Bitcoin Cash [BCH] network faces attack threats from SBI, says Bitmain’s Jihan Wu

On 6th September, Jihan Wu, the Founder and CEO of the Chinese mining company Bitmain publicly wrote on Twitter about SBI threatening to pull an attack on the BCH network. Wu claimed that the group will use its hashpower to hand over the control of the BCH network to its ally, Craig Wright, the Chief Scientist at nChain. The tweet read:

“SBI threaten to attack BCH with their hashing power, to help CSW control BCH. They are bad people, and they will fail.”

In December 2017, the Japanese group SBI BITS, which is the subsidiary of the financial conglomerate SBI Holdings announced its strategic partnership with nChain.

The above comment was dropped by the Bitmain CEO on the Twitter post of a Yours.org author, which was titled ‘There can be NO SPLIT of BCH — Or the network dies!’. In this, David Jerry [author] had written about the history of the BTC/BCH split, the relevance of creating the BCH network and the disadvantages of further splitting the network. He also stated that the reason for the split matters more than the forking mechanism itself.

One of the most significant points raised by Jerry was that the business adoption of Bitcoin Cash will not go on as intended if the ledger splits into two. Mentioning the hard fork from BTC, he wrote that the low rate of business adoption on BTC saved the businesses from facing irrecoverable damage from the split.

Furthermore, in his opinion, the businesses running on the BCH network will be displeased in case of a split, since it will break the permanence of the ledger shared by them. For instance, a business has multiple counterparts who prefer to use a public blockchain to suffice their transaction requirements. When a ledger they are sharing splits into two, the opinions of the counterparts might split too, leading to legal consequences and much haphazard.

The blog post also discussed the hash war that was supposed to break in 2017, which could have avoided the split from BTC. However, the hash war was averted when the BCH was created and got its own ticker. Subsequently, he concluded by stating that the longest chain is always most likely to win the battle, addressing the words of  Satoshi Nakamoto in the Bitcoin whitepaper regarding the ‘longest chain wins’ rule.

To Jihan Wu’s comment, David Jerry replied by writing:

“No such claim was made. SBI will remain neutral and support the longest chain. If a split occurs then unfortunately BCH cannot be used as a platform for real businesses.”

Another Twitter user came forward and said:

“Jihan, if Coin&Chain (coingeek/nChain) get 51% hashrate on BCH, will you and the other chinese miners defend by moving hashrate from BTC to BCH? And how much hashrate can we expect to move over? Coin&Chain “claim” to have 2 exahash. The total in the system is about 50 and BCH 4″

The Bitcoin Cash community developers have been in a clash for months now, which is likely to lead a hard fork expected to arrive in November. The two parties involved are the supporters of the nChain implementation and the Wormhole protocol. Calvin Ayre and Craig Wright are the proponents of the nChain implementation while Roger Ver and Jihan Wu are greatly inclined towards Wormhole, which is being developed by the Bitmain developers.

In this Twitter battle, Cobra, the owner of Bitcoin.org also joined in and responded to Wu’s comment. He mocked Bitmain, saying:

“So just like BITMAIN and friends tried to do to Bitcoin last November? Karma sucks doesn’t it motherfucker?”

Many Cobra followers were surprised by his comment as he has previously vouched for the Bitmain community. Recently, he called Bitmain as a company of ‘misfits, rebels, troublemakers, dreams, and undesirables’, stating that the community is crazy enough to believe that they can ‘change the world’. His recent tweet concluded that the Bitmain group should not be underestimated as it can achieve huge success.