Control the world's 30% computing power in Bitcoin, creating a bit of mainland China

No one will deny that Wu Jihan is the most powerful person in the Chinese currency circle. He is considered by the outside world to control the computing power of the Bitcoin world by 30%, and has an inestimable influence on the direction of Bitcoin.

At the time of the bitcoin melee, the opponents feared and even slandered him. In foreign forums, many people called him "JIHAD", which was derived from his name Pinyin "Jihan".

"Jihad", the meaning of terrorists.

In November 2017, a long-awaited bitcoin hard fork was canceled, which was advocated by Wu Jihan. When he realized that the non-fork was more favorable to his BTH, he participated. Advocate cancellation.

“BTC has a different design philosophy than BCH. Both coins can coexist in different ways and be used by different people,” he said on Twitter on the day of the hard fork cancellation.

Netizens said that he gave himself a ladder and climbed down.

In any case, the price of BCH he created in the future has generally increased, and his power continues to grow.

The winner wins.

Jihad and the owner of power

When Bitcoin cash was accused of centralizing the crime, Wu Jihan had screamed at the "enemy" on Twitter, Reddit and other platforms, such as the famous "Fuck your mother if you want fuck".

At this time, he already has power in the bitcoin world that cannot be ignored or even feared.

He created Bitcoin Continental to sell mining hardware, with three mining pools: BTC.com, ConnectBTC and AntPool, which account for about 30% of global computing power.

His last big-scale growth was due to the creation of Bitcoin cash in 2017. The advent of Bitcoin cash stems from a "congenital defect" in bitcoin - the capacity problem.

In 2009, at the beginning of the birth of Bitcoin, the inventor Nakamoto did not specifically limit the size of each bitcoin block, up to 32MB. However, due to the low price of the early currency, a large number of small transfers made by malicious people caused a large number of pending transactions in the network, resulting in the normal bitcoin transfer not being confirmed. As a result, Nakamoto has tentatively set the block size of Bitcoin to 1M, making the transaction smoother.

From the media "Silicon Valley Secrets" in an article on the block capacity problem made an image metaphor - "If we compare the original bitcoin blockchain to a road with only one lane, every bitcoin transaction It is the car that runs on the road. When this road was just repaired, there were not many cars, so the road was enough."

However, as bitcoin became hot, this capacity was not enough, resulting in the congestion of bitcoin networks, and expansion has become an urgent problem to be solved.

However, there is controversy over how to expand capacity - whether to maintain the bitcoin block size unchanged.

Wu Jihan is a middle faction faction. People call him a “big mine pool”, in contrast to the Core team of the Bitcoin core development team.

There is a fundamental difference between them: the Core team supports keeping the block size of 1M unchanged, and using the isolation witness in the upper layer of Bitcoin, and building a lightning network on the block to solve the congestion problem. It can be understood that The viaduct was built on the highway to divert it; and the large mining pool represented by Wu Jihan hopes to expand the block size, that is, to directly widen the "road", thus fundamentally solving the congestion problem.

The two factions do not agree with who's solution. The reason why Wu Jihan's large mining pool scheme was criticized by the opponent is that this scheme needs “hard fork”. The risk is that all exchanges, wallets and users need to carry out security upgrades, which is a big event that affects the industry chain. If a user doesn't upgrade their wallet, he will stay on the old version of Bitcoin. He will find that his bitcoin is incompatible with the bitcoin that upgrades the wallet, and it produces two bitcoins. The system will be confusing and a digital asset loss event will occur.

The reason why Wu Jihan opposed the opponent's Core team is that the witness isolation advocated by the Core team is not a blockchain. It does not have the characteristics of decentralization. Once it is controlled by a centralized organization, it will lead to the centralization of Bitcoin. .

In 2016, the two sides tried to reach a settlement and compromise in Hong Kong. The final plan absorbed the path of both sides, that is, building a witness and simultaneously expanding the block capacity by two times.

However, this was a compromise proposal made by a few members of the Core team. It was not accepted by other people in this group. Wu Jihan was “released the pigeons”. Since then, the two sides have completely opposed.

A year later, in May 2017, 58 company representatives from 22 countries flew from all over the world and gathered in a hotel in New York for a secret meeting. When the Core team representatives tried to participate in the meeting, they were stopped. Outside the door.

This is the home of the big mining pool represented by Wu Jihan. They decided not to let the other party represented by Core participate in their discussion.

The Core team is primarily a team of technicians since Bitcoin was created. They are doing technical maintenance work for free. In these people's eyes, the large mining pool represented by Wu Jihan is some businessmen with copper smell.

In an interview with Caijing magazine, Samson Mow, chief strategy officer of the Core team, commented, “They just want to compromise with each other and don’t want developers to participate because developers can’t reach consensus.” The developers are referring to themselves and the businessmen represented by Wu Jihan.

? Figure: Core Strategy, Chief Strategy Officer, Core Team

As rejected by Wu Jihan and others, Core proposed a soft fork scheme UASF to activate the user, intending to enforce the witness isolation soft fork, which is in opposition to the hard fork technology route advocated by Wu Jihan.

Some helplessness is that the biggest success of this program is to stimulate Wu Jihan to launch a hard-to-fork UAHF solution. After all the data on the Bitcoin original chain is backed up, the program cancels the isolation testimony. Upgrade and 1MB block size limit, with dynamic block size, up to 8MB.

In the original main chain of Bitcoin, a new currency generated by hard forks was born. You can understand that Bitcoin was cloned like this, and Wu Jihan issued a new currency.

This currency is defined as Bitcoin Cash, also known as BCH. More people in the industry are habitually known as BCC, which is an important part of Wu Jihan's current power.

Wu Jihan has always stressed that Bitcoin cash is bitcoin cash, and bitcoin is bitcoin. "Bitcoin cash has its own independent route, which has different understanding from Bitcoin for future prospects and future development." Before bitcoin forks, there is a historical relationship with Bitcoin, but after the fork is his own independent community, nothing more. In an interview with Caijing magazine, Wu Jihan said this.

But it is by no means "only that", the birth of the cloned currency directly competes with Bitcoin for the game.

Those who own Bitcoin receive Bitcoin Cash (BCC) directly, and BCC is also valuable. Currently, each price is around 1844. Sometimes, people find that mining a BCC with a mining machine is no less than earning a bitcoin.

This is a competition for power. According to the data cited in Caijing, after the birth of BCC to October 22, BCC's mining revenue significantly exceeded Bitcoin several times. Therefore, people used their mining machines to dig BCC instead of Bitcoin. In extreme cases, the BCC diverted nearly half of the BTC's computing power, causing heavy congestion on the Bitcoin chain.

This is the process of the growth of Wu Jihan's power, which is why he has been accused of making Bitcoin central.

According to Caijing magazine, 90% of the miners in Bitcoin and Bitcoin cash are real-name digs, and more than 70% of the bitcoin cash is used for anonymous accounting. This means that many people support BCC anonymously.

People insult him, but trust him.

The scary thing about Wu Jihan’s power is that he is threatening Bitcoin.

If the price of Bitcoin is unstable, it cannot guarantee that the miners will dig up bitcoin revenues with a certain BCC. "Many miners will choose to continue to dig BCC, which will cause bitcoin to become more congested. More people will lose confidence in selling bitcoin. Finally, miners will shift to BCC, a vicious circle, led to the collapse of Bitcoin," Caijing magazine quoted a professional commentary.

Believers and evangelists

Wu Jihan, who is known as "jihad" in overseas forums, is 33 years old. His other identity is a believer in Bitcoin.

In 2009, Wu Jihan graduated from Peking University with a double degree in economics and psychology, and always regarded Buffett as an idol of life. During the university, I read a lot of books about monetary theory. He plans to do a job about investment after graduation.

As he wished, Wu Jihan became a venture capital firm analyst and investment manager after graduation. It was only a few years.

In an accidental opportunity in May 2011, this was his first contact with Bitcoin. Then he spent two or three days studying the technical possibilities, and then began to call and raise funds with friends. "Tell them An investment project, the risk is relatively large, the potential income is also very large. Either lose the light, or earn a hundred times", Wu Jihan started from the best friend, called by the relationship, the first friend did not Ask, he directly transferred him 20,000.

Eventually raised 100,000 yuan, all of them were bought to buy bitcoin. In an interview, Wu Jihan called this investment "to dedicate himself." At that time, the price of a bitcoin was around $10.

In 2014, he liquidated all of these coins. In that year, the highest price of Bitcoin broke through $300, and most people earned dozens of times. The friend who turned him 20,000, redeemed this earlier. gold.

This is also the first victory of Wu Jihan in the field of bitcoin.

Also in 2011, Wu Jihan and his friend sci-fi writer Chang Hao and Lao Du together founded the Bitcoin information exchange website Babbitt.

The prototype of the Babbitt website is a personal website. It relies on Wu Jihan and Changchun to make up thousands of dollars and rent a server, attracting only a dozen people in the domestic bitcoin circle to register their accounts on the website. Everyone translates some consulting articles about Bitcoin, as well as the reward function. The first bounty of the website is Wu Zhihan’s personal “sponsorship”.

In August 2011, Wu Jihan sent his first column in Babbitt about his experience of buying goods in China with Bitcoin. “It took 0.1 bitcoin to upgrade the cloud service memory of colleagues from 2GB to 18GB” .

And that is not the first time Wu Jihan used Bitcoin Taobao to shop. "Buy a pair of luxury goods off the shoes with Bitcoin Taobao half a month ago" is the veritable "virgin masterpiece" of Wu Jihan Taobao shopping.

By the end of 2011, Wu Jihan had done an earth-shattering event. He translated Nakamoto's Bitcoin creation paper "Bitcoin: a peer-to-peer electronic cash system" into Chinese, so it was called "bit." The evangelist of the coin", to this day, his translated version is the most widely spread.

If this is the case, Wu Jihan is just a successful investor. What really made him gradually establish power in the field of bitcoin began in 2012.

In August 2012, Jiang Xinyu, a 2001 junior class student at the University of Science and Technology of China, known as the “roasted cat” in the Bitcoin world, set up a company in Shenzhen, announced plans to manufacture ASIC mining machines, and fundraised online through a “virtual IPO” project. According to the price of 0.1 bitcoin, 160,000 shares were issued, and those who purchased the shares could pay dividends.

Seeing this news, Wu Jihan and his friend Crazy Xiaoqiang (network writer, first-generation bitcoin speculator) each bought 15,000 shares and 12,500 shares of the roast cat company's virtual stock.

This is another investment that “pour all of it”. “I read the information. The probability of the first success of the chip is only 30%. My money can only be voted once. If it is unsuccessful, it will be ruined.” He later interviewed. Say.

In December 2012, an engineer partner of Roasted Cat Company called to tell him that the chip ASIC used for “mining” had a problem. His legs were scared, and it was solved smoothly afterwards. At noon on December 25, 2012, Wu Jihan clearly remembered that the roast cat called him personally, saying that the chip was working again, and the chip developed by Roasted Cat Company was actually the “first bitcoin digging in the world”. Mining chip." By July 2013, the mines pioneered by Roasted Cat Company had been able to dig up nearly 40,000 bitcoins every month, worth tens of millions of yuan, and Wu Jihan also had a big increase in his net worth.

In April 2013, Wu Jihan quit his previous investment bank work and considered going to the United States to continue his studies. Occasionally, he met the intern who came to the investment bank and persuaded Wu Jihan to mine together. Therefore, Wu Jihan embarked on the road of mining.

At this time, Wu Jihan still needs to buy a mining machine. He spent millions of orders to order the Avalon mining machine, which is now called one of the bitcoin "four kings", but the pumpkin jumped the ticket and arrived at the time. Wu Jihan did not receive the goods, just in time to catch up with the price of the entire network.

That is, since then, Wu Jihan realized that he must have his own technology for mining bitcoin, so that he can not be restrained.

miner

At this time, Wu Jihan's investment in the roasting cat company also encountered an unprecedented crisis. Bitfury, a Russian BIT bitcoin mining machine chip research and development team, successfully developed a fully customized mining chip in June 2013. Low, it is precisely because this time, Wu Jihan realized that he needed to make chips.

In 2013, it was a very extraordinary year for Wu Jihan. After experiencing the resignation, buying minerals, and investing in the crisis, he started his business.

Wu Jihan, a non-technical Peking University economics psychology student, wants to start a technology-based enterprise, and of course, it is indispensable to “bring a gang” with technical talents, including the creation of another “bital continent” with him. A key figure is the Jank group.

The Jenke group graduated from the Department of Computer Science at Tsinghua University and is a technical bull. The fate between the two is attributed to a “roadside sales”.

On a very accidental day, Wu Jihan walked on the streets of Beijing, which coincided with a salesman of DivaIP (Beijing Diwei Digital Technology Co., Ltd.) operated by the Jank Group. He went to Wu Jihan and took the initiative to sell his business. Wu I have looked at the company's technology and noticed the Jenke group.

At the beginning of 2013, when Wu Jihan decided to establish "Bitland", the first person he thought of was the Jank group. He found the Jank group to pull him into the group. After taking a two-hour reading of the information that Wu Jihanhan gave to his bit mainland, the Jank group immediately decided to join the Bitland.

At that time, the agreement reached by Wu Jihan and Jenke was: The Jank Group did not receive wages, and Wu Jihan contributed. If the two key technical indicators of the chip were realized, the entire technical team would get 60% of the shares.

The technology of the Jenke group did not live up to Wu Jihan. With the accurate judgment of Wu Jihan’s keen eye on Bitcoin, coupled with the help of the Jank Group in IC design, on November 11, 2013, Bitland was founded less than 6 months. At the time, the company independently developed the 55nm bitcoin mining chip BM1380, and the AntMiner S1 based on the BM1380 chip, which is the first generation of ant mining machine. By the beginning of 2015, the Jank Group developed and launched the fifth-generation Ant Miner (AntMiner) S5, which laid the position of Bitcoin in the mining market.

Even Wu Jihan’s opponent, the Core team’s Qi Yongquan, affirmed the commercial success of Wu Jihan and Bitian. “They are more efficient than others in mining machines. Other products are over-engineered and costly” .

According to the latest data, the "ant brand" mining machine accounts for 70%-80% of the market share. Bitlin's market share of bitcoin mining special ASIC chips is nearly 80%, occupying an absolute monopoly position. Bitland not only sells mines. The machine is also involved in mining, directly controlling about 30% of the total network computing power. There have been media speculations that in the first half of 2017, Bitco's monthly net profit was 30 million US dollars, and net income in the first half of the year exceeded 1 billion yuan.

Wu Jiuhan is therefore called "the richest bit of China's bitcoin."

businessman

Since its inception, Bitcoin has carried the technical vision of geeks – decentralized.

And Wu Jihan's various words and deeds are contrary to each other. He has concentrated more and more computing power on his own hands, using these calculations to kidnap various companies, and the power is more and more concentrated.

What people worry about is what if he does evil one day?

Coindesk described his original words as, "By making some changes to open source, he created a network worth $5 billion in a few days (currently $48.2 billion), when Wu Jihan appeared frequently in the chat group... ...he also suggested that other users sell BTC to buy BCH."

He also slammed his opponent violently, coindesk said. "His original words are, 'Don't get into trouble, don't spend too much money, don't give too much money to the core (the Bitcoin core developer team)."

More and more computing power is in the hands of Wu Jihan. The mining pool under Bitcoin does not say that the fifth largest mining pool, ViaBTC, has a bit of mainland investment, and BTC.TOP is almost theirs.

At the same time, Bittland is also facing an extremely severe criticism: Wu Jihan can not deal with the conflict of interest between the open source ecology and the private sector.

Zhai Yongquan once questioned the relationship between Bitumin and their customers in the mining pool. They can only do business with them. There is no other way. "They can threaten the BTCC pool members. If they don't leave our mine, he will not sell him. If there is a good ecosystem, we don't have to worry about providing software services without fear of retaliation."

In April this year, Litecoin announced that it would implement the SW soft fork on the LTC. Domestic netizens pointed out that Bitumin has the suspicion of kidnapping the customer's mining machine. By forcibly deducting the miner's kidnapping power to prevent the Litecoin from splitting, "This What is the difference between holding a gun and forcing a voter vote?"

Interestingly, Wu Jihanhan seems to admit this. Earlier this year, his deduction was not only that he was not flustered by the open source culture, but also unpopular throughout China.

Wu Jihan has been in the world of Bitcoin for 8 years. If you believe that Bitcoin is a long-term currency, it will be used by people after it has gone crazy. It really enters history, then the history of Wu Jihan. Still long.

Right and wrong, it is still difficult to give an argument, just as the Warring States has just begun to smash that period of history.

The growth of Wu Jihan’s own power has given us another glimpse of the decentralization advocated by this world, perhaps just a “story”.

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