[2018-12-10] Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees

[tyz]

The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain.
https://www.newsbtc.com/2018/12/10/crypto-bear-market-bitmain-layoffs/

[gentlemand]

Surely Bitmain primarily raped themselves with their suicidal bets over the Bcashes? If they'd concentrated on what they're supposed to do they could've banked enough to ride out whatever the future may bring. If they die then that's at least one good development from all this.

[IconFirm]

If they die then that's at least one good development from all this.

+1!  Absolutely.  I & crypto in general wouldn't miss them at all.

[darkangel11]

Surely Bitmain primarily raped themselves with their suicidal bets over the Bcashes? If they'd concentrated on what they're supposed to do they could've banked enough to ride out whatever the future may bring. If they die then that's at least one good development from all this.

They bet on bcash twice. Once when they helped roger put it on the coin map, but then the bear market happened and they almost went insolvent with bcach going from $3k to $500, and then they bet on bcash once again, went all in by switching from BTC mining to help in the hash wars. And what? It went from $500 to $100, and they're getting sued by Craig's friends. What a bummer for Jihan.

[gentlemand]

They bet on bcash twice. Once when they helped roger put it on the coin map, but then the bear market happened and they almost went insolvent with bcach going from $3k to $500, and then they bet on bcash once again, went all in by switching from BTC mining to help in the hash wars. And what? It went from $500 to $100, and they're getting sued by Craig's friends. What a bummer for Jihan.

By all means throw your personal fortune away. What I find really strange is how all, or enough, of Bitmain got behind this. It seems very odd that there weren't more level headed partners or investors or advisors who didn't flip him over their lap and spank him and whoever else thought it was super cool until they squealed. No one with any objectivity could've considered any of this a viable idea.

[darkangel11]

Maybe they don't have a real board in there to vote and bring dreamer Jihan back to reality? The company is basically Wu and Zhan, with the latter being responsible for design and production. Jihan is behind the investment strategy and that's why he's the one doing all the talking and going to conferences. Maybe he got mesmerized by the famous smooth talker demagogue Roger V? Maybe it was greed that got him? Jihan studied economics, he should know better.
I thought they were going to go towards an IPO, but with the losses this year they might want to wait. What do you think will happen next year? Bankruptcy or IPO?

[coinwizard_]

Bitmain was already making millions and was on course to being one of the biggest crypto companies in the world. This is what happens when greed kicks in

[veleten]

Bitmain was already making millions and was on course to being one of the biggest crypto companies in the world. This is what happens when greed kicks in

it is not purely greed, they have been greedy all the time - just have a look at their mining rigs pricing
as it was mentioned above, it is greed multiplied by betting on a wrong horse
or trying to sit on two chairs simultaneously , it rarely works
and in this case backing BCH was a bad move, stupid and short-sighted
now they are reaping what they saw

[Slow death]

The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain.
https://www.newsbtc.com/2018/12/10/crypto-bear-market-bitmain-layoffs/

if last year they had not created all the drama about block size and if they had not created altcoin cash and instead had shown support for the bitcoin core and the whole bitcoin community I think a lot of things would be very different. we would have a very strong and very good community. roger ver was someone very good at doing publicity for bitcoin, but unfortunately he decided to support altcoin cash. Today both altcoin cash and bitcoin SV are struggling to survive... Was it worth all the drama? I think it was not worth it though. today they only have many losses

[1Referee]

roger ver was someone very good at doing publicity for bitcoin, but unfortunately he decided to support altcoin cash. Today both altcoin cash and bitcoin SV are struggling to survive... Was it worth all the drama? I think it was not worth it though. today they only have many losses

Roger did everything he could to promote Bitcoin back in the days, and right now he's doing everything he can to destroy it. It should have been clear that he was ill minded when in 2013 he backed MtGox and said that it was the traditional banking system causing problems. We all know how that ended. I bet he withdrew all his coins at that point, fucking scammer.

For what it's worth, Charlie Lee (the only good Lee in the industry, lol) earlier this year claimed that Litecoin would drop to $20 AND rise above BCash in market cap, and he was right in both cases. Obviously, it's just temporarily since Bitmain & Co won't go down without a fight, but it's cool to see.

[Coin-1]

Maybe they don't have a real board in there to vote and bring dreamer Jihan back to reality? The company is basically Wu and Zhan, with the latter being responsible for design and production. Jihan is behind the investment strategy and that's why he's the one doing all the talking and going to conferences. Maybe he got mesmerized by the famous smooth talker demagogue Roger V? Maybe it was greed that got him? Jihan studied economics, he should know better.
I thought they were going to go towards an IPO, but with the losses this year they might want to wait. What do you think will happen next year? Bankruptcy or IPO?

The Bitmain company has already applied for an IPO in September 2018:
https://www.forbes.com/sites/cbovaird/2018/09/26/bitcoin-cash-surges-20-after-bitmain-files-for-ipo/#4b97ff9e687f

I heard that Bitmain invested in Bitcoin Cash, they purchased about 1 million BCH coins. In addition, they bought the large amount of different altcoins and tokens. I also heard that Bitmain recently delayed payments to some company in Taiwan that manufactures chips for ASICs.

Yes, it is possible that some large crypto investors which have a lot of coins and tokens want to intentionally evoke bankruptcy of Bitmain, but this is a rumor.

[figmentofmyass]

I also heard that Bitmain recently delayed payments to some company in Taiwan that manufactures chips for ASICs.

i've heard this as well, but i'm skeptical. the story was broken by coingeek.com, who cited unnamed sources. any other coverage of the story just parrots the coingeek article.

for those who don't know, coingeek is owned by calvin ayre---one of the chief backers of bitcoin SV along with craig wright. they published this story 10 days before the bcash split, obviously intent on weakening public perception of bitmain (and therefore bcash ABC).

i'd take these rumors with a healthy dose of salt.

[gentlemand]

i've heard this as well, but i'm skeptical. the story was broken by coingeek.com, who cited unnamed sources. any other coverage of the story just parrots the coingeek article.

Long running thread here - https://bitcointalk.org/index.php?topic=5063475.0

As you say all the 'sources' are either hopelessly compromised from the off or are solitary Twitter accounts with absolutely nothing to back their conjecture up.