Dialogue original collation:
Wang Feng: According to Bloomberg News last Thursday, we know that Sequoia, DST, and the Singapore Government Fund have participated in Bit Continental's Pre-IPO financing for US$400 million. It is rumored that this round of valuation amounts to US$12 billion. If this news is true, one can imagine Soon, we will witness the largest blockchain IPO in the traditional capital market.
Given that Bitland has entered the field of artificial intelligence chips, Bloomberg has used MTK, Nvidia and other IC vendors to benchmark against you. However, I have a problem. Every company is targeting its own time, not a certain manufacturer. NVIDIA's GPU chip maker Nvidia caught up with the world's artificially intelligent dream-revenue dividend. Although their market value had been sideways for 13 years before, they were not valued by the industry and investors, but they have been soaring since the beginning of 2016. A 10-fold increase to reach a record high of 160 billion US dollars in market value.
Another example is Qualcomm. The mobile device chip overlord passed a market value of 100 billion US dollars in 2014. They caught up with the smart phone explosions promoted by Apple, Samsung, Huawei, Xiaomi, etc., although it has dropped to more than 80 billion yuan. However, it is still one of the biggest beneficiaries of the wave of mobile Internet. Before that, Intel caught up with the dividends of PCs coming into homes and corporate desktops. In short, they are all backed by huge incremental markets and become leaders of the industry. By.
My question is: What is Bitcoin, the dominant player in the digital currency market that controls digital gold, such as Bitcoin, as the dominant player in the blockchain industry, and when will it usher in the peak of its own market value? The highest market value of Bitcoin is 3,200. Billion US dollars, one day your company's market value may exceed the market value of Bitcoin?
Wu Jihan: Market value is something unreal, and there is a concept called liquidity illusion. That is to say, how much a certain class of assets feels 'total market value'. Every investor feels that if he sells stocks or assets , you can get 'price * quantity' so much money.
But there is an illusion here: When all investors must cash out at the same time, it is difficult to really sell at such a 'price' - if the investors collectively sell, the price will be much lower.
Buffett often said that if you want to buy a stock, you have to assume that the Jiading stock market will be closed for a decade tomorrow. Are you still willing to buy?
When you are operating a business, it is also harmful to look at the market value every day. Because the financial investors' risk preferences and individual emotions, macroeconomic fluctuations, etc. will affect the market value. The cyclical fluctuation of the industry will also bring about tremendous changes in the company's 'market value'. Do business or stare at the development of their own company's core competitiveness is better.
Wang Feng: It's the same as the Internet.
Wu Jihan: The founder ignores the market value of the secondary market. This kind of courage is actually critical to the development of the company. The founder of the company you just mentioned dared to take everyone’s objections against some unproven The direction is fierce bet; its competitors, master managers, can't do this. Finally, the competitors who always pay attention to the secondary market response suffer a great deal:)
Wang Feng: Assumption is the basis of innovation.
There are a lot of countermeasures for 51% opportunistic attacks, not a blockchain doomsday
Wang Feng: The second question, in February of this year, Cobra, an administrator of the Bitcoin.org website, issued an open letter, intending to modify Bitcoin's consensus mechanism POW (Workload Proof) and introducing a POW+POS (Proof of Interest) hybrid mechanism. Bitcoin’s monopoly on Bitcoin. On Friday, Cobra released another tweet, saying that Wu Jiehan and ViaBTC’s CEO Yang Haipo can easily initiate 51% of bitcoin’s attacks, completely killing US$130 billion worth of bitcoins. The internet.
Here's a further look at the '51% attack'. Its principle lies in the distributed billing mechanism adopted for digital currency. Take Bitcoin as an example. After 51% of the attacks have mastered the 51% computing power of Bitcoin's entire network, use these calculations. Forces can recalculate blocks that have already been identified to make the blockchain bifurcate and gain profit.
Then, on Twitter, you responded: 'Before modifying the (Bitcoin) original white paper, please read the analysis of Nakamoto's 51% attack; it (51% attack) will not become the terminator of Bitcoin.' Take the liberty to say, I guess that 99% of bitcoin owners haven't read Bitcoin's original white papers as you did. Can you further explain your response to Twitter?
Wu Jihan: I have posted this white paper: 'Imagine the following scenario: An attacker tries to create an alternative blockchain faster than a chain of truthful nodes. Even if he achieves this goal, the entire system is not completely subject to this. For the attacker's arbitrary will, such as creating value out of nothing, or plundering money that is not an attacker. This is because nodes will not accept invalid transactions, and honest nodes will never accept an invalid information. Block. An attacker can do, at most, change its transaction information and try to get back the money it just paid someone else. ' - Bitcoin White Paper
The main points are: 1. Even if the attack succeeds, the entire system is not completely subject to the attacker's arbitrary will; 2, an attacker can do, at best, change its transaction information and try to get back the money he just paid. Other people's money.
In the white paper of Satoshi Nakamoto, he argued that 51% of attacks will only lead to some system users, that is, those who accept the attackers will be harmed if they do not take precautions.
Then again, just last month, BTC (Bitcoin Gold), one of Bitcoin's bifurcation coins, was unfortunately the victim of the '51% attack'. The attacker successfully implemented a 'double flower transaction' and sent himself. More than 380,000 BTGs. Haha. Crazy. If all the funds were stolen, the attackers would gain more than $18 million in losses from the exchange. Moreover, according to foreign media reports, Monacoin, Zencash, Verge and Litecoin Cash are not. Less digital currency has suffered a '51% attack' and suffered millions of dollars in losses.
Cobra is the joint controller of Bitcoin.org's domain name. His (or her) individual and Bitcoin Core are very different. This year, they also took unilateral actions and changed the Bitcoin.org recommended client from Bitcoin Core to an unknown. Bitcoin Knot.
Cobra is considered to be one of the few enthusiastic people. At the same time, it opposes almost all of the important Bitcoin companies. I unfortunately or privileged to be one of the objections.
Wang Feng: As a bit-territorial leader with close to half of the bitcoin network, how do you convince us that the native Bitcoin network created by Satoshi Cong and placing a better future for humanity will not be vandalized? In your opinion, with the frequent occurrence of the '51% attack' phenomenon, could the future shake the foundation of the entire digital currency world?
Wu Jihan: First of all, I don't have 'so much' proportion of the power. Many of our customers charm their own mining machine, but they point the power to the mining pool we operate in. This kind of power point can be changed at any time. If we do evil, our customers will respond immediately, cut the power to other mad foods, and will not sit idly by our evildoers. We can be counted as 'trusted' with a lot of power.
There is no way to create value out of thin air with a 51% brute force attack. In other words, there is no way to send additional cash.
When it comes to BTG network attacks, there are still many doubts: The attacker controls 380,000 BTG private keys. So who has so many BTGs?
In accordance with the general attack starting, these BTGs are sent to the exchange, they are sold immediately, they are replaced with other kinds of coins and withdrawals are made. But such a large number of BTGs should not be able to complete the entire attack process. Isn't it stupid, with 18 million U.S. dollars being withdrawn for one time? The accounts that can allow big cash withdrawals have gone through a strict KYC, can they run away? At the same time, we theoretically sold so much and we didn’t see them at the time. The price of BTG has fallen dramatically. So, did the attackers actually perform double-flower attacks on the exchange?
How do these doubts explain? I think I'd better not continue analysis.
For the initiator of 51% of the attacks, the attacker may significantly reduce the value of his mining equipment.
An important feature of BTG and other currencies that have been attacked by 51% is the use of general-purpose computing devices such as GPUs to mine. The computational power involved is said to come from the Nicehash website. This is a website dedicated to renting cloud computing power. Invest in hardware and mine at any time.
BTG this type of currency, the attacker attacked one, you can also dig other coins, because the computing device is universal; nicehash rental power, Hardware is anyone else's, do not worry about hardware devaluation.
In the currency of ASIC mining, the attacker pays a lot more.
How do you believe the Bitcoin network will not be destroyed? Simply put, don’t believe it. As long as any blockchain practitioner tells you that your blockchain will not be attacked, it’s absolutely safe. Then you listen and feel it. Take a look at this person's fanatical self-confidence (that is, the so-called 'recharge for beliefs') and don't take it seriously.
My microblog signature is: Bitcoin cash (BCH) is an independent, decentralized accounting unit, and no individual or institution gives any promise or guarantee for its value.
In the founding white paper of Bitcoin, Satoshi Nakamoto analyzed in detail the attacker's use of 51% of the power to attack the entire blockchain, and described the consequences of its possible destruction. This scientific and honest attitude, It is something we should learn.
So why do people still think that the Bitcoin network is secure? Not that it will not be attacked by 51%, but in the event of an attack, the loss is limited, and there are many technical means in the community to restore the entire system. Said: Blockchain is extremely immune to attacks.
What if a coin network is attacked by 51%?
There are many feasible options. First, passively waiting for network recovery: Because the attacker simply launched 51% of the attack is not directly beneficial, and must be linked to specific short selling, fake recharge, specifically, is often to double spend a certain Transaction. The attacker will attack without attacking. The continuous attack cost is very high. Once successful, it will stop the attack. Second, the community can issue emergency patches and add check points to the blockchain. The community urgently agrees with the attacker's block. The chain is not valid; therefore, 51% has a lot to deal with, not a blockchain doomsday.
The New York Consensus's Instincts Wu Binghan shouted at the BCH controversy
Wang Feng: The third question, as bitcoin investment transactions become increasingly popular, the bitcoin network is heavily congested and expansion has become an urgent issue. In February 2016, you and a group of representatives from Bitcoin Core, mainly from the United States, were present in Hong Kong. A reconciliation agreement was reached, which advocated to double the blockchain capacity while achieving isolation and witness, but was later put aside.
In May 2017, DCG founder Barry Silbert convened representatives of 58 companies from 22 countries to hold a meeting in New York and reached Segwit2X's Bitcoin expansion plan publicity. It expanded the block size from 1M to 2M, which solved the problem. The problem of expansion has avoided the emergence of bifurcations.
However, on July 17, 2017, BitBit Investment's ViaBTC announced the forking of Bitcoin, and named the newly created currency Bitcoin Cash (BCH). It is said that this made the people who signed the New York consensus very angry. In May of this year, BCH has also completed the second upgrade, through hardware fork expansion to 32M, support for 100+TPS, increase of carrying capacity and transaction speed. At the beginning of your dispute about the expansion of bitcoin, where is the difference? Some people say that BCH is the real meaning of bitcoin. How can I say this?
Wu Jihan: When it comes to the New York Agreement, this phased compromise has resulted in the simultaneous abandonment of both the big blockist and the block-mass who have been enlarged.
In April 2017, as Core as a whole refused to recognize the commitment of the Hong Kong Consensus-signing representatives, Bitcoin's expansion was facing a stalemate. The founder of Digital Currency Group (DCG) (Barry Silbert), who invested a lot of Bitcoin, felt he had to stand Come out and push the industry to break the deadlock.
Barry Silbert privately told me that although DCG has invested in many types of digital currency, BTC has occupied the most important position. He hopes that Bitcoin can expand smoothly.
Wang Feng: The truth!
Wu Jihan: Barry is also the owner of the Consensus Convention held in New York every May.
Throughout April, Barry worked extremely hard and started a one-to-one contact with the industry's major companies and developer representatives. He did his utmost to serve as a mediator, and after a great deal of hard work, Barry softened the position of all parties. Blockstream's CEO, Adam Back, promised Barry to go to New York for face-to-face negotiations in May.
But before leaving, Adam was severely organized by another important partner within Blockstream. It was Adam who personally told Micree in Hong Kong. On the eve of the meeting in New York, Adam temporarily announced his refusal to attend the meeting. At the same time, Adam Blockstream sent a lower-level Yong Yongquan to attend the talks.
Due to the resistance of some important bitcoin ecological companies, Yan Yongquan was rejected by the conference host Barry. These entrepreneurs who resisted eternal rights threatened to refuse to attend if they attended the talks. Therefore, Yan Yongquan was not able to attend the meeting. Why do you want? Do you resist Yu Yongquan's participation in the meeting?
This is mainly because Mr. Yong Yongquan frequently conducts personal attacks on community members with no minimum limit on Twitter.
In particular, I did not participate in the ranks of Samson protesters. This process can be explained by the fact that the developers of Blockstream and the whole community block, on the one hand, were excluded by the major companies in the industry; on the other hand, they also refused to communicate. However, Adam temporarily decided not to participate in the meeting, but instead ruled out the bad reputation of Yong Yongquan (often appearing as a spoiler), which is a good example.
I checked the calendar. The talks were conducted in New York on May 21, 2017. It was a Sunday. The sunshine in the morning was very good.
Barry organized a meeting on the roof of a hotel, in the open air. Because of the strong sunshine, many participants wore sunglasses. After the meeting, my exposed neck was sunburned. Barry The main representatives of the community were invited to attend the meeting.
The focus of the discussion was whether or not SegWit activation should be tied to hard fork expansion to allow the two to proceed simultaneously. Barry intended to represent Adam who had not been present, stood in Adam's position, and hoped that everyone could agree to activate SegWit first. Put aside the expansion, first arrive at a gentleman's agreement, and speak in the future.
However, most companies at the scene hope to be able to bind together. For example, Bitpay, Blockchain.info and others all point out that the current situation of Bitcoin expansion has become urgently needed. If they can not be bound to expand capacity, their users will be forced to continue. Paying a hefty fee, they will immediately start supporting alternative cryptocurrencies, such as Ethereum. There are also businesses that if they can't reach a valid agreement that binds each other today, they immediately exit. They said that Core has Refusing to implement the Hong Kong Consensus. Why do we need to repeatedly formulate a Hong Kong consensus in New York?
Representatives of Bitfury participated in the talks. Bitfury has always supported the small block position, but to my surprise, Bitfury's representatives are strongly supportive of bindings to expand together. The representative believes that if so many companies come to a consensus together , A few of Core's extreme community activists cannot do anything. Bitcoin expansion must succeed.
Barry insisted that he wanted the presence of the delegates to accept Adam's proposal, that is, first go to SegWit, and then say something else later. At this time, three other important corporate representatives threatened to leave immediately. While others did not have such a strong position, they all stated that go along.
In the end, the on-site representative - emphasizing it - formed a consensus on behalf of the on-site representatives and was ready to implement the SegWit+2M binding expansion program, which was later known as SegWit2X.
There is actually a very interesting technical detail here. I hope to share it with you.
Bitcoin had multiple voting sites when it voted for power. SegWit's voting activation was to vote at site 1. New York consensus launched the SegWit2X program, in order to make it clear that the community is voting on SegWit2X, and SegWit itself Separated, the meeting agreed to prepare to vote at position 4.
Why choose at locus 4, instead of locus 2, locus 3? For fear of any unannounced community plan, prepare locus 2 for locus 3. Locus for conservatism, choose locus 4 to avoid collision :)
After a meeting in the morning, Barry finished drafting the content and confirmed to the delegates.
Barry then began collecting more extensive signature support. Barry hopes to announce the news at the upcoming Consensus conference. Naturally, before the agreement was announced to the public, some of the community’s major developers, entrepreneurs, were Learned about the agreement.
Immediately following Monday on Monday, the agreement still only collected support signatures between enterprises. On Monday evening, something unexpected happened. A developer on the Bitcoin Core, named James, made a preemptive proposal before the agreement was announced. The very condescending program, numbered BIP91. This BIP91 also decided to use position 4 to vote.
As the agreement and the plan of the New York consensus have not been announced, it seems that this unexpected crash has no problem! Of course, it just seems to be no problem.
Both SegWit2X and BIP91 use point 4 for voting. Let's not worry about what BIP91 is. If both BIP91 and SegWit2X use point 4 to vote, when the voting really happens, it will be unclear whether the voter is actually voting. Which one. Further, a voter can also hold a vague position and arbitrarily interpret his voting behavior.
What is the content of BIP91? Actually, it is relatively simple. It is to vote at point 4 first, and when it reaches 80% of the votes, it will start to force a vote at point 1, then SegWit will be able to pass it. Dismissing SegWit requires 95% of the votes. But it has never reached a stalemate. As for the expansion of the block, it simply does not exist.
The first half of BIP91, ie, SegWit, is exactly the same as SegWit2X. The only difference is whether or not block expansion is performed after SegWit activation. BIP91 does not have block expansion content. SegWit2X contains it.
At that time, the two domestic mine pools claimed that they first supported the New York consensus, and later claimed that their voting actually supported BIP91. Starting from BIP91 intentionally rushing to occupy point 4, it was almost as clear as saying that after SegWit passed, They will immediately repent of their support for the New York consensus. The prospect of abortion in the New York consensus is almost doomed.
At the same time, some of the extreme Bitcoin Core activists began to strongly advocate the so-called UASF. This UASF has not been officially supported by the Core. For a time, the Community Express camp also released two clients: UASF client and Core client.
The UASF did not receive support from the so-called Core, but almost all of the Blockstream camps rushed to support the UASF on social media.
It is not at all clear that these supporters are senior developers. The UASF is a very dangerous solution. During the UASF, the entire Bitcoin network will be bifurcated into two currencies, one is a UASF coin and the other is a normal Bitcoin. If the price of the UASF becomes higher during the subsequent transaction, then the computing power will be drawn to the UASF's chain, and then the UASF's chain will become longer, it will cover the original bitcoin chain. UASF is actually a kind of Rely on market means to plan 51% of the attack.
Since most of the exchanges and users are unaware of the fact that they are not aware of the dangers of the UASF, they are unprepared. If the UASF occurs, many transaction history will be greatly controversial and confusing. The entire Bitcoin chain will be extremely long. Deep rollback, many exchanges, many users will lose money.
Therefore, at this time, in order to ensure that at least one transaction on the chain is not rolled back, we must take measures. So we and many experts in the big community fast community, the opportunity to another proposal, called BUIP055, discussed together and was named UAHF (user activated hard bifurcation) solution.
After the implementation of the UAHF program, soon some community members emerged in the community, planning to turn the defensive scheme of UAHF into an aggressive scheme. Everyone found that as long as the implementation of UAHF is adhered to, specific With technical means, a brand new fast blockchain will be born and it will be independent of Bitcoin.
Thus, after anticipating the prospect of a betrayal by the unbelieving community activists in the New York consensus, the UAHF-driven BCH was born. After the BCH was born, it was not followed for a long time. Block communities are actively promoting the realization of the New York consensus.
Roger Ver said that he will firmly support the New York consensus, but if the New York consensus cannot be achieved, he and the entire Bitcoin.com will immediately support BCH.
Some signers of the New York consensus have indeed been angry. For example, the manager of a mining pool in a local community said that we are not clearly supporting the New York consensus. Why BCH still wants to be independent. He forgot, he said privately everywhere that he Just support BIP91, not support New York consensus. He supports New York consensus is to activate SegWit, will not perform the block expansion part. They are angry that they want to lock the bitcoin blockchain forever in the 1MB attempt failed .
'BCH is the real bitcoin,' I personally disagree with this statement, but I am very sympathetic and understanding. Because of the fast-paced regionalists, including many who paid a great deal of enthusiasm for promoting Bitcoin early on, Bitcoin's words have a kind of perseverance.
What does the so-called 'Bitcoin' mean for these early supporters of Bitcoin? 'Bitcoin' means fast, low fees, no intermediaries for payment networks, and can be used as electronic cash. Cong originally planned expansion plans, etc.
So compare BCH and BTC, BCH has these characteristics even more, so some people can say, BCH is real bitcoin.
I disagree with this statement. BCH is independent from the BTC community. They share a history. After August 1, 2017, they lived apart. It was as if the United States had obtained independence under British rule, but Americans call their country the United States. No American says that the United States is the real British. Canada is part of the Americans who fled to North America because of political differences. They are not Canadians claiming that Canada It's true America.
Here I also urge the BTC community and the BCH community to get along well and develop well on their respective technology roadmaps. Regardless of the success of BCH, or the success of BTC, or their mutual success, it is the success of this great invention. Within the BTC community Some early important contributors also modified their own statements. For example, Gavin said that BCH was the one he had worked on since 2010.
Wang Feng: In your Q&A, you thoroughly refreshed the ten questions and asked for a single response. Our character in Chongqing was still reflected in the key moments. When BCH was accused of centering, you were on Twitter, Reddit, etc. To the so-called 'enemies' yells, such as the famous 'Fuck your mother if you want fuck'? Haha, your emotions are easy to control? After all, you have mastered the bitcoin network so much power. Tonight, the moonlight is fierce , hidden in the clouds.
Wu Jihan: At that time, when I answered that sentence, I thought that it was just someone who spoke swearing on twitter and sprayed me. I had to spurt it back. Later I discovered that it was me who suffered from it: ) Afterwards, I did not spray it like this.
My bad word was widely circulated, and some people did a T-shirt.
The 'power' is really beyond the reach. We have very little computing power and we have a lot of power. We will condemn and boycott our actions.
I hope to work hard to maintain the information security of the mine pool.
Wang Feng: Understand, but some time ago, some people collectively fired at you, claiming that the chief messenger behind the bitcoin bifurcation is Wu Jihan. They accuse them: 'Why, in the event that the New York consensus has been reached, you must unilaterally Breaking the New York consensus and splitting out the BCH? 'There is still a story on the Internet. I don’t know if it’s true or false. I’ve heard that you’ve also got a 'false Nakamoto Satoshi’ (an Australian businessman named Craig Steven Wright, 2016). The year claimed to be 'Nakamoto Satoshi', but no evidence was provided.) To the BCH everywhere, the above questions. Do you respond? These people also seem to be in our Mars Finance Group.
In the old rules, there are rumors, and there are tactics.
Wu Jihan: CSW did not support BCH earlier. He later suddenly strongly supported it. CSW has a long history. There are countless special reports about him. I can't pull it. I have different views from him. I refuse to comment on CSW.
Self-evaluation is not a shrewd businessman who is too enthusiastic about Nakamoto.
Wang Feng: Fourth question, this is about your new competitor's entry problem. You may need to parry it. Recently, Japan's GMO announced that its 7nm miner chip has accepted the booking, and that GMO's full-scale network computing power will be higher than now. A 9-fold increase; Dragon Dragon's Mint T1 uses Samsung's 10nm chip, which is also very powerful; in contrast, Bitland's Antminer S9 uses only 16nm chips. How does the Bitcoin deal with competitors like GMO? challenge?
Wu Jihan: The blockchain network is open, so competition is unstoppable. Competition has great benefits. It can make the network more secure. The emergence of more and stronger competitors also shows that the blockchain has reached unstoppable. In order to attract more competitors, we hope that everyone can work together to make blockchain development better.
Wang Feng: I have heard many comments that are astute to you, including the fact that the Bit Continental will calculate the price of a mining machine based on its calculations, instead of calculating the price of a mining machine based on cost. So, I think this is understandable. After all, you have the foundation of the economics of Koban, similar to Xiaomi's cost-conscious price increase market, and pricing methods based on market supply and demand, and constantly adjust the user's psychological price to gain market initiative. Naturally, every reason. But some people say, bit Will China's newest products be used for their own mine pools? One of my intuitions is that you have a dual degree in Psychology and Economics at Peking University, giving you confidence to enter this emerging market like a duck? You think you are a shrewd business. person?
Wu Jihan: It's hard to say self-confidence. The real situation is that the heart always thinks that there are many aspects of the company that are not doing well. However, they also have to hold back and cannot pass on such emotions to their colleagues.
If I'm a savvy businessman, I probably won't be involved in the bitcoin expansion dispute. Pretend to understand nothing, and devote all my efforts to the development of other blockchains, it is the most correct.
It is true that he himself has too much enthusiasm for the road map that Nakamoto established earlier.
The basic principle of the market economy is that the demand side is willing to pay for what the party is willing to pay, and that is the price. Therefore, we must price according to the market demand, and we must not stare at our own costs. Customers do not care about your costs. Customers only care about paying. The price can be exchanged for something - it can't be controlled, the power of the market is far greater than our company.
Wang Feng: Fifth question, In the past 6 years, the bitcoin market has been magnificent, and it has been in the darkest period for a long time. Even investing in bitcoin is ridiculous and disdainful. I believe no one could have predicted exactly today. The situation in 2012. At the beginning of the birth of China's first batch of mining machines, it was this era that reminds me of the era of the great sailing of the Columbus era. I set my ambitious journey and experienced hardships. I do not know that I was able to reach the other side of my dream. The New World, or is it safe to return to the original port? What is the best day of your experience? When was the darkest time? When did you really have a mentality? Safety?
Wu Jihan: After the New World was discovered, some people went to the mountains to go back and go, and some people settled permanently in the New World. Different people would have different choices. Some community pioneers, very early Start trying to engage in activities that only use Bitcoin to survive xx days; or just use Bitcoin to travel around the world. This is probably the most determined person to settle in the New World. The vast majority of investors in the community are taller. If you lower your breath and hope to improve your life, this is probably the person who is returning to the port. I myself am interested in the sailing itself and where I would settle in the future:)
The best year is definitely 2017. The industry is developing beyond imagination. The company also enjoys a huge dividend in industry growth. The company's most difficult task is 2014. That year the industry is a big bear market. The company is almost bankrupt.
Wang Feng: Bitland is not the first entrant to the mining machine. In fact, the roast cat started the mining machine era in 2012. Almost at the same time, Jiannan Zhizhi's pumpkin zhang also entered this market. It is said that you invest in baking first. The stock of the cat, and later bought the machine of the pumpkin Zhang. I noticed that you launched the first generation of mining machine in November 2013, but in 2014 Bitcoin entered a long-term bear market, and did not begin to enter the big up cycle until early 2016. After this stage, when Bitcoin returned to the bull market, Bitland occupied the most computing power of the Bitcoin network in one fell swoop. Through long-term bear markets, I believe that you must have the means to keep the masts intact. What are the important things you did during this process?
Wu Jihan: If we pursue psychological security, we will not do business. The most important thing is that all the company's colleagues do together. We have done a lot of work in technology research and development, production organization, industrial integration, etc. The company is also constantly Multiple countries integrate transnational R&D forces.
It is unlikely that Ethereum is out of the PoW algorithm. Bitland will introduce more miners in the future.
Wang Feng: The sixth question, not long ago, Bitland developed an ASIC mining machine for the mining of Ethereum, the ant mining machine E3. Its mining efficiency is 250% higher than that of traditional GPU mining machines. This has caused the ether The strong reaction of the community is that there is a view that once a large area of this mining machine is promoted, it is highly likely that Ethereum's computing power will be concentrated, which in turn threatens Ethereum's decentralized network. Ethereum development team Piper Merriam proposed Hard fork solution EIP958, change algorithm, used to resist ASIC mining machine. Ethereum founder Vitalik also revealed that Ethereum plans to implement the POW (workload proof) mechanism to POW/POS (equity proof) hybrid consensus in 2018 Mechanism, do you think Ethereum will eventually break away from the POW algorithm?
Wu Jihan: Vitalik is a firm idealist. He was early in the BTC community. He was a teenager reporter who wrote a press report and earned more than ten dollars. He is also a kind of person who is prepared to settle in the New World and will not return. He had hoped to develop his smart contract plan in BTC's op_return space, but later he decided to develop independently because he realized the hostility of Bitcoin Core. He gave strong support in the birth of the BCH community. Vitalik hopes to promote the block. Efforts to implement PoS in the chain have been going on for many years. Frustrations have also been encountered in the middle. Earlier, ETH hoped to be able to implement full PoS at a time, but soon returned to the PoW+PoS hybrid design.
Although Vitalik is very determined to achieve PoS, he is also a person who can be very honest when faced with facts and truths. According to my observations, the whole community of ETH is also generally the same. When they come out with PoS in the future, Will also carefully analyze its risk.
Our own technical research judges that the complete PoS system's security and decentralization features are not possible in the short term. We will actively track the development of PoS technology. At present, it seems that to have no central authority, only PoW is Verified and secure.
Bitland is essentially engaged in blockchain business and will not confine itself to mining operations. Our understanding of PoS and technical reserves are actually much more advanced than many ongoing PoS currency understandings. When the time is ripe Bit continental can also enter the PoS market.
Wang Feng: If Ethereum turns from PoW to a hybrid mechanism, digging Ethereum will become less profitable. This is not without precedent: After the Mengluo Miner came out, the Monroe community's collective updating algorithm led to the old Monroe coin. On the other hand, there are basically only miners in the mainland, whose market value fell from 2.6 billion U.S. dollars to 84 million U.S. dollars. Monroe founder Riccardo Spagni denounced Bitland as a 'tumor'. We also noticed that in 2018 EOS Super Node election was Representatives, many new public chains have adopted PoS-like mechanisms. How do you view the prospects for the development of the PoW mining market? What are your expectations for the future PoW mining market size?
Wu Jihan: The PoW market will fluctuate with the development of the entire industry. But overall, PoW will share the growth of the entire blockchain industry, but it is only a question of whether market share can be maintained, but growth is certain.
Wang Feng: I consulted Mr. Kong Huawei, director of the Shanghai branch of the Institute of Computing Technology, Chinese Academy of Sciences, on this issue. He believes that if digital currency starts Anti-ASIC, for example Bitcoin has ProgPOW (Programmable POW), it will make Bitcoin. Back to the era of everyone's digging for coins in 2009. If Guo Zhen, as stated by Kong, said, what impact will this have on Bitar’s business strategy? Sources said Bitland is selling customized mining machines for more than a dozen cryptocurrencies. , And plan to add more?
Wu Jihan: The Anti-ASIC algorithm itself is a free choice for any blockchain independent community. I think this is something that any outsider has nothing to say and we must respect. But is their choice sensible? Is it really thinking about the future of the community? I am skeptical. Anti-ASIC algorithms are not necessarily secure and are not necessarily decentralized. Some very CPU-friendly algorithms are almost always controlled by hackers. The broilers are mining. The broiler's controller has an absolute advantage over these currencies. Is it decentralized? And we know that it is hard for hackers to control the ASIC miner.
For a long time, Bitland has developed a variety of mining machines. We will also develop more mining machines in the future.
The reason why the old is black is because it is too insistent on the issue of expansion.
Wang Feng: Seventh question, as early as the end of 2011, when you were an analyst and investment manager at VC, he went to the community to apply for the task. He put his own Bitcoin creation paper “ Bitcoin: A Peer to Peer. The electronic cash system has been translated into Chinese, which is also the most widely-circulated version. Many people therefore call you a 'bitcoin evangelist'. However, to date, it has been almost seven years since the introduction of Bitcoin and digital. Currency, There are still many people who have misunderstanding: What is the significance and value of a limited-quantity currency to the public? Is Bitcoin a game of pyramids, or a trap for MLM? Can you use Auntie? Can you understand the common language, clarify the above misunderstandings, and do another science popularization?
Wu Jihan: At present, Bitcoin in the usual sense has been far away from my translated Satoshi Nakamoto White Paper. As mentioned above, the Bitcoin Cash (BCH) community has become independent, and my personal energy and enthusiasm are in the bit. BCH, I don’t want to comment on Bitcoin (BTC). I believe the current misunderstanding of BCH is just as big as the misunderstanding of BTC in 2011, and the investment opportunities in it are also related to BTC in 2011. same size.
BCH is making every effort to implement a number of technologies and is making a technical sprint to become the Internet's electronic cash. BCH is the most potential point-to-point e-cash - modest, plus one.
Here you can briefly list some important technologies and projects, including: giga block, weak block technology, op_codes reactivation, UTXO proof, canonical transaction ordering, sharding, op_return expansion, tokenization technology, money button, etc.
BCH has great potential to become electronic cash, the value base is very strong, does not require any act of faith recharge. BCH will be widely used in the Internet for a variety of micropayment scenarios.
Wang Feng: I heard that you first bought Bitcoin at Taobao and Mt.gox. At that time, how did you learn about Bitcoin? Who was your initial guide in the Bitcoin world? How many Bitcoins do you currently hold? Many people Both are very concerned about the issue of bitcoin market. How long will this bear market last?
Wu Jihan: I was introduced to bitcoin on a blog. Other questions are not answered, I feel that the topic is very sensitive ~
Wang Feng: In the eighth question, unlike the currency magnates who are busy cutting leeks for the project platform, you have been working in the mining machine business for many years. However, I feel that many people are dissatisfied with you and seem to be better than those who cut leeks. Even worse, you were even accused of being a villain by Coindesk, the largest blockchain media in the United States. In overseas forums, many people also intentionally misunderstood your name 'Jihan' and called you 'Jihad' ( (Terrorists) In your opinion, why do you get so many people's rebuke and resentment?
Wu Jihan: These criticisms are mainly due to my insistence on the issue of expansion. The blockchain community is actually very flat. No matter who you are, here is a bit of a scolding and being sprayed. It's inevitable. The larger the size and influence of a company, the more its founder insists on a certain point of view.
This is a community that very much hopes to realize the ideal of decentralization. I, as a member of the community who has great enthusiasm for Nakamoto's original technology roadmap, have coincided with the identity of my co-founder of Bitland, this coincident identity, Let some people who strongly hope that bitcoin is free from authoritative control feel great worries. Especially when I insist that the community roadmap is ridiculous.
I think it's just like I deal with it. Many people who spray me on the Internet every day, meet up under the line and feel very gentle.
If you want to say how bad it is, I think that Vitalik has been even worse than me. Blockstream people say behind the clock that Vitalik is going to be investigated by the SEC. What to imprison, ETH is also being used by communityists every day. Kind of spray, said ETH technology is bad, so many holes.
At the time of ETH's emergence of TheDAO's security incident, the community activists used hackers, water forces, and public relations to attack ETH. At that time, some documents attacking ETH were quickly and systematically translated into multiple languages in the world. Ethereum The development is still a development. It doesn't stop crying because of what the sprayer says. Vitalik also expressed great tolerance and understanding for the ETC, who was mainly attacked by him personally, and considered it to be owned by the ETC community. freedom of.
Wang Feng: I heard that before touching Bitcoin, like many young people, you look at stockholder Buffett as a life idol, but Mr. Buffett scoffs at Bitcoin and digital currency. He called Bitcoin a 'square of mouse medicine'. Do you still consider Buffett as an idol of life? How do you evaluate Buffett’s criticism of digital currency?
Wu Jihan: Buffett is a wise man. It is worth studying and studying for a long time. However, Buffett has always been right. He wanted Buffett to find out that his own teacher has not always been right. Buffett was young when he invested in a home. He believes that the fast-growing, but still unknown, insurance company is excited to share his insights. He is disappointed to find that no one believes him. Everyone looks at him weirdly. This situation will happen in the past. Now, many people in the future - those who have only the facts of the future can prove that his judgment is correct.
Bitland is essentially a high-performance computing chip company
Wang Feng: In the ninth question, referring to Bit Continent, we have to mention your other co-founder, the junk group known as the Bitland 'technology brain'. In my opinion, your previous cooperation can be considered as Gold Medal Team, Jenke Group is seven years older than you. After graduating from the Chinese Academy of Sciences, he has been engaged in the design of integrated circuits. In 2013, the Yankee Group spent six months developing the first generation of Bitland's mining machines. Efficiency far exceeds that of his peers at that time, becoming the key to the rise of the Bit Continental.
It is said that the fate of you and the Jenke team was attributed to a 'roadside sale'. How do you divide the work with the Jenke group within the company? It is rumored that the Jenke Group is the largest shareholder of Bitland?
Wu Jihan: Perhaps the recent blockchain industry has expanded rapidly. Many people who do not understand what our journalist friends must write about are more concerned about co-CEO. In fact, this is old news. Micree and I started out as co- CEO, this has always been known in China's blockchain industry.
By 2017, when the expansion debate was fierce, the people at Blockstream in the country suddenly knew that they had been reported by the journalists who privately had undisclosed contractual relationships. This was a moment of excitement. Adam felt that there was an opportunity to meet with Micree. I hope to find a breakthrough opportunity, but in the end I have no effect.
Wang Feng: Many people may notice that Micree, who has been behind the scenes, has frequently come to the stage and has spoken on behalf of Bitland for many times, but his identity is 'Binary Continental Co-Founder, Joint CEO'. According to my observation, the joint CEO The title is basically used in the transition stage of the merger of the two companies, such as Wang Hsing and Zhang Tao after the merger of Mitu and Reviews. Finally, Zhang Tao, Wang Xing’s grouping, fades out. One company always needs one person to eventually decide. The mainland is a joint venture between you and the Janker Group. Is the purpose of establishing a joint CEO?
Wu Jihan: I and Micree are more of a complementary team. It's like a table tennis doubles game. The ball is played. Whoever is in the best position to catch the ball has the final say.
Wang Feng: Tenth Question: At the end of last year, at the 2017 World Artificial Intelligence Conference, Bitland released a dedicated custom chip SophonBM1680 for artificial intelligence applications, deep learning acceleration cards SC1 and SC1, and an intelligent video analytics server SS1, officially marching into labor Smart industry. Three-body fans must know that the name 'Fufeng' comes from Liu Cixin's “Three-Body” in the “Three-body” (SOPHON).
According to your estimation, 40% of the income of Bitland will come from AI chips in the next 5 years. How did you make the decision to enter the field of AI chips? From mining machine chip development to AI chip development, which technology accumulation can be applied? What are the biggest challenges that will be encountered?
Wu Jihan: In essence, Bitland is a high-performance computing chip company. After success in the area of blockchain and digital currency, we saw artificial intelligence as a new application area. We found that traditional chips have no way to satisfy deep learning. For computing needs, a new ASIC architecture is needed to make a dedicated processor for it.
With development in the field of blockchain chips, Bitland has excellent chip R&D talent resources, and R&D offices in many countries around the world. We have accumulated a lot of high-speed, low-power circuit designs and can also be applied.
Challenge: There are some traditional chip giants in the field of artificial intelligence. They have very deep technical barriers and industrial eco-barriers. As a newly-emerged company, Bit Continental needs to be humble, hard-working, and more partners. In-depth cooperation. As a new field of artificial intelligence, we believe there are countless virgin lands waiting for development. Cooperation is greater than competition.
Recently, Intel introduced the latest version of the NNP chip, Nvidia launched the Jetson Xavier, Google also introduced the new TPU 3.0, IBM launched the 'true North', and even the Tesla of Elon Musk also announced to develop its own artificial intelligence chip, Obviously, the chip R&D competition has become the top competition in the food chain. Compared with these giants, what is your competitive advantage of Bitland? Is there a difference in competitive options?
In essence, we are not a competitive relationship with them. Artificial intelligence is an emerging market. It should be these companies that together make this cake even bigger. The strategies of Bitland and Nvidia companies are not the same, and Bitland is a new one. Jin company, we will from the application point of view, will work with them to make the application better. Google is a very open company, TPU is the spirit of the open source spirit of the work, to our great help.
Wang Feng: In terms of landing applications in AI scenes, how does BitContinent consider? It is said that Bitcoin has cooperated with Internet giants such as Tencent and Ali in the AI field. Can it disclose more cooperation information?
Wu Jihan: Bitland's artificial intelligence products can be applied to various fields such as security monitoring, voice processing, image recognition, robotics, etc. The Internet giant has a large amount of data, and also has the opportunity to create some great scenes. It is an important cooperation for Bitland's artificial intelligence products. In the field of applications and applications, the second generation of artificial intelligence chips have already been tested. The third and fourth generation products are also accelerated along the R&D roadmap. We maintain close cooperation and communication with the mainstream Internet companies in the industry, but the specific details Can't reveal it temporarily.
Wang Feng: I am sorry, I asked directly to the twelfth question, there are two topics. Today is 'Wang Feng twelve questions Wu avoid cold'.
In the eleventh question, since 2015, Bitland has successively set up R&D centers in San Francisco, Israel, and the Netherlands; but in 2018, the company's overseas layout suddenly accelerated, successively in Switzerland's 'cryptocurrency valley' Zug. State establishes branch offices; Opens regional headquarters in Singapore; Locates suitable sites in Canada’s Quebec region to set up mines; Establishes ASIC mining machine service centers in Russia, etc. What is Bitland’s overall layout for seagoing business? Suddenly force overseas business?
Wu Jihan: Bitland has been a global company since its inception. We will make arrangements based on the advantages of each country and strive to contribute to the local economic development and job creation. In the past, the company had a small number of employees, and only a few offices. Employees, because of the overall development of the industry in 2017, the number of offices increased, and the number of people in each office also expanded.
In the past, when we opened an office to a certain place, nobody paid any attention to us. Now that we have just started consulting the intermediary to set up the main body of the company, the local media has begun to report on it. Therefore, it gives a feeling of 'strength':)
In fact, we have not relaxed.
Wang Feng: When you accept an interview with Bloomberg TV, the United States is one of the largest target markets in the mainland. The company's bitcoin mining business will have a huge expansion plan in the United States. How do you plan to expand the US market? What is the current progress? kind?
Wu Jihan: The United States has vast territory and abundant resources, many talented people, and very low energy resources. Our current development in the United States is relatively smooth and we have already overcome a lot of difficulties.
Wang Feng: In the twelfth question, I can feel that Bitland has made a deep investment in its investment. Since 2017, Bitland has invested in YiLaiYi, ViaBTC, AICHAIN, Hero Entertainment, Yingying Network, etc. A blockchain project. In May this year, with another US$110 million, it led the mobile payment and cryptocurrency trading company Circle Internet Financial. How does BitContinent's investment in the blockchain layout take into consideration? Which of the circuits or fines will be selected? Sub-domain?
Wu Jihan: We attach great importance to the ability of blockchain to serve the real economy. We will focus on those blockchain projects that are helpful to the real economy.
Wang Feng: The Bitcoin official website wrote: 'Although we are not yet giants of artificial intelligence, neither are we the fastest growing, nor are we the best to promote it, but our commitment to the profession and our understanding of the industry will eventually make it We have become the most dazzling one on the journey. 'Perhaps the new era of big navigation is already open. Even if it is stormy, even if it is in full swing, I hope you persist in your early days and never give up. Find your new continent as soon as possible! Thank you. When you came to Wang Feng's ten questions today, it was very exciting and very beneficial. I believe that everyone in the group can feel your intentions.
Wu Jihan: Thank you, the host, Thank you, Wang Feng.