Bitcoin Forum

lol....this is what I have been talking about last week. It seems majority of us knew this incoming. Why would you try to entertain someone who's trying to kill Bitcoin if you're a Bitcoin beneficiary. Now the story gets scarier for everyone. We hope some redemption comes in a way because if Bitmain dies, hmmm.....well, we live to see.

https://www.coindesk.com/chinese-mining-giant-bitmain-is-closing-another-overseas-office

and I'll continue to say that there'll be no crypto without Bitcoin.

I still don't get why Bitmain firing a bunch of their employees is a scary thing for bitcoin?!!!
they are one of the biggest and most profitable organizations that are involved with cryptocurrencies. and they are in multiple scenes including mining, mining equipment production and sale, exchanging and pump and dumps and that is not just limited to bitcoin, they are involved with multiple altcoins such as litecoin, ethereum,... and are making tons of money!

they fucked up with their bcash in the past year and have been paying for it with their losses. but that still doesn't create any fear for "bitcoin" and its future.

Bitmain said,


It's called business restructuring. It is a process of finding gaps and bridging the same with the goal of reducing cost and increase profit and efficiency.

They are mostly reducing staff count from the blockchain research and AI team, not touching the mining operations. I don't see it as a reason to worry!

It's always nice to have a few easily identifiable bad guys, but really, we should stop giving these guys credit for everything "bad" that's happened to Bitcoin or should I say, everything bad that's happened to Bitcoin's price.

Let's also acknowledge that they've helped put Bitcoin on the map, and helped miners get into it (not that Bitcoin ever needed help but surely Bitmain helped accelerate some of that). Let's also acknowledge that guys like them helped push the price to ATH.

But yes, eventually, all this powerplay had to end badly. There's only so much gas in the tank to artificially strike out an agenda. What's happening to them can't be all that bad for us.

Also, whether or not this truly affects their mining, we'll find out in coming months.

I highlighted some part, I see the following:

More than 90% of all of us in the crypto world believed that from the end of the year 2017 the price would increase to levels above $ 40,000, we did not see the sky as the limit... we were going to the Moon and this blind us and began to invest more than we should. I believe that what was going on in the heads of these Bitmain guys was that bitcoin's success was guaranteed. And to be honest, after see $17,000, I thought we would never see $ 3,500 again, it was a big disaster

a lot of fear because there isn't much that can last until now, but I'm also sure bitcoin will be able to go down again far from the current price, but that doesn't mean if bitcoin will stop

It's becoming so much of a trend everyone is starting post that relates to bad condition of bitcoin and the moment what's so bad is almost all of the post are of close similarity I am in the opinion that most of them are just share selfish post to increase there post count for there own benefit

Hello,

In every domain firm want to make earnings and improvments, I think it is more on this area that we could explain this kind of decisions and not only due to trouble of BTC and for BTC. You have so many parameters to take in count that we are not aware of.

no crypto without bitcoin?

thats absolute nonesense,

crypto will start to thrive once the bitcoin centrists and the cryptoindex mafia that also centers everything on bitcoin are removed.

that will happen, i am sure about that.

1. Bitcoin is more than its price, you know?
2. Bitcoin is not Bitmain's property. I am not convinced how much good and how much bad did actually Bitmain did to Bitcoin (I suspect that they may have even done some of those scary dumps), but Bitcoin will easily survive Bitmain and even more Wu's "reign".
3. If for some reason Bitcoin would fall, there are a number of altcoins which are accepted in quite a lot of places and which would l o v e to take the crown.

all this waffle about social drama that dos not actually physically affect bitcoin.
so with that said. why isnt there the same waffle about BTCC and the other pools

remember. before you spew nonsense about bitcoin making ASICS. no TSMC make the asics
i find it funny how no one is talking about BTCC's disappearance since the BTCC buyout

90%? Says who?

It was just another empty reheat just like 2013. When a one page website and one page white paper is 'worth' tens or hundreds of millions of market cap the end was clearly in sight.

I don't understand why Bitmain dying is scary.

Bitmain shitting itself to death should be wholeheartedly celebrated. They'll eventually be just another footnote in Bitcoin's history and an object lesson in what happens when you attempt to buck its momentum. You're going to get flattened no matter how big and wonderful you think you are.

Let it be a warning to every other asshole who turns up in future believing they know better than, like, everyone.

I don't think a single company who has decided to restructure its operations has the capacity to spell doom for bitcoin and the whole of the cryptocommunity. It would be a different case if they are to shut down and leave the community behind. It's a huge loss, but then the network and economy itself is already big to sustain the loss of a mining giant. Steep crashes might happen, but eventually bitcoin will find its footing and set sail for greater heights, again.

The failure of Bitmain is not the failure of bitcoin. Quite the opposite, Jihan Wu pretended to dethrone bitcoin with his own altcoin, but failed miserably. That is why he put the company in trouble. Now this experience showed us bitcoin is just fine and alive, no matter what "attacks" are made by the wealthy.

I believe that implementation of ASIC-resistant algorithm to Bitcoin and further kicking out all major mining pools like Bitmain will be in favor of Bitcoin. We should decide whether we support true decentralization or not.

The greedy bitmain CEO made a very bad decision, always stick with bitcoin. They might be expanding to Mongolia where mining is cheaper, no need for Texas as it costs too much

That isn't going to happen, to bitcoin anyway. If you want to support decentralization, just don't mine in their pools.

Bitmain were selling loads & loads & loads of bitcoin to prop up their/Ver’s shitfork BCH. If anything it’d be fucking brilliant if they fucked off & went bust. They’re a cancer & they need cutting out.

If Bitcoin is not mined by any mining company, is it gonna die? Imagine the opposite. The fact that less mining of BTC will have an impact on the circulating supply and accordingly on the price. If you are exaggerating this news, you should also exaggerate the opposite.

There will always, always be enough miners. The rate of production will never, ever slow down. For someone somewhere it's going to be profitable. That's what the difficulty adjustment is for.

I agree. There is really nothing to worry about. The company is doing its best, making a move to sustain the operations. If they did not make this kind of decision, their budget for operations might be affected. I've seen many blockchain related companies affected in the 2018 market crash, gone forever because they lack budget management.

everyone is afraid of the future which is unknown, and lately Bitcoin has only been disappointing, which leads to the thought of its end, but we hope for the best!

this is all it is. they were incredibly profitable until the last couple quarters. they're plugging the gaps and scaling down since they likely overproduced last year based on overestimations of market demand for mining hardware.


no need to worry either way. if bitmain disappeared (with all their mining operations), it would be healthy for the market too.

Backing BCH was a very big mistake

No. No matter how many or how few miners are out there, the diff will always adjust to produce the same amount (12.5₿) every 10 minutes.
In fact this is expected, mining will become unprofitable and the hashrate will plummet, but not go to zero. The only reason this has not happened, is because the market decided bitcoin is worth more over time. Still, its slowly getting more and more unprofitable, so rather than a sudden situation change, its been going gradually.

Think of this: If bitcoin suddenly drops to $500, maybe 99% of miners will leave. But those few who remain, will keep it alive and the same number of bitcoin will keep being produced: New block every 10 minutes, 12.5₿ until next year, where it will be 6.25₿, then in 2024 3.125₿, slowly reducing the production as intended by the original design. This should stimulate a price increase, but the market price in fiat can't be controlled.

As fun as mining has been, miners should not think it will remain always profitable. I clearly remember 2015 back when the prize was 25₿ where everyone was whining how unprofitable it had become, only big whales could keep going on, etc.

Those miners who spend everything and live on the edge, have to cease the moment a little price fluctuation comes. Smart people should have been saving part of the income, not use/invest all until the inevitable day comes where its unprofitable. But then its no wonder people keep using PPS pools that in the long run earn less bitcoin than PPLNS. Managing themselves seems to be a problem.

how is a company going to affect bitcoin in anyway ? is that not the whole point with bitcoin to not be ruled by one entity?