Chinese Bitcoin Miners Are Not Glad With SegWit

Chinese Bitcoin Miners Are Not Glad With SegWit

At the same time as some altcoins have been hyped for having the ability to turn the cryptocurrency marketplace around in the coming years, chief executive Officer of BTCC Bobby Lee stated that Bitcoin will pressure the increase of different cryptocurrencies.

On Febbruary 18, Bobby Lee posted on Reddit:

“My opinion is that the international industry should first focus on Bitcoin.”

He also noted:

“Sure, altcoins can have a few interesting capabilities, but it’s difficult to get Bitcoin adopted. In my view, Bitcoin will lead virtual currencies in revolutionizing finance. We want to work a lot to get Bitcoin accepted in mainstream society first!”


Going by the series of spot tests on the operations of Bitcoin exchanges in China by the PBoC, Bobby Lee stated that he doesn’t realize, what the bank actually wants. Nevertheless, he guessed it’d be what’s correct for China with an assurance that his exchange, being pro-regulation not only in China but in the whole world, will maintain to work with the PBoC by assisting their requests and suggestions.

Moreover, he thinks the PBoC is spending more attempt on its modern moves and believes the bank will have a sturdy say in how the Bitcoin exchange business evolves in coming years. He touched on miners’ refusal to undertake Segregated Witness announcing it has nothing to do with whether or not they are Chinese. He noted that the lack of possibilities among the community typically for collaboration and dialogue to work out the variations is a main motive precluding Chinese miners from embracing Segregated Witness. Making Segregated Witness activation occur has been a thorny and complex problem more so considering accusations from each aspects.

It is difficult to teach people about complex subjects and it takes an exponentially larger amount of time when majority are involved. Bitcoin is already complicated. Segregated Witness and the scaling debate are even more difficult and more complex. We need extra time for higher conversation and understanding, as Bobby Lee noted, reiterating his previous sentiment that he expects to see Segregated Witness activated first optimistically in 2017.


Responding to a question on whether privacy-targeted cryptocurrencies will be available on Chinese exchanges, he introduced that he has not heard many requests for privacy-targeted cryptocurrencies from the Chinese community and Bitcoin appears to strike the proper stability between transparency and privacy with its pseudo-anonymous features. He was requested about bringing private transactions to Bitcoin, which means publicly traded organizations can hold their economic activities personal. Bobby Lee’s solution was that this is not the main priority for Bitcoin nowadays now.

Lee argued that the situation, in which many miners and ASIC makers are placed in China, does not mean that Bitcoin mining is special just to the Chinese. He stated that the reality that most dog and cat owners may be female does not suggest that just women are allowed to have them.

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