Jihan Wu, the Bitcoin mining titan and prominent supporter of BCH, recently gave an interview at a Q&A session for entrepreneurs at Peking University Guanghua school of Management . During the discussion, he shared his views on the controversial BCH split, current thoughts on STOs, Eco-friendly mining, and his opinions on the viability of coin-free blockchains.
Regarding the split, Jihan shared his views on the importance of community and how his actions have been in support of free speech.
“In this environment of free speech, I believe that division is inevitable. This is the nature of human contribution to the community, and it is easy to split because of some differences. The split itself will bring about the richness of the whole system.”
He concluded that even though this split has created 2 new coins in the form of BCHABC and BCHSV, there is potential for further splits down the road
Not a current supporter of STOs, Jihan Wu started his discussion sharing that “ICO is a very magical existence. The process of issuing securities is anonymous. It allows ordinary retail investors to participate, and the issued securities can be circulated at zero cost globally, trading in 100-200 countries, and in thousands of trading markets.” His first issue with STOs is the requirement to disclose ones identity to be involved with its trading. “You must know Who is the party to the deal, then the foundation for providing this global borderless dynamic may disappear”.
He expanded on these views, explaining the complications involved with trading globally when there are national regulatory agencies with varying qualifications for investors and compliance. “I personally feel that these issues are the premise to determine the long-term success of this market.”
There was a ray of hope in his discussion, suggesting that the opportunities to turn a profit will ultimately lead to the success of the STO market. “If there are some cases in the future STO market where industrialists engaged in real business activities can bring huge returns to investors, this market may be completely activated. It may turn from a completely non-invasive market to a market that everyone cares about, which is similar to the success of any stock emerging market segment.”
One student asked the mining giant about the energy consumption of bitcoin mining and how will miners on the existing network be able to switch over to the more green and energy saving consensus mechanisms like Proof-Of-Stake. “First of all, the financial network currently built by PoW is actually relatively less power-consuming than the traditional banking power consumption, because the power consumption of their older servers is also very (high)… The energy consumption of buildings and people may be much greater than the visible power consumption of bitcoin mining” answered Jihan.
“I personally hold a very open attitude towards these energy-saving technologies. I feel that the technology is constantly updating and iterating”, he continued, but alluded to the need for these unproven consensus mechanisms to first qualify as being safe and secure above all else.
Wrapping up the Q&A session, a student asked about his thoughts on a currency-free blockchain, where there is no incentive structure connected to the network. He recognized some of the existing players, “Some system software, such as Weifang and Wanxiang, which is open source and some blockchains, do not do these things with the goal of making money, such as some supply chains. Enterprises, the main purpose is to promote the application of blockchain technology. However, the investment cost of this layout is also very high.” He concluded that if there is a way forward to these development methods, it will be a decade or so until we see them.
image via Flickr