Huobi host online event on BU, now looking for Core expert

28th March, Huobi hosted an online event in the evening titled “Bitcoin scaling and its impact on price”, featuring Jiang Zhuoer as the guest speaker. Jiang is well known for his strong support for Bitcoin Unlimited. The event attracted over 1,000 participants and Huobi is looking for a Core expert to answer questions from the Chinese investors on Bitcoin scaling.

“Bitcoin scaling and its impact on price” source: huobi

Wu Xing, Marketing Director of Huobi, told 8btc that:

“This is the 8th session of Huobi Online Lectures. Currently the scaling debate is hot but difficult to understand due to its technical requirement, which have caused confusion among common users. We are hosting this event for 3 reasons:
1. To help users understand Bitcoin scaling in an objective and way.
2. To relieve the panic and fear on bitcoin split among users;
3. To help users know what to do with their assets if there is a fork.”

The following questions were answered by Jiang Zhuo’er, owner of Bitcoin and altcoin mining pool and a controversial supporter of Bitcoin Unlimited. BTC.TOP now ranks #6 on the Bitcoin hashrate distribution board.

1. Why did Satoshi Nakamoto set 33.5M as max block size in the beginning and later restrict it to 1M?
2. Satoshi Nakamoto had plan and code for removing the 1M limit in the future, why the Core are not following his plan to scale the network?
3. What is Core’s scaling roadmap? Why Core believe that hardfork is risky? How does the lightning network work?
4. Why BU is against converting Bitcoin network into a “1M+LN” settlement network?
5. What is the “root” divergence for the BU and the Core?
6. How did the negotiation between the BU and the Core finally come to a total parting? What are the accusations and conspiracy theory of both sides?
7. Why BU support hardfork? What happen if there is no hardfork? Why Bitcoin will not split into two coins, just like some users speculated?
8. What are the impacts on users, miners, exchanges and wallets in the case of hardfork? What measures should be taken?
9. What are the hardfork impacts on price? What should investors do?

The event attracted over 1,000 audiences, according to Wu Xing:

“We synchronized the content in 3 wechat groups with over 1,000 participants. We had planned to host one Wechat group but applicants grew so fast that we had to create the third group half an hour before the live chat. “

Wechat group could host up to 500 members at most. A brief version of the manuscript was posted on 8btc forum , in which Jiang further elaborates on the potential risk of LN:

LN will nurture monopoly LN processor like Alipay or Wechatpay. By that time, the government could easily shut down the LN in the name of AML. Then the LN transaction will be transferred to the 1M mainnet, the 100x transaction demand will jam the network and soon the network will be paralyzed as well. “

The online chat was composed into a 90 minute soundstream, which could be found here.

Huobi also explained the reasons why Jiang is invited as a BU supporter.

Under the current circumstance, we could not find an expert to explain Core in a comprehensive and objective way. Please recommend someone so that we can organize similar events for Core.

On our previous report, BTCC has indicated firm support for Core and OKCoin would support both coins if there would be two Bitcoins on the market. It is still not clear what position that Huobi will take in case of split.

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