Thursday, October 6, 2022

Bitcoin.Org Co-Owner Cøbra Says Halong Mining Is Probably a Scam

Bitcoin.Org Co-Owner Cøbra Says Halong Mining Is Probably a Scam

In a new post titled “I Think Halong Mining Is a Scam,” and co-owner Cøbra has called out overt AsicBoost play Halong Mining, alleging the apparent operation is a “scam.” The remarks signaled an escalation of the recent controversy surrounding overt AsicBoost mining in the cryptoverse. 

Also see: Trust Is a Vulnerability: Bank of America Fudged Stock Numbers

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Cøbra: ‘I Am Convinced’

Some people, like Blockstream’s Samson Mow, have claimed Cøbra’s online accounts are compromised. However others have rallied to his cause. Cøbra is a firebrand in the bitcoin community so his posts have prompted fiery debate in recent times.

His latest controversial stance? His belief that Halong Mining — the recently suggested competitor to Bitmain’s mining hardware throne — is probably a scam.

To be sure, one of the most common complaints against Halong Mining is that its gear hasn’t endured independent, third-party reviews as of yet, as Bitcoin developer Matt Corallo has recently suggested.

Now, though, Cøbra has raised the ante in the debate by charging Halong Mining with a probable “scam” status.

As Cøbra explained in his Medium post:

“I am convinced beyond reasonable doubt that the entities behind this elaborate scam have taken advantage of fears of BITMAIN’s monopoly of Bitcoin mining, and through clever manipulation of social media and with some help from popular Bitcoin twitter personalities, one of which is the CEO of Blockstream (likely unknowingly a party to this scam), they have swindled millions of dollars worth of Bitcoin from thousands of customers.

[…] Everything is shrouded in secrecy and has to be kept under wraps. Comments are disabled on their YouTube videos where they hype these products. The strong reliance on certain ‘trusted’ people in the community to vouch for them, and never actual customers. It’s easy to give some demo units to trusted figures and have them confirm this hardware exists, but that tells us nothing about whether it has been mass-produced, or if it’ll even end up in customer hands on time.”

Shots fired then, eh. Until a definitive resolution occurs, the overt AsicBoost drama seems here to stay accordingly.

Cøbra Also Calling for PoW Change

Cøbra has been no stranger to controversy in recent weeks. His previous community kerfuffle erupted after he controversially called for bitcoin’s Proof-of-Work consensus algorithm to be changed.

Why? The bitcoin developer believes Bitmain is standing in the way of true decentralization for the Bitcoin network, and as such, he believes BTC’s PoW must be modified to render Bitmain’s current mining hardware ineffective.

Halong Mining

Nevermind the fact, of course, that Bitmain could spin up new rigs for a new PoW algorithm quickly — in 60 days, some suggest.

What’s your take? Where do you stand when it comes to Halong Mining? Sound off in the comments below. 

Images via Quartz, San Diego Zoo Animals

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