With the SegWit2x drama continuing and rumors and theories as to what exactly happened, how it happened and why did it happen, The Hedge Coin Group has unearthed an explosive e-mail that may shed light. The drama started when the SegWit2x hard fork was announced to fix the Bitcoin scaling issue by increasing the blockchain size, thus increasing transaction time and putting less pressure on the servers. The highly anticipated hard fork from the very beginning seemed like it was going to fail. Most of the Bitcoin community rejected it with the exception of miners, 80% of whom were in favor of it, due to it being extremely shady and refusing to include key safety features such as replay protection, its failure is something the e-mail mentioned months before the latest saga. Just one week before the hard fork was going to take place, it was abruptly called off, which lead to a sequence of events from rumors of Bitcoin developers switching to Bitcoin cash to Bitcoin cash suddenly and rapidly gaining in price.
The e-mail alleges collusion and a plan to replace the Bitcoin with the Bitcon Cash. The e-mails allegedly written by an insider into the plan were originally posted on July the 30th which described a plan in specific detail which we now know to be fact. The e-mails go into extreme detail, detailing the events in sequence, the plan of action and how it will be carried out. Considering the fact the Bitcoin Cash was released in August and and most people had not even heard of SegWit2x until late September or October, it further raises eyebrows and we here at thehedgecoin group believe the e-mail to be legitimate without question in our respective and professional opinions. We know the e-mail was written on July the 30th as opposed to some Internet troll writing it 3 days ago, due to the e-mail receiving 3 captures (views) on August the 2nd (3 days after the e-mail was written via web.archive.org), which would be impossible if it was written 3 days ago. Thus further adding credibility and creating a mountain of certainty.
The e-mail (Written on July 30th) https://pastebin.com/n0aGBMQr
- The alleged explosive e-mail discussed in great detail and length about the alleged plan, with extreme great accuracy in terms of what has already happened, here are the main points –
- Big blockers and Jihan Wu (CEO of Bitmain), who was one of the stakeholders in SegWit2x decided to band together to make Bitcoin Cash the dominant coin
- They got all the major exchanges to support the Bitcoin cash launch (Via, houbi, okcoin and etc)
- Allowed all those who wanted to sell and dump their free tokens to sell and once the price bottomed they would enter in the market, which we saw on the 17th of August when the price all of a sudden went from $294 to over $700 in the matter of hours
- Initially larger pools won’t be allowed to mine it, only smaller pools will mine it to keep it low profile and have less coins circulating the markets, most people put this down to the Bitcoin Cash being expensive to mine despite it being low difficulty
- Larger pools will join later and later in the future their plan will be to enable Bitcoin cash to have more hashing power than the Bitcoin
- Then the “planned” SegWit2x hard fork will all of a sudden be called off, with them then marketing Bitcoin Cash and selling it as the original NYA coin. Which we saw occur a few days ago in October, a few months later after the e-mail was written.
- Thus afterwards the stakeholders will announce their switch from from Bitcoin to Bitcoin Cash and go along with their narrative that they want to push. Which again we saw with rumors circulating with regards to Bitcoin developers dumping all their Bitcoins in favor of Bitcoin Cash.
- Lastly, once Bitcoin cash gains enough leverage they will want Bitcoin Cash to be called the original Bitcoin, thus effectively replacing it, most other exchanges will go ahead with it with the exception of Coinbase
Considering the stark detail the article goes into, the sequencing of events that have proven to be true, it is extremely hard to dispute or call this e-mail fake. Other than profiting from the coin as its value goes up, why else would anyone want to replace the Bitcoin Cash with the original Bitcoin? What could their motives be?
Well first and foremost, Jihan Wu is the CEO of Bitmain who produces and sells mining equipment, his miners coincidentally don’t just allow users to mine Bitcoins but also allow people to mine Bitcoin Cash. As more and more people buy mining equipment that he sells, it makes the Bitcoin less and less profitable. Thus making it less attractive for an individual to buy a Bitcoin miner in the first place. So what’s the best way to get miners selling again? Pump up a coin that is similar to the Bitcoin but more miner friendly, like Bitcoin Cash which his miners can use and enable customers to make an easy, comfortable profit. Thus making mining profitable again and in turn increasing the sale of miners once again.
Another motive is as mentioned before, the opportunity to profit from the coin itself at rapid speeds. Considering since August 17th, Bitcoin cash has increased in value by more than 600% and if Jihan Wu and his cronies get their way, we could see the price of the Bitcoin cash competing with the Bitcoin at levels of around $6000 to $8000. Thus enabling them to increase their wealth by more then 2000%, possibly by the end of the year. Bitcoin is a profitable coin, but 2000% gains is something that not many established coins can achieve within a year.
How it may hurt YOU
Due to machinery that mine Bitcoin cash being expensive, it could hurt small scale miners quite significantly as they will have to pay more money for machinery. In addition to this with it being expensive, majority of the mining power, hash power and operation could be in the hands of a few individuals. Thus defeating the purpose of having a decentralized coin when a small minority of individuals control the vast majority of power. Forcing people to work with them in order to gain enough hash power so small time miners can be profitable, at a cost of course.
Furthermore Bitcoin critics will capitalize on this opportunity to destroy the Bitcoins legitimacy and its place in the World. Just like ICO’s which were banned in many countries due to them being considered high risk, such a move could see further regulations placed on cryptocurrencies, effecting the entire market. Propelling consumers to stick with Government backed, centralized digital currencies as opposed to anonymous, user controlled cryptocurrencies, thus eroding peoples freedoms in the digital currency World and hampering its efforts to mainstream, all in the name of a quick profit for a few individuals and control.
If the leaked e-mail is true, which we believe it to be then this is nothing short of market manipulation by the lights of Jihan Wu and backers of SegWit2x such as Roger Ver who were all allegedly in it to hatch this plan together. They have the necessary resources, money and more importantly hash power due to Jihan Wu owning possibly one of the largest Bitcoin farms in the World and along with his contacts, him and his cronies take a significant chunk of the hash power.
A wise man once said “If you want to know someones motive, see what they have to gain and what they have to lose”. It appears Jihan Wu has a heck a lot more to gain if he gets his way and a heck a lot more to lose in terms of his mining business if he doesn’t get his way. Despite this alleged plot, the Bitcoin still remains the dominant currency and their is a lot an individual can do to ensure it is not hijacked for the sake of profit and control of a decentralized system, making Bitmain incharge and almost impossible to do business without their backing or approval.
What can we do? It’s simple, there are numerous ways to stop the plan dead in its tracks, starting with a complete and total boycott of Bitmain miners, products and services. Spread the news! Spread the article! Spread the e-mail! The earlier we expose this selfish scheme which could see the community to split in two, the better!
To read the original e-mail, click here: