protocols. I think this matter is more about the recognition and affirmation of BCH. Before USDT, there were already USDH-based stablecoins based on BCH, but unfortunately they have not been widely promoted, but it is very meaningful for BCH SPL-based application attempts.

In addition to USDT and USDH, the most representative BCH Token is SPICE.

The development of the community should not only exist in the mouth, group chat, soft text, PPT, but also have real results. I think the biggest benefit is that it proves that the BCH community is not doing anything. Cindy: SLP is similar to Ethereum's ERC20 protocol. Based on SLP, various tokens have also appeared on the BCH network, and some tokens have also appeared on trading platforms, such as the SPICE you mentioned. I would like to ask Manulife, do you think SLP will trigger a wave of shitcoin like Ethereum back then?

Wang Hongli:   I hope it will, but more likely it will not. SPL has done a good job, and I keep looking forward to it, and I am not poisoned by milk. There will be better things to look forward to in the future. Issuing Token is just a small function, it helps BCH not lag behind others.

Cindy: In terms of community management, BSV is called a pagan and cannot accommodate different voices. But the BCH community seems to have the same problem. Can't mention CSW or BSV, as soon as you mention it, you will be kicked out of the WeChat group. Manulife has also been accused of taking screenshots for this problem. Do you think BCH is too sensitive in community management? As the saying goes, knowing one's confidant and one's own confidant can only be effective. BCH's attitude towards BSV is not that it is a competitor, is it not worth studying?

Wang Hongli:   It is worth studying, such as how to round the mouth guns, how the tulips have expired, how to consume the lawsuit, when to use money to kill Bitmain, and whether the luxury car downstairs is still there.

Still answering the question, let ’s say you joined a weight loss group, thinking about sharing experiences and striving for weight loss success; as a result, a person came to the group and told you every day that “I am fat and proud of me”, “Life is short and I must enjoy it in time. "Fat boy is happy to be prepared" … Do you think this person is annoying at this time? Deviating from the original intention of joining the group, if the administrator is left alone, in the end this weight loss group does not match its name, how many people are dissatisfied to leave? Who will protect the rights of those who want to lose weight?

Qiu Shaoxian:   So I like to deal with smart people, they know it all, do you still understand?

Wang Hongli:   My logic is very simple, each group has a discussion topic for each group; if you want to get involved in other topics, you should move to the corresponding group organization. State-owned state laws, family rules, it's that simple.

Of course, there are several BSV fans in the BCH 100 Club. For example, Dr. Zhao is in the BCH group, because this person makes people feel comfortable. Why can someone stay and be kicked? This is more likely to be a quality issue. Vernacular blockchain Madan: Thank you Cindy and the two guests, very exciting question and answer! Thank you all, and see you next time!

Regarding the two projects BCH and BSV, which one do you prefer? why? Welcome to write down your opinion in the message area.

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"Declaration: This article is an independent view of the author, not a standpoint of the vernacular blockchain. This content is only for the majority of crypto enthusiasts to learn and communicate with science, and does not constitute investment opinions or suggestions. Please treat it rationally, establish a correct concept, and increase risk awareness. The copyright and final interpretation of the article belong to the vernacular blockchain. 』

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