Back in August, Viabtc founder Yang Haipo was 1 of the very first public figures to declare ”Bitcoin Cash is Bitcoin”. His exchange Viabtc was 1 of the initial to list bitcoin money (BCH), which was heavily criticized by Chinese industrial players for becoming “controlled” by Bitmain. Now Haipo is organizing his new company Coinex, a crypto-crypto exchange that only pairs digital assets against BCH. In an interview with news.Bitcoin.com, Yang Haipo (Yang) shared his thoughts about the initial fork offering (IFO) craze.
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Bitcoin.com (BC): If you feel BCH is bitcoin, do you believe other forked coins are also bitcoin?
Yang: In a broad sense, they are since they forked from the original BTC chain. But in a narrow sense, Satoshi’s whitepaper defined that bitcoin is a peer to peer electronic cash method. And clearly, only BCH is in line with the vision of Satoshi. It is the true bitcoin.
BC: You mean the whitepaper is the sole criterion?
Yang: Precisely. Satoshi designed bitcoin to create it into a type of income, a widely employed payment method, even a global currency. The current version of BTC is only a store of worth. Its price increases since of additional investment from new participants. Isn’t it fundamentally a Ponzi scheme?
BCH, nonetheless, is a totally distinct story. A lot of people dub BCH “Jihan coin” or “China coin”, but this is not true. BCH was not created overnight. It came out with the joint efforts of large blockers, miners, exchanges and wallet services. It set an example that a forked coin could survive, and that’s why some men and women and teams followed suit and forked bitcoin.
BC: One of the greatest positive aspects of bitcoin is its retailer of worth brought about in element by its scarcity. But now we have much more coins with a 21 million limit, a lot more bearing the name of bitcoin. Do you consider this is inflation in disguise? Is bitcoin still immune to inflation?
Yang: I don’t think this is inflation. Just like our species is the only human variation right after our closest relatives died out, there will only be one particular bitcoin that can dominate the worldwide payment method. The cryptocurrency business is nevertheless in its early stage with bitcoin, and altcoins competing for industry share. But only one particular coin will finish up with the biggest market place cap or the highest value. It will be called bitcoin, and its maximum distribution will nevertheless be 21 million.
BC: Coinex, your new exchange, is to open at the end of this month. Will it list all forked coins and distribute them to users? Or is there a standard, for instance, of not listing pre-mined coins?
Yang: Coinex will list mainstream cryptocurrencies like BTC, ETH, BCH, LTC, ZEC, DASH. I personally welcome folks to fork bitcoin and operate on various roadmaps. But we don’t help unethical and meaningless coins like Bitcoin Gold (BTG) and Bitcoin God (GOD).
BC: Proponents of BCH want it to be used as a payment method, but LTC has lengthy been recognized as the coin for tiny payments. It has low fees and quickly confirmations. Do you feel BCH can compete with LTC as an alternative payment remedy?
Yang: BCH has two advantages, larger user base and an open scalability. Firstly, BCH has the exact same user base as BTC. If you verify at reddit and bitcoin speak, you will discover that BCH supporters are far more active than that of LTC. These supporters will urge much more exchanges and wallet solutions to support BCH, and make it the most profitable coin.
Secondly, BCH is more scalable. LTC has the very same scalability problem as BTC, and if bitcoin desires to evolve into a global currency, it will have to increase its block size to 100 megabyte (MB) or even 1 gigabyte (GB). At present, only BCH is capable to move toward an adaptive block size limit.
BC: LTC’s roadmap gives priority to the lightning network and atomic swap. The BCH community appears to not have a united roadmap. There were rumors about RSK getting incorporated in BCH, but nothing official ever came about. What do you consider should be the improvement roadmap for BCH?
Yang: The BCH neighborhood is quite clear about its roadmap, scale to make bitcoin a great type of money. The technical function, lightning network, sounds fancy, but it is really just old wine in a new bottle. Customers require to save their assets to a service provider of a lightning network node. Is not it precisely like what we have now, saving funds at banks? What’s disruptive about it? Bitcoin is a wonderful invention that permits everybody to be his personal bank. BCH will make positive users can transfer coins with low fees on the BCH chain and be their personal bank.
BC: Do you think, as some large blockers do, that Core developers function on offchain transactions to maximize the financial interests of Blocksteam？
Yang: There are no hard facts to assistance such a conspiracy theory. But unless Core developers leave Blockstream and don’t receive their funds, these kinds of conspiracy theories will remain about Core.
BC: Litecoin creator Charlie Lee had been emphasizing he wants to focus on improvement, not advertising. But final week he tweeted that LTC would begin functioning on promotion. Do you feel the BCH neighborhood has carried out enough marketing? And it seems like BCH has a governance issue. It is been 4 months, but BCH nevertheless does not have a universal logo.
Yang: It is funny that Charlie just wants to focus on improvement, but all he does is advertising and marketing. I believe marketing is a must for all organizations. Every and every coin is a brand. The brand name can create much more value if more people know about it. The establishment of the Bitcoin Money Fund (BCF) will make the marketing and promotion portion far more effective and organized. And I don’t believe BCH has a governance issue just due to the fact it does not have a universal logo. LTC was produced by Charlie Lee, so Charlie has the final say on its logo. But BCH was not created by a particular individual or a organization. It represents a decentralized neighborhood where customers, designers and exchanges have their personal understanding on BCH. Some want its logo to be gold, some want it to be green. They want to argue for a even though ahead of a choice is created.
BC: BCH supporters have been back and forth about the brand of bitcoin. You have been the very first to declare that BCH is bitcoin in the Chinese community. Later Jihan Wu tweeted that “America is not England, Bitcoin Money is not Bitcoin.” This October, Roger ver and Jiang Zhuoer said only the large block coin BCH is the genuine bitcoin as nicely. But this Tuesday Jihan Wu posted on Weibo that Core’s contribution and philosophy on the BTC chain must be recognized and supported. I want to know how you view the brand war amongst BCH and BTC.
Yang: The important to the brand war includes what is bitcoin in the end. I suppose Jihan believes the BTC chain is defined by Core and Blockstream if they believe BTC is bitcoin, then let them focus on BTC. Me, Roger and Jiang Zhuoer, we think only the large block coin is bitcoin. BCH and BTC represent two various roadmaps and philosophies. If Core took their words back and decided to scale, I would not help them because we currently have BCH. But if they actually make a decision to scale, I think they may well succeed due to their influence.
BC: The media often equates bitcoin with speculation. It seems that BCH may possibly also have this issue. I know some bitcoiners who ask me if I “wanna make funds?” They inform me to “buy BCH. It has a month-to-month pump-and-dump.” Why does BCH price fluctuate so wildly?
Yang: About pump and dump, numerous bitcoiners consider the bitcoin market is just like the stock marketplace exactly where massive whales, bankers manipulate the market place. In fact, no single person will be able to manage such a huge marketplace. And early adopters hate every other these days, and so they will not function to manipulate the industry.
I can recognize why men and women have such issues, but they are not real. About cost spikes, BCH price rises due to the fact it has gained fantastic assistance from the neighborhood. Some bitcoiners posted on reddit saying they finally realized BCH is the true thing, and that it will have a brighter future. They exchanged all of their BTC for BCH. In addition to, any little cost rise will often draw the attention of speculators.
BC: If you feel BTC development is centralized, don’t you feel BCH mining is also centralized?
Yang: Only three Core developers have the proper to submit BTC code. In other words, 3 developers define what is bitcoin. This is centralization. However, the BCH project has Bitcoin ABC, Bitcoin Limitless, Bitcoin XT and other improvement teams that are independent from any companies. As for mining centralization, industrial players have a tendency to neglect a straightforward fact: it’s not Bitmain that dominates the industry, it’s their products themselves winning in the marketplace. Bitmain leads in the miner business because it perfectly integrates manufacturing, provide chain, sales, shipping and soon after-sales services. In addition, China is property to the world’s largest bitcoin mining data centers for its low-cost labour and low electrical energy costs, which tends to make it attainable to start a miner enterprise with a tiny investment. I expect to see far more miner companies in the coming months. Bitmain will not dominate the industry in the near future.
BC: The new exchange Coinex will use BCH as the base currency. Why give up BTC?
Yang: We will have no competitive edge more than our rivals if we begin but another BTC-priced exchange. So why not generate an exchange that only pairs digital assets against BCH? It’s both making history and attracting BCH supporters. And I am really confident about the future of BCH. It is genuinely massive to be the world’s 1st BCH-priced exchange.
BC: When Viabtc listed BCH in August, many Chinese users said that Viabtc was “controlled” by Bitmain. Is the new exchange also “controlled” by Bitmain?
Yang: No one controls us. Bitmain is just our enterprise partner. We have the final say in decision producing, not Bitmain. Considering that Bitmain invested in our whole organization, it’s not strange they are also an investor in Coinex, one particular of the items of our business.
BC: After China’s ban on ICOs and exchanges, Huobi, Okex and other exchanges see themselves as overseas firms, though their personnel work in mainland China. Is Coinex an overseas exchange? What is the group doing to handle regulatory dangers?
Yang: Coinex will be an overseas exchange. It is registered in London. And we also have an office in Hong Kong. Our study and development group is nonetheless in Shenzhen, but we strategy to move it abroad and make Coinex a one hundred% overseas exchange.
What do you think of Yang’s answers? Leave your comments beneath!
Photos by means of Shutterstock, Coinex and Weibo.
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Published at Sun, 17 Dec 2017 19:58:31 +0000