Bitcoin Cash [BCH] has recently been seeing a sharp hike in its price, over 50% in the last 7 days. Investor sentiments have been high because of the upcoming hard fork of the chain, due on November 15. This battle has been christened the ‘hash wars’ on the Bitcoin Cash blockchain, pitting Jihan Wu of Bitmain, with his Bitcoin ABC protocol, against Craig Wright, who claims he is Satoshi Nakamoto trying to bring the Bitcoin protocol back to ‘Satoshi’s Vision’.
He recently appeared on an interview to speak about the state of affairs in the Bitcoin Cash war, stating that Roger Ver was in it for the “tokens” and going on to say that Bitmain was pushing for Wormhole so that they could convert Bitcoin into a Proof-of-Stake [PoS] network.
Wright said that the reason Vitalik Buterin, one of the creators of Ethereum [ETH], turns up at so many of Bitmain’s conferences is because of the move to PoS. He stated:
“[PoS] is really about is the same as any oligarch, you change the system so that you can not compete anymore and lose what you have now. With Bitcoin, you have to fight every day. If you stop, that’s it, you lose.”
He further stated that the amount of Bitcoin one holds does not allow them to gain anything and it “doesn’t do anything unless you do something with it”. He further illustrated the difference with Proof of Stake, stating:
‘With Proof of Stake, you can easily put money out there and use that to control the system. You don’t need to do anything, you can then change the rules. This is something people don’t really get. Proof of Stake favors those with money.”
Wright then further illustrated how those with money don’t find it difficult to manage it, stating that those with a $40,000 income need to engage in “scrimping” for money, while those with $4 million income can live off $400,000. He connected this with Proof of Stake, stating:
“You get more money that you don’t need to spend. Proof of Stake allows people who already have money to sit and do nothing and control the system. It allows them to be an aristocracy [and] sort of degrades Proof of Work.
He stated that the idea of cartels and governments coming together is what Bitcoin is designed to stop. He also offered his opinion on what Bitmain was doing, saying:
“I mean you get to the point where we’ve got to keep fighting. This guy is earning more than me but I’m bigger than him, it’s not fair. How about we make an agreement where we don’t let anyone else into our game and everyone can stay where they are.”
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