Proof of Social Media: Jihan Wu Welcomed by GMO Internet’s Masatoshi Kumagai

Proof of Social Media: Jihan Wu Welcomed by GMO Internet's Masatoshi Kumagai

TL;DR: Proof of Social Media (PoSM) is a CoinSpice quick take of the ecosystem’s temperature through the lenses of YouTube, Facebook, Twitter, Instagram, Reddit, Twitter, and wherever else sentiment can be observed. This installment of PoSM examines speculation surrounding Bitmain’s co-founder Jihan Wu, written evidence Satoshi Nakamoto has finally revealed himself, decentralized application (dApp) trendsetters, advice on moving peer-to-peer electronic cash forward, and how the Lightning Network is still a giant mess.  

More Spice: Bitcoin White Paper Webcomic by Comics Legend Scott McCloud

Jihan Wu Welcomed by GMO Internet CEO

GMO Internet CEO Masatoshi Kumagai’s tweet on 1 March, “ヨーロッパから帰国早々、中国からお客様。My Chinese brother Jihan. Welcome to GMO!” along with the tags, “#btc #bch #crypto #blockchain #bitmain,” sent the cryptosphere into a tizzy. Is Wu defecting to Japan’s corporate giant? many wondered aloud.

Proof of Social Media: Jihan Wu Welcomed by GMO Internet's Masatoshi Kumagai
Wu (L) and Kumagai

Google translate has the script as relating something akin to “Customers from China early returning from Europe,” and the post itself showed the two men seated, evidently, at GMO’s headquarters, with Kumagai holding a Bitcoin-related tchotchke.

Watchers of the space might find the post poetic for a few reasons. Summer of last year, in fact, GMO Internet entered the cryptocurrency mining market, thundering about using its relative weight to offer better hardware. Its B2 was a first for two reasons: made in Japan, and for claiming use of 7nm semiconductor chips.

I Respect Bitmain, But We Will Top Them

At the time, GMO CEO Masatoshi Kumagai reportedly said, “I respect Bitmain, but we will top them,” a shot at the mining giant responsible for nearly 80% of the market, depending on who was counting. On paper, the B2 specifications were zippy, but the price was nearly $1,000 more, the broader crypto market was tanking hard, and the expected shipping date was around October — four months too long, as it turned out.

Proof of Social Media: Jihan Wu Welcomed by GMO Internet's Masatoshi Kumagai

By Christmas, GMO was out altogether, capitulating in a six page document titled, “Recording Extraordinary Loss Related to The Cryptocurrency Mining Business
Restructuring,” with losses in the double-digit billions.

Rumors were further fueled a week earlier by rumor of Wu “leaving Bitmain, starting a new company,” a spin-off of sorts. In truth, it was a tough 2018 for Bitmain, and traditionally in a bear market mergers and acquisitions become more enticing for a variety of reasons. Perhaps GMO has some tech and a few good devs needing use, and maybe Bitmain is looking for a discount. Stranger things have happened. The meeting between the men could be little more than just that, a friendly photo opportunity, but one does wonder at broadcasting it in such a fashion with surely both knowing it would cause a stir. Such is our new reality in a Proof of Social Media world, however.

We Got ‘Em

Unironic: Artist to Researcher to Journalist

Lightning Network is a Mess

Roll out of the vaunted Bitcoin Core (BTC) solution to scaling issues, Lightning Network, got a lot of buzz, but as more enthusiasts attempt to onboard, practical problems (above) appear to be insurmountable at the moment.

Crypto Twitter has had a ball trying to figure it out, the results are pretty funny and, sometimes, unintentionally sad.

Proof of Social Media: Jihan Wu Welcomed by GMO Internet's Masatoshi Kumagai

Cooperate Among Each Other, but Be Willing to Crush the Maximalists

Amaury Séchet has some strategic advice, going forward, for those hoping peer-to-peer electronic cash wins out. Watch this segment from a recent interview he gave with Naomi Brockwell.

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