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BTCC chief Bobby Lee on SegWit2x and the bitcoins exchange ban of China

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BTCC CEO Bobby Lee does not think China is considering reducing its hostile stance. It also does not intend to reverse its support for the controversial SegWit2x fork that should be activated this month.

Lee made these statements during a Ask Me Anything (AMA) held on the BitcoinMarkets subroutine. Although WADA did address a number of topics, the vast majority of issues concerned SegWit2x and the future of bitcoin in China.

SegWit2x & the New York Accord

The SegWit2x Rigid Fork, originally implemented by the New York Agreement (NYA) and whose activation is planned in about two weeks, was the preeminent topic of discussion. BTCC – best known for its bitcoin exchange and mining pool – is a NYA signatory, and many participants wanted to know if Lee intended to continue to support SegWit2x, and if so, how did BTCC get the support? intend to process the blockchain in place.

Lee reaffirmed BTCC's commitment to the NYA, stating that he thought that bitcoin should continue to evolve both on the chain and through second-layer solutions. Because he considers that SegWit2x is a planned update of the bitcoin protocol, he has avoided that his developers implement replay protection, which would ensure a clean break between the connection strings in place and the forked blockchains. after the activation of SegWit2x

"Repetition protection is not necessary for bitcoin network consensus upgrades, this has been the consistent practice over the past nine years," he said. -he says.

Lee further incited the anger of SegWit2x's opponents – including his own brother, the creator of Litecoin Charlie Lee – by repeatedly suggesting that the bitcoin blockchain in place would be an altcoin following the activation of the hard fork. When asked how BTCC would answer if the blockchain in place prevailed against the forked chain, he said that would mean that an altcoin became the most valuable cryptocurrency:

"If the bitcoins on the improved bitcoin blockchain (SegWit2x) lose value relative to altcoins, then that is the market that decides that bitcoin is no longer number one , and an altcoin took first place, "he said. However, I will not just rename the most expensive altcoin in "bitcoin" just because it has the highest market value. "

Charlie Lee was not amused. "Extremely lame," he tweeted in response. "Bitcoin (BTC) is not an altcoin, I've explained to you several times that miners do not decide on consensus."

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Prohibition of the exchange of bitcoins by China

Prior to its closure in September as a result of the Chinese ban on cryptocurrency trading, the Chinese trading platform of BTCC was the oldest bitcoins exchange. As a result, many participants were curious to hear Lee's point of view on the Chinese government's position on cryptocurrency.

Specifically, Lee was asked about recent rumors that regulators are preparing to allow the resumption of bitcoin trading in a highly regulated environment. He stated that he does not believe that they are true.

" I have also heard these rumors, but from what I can see here on the ground, it does not matter. There is no plan to reopen bitcoin exchanges in China, "Lee said:" It is possible that policies will change in the future because nothing is permanent in life. change can happen in a few weeks or months, or take years or decades … What are the Chinese authorities' positions in the future and how do they regulate bitcoin and other cryptocurrencies? "

Despite this uncertain future, Lee said the future of bitcoin in China remains bright. "I firmly believe that bitcoin will remain popular in China and will continue to gain popularity, just as it is around the world," he said.

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