Bitmain interferes with Litecoin's Segregated Witness, and Guo Hongcai joins the UASF initiative?

Litecoin founder Charlie Lee calls on the community to promote a user-activated soft fork (UASF)

“If this is true, it’s very sad.”

Litecoin's support rate last week was only 5% away from the requirement of 75% to activate Segregated Witness (SegWit). However, over the weekend, as the hash rate of some mining pools that opposed Litecoin's Segregated Witness increased significantly, Litecoin 's Segregated Witness was disrupted and support fell. Shaolinfry, an anonymous developer of UASF, suggested that Bitmain's co-founder Jihan Wu was deliberately preventing Litecoin from activating Segregated Witness. Charlie Lee commented on Twitter: "If this is true, it's very sad."

"If this is true, it's sad, but this is how the revolution started." Image source: Golden Finance

It is a public fact that Wu Jihan opposes Bitcoin Segregated Witness. With the hash power he controls, it is enough to have a significant impact on any movement of Litecoin .

After refuting Bitcoin Core developer Gregory Maxwell’s allegations of using ASICBOOST to profit, Bitmain repeatedly emphasized its support for Bitcoin Unlimited (BU) last Friday.

"We firmly believe that the block size of Bitcoin will increase." Image source: Golden Finance

Bitmain CEO Wu Jihan repeatedly stressed his support for BU, saying

“This is the Bitcoin we, the co-founders, chose. This is the blueprint designed by Satoshi Nakamoto. This is the destiny of Bitcoin. We will protect it at all costs.”

The number of nodes supporting Bitcoin UASF suddenly increased to 300 last weekend. Image source: Golden Finance

At the same time, the number of nodes supporting Bitcoin UASF (BIP 148, i.e., mandatory activation of isolated witness deployment) suddenly increased to 300 last weekend, in sharp contrast to the previous gradual increase.
Data from Coin Dance shows that there are currently seven Bitcoin companies supporting this proposal, namely Bitcoin India, BitcoinReminder, Bitfury, Bitpay, BTCC, Freedom Node and Samourai Wallet.

Guo Hongcai joins the UASF initiative

As the activation of SegWit becomes more and more likely, the value of Litecoin has more than doubled in recent weeks. After a long period of being valued at $4, Litecoin has now risen to $8.4, and during this upward transition, it once reached $10, a figure not seen since 2014.
Faced with the new uncertainty, Lee called on the entire Litecoin ecosystem to support UASF, a proposal that would activate Segregated Witness without requiring 95% miner consensus.

Litecoin Segregated Witness Support Rate Diagram Image Source: Golden Finance

“If you support Litecoin SegWit, talk to your wallet providers, talk to your exchanges, and get them to support UASF,” Lee tweeted on Sunday.

Chinese angel investor Guo Hongcai has also joined the initiative.

Coinbase Lists Litecoin

Meanwhile, Litecoin’s market capitalization has also increased significantly—last week, the trading volume on Coinbase GDAX exchange reached $10 million. Recent conversations between Litecoin founder Charlie Lee and Coinbase CEO Brian Armstrong show that both parties hope to see Coinbase list Litecoin, allowing users to easily purchase Litecoin with fiat currency.

Li Qiwei also made statements on many occasions to confirm this proposal.

Meanwhile, another SegWit supporter, Samson Mow, accused Wu Jihan of interfering with the progress of Litecoin SegWit, saying that Wu "overestimated his own power."

“Jihan Wu overestimates his power and is losing a lot of ground. Litecoin #UASF #SegWit activation becomes increasingly likely.”

Mow and Wu have been exchanging barbs on Twitter in recent days, with Wu denying Mow's allegations about the bitcoin startup Purse.io.

Wu Jihan and Mow have been arguing with each other on Twitter recently. Image source: Golden Finance

Image translation:

“Didn’t you give Purse the Antminer S9? They mentioned it and showed it to people who visited the office. Jihan, be honest.”