Bitpay Founder Stephen Pair Addresses Conspiracy Theories

This week Bitpay founder Stephen Pair addressed the multitude of conspiracy theories being spread about the company’s relationship with the Beijing-based mining manufacturer Bitmain Technologies.  

Also read: India’s Government Forms Committee to Investigate Bitcoin, Report Due in 3 Months

Bitpay Founder Further Details the Company’s Relationship With Bitmain Tech

Lately, there’s been a lot of angst towards the mining industry for not backing certain bitcoin implementations and the recent Asic Boost controversy. Just recently Bitpay partnered with Bitmain to work together on open source mining software and alternative bitcoin clients. Since the announcement, quite a few bitcoin enthusiasts got upset with Bitpay for dealing with Bitmain and its founder Jihan Wu.

Furthermore, there have been numerous forum posts, and Twitter comments calling for bitcoiners to boycott Bitpay. Bitpay founder Stephen Pair has noticed the conspiracy theories and detailed how the company partnered with Bitmain stating;

I’ve enjoyed reading the conspiracy theories about our relationship with Bitmain — That relationship was initiated by me reaching out to them. I had very good conversations with them about the issues at hand and we found we had a mutual interest in developing a viable alternative to the various Bitcoin C++ clients.

‘Conspiring With Bitmain to Make Bitcoin Better’

Bitpay Founder Stephen Pair Addresses Conspiracy Theories
Bitpay founder and CEO, Stephen Pair.

Pair says at one time he didn’t believe in alternative clients to the original C++ code but has since seen a new light. He says the original codebase has improved but believes large C++ software can fold under its own weight over time. “We need alternatives, but in the past, we’ve decided we didn’t have the staff needed to sustain an alternative implementation and make it successful,” explains the Bitpay founder.

The alternative client Bcoin has been running in production for months and is the only alternative code that has been battle-tested by miners. The project Pair says, is an opportunity for Bitpay and fit the company’s technology stack. Bitmain had also seen potential in the Bcoin client, and Pair thought the partnership was a great way to “get a commitment to funding on a sufficient scale.”

“So, I guess we are conspiring with Bitmain to make Bitcoin better,” details Pair.

Addressing the Angst Towards Bitcoin Miners

Another thing Pair has noticed is a negative attitude towards bitcoin miners lately. Pair says the company has been “bothered” by this sentiment against miners. Since the scaling debate has become more contentious, bitcoiners have scorned miners for not supporting scaling solutions on both sides of the debate.

“Bitpay’s success depends largely on miners providing a well-functioning network,” explains Pair. “We appreciate miners and we think they deserve to be treated better. If miners have an issue, we at Bitpay want to help identify the problem and find a solution.”

The Bitpay CEO says the company initiated the collaboration with Bitmain to address difficulties working with miners “head on.”

What do you think about Stephen Pair’s statements about Bitpay’s relationship with Bitmain? Let us know in the comments below.


Images via Shutterstock, and Twitter. 


Need to calculate your bitcoin holdings? Check our tools section.

  • Bitpay made converting Btc to USD a breeze for me with thier Visa card…no more international wire transfers to wait on for 3-5 days. I will forever be grateful to them for that. This type of sentiment comes from the maverick/dark web types who are by nature anti-establishment and it will only increase as Bitcoin becomes more and more accepted, regulated and mainstreamed. The wild wild west days of bitcoin are coming to a close and the gunslingers will grumble and fade away but Bitcoin and industry leaders like Bitpay are here to stay.

  • Cyberdexter

    I’ve lost all respect for Bitmain since they announced that they are mining “empty blocks” (and that they will continue to mine those) in a public statement. We’ve been dragging “scaling bitcoin” along for almost two years now while 16-20% of the network is making a point in mining empty blocks. Ridiculous…