BTCC CEO Li Qiyuan: Why do some Chinese miners dislike isolated verification?

Although many altcoins claim to be the biggest driving force for changing the cryptocurrency market in the future, BTCC CEO Bobby Lee believes that only Bitcoin can drive the development of other digital currencies.

Last Saturday, February 18, he said in a Reddit AMA:

I think the entire industry should focus on Bitcoin first.

Lee is convinced that the crypto world should pay attention to Bitcoin.

Indeed, altcoins have some exciting new features, but it is unlikely to be deployed on the Bitcoin network. In my opinion, Bitcoin will lead the digital currency and reform the financial field. The first thing we need to do is to promote Bitcoin to mainstream society!

The central bank’s regulatory objectives

Earlier, the People's Bank of China (PBoC) conducted spot checks on the operations of various Bitcoin exchanges in China. The CEO of BTCC said that he was not sure about the central bank's purpose, but he thought it was "a good thing for China" and that it could prove that his exchange was cooperating with supervision, not only in China, but also around the world. They will continue to cooperate with the central bank and listen to the central bank's requests and suggestions.

However, he believes that central banks are taking their recent activities more seriously than they did in 2013 and 2014, and believes they “will have a big say in how the bitcoin exchange industry develops over the next few years.”

Segregated Witness

He also mentioned that the refusal of Chinese miners to support SegWit has nothing to do with their nationality. He believes that the lack of opportunities for communication and cooperation in the community is also the main reason that prevents Chinese miners from accepting SegWit.

If the two parties with different opinions do not stop blaming each other, the activation of isolated verification will only turn into a more difficult and complicated issue.

Lee‏ said:

Some complex topics are hard to explain, and if you have to explain them to a bunch of people, it will take a lot of time. Bitcoin is complex enough. Segregated verification and scaling issues are even more difficult and complex. Therefore, we need more time to communicate and understand this issue.

He also added that he hopes that segregated verification will be activated first, and then the expansion will be carried out through a hard fork, and he hopes that all this can be settled this year.

Privacy Altcoins

Some netizens asked whether it is possible for altcoins with strong privacy to be listed on Chinese exchanges. He said that he has not seen a strong demand for such altcoins in the Chinese community, and Bitcoin's pseudo-anonymous function seems to have successfully maintained a balance between transparency and privacy.

Another user asked about Bitcoin’s confidential transactions, a feature that allows publicly traded companies to hide their financial activities. Lee responded that this “is not a priority for Bitcoin right now.”

He added that just because many miners and integrated circuit (ASIC) manufacturers are in China, it cannot be assumed that Bitcoin mining is China's exclusive right. In fact, among the people who keep pets, more women than men, but this does not mean that only women have the right to keep pets.