Jihan Wu, who operates Bitmain, an organization that develops and sells the main bitcoin miner hardware in the world using Bitmain’s ASIC chip technology, has spoken out and stated that the China’s authorities just desires to control the danger of bitcoin for traders who don’t realize a lot about it.
Jihan Wu stated:
“The People’s Bank of China can probably have very strong control over the price of bitcoin, at least within the short term, because it could successfully reduce the money flow concerned in bitcoin buying and selling. Probably the People’s Bank of China could shut down all of the China’s bitcoin exchanges. I do not suppose the Chinese authorities will do very aggressive regulation over bitcoin. I only think they want to control the danger for those traders who don’t have enough information about bitcoin.”
This information comes after the fact that the People’s Bank of China has taken an elevated interest in China’s exchanges. In February, popular Chinese cryptocurrency exchanges as BTCC, OKCoin and Huobi stated that they was halting its Bitcoin and Litecoin withdrawals as Chinese regulators updated their anti-money laundering measures. Due to the People’s Bank of China undertaking on-site assessments in February, the price of the cryptocurrency dropped to almost $790. In spite of the crackdown on crptocurrency exchanges with the People’s Bank of China director mentioning that they could not function without regulations, the currency is continuing to grow in value.
As the discussion surrounding the potential bitcoin hard fork grows, many proponents are popping out in assist of both Bitcoin unlimited and Segregated Witness because the possible solutions to the Bitcoin’s backlog problem. Bovendien, Jihan Wu, who is additionally the founder of Antpool, stated remaining month that they would be switching their whole pool over to Bitcoin unlimited in support.
Jihan Wu has additionally shared a post on his Weibo account from an unknown author, which declared that the network’s issue could just be performed by speaking about the distribution of interests and achieving a compromise within the pursuit of that attention. Echter, many believe it is just via Segregated Witness that a solution may be discovered especially in terms of transaction malleability, which is a bug that makes it hard for creators to implement second layer protocols. Those in assist of Segregated Witness are of the opinion that Segregated Witness can fix this bug.