Bitmain is Hodling Nearly $600 Million in Bitcoin Cash

[pemish]

Hi all,

Apologies if there is already a thread on this - couldn't find one.

Could be v. interesting for BCH when they go public and release all that sweet cash!

Source:https://www.ccn.com/bitmain-is-hodling-nearly-600-million-in-bitcoin-cash/

[Awesomus Maximus]

You are correct. it will be interesting to see that if and when they decide to do so. A lot of BCH coins are concentrated in the hands of several big whales. They can't dump their coins at once because the price will plummet. They can't sell over time, because their addresses are public knowledge and they are monitored by other BCH traders who know what they are doing. I think that the future BCH price movement critically depends on the behavior of these big holders.

[levyashin]

They will probably trigger a pump and dump people afterward.

I always chose to ignore any bitcoin forks. Even bitcoin cash.

[pemish]

You are correct. it will be interesting to see that if and when they decide to do so. A lot of BCH coins are concentrated in the hands of several big whales. They can't dump their coins at once because the price will plummet. They can't sell over time, because their addresses are public knowledge and they are monitored by other BCH traders who know what they are doing. I think that the future BCH price movement critically depends on the behavior of these big holders.

You're right. Any idea who some of the other whales are? I've been doing a bit of research around it but only found Bitmain so far.

[the13thsymphony]

So now all eyes are into Bitmain for hodling nearly $600 million BCH and right now they cant decide on how they would play what they are hodling because its already known in the public and they cant do as they please to manipulate BCH's prices which is too bad for them and good for us because once they do something on what they are hodling then we know what we need to do whether they want to pump its price or dump it.

[Awesomus Maximus]

You are correct. it will be interesting to see that if and when they decide to do so. A lot of BCH coins are concentrated in the hands of several big whales. They can't dump their coins at once because the price will plummet. They can't sell over time, because their addresses are public knowledge and they are monitored by other BCH traders who know what they are doing. I think that the future BCH price movement critically depends on the behavior of these big holders.

You're right. Any idea who some of the other whales are? I've been doing a bit of research around it but only found Bitmain so far.

Here you go, a medium post from Mar. 1, maybe something has changed in the meantime

Bitmain’s BCH Sales Wallet — This wallet currently controls 2.6% of all BCH (includes non-circulating coins) with almost 441k BCH and, more importantly, have never spent a single coin. We’ll address this wallet more in detail below, but this should confirm / show that Bitmain is a revenue generating machine if they can just sit on such a huge cache of unspent coins. To put this amount in perspective, this wallet has 3x the amount of BCH of Bitfinex’ BCH cold wallet.

“Unknown BCH Mining Wallet #1” — Almost definitely ViaBTC or Antpool, this wallet started mining on BCH’s first day (8/1/2017) and currently controls 0.28% of all BCH with 47,421 BCH. This wallet has also never spent a single coin.

Unknown BCH Mining Wallet #2 — Also, almost definitely ViaBTC or Antpool, this wallet controls the 8th most BCH with 0.52% or 88,855 BCH and also hasn’t spent a single coin.

Unknown Wallet — A newer BCH wallet that isn’t a miner wallet and appears to be some kind of sales wallet. This wallet currently controls 78.5k BCH and, yet again, hasn’t sold a single coin. It’s very possible this is Bitmain’s new wallet to replace #1.

Quoted from: https://medium.com/@btcWolves/bch-heading-towards-the-abyss-f1b2b9ec41f1
 

Read the entire medium post. You will not be disappointed.

[Nalbo]

I don't think holding $600 million in Bitcoin cash be a big deal for large crypto company like bitmain.
Arguably they are the largest crypto centric company on the whole planet and they surely have a stock of many crypto assets largely bitcoins.

[passioncrypto]

Actually mainly newbie’s or who don't have enough idea based on this they invest here but experts never invest here for forked coin.

[steveabrahams]

I'm not surprised though bitmain holding that so many Bitcoin Cash, the problem is what will they do with that $600 million Bitcoin Cash. Imagine if Bitmain sell all their Bitcoin Cash, it will makes the bitcoin cash price fall for sure. It's scary though when a person/company own so many coins that can make the price changed if they sell the coins.

[BitcoinHodler]

Actually mainly newbie’s or who don't have enough idea based on this they invest here but experts never invest here for forked coin.

LOL, Bitmain is the creator of Bitcoin Cash which is why they hold a lot of it. it is also because they own almost all of the hashing power of bitcoin cash and have been mining it from the first day.
and in case you have forgotten in the early days they manipulated the difficulty in a way that they could find more than 1000 blocks per day (as a comparison bitcoin normally finds 144 blocks per day). so based on the fact that the article is old and BCH was worth higher and the fact that each block rewarded them 12.5 BCH they only needed to mine it for nearly 2 months to accumulate that much! as i said they have been mining BCH for a year now.

in short this is not an investment, it just happened this way and they had no way of dumping it without killing BCH price. so they held most of it to dump slowly.

[waser12]

If Bitmain decide to sell their deposit it will damage to all crypto community who hold this coin. The price of BCH will be dumped dramatically. I really don't see benefit of this bitcoin fork.

[airdropan]

that bad
gonna be like bomb , just waiting for the time until bitmain sell all their BCH then the price will dump

[Zadicar]

Actually mainly newbie’s or who don't have enough idea based on this they invest here but experts never invest here for forked coin.

LOL, Bitmain is the creator of Bitcoin Cash which is why they hold a lot of it. it is also because they own almost all of the hashing power of bitcoin cash and have been mining it from the first day.
and in case you have forgotten in the early days they manipulated the difficulty in a way that they could find more than 1000 blocks per day (as a comparison bitcoin normally finds 144 blocks per day). so based on the fact that the article is old and BCH was worth higher and the fact that each block rewarded them 12.5 BCH they only needed to mine it for nearly 2 months to accumulate that much! as i said they have been mining BCH for a year now.

in short this is not an investment, it just happened this way and they had no way of dumping it without killing BCH price. so they held most of it to dump slowly.

My head aches when I do see this reasoning which it is just simply showing how people do say things without even doing any research to back up on what they are talking too. They don't know that Bitmain is the creator of BCH itself and its normal for them to hold most of it. Imagine how they do position themselves when it comes to mining. They are on the top and they do really have the capability to accumulate as much as they can. About dumping? Then BCH investors should be ready for that.

[Nisharawal]

Hi all,

Apologies if there is already a thread on this - couldn't find one.

Could be v. interesting for BCH when they go public and release all that sweet cash!

Source:https://www.ccn.com/bitmain-is-hodling-nearly-600-million-in-bitcoin-cash/

Yes, of course, it will be very interesting for BCH if they go public and release all that sweet cash and but i don't think this is going to happen as i can analyse and see that there is still more room left for manipulating the BCH and they may sell out their holdings slowly if they really feel something BAD about the BCH otherwise i don't think they are planning to sell here. By the way, the article is really good and informative, thanks for sharing

[jamesbondbd007]

For this very reason, the majority, especially the experts in the market do not like to invest in forked coins.

[boyshx]

They will probably trigger a pump and dump people afterward.

I always chose to ignore any bitcoin forks. Even bitcoin cash.

We should never even try to invest in them because forked coins are enemy of the bitcoin and an enemy of bitcoin is my enemy too. Lolz.

Well, BCH is big ass and I guess Bitman will surely dump this big shit at once when they feel to do so. This venture has been giant of miners since very ling time now and I guess it is going to be complicated whether they will support this coin or will dump it immediately after they are at that stage.

I am feeling that many people gonna cry if the Bitman dumps it and there will be huge price drop and lots of people loosing their money over it.

[Horraygram]

This will eventually lead to a pump and dumb scenario. For this very reason, the majority of the experts do not go for forked coins.

[CryptoBry714]

Any forks of bitcoin seems worthless to me. No matter how huge amount people are holding a specific coin, it won’t last long enough. The ultimate winner will be bitcoin and its forks will die eventually. But the market highly depends on these big whales since they have the ability to manipulate the market every now and then.

[pimondcrypto]

you are right. it will intrigue see that if and when they choose to do as such. A ton of BCH coins is amassed in the hands of a few major whales. They can't dump their coins without a moment's delay in light of the fact that the cost will dive. I believe that the future BCH value development basically relies upon the conduct of these enormous holders.

[BumblingBee]

I don't think to hold $600 million in Bitcoin money be a major ordeal for an extensive crypto organization like bitmain. Apparently, they are the biggest crypto driven organization all in all planet and they definitely have a load of numerous crypto resources to a great extent bitcoins.