Bitcoin Forum

There has been a new CEO appointment, just as the IPO application officially expired.

https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/ (https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/)

What do you guys think will happen next? Bitmain is still a monopoly, they're going to recover and sell a ton of equipment in 2019. But what does it mean for crypto?

Will Bitcoin Cash get dumped into oblivion? Will Bitmain jump to defend BTC against Craig Wright like it did for BCH? Do you expect a change in their corporate strategy?

I am a bit out of the loop on Bitmain, but am I right in saying they are both A) still in deep financial trouble and had to lay off many of their staff recently, and B) still holding a significant amount of BCH?

Jihan Wu seemed happy to hold his Bitcoin Cash bags and not dump them on the market, but if the new CEO feels differently as ETFbitcoin suggests he might and decides to starting selling the bags, it could accelerate BCH's long, drawn out death.

Without IPO, Bitmain will probably need money using financial loans or a new series of investment. Because it appears they need money. And the people that will loan or make new investment will probably look for those bch and ask why they do no sell this bags. So they will sell or stop buying and accumulating. The price would go down and they will have to desperately sell.

I do not think bch is a shitcoin. But their market price was obtein using shade trade strategies and for that reason the risky of collapse is real.

means that we will not see direct interventions of Jihan Wu


this is very difficult to evaluate, but you can look at their thread:

[ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees (https://bitcointalk.org/index.php?topic=2040221.18220)

 ;D


It's hard to say that.


yes

They have already assigned a new ceo Mr. haichao wang. But juhan wu is still appointed as a director of the company along with micree zhan the other co founder of bitmain.
So it looks like it was a push of the others who hold stocks in the company which made juhan leave as ceo.

There was some stink following Jihan after that BCH move that costed the company a lot of dough. It was a smart move to appoint a new face but it's all this new CEO is gonna be. The real founders of the company will keep managing from backstage. I don't think any coin will get dumped after this.

The greed of Jihan caused the price of bitcoin to tank even further. Also his company was almost destroyed and many people lost their jobs. This should not go unpunished - he had to go

It’d be good if they started converting all their BCH into Bitcoin, it’d give us a significant pump just like what happened when most of us were doing the same when we received our free forked coins :)

Definitely. Some of the news about it were fake, but they did close their Israeli and Dutch offices, I believe.
Surely. The market could never handle the sale of 1MM BCH, so that's certain.
Jihan is still a director, so I don't believe he'd ever allow that, and it's bad for Bitmain anyway. Rumour has had it for months that Jihan is going to transfer some of his Bitmain responsibilities to others so he can invest his time and his personal billions into Bitcoin Cash - so there is a chance that he'll buy off Bitmain's bags at around $100 per piece.

They will might fully focus in BTC mining and their business. Selling BCH will cause massive drop in BCH price and might cause fear that ( bitmain is exiting from BCH) will further dive down the price.
They will be fine if they gradually sell their BCH bags while using their hash power to mine BTC .

i don't think the whole company is going to make a 180 degree turn just because the CEO of it changed. we will surely see changes specially as BCH has lost it profitability as it continues losing the hype that they blew into it all in 2017. but it won't just die because it was not centralized to one person/company but there are other millionaires in it still trying to keep it alive while they make money.

Isn't it he was relegated to a new position prior or during the IPO? So this is not a new news, it was even reported that they have cut the numbers of their employees already since last year.

The problem with them is that they stick to BCH and that's where the problem started, and couple with the worsening market conditions and then the failed IPO on their side. Plus competition is already there, Canaan, GMO (if I'm not mistaken) and others.

It's about time they need someone to lead them into a new direction.

WOW, I wonder why this happened? Did he just resign himself or was he voted off? I just don't like the way both Jihan Wu and Craig Wright made a consorted effort to destroy the price of Bitcoin, bringing the whole market down with them. Their greed and selfishness ruined a lot of people's lives and I won't support any one of their Coins. I will never buy Bitcoin Cash or SV, just out of principle. I think Bitmain will survive the competition, maybe they are too big to fail right now in this Industry? Only time will tell.

He definitely resigned himself, and he is still a director.
They didn't, lol. At least Jihan Wu didn't, CSW is sort of unpredictable and psychotic.
What greed and selfishness, lol. They both lost a ton of money trying to defend a position. Yes, even psycho liar CSW knew he was losing money and did it out of some twisted sense of principle. They didn't ruin lives, gamblers who thought prices only go up did it to themselves.
I'm still holding my fork BCH, dumped my SV immediately out of principle as well, though. But I don't think greed was a guiding principle in what those psychos were doing, more like a sophisticated penis measuring contest for Ayre and his drunk friend.
No company is too big to fail, but by the looks of it, they practically have no competition, and they won't for years to come. 2019 will be massively successful for Bitmain, although 2017-level profits are as likely as a bull market that pumps bitcoin above $20,000 - aka not very likely at all.

i think it is safe to start speculating about BCH price based on this too. although it depends on the new CEO's behavior towards this coin but since they have lost one of the biggest centralized powers in this coin, i think there is a big dump coming on.

I wonder what the real reason for Jihan Wu was leaving Bitmain because for me it's too hard to see he leaves the company that helps him to make money is. I only think that he is not loyal to the company because he is easy to leave the company. And I will be more curious with Bitmain after Jihan Wu leave, what will happen with Bitmain.

Even though they lost Jihan Wu I think the majority thinks the other way around. We can't speculate on that matters.

It would have been good news if Jihan was left out of the whole thing, because that guy might one day act like Craig Wright, and the market has not even recovered after his whims. Instead, however, it might seem that Jihan will have less power whereas he might actually have more. I've seen things like that happening in another business industry. When a person goes from CEO to being in the Board of Directors, it actually means that this person was promoted. The CEO is really under control of the Board. I know it from personal experience, but know I also recalled a nice example from the "Silicon Valley" series. Richard Hendricks was the CEO, and once he was even simply fired from the company he created by the decison of the Board of Directors. So yeah, Jihan is still a threat while Bitmain is a monopolist.

Monopoly is never good thing. And Bitmain grows quickly. It is not good for any of us. Whatever the reason, this BCH-BTC conflict is very damaging to the market. I think we should break the connection between these two.

The only good use for all the bitcoin forks. Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, Bitcoin Private, Bitcore, (did I miss any out?) were all at their highest price in terms of real Bitcoin immediately after forking, and all have done the exact same thing - slowly lose value, with the odd pump-and-dump here and there to keep the sheep interested.

I'm glad I dumped all that trash ASAP, and increased by bitcoin holdings in the process.

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.  Don't forget that bitcoin has also slowly lost value ( down over 80%)


Bitmain will be just fine, they are still the dominant player in this space.  As for Jihan, I'm sure he has a ton of money stashed away, he will be ok.

It depends if we are talking about value in terms of USD or actual BTC.

When BCH was first forked, it was trading around 0.2 BTC, which was around 550 USD. During peak pump, it went up to around 4,000 USD, but that was still only around 0.2 BTC. Given that I was dumping all my BCH for more BTC, I made just as much profit dumping it immediately as I would have holding it and hoping for some future pump and dump. I also got the added bonus of knowing I wasn't holding any of that useless trash. :D

Ok let us go a step back and see what contributes to Jihan's being booted as CEO

1. Support of BCH
2. Expanding their mining farm (Texas, if I'm not mistaken, which cost them millions)
3. Failed IPO.
4. Supported BCH in the war against Bitcoin SV

I think the last straw for the board of directors decision to let him go as CEO and be replaced is my number 3. They have lost millions of millions specially when the price of BCH decline in this bear market. And this news surfaced as early as December 2018 and early 2019. There are even reports that Jihan is starting his own mining company. Anyways, let's see which direction would be the new CEO will bring Bitmain in the next coming years.

It means nothing. Don't expect any type of market movements because of this news, this is just a company sorting out their internal problems, it has nothing to do with crypto or the market.

There were a lot of rumours going around over the past few months about Jihan Wu leaving Bitmain and starting his own mining company focused on BCasH, but it looks like the the rumous were confirmed yesterday, at least the part where he's no longer Bitmain's CEO.

Bitcoin has lost 80%, BCH has lost 95%.
Holding BCH was stupid, and nobody knew exactly when to sell during the pump.
We're not talking about getting lucky but what most people experience.

For bitmain, I think it's pretty obvious why they canceled it.
To run an IPO you need to publish the financial results in detail, the situation was disastrous in Q3, Q4 saw mining revenue drop by 33%, mining gear is not that attractive anymore, sales are down, their coin is down the drain, they've spent millions trying to defend the price of BCH and then in the hashwar with BSV, the IPO would be a failure.

As for Wu , he is still a director, nobody can kick him out of that position, remember that for now the company is still privately owned by him and Zhan.

when it comes to bitcoin price it is never about how much it has dropped from its ATH but it is always about how much it has risen in the long run. and in the past 2 years price has gone up from $900 to $4000 and that is a rise.
besides when it comes to owning something as a long term investment it is about how much potential it has. even if bitcoin has dropped 80% from the ATH it still has a lot of potential to rise to that ATH and beyond but BCH does not have any potential and it losing value means game over.

I think it's fairly obvious that Jihan is simply tired of dedicating his entire time to the company, and he trusts the engineering lead (or whatever his position was) to not mess up the time consuming tasks.
The future direction of Bitmain will still be dictated by Jihan.

I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.

BCH split into two so it's more like 92% loss. Even 80% loss sounds silly for a traditional company, unfortunately that's life in crypto.
Any crypto-holding company lost a lot of its value, so I also think that the IPO cancellation was obvious from day 1. I'm glad that they believe in crypto enough to actually cancel their plans instead of settling for a smaller IPO figure.

Not if you had your coins in cold storage at the time of both forks.
You can still claim your BSV even if you haven't claimed yet your BCH.

But I did sell my BCH as fast as I could and I don't regret it even for a second.



If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!

Traditional investors will only care about the price today. Crypto prices are down so they have a lower valuation of the company - plain and simple. If they want to gamble with coins they can just buy them.
Investors will also be more than happy to pay 10 billion for Bitmain even in its current position, which is a ton of money, all things considered. It's just not the 16 billion that they believe their company is worth and they're willing to fight to prove to the world that they can grow regardless. I think that's the bullish part.
The bearish sentiment is obvious simply by opening coinmarketcap - but it's not an indicator of those investor's future expectations of crypto.

We all know that Bitmain's slump is coming to an end, and the company will be profitable again.
But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.
I wish there was a way to find out. I don't think he has all his BCH stash in Bitmain, he must have a personal one as well.

This is true, but on the flip side a 2000% gain in a year also sounds completely silly for a traditional company, and yet that's what bitcoin did in 2017. You've got to take the highs with the lows, and I'm sure (at least, I really hope) that no one has chosen crypto because they believe it to be a stable asset.


Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.

Failed how? Ignore the fact that it's 80% up these last two days - it didn't set out to be expensive in the first place, its goal was to allow many transactions to flow safely and cheaply and it has done a tremendous job at doing so.
It is literally saving lives (https://twitter.com/eatbch?lang=de) this very moment, in fact it is the leading choice of currency for Airdrop Venezuela (https://airdropvenezuela.org/), who have fed thousands of families thanks to it. They had reasons to hate large fees and slow confirmations and provided a means for people to continue making use of those for many noble purposes.

Oh, it definitely has its space in the cryptocurrency world, no doubt. Maybe he was talking about the price - at the time of writing it was still not up to $320 and a top weekly gainer.
I did have some before the BSV fork and managed to double my stash thanks to that - so it has been profitable for me. But maybe not for everyone.

Bitmain has tried many roadmaps to attempt to get rid of the big BCH bags, IPOs and whatnot included, I think they have no way out, they need to create profit from selling good products at good rates and reduce the loss that BCH created. If they cannot do this then the up and coming competition is going to eat them.

The additional question I have is: is the new CEO going to start doing things the right way or will he support further hardforks from whoever dares next, or they will end up with bags from the next altcoin that is derived from the act.

It's a timebomb for BCH holders.

Bitmain are hemorrhaging money. Reports of a loss of billions of dollars last year, and they lay off half their staff. Bitmain also hold enough BCH to drop the price to zero - there's not enough liquidity in the market to even sell 5% of their coins. If they want to dump their bags, then BCH is dead. They know that though, which is why they've been slowly selling what they can while the price has steadily declined from 0.18 BTC a year ago down to 0.05 BTC today.

To own BCH is to completely trust Bitmain with the value of your coins.

mindset error here is that the false assumtion is that BCH was:
1. bought at 0.18, for there to actually be a loss of 0.13 decline
2. bought at all, rather than obtained for free due to forks and ongoing mining. meaning BCH would actually be +0.05 not -0.13

gotta find it funny how so many people emphasis the "$20k" bitcoin day, as if everyone around the world all bought all of their bitcoin on that day, to now be making a $15k loss as of todays ~$5k

yet reality is that not many people actually bought right at the peak. meaning the peak price has no relevance to REAL gain/loss and is just a meaningless statistic for a history book.

same for BCH the price of a coin is just temporary drama.
same for BTC the price of a coin is just temporary drama.

people dont actually profit/loss from one years temporary drama ATH vs ATL. people actually profit/loss from the cost of the actual acquisition of asset vs the sell of the asset.
in short you never lose unless you sell at a loss

This saying is only said by bagholders who are trying to justify their bad investments. If a coin is only going down, then selling it as soon as possible is the correct action to minimize any future losses. Taking a loss of 10% is a far better option than holding a useless coin in to oblivion.

When BCH was first forked, it was trading at 0.2 BTC. I, and most other smart people, dumped it immediately. If I had held on to it and were planning on selling now, I would have lost 75% of my profits. If I continue to hold for another year, I have no doubt I would lose 95% of my profits.

When we talk about Bitmain, non step will be taken for any positive changes, no, all their step means trying and wish of increasing profit, being more shady. Well, we all know what Bitmain is.
To be fair I still don't understand why they plan to make their financial situation transparent? What's happening around them? Are they changing their attitudes to change their situation? lol

Well, they're a company, of course profit is their #1 motivator, just like every other company out there, including bitcoin.com, blockstream, lightning labs, nChain and so on.
I think they're confident in their ability to reveal a nice recovery, so they're going to release the numbers.
They want to be transparent because it will show them in a better light than news articles will.

There was also an arbitrage opportunity on Kraken. For some reason, BCH was trading at the value of BCH+BSV and I managed to sell all of it for BTC and rebuy BCH back at CoinEx to double my stash. This was before I even got my BSV from the fork. Good times  ;D 8) ;D

Selling forks immediately is the only sane thing to do.. when you receive literally "free money", you are at risk by not selling. Thinking that Ver, Craig and Jihan behind it would give the project any leverage against the legacy chain was always seen as a joke. Even if Trump tweeted that he was supporting BCH and it was the real Bitcoin it wouldn't matter, it would still be seen as a joke, and once the president of a big country gets behind a fork and gets defeated, it will add in even more impossibility for any forks to take over (in a way this is what happened already, since many of the forks attempt were probably US government attempting to take over in a non explicit way, because if they supported a fork in a explicit way and got defeated they wouldn't have no cards left).

i must be a bagholder then
im holding coins from 2012

funny part is.
o_e_l_e_o says its better to take a 10% loss....
um nah. im not at a loss. i got my bitcoin at $6each and i wont sell them right now for $5.40
who would dare sell them for $5.40 right now

o_e_l_e_o you need to understand that when temporary price drama of $5800-> $3500->$5000 is not a measure of 'loss'
just like the temporary drama of $20k

hardly anyone actually bought at $20k so trying to suggest people sell now is stupid because not even 1% of the community is at a $15k loss. infact over half the community are at profit right now(half is understating, the numbers are higher)

as for bch
i never cared for altcoins. i have not even bothered to pull my privkeys out to sign altcoin transactions to claim them coins.. to me its free funds. so again no loss..
there is NO risk when it comes to FREE altcoins. FREE means FREE. meaning zero risk.
even if they went down to 1cent.. thats still 1cent profit.

there is a major difference between loss/risk....... vs profit/maximal gains


yea i also separately daytrade and play the ups and downs using some play money, but the big picture view is not to care about the actual $$ value. as it just ends up driving people potty thinking they are at a loss, even when they are not.

Bitmain was in long term loss during the bearish run, they fired more than 70 percent of their staffs. they even shut down major mining centers in Chinese mainland. there ruthless shutdown was on internet and Youtube all over.
The only source of survival they had were bitcoin cash, which also dwindled along the bear market, in this scenario the resignation of Jihan Wu was a predicted move.

1. the staff in 2017 vs 2019 is similar numbers. the staff of 2018 were tmporary staff who always were going to lose their jobs after their contracts completed.
2. i couldnt see any videos of bitmain ruthlessly shutting down mining centres on youtube. i could only see noob vloggers talking about propaganda sourced by BTCC's samson mow. which funnily enough BTCC shut down their mining pools when they got bought out bt DCG and samson mow lost his BTCC job
3. jihan wu is still head of bitmain. he just now delegated someone else to manage the day to day. im guessing he is now enjoying a nice vacation while still getting income

That's fine, but you are working on the assumption (which I agree with) that the bitcoin price will increase. If the price is destined to only fall (as it is with BCH), then the correct course of action is to sell at a 10% loss before you lose the other 90% too.


Sure, and when you sell your BCH at 0.001 BTC each, you won't have lost anything, but I'll have gained 200x more for dumping the same coins immediately.

If rumours that Jihan is quitting to focus more of his attention on BCH are true, the price you mentioned will be out of the question. It might be a coincidence but BCH also brought the highest gains of this short-lived bull run.

Yeah that's truth. It's not really a charity.

That also shows that they were probably having issues, enough to offer him an opportunity. The other two will continue to macro-manage, so it seems that he will be performing specific tasks, since he was the Engineering Boss.

I wonder if they are preparing him to lead the company after one or both of them require, it is certainly a possibility.

I guess it depends on his performance. They were clearly happy with his skills as an engineering lead, but being a CEO is a whole new ballpark. Hopefully it works out for all of them.

$1300 per T17 miner, rest assured they're getting tens of millions in the first day, and hundreds of millions in the first month. Bitmain is back in business, hopefully smarter this time...