F2Pool Co-founder Wang Chun: Luke Dashjr's Finances and Reputation Have Both Bankrupted
F2Pool co-founder Wang Chun stated that Luke Dashjr, co-founder and CTO of the OCEAN mining pool, has not only gone bankrupt financially but also has lost his personal credibility. He suggested that any attempt to change the PoW algorithm would yield similarly poor results.
Previously, the Bitcoin BIP-110 fork faced failure about 8 hours after launch due to insufficient hash power support, producing only two blocks, with a support rate of approximately 2.53% or lower, while the main chain continued to produce blocks normally.
This reinforces the narrative that miners' hash power determines the survival of the chain, with funds and hash power continuing to concentrate on the mainstream Bitcoin network. The low-support fork and its promoters are under pressure, while a few supporters like OCEAN face dual pressures of credibility and operation.
Source: Public Information
ABAB AI Insight
Luke Dashjr has long promoted proposals to filter non-financial data as a Bitcoin Core developer and co-founded the OCEAN mining pool in an attempt to achieve mining decentralization through template selection. He previously received seed funding from Jack Dorsey and suffered a theft of over 200 Bitcoins from his personal wallet.
Wang Chun, as an early co-founder of F2Pool, has long held a significant share of hash power and participated in maintaining Bitcoin consensus. His public criticism focuses on responding to attempts to change rules with hash power, motivated by the desire to maintain PoW as the ultimate adjudication mechanism and to prevent forks led by a few developers from diluting network security.
Similar cases can be seen after the Bitcoin Cash fork in 2017, where hash power quickly flowed back to the main chain, and multiple UASF attempts failed due to insufficient miner support. Currently, Bitcoin is in a phase of highly concentrated hash power and strengthened resistance to forks, with mainstream mining pools dominating over a few experimental ones.
This is essentially a matter of capital concentration: hash power acts as a real capital voting mechanism, quickly eliminating proposals with low support. The mechanism relies on difficulty adjustment and block rewards, making it economically unfeasible for a minority of hash power to sustain a chain, thus forcing resources back to high-consensus networks.
ABAB News · Law of Cognition
- Hash power is the only vote that never lies.
- The costs of forks are borne by a few, but the benefits are hard to share.
- Reputation bankruptcy is harder to repair than financial bankruptcy.