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1Referee
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September 15, 2018, 01:00:20 PM |
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Usually you only lose when you sell at a loss, but that doesn't go up for businesses having to factor in even virtual losses, and that will definitely work against them with how they are trying to tease potential investors related to their *potential* IPO. I actually thought Bitmain would be smarter than this, but they shot themselves in their foot and it likely won't end well.
The planned pump during their recent stress test was a desperate attempt to initiate a bull run, but it failed. Investors aren't willing to buy Bitmain's bag.
It's pathetic when you take into consideration that the largest miners aren't able to sell the major part of their minted coins, so what happens is that every large to semi large pool ends up sitting on a large number of coins while the price keeps going down. Supporting the wrong coin ain't easy.
Not sure how wealthy Jihan himself is, but he could technically pump his own capital in Bitmain to write off some of the losses.
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ranman09
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September 15, 2018, 01:01:59 PM |
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Better cash out all those Bcash and use it for funding. Or I don't know coin offering>, I really don't know how they use tokens though.
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pixie85
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September 15, 2018, 01:16:47 PM |
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I can't believe it they had so much revenue every year, so much additional money to spend, they were the giant. If they go bankrupt its due to their own stupidity. How can you have millions lying around and waste it all? Probably BCH costed them the most. Roger was making money selling on the side while Bitmain was pumping with their money. Whoever sold BCH in the first 6 months of 2018 was probably taking Bitmain's $$$
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demenBTC
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PRIVATE FEDERATED BLOCKCHAIN
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September 15, 2018, 01:41:08 PM |
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unfortunately I can't open the link that you post, I can't give an opinion without reading the link, hopefully the problem can be solved
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BrewMaster
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There is trouble abrewing
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September 15, 2018, 01:44:12 PM |
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to be honest i can not see any truth in this and the fact that this is a post by some newbie on twitter and reposted by another newbie (possibly the same person trying to get twitter followers) reposting it on reddit/r/bitcoin makes be more sure about it being false information. reading the article that is obtained after 3 links! using google translate i can see it is just click bait. 70% of the article is talking about Jihan Wu's personality and degrees the 30% remaining is just talking about BCH and saying they lost basically because they invested in BCH! of course there have been losses but they are far from bankruptcy. first of all because they article is not considering the profit they gained by doubling the bitcoin they had after they forked also it is not considering the profit they made by pump and dumping BCH!
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There is a FOMO brewing...
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1Referee
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September 15, 2018, 02:38:46 PM |
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first of all because they article is not considering the profit they gained by doubling the bitcoin they had after they forked also it is not considering the profit they made by pump and dumping BCH!
They didn't really double their Bitcoins. The split gave them additional coins in form of BCH, where they then used BTC to accumulate even more. If you also take into consideration that they have pumped the price numerous times last year, where they tried to maintain certain higher levels, you can imagine how severe the losses might have been at that point already. Another important aspect is that by entering 2018 Bitmain also entered a new fiscal year, so the losses they suffered from this year is what really matters.
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BrewMaster
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There is trouble abrewing
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September 15, 2018, 02:43:04 PM |
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first of all because they article is not considering the profit they gained by doubling the bitcoin they had after they forked also it is not considering the profit they made by pump and dumping BCH!
They didn't really double their Bitcoins. The split gave them additional coins in form of BCH, where they then used BTC to accumulate even more. If you also take into consideration that they have pumped the price numerous times last year, where they tried to maintain certain higher levels, you can imagine how severe the losses might have been at that point already. Another important aspect is that by entering 2018 Bitmain also entered a new fiscal year, so the losses they suffered from this year is what really matters. when some groups pumps an altcoin, they do it to make money. in other words they pump it so that they can dump the coin on top near the peak not to just pump and then watch it go down! that doesn't even make sense. dumping on top means they made a lot of money while gullible newbies were buying BCH thinking it is the "real bitcoin"!
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There is a FOMO brewing...
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o_e_l_e_o
In memoriam
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September 15, 2018, 02:54:02 PM |
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I was wondering why they were letting BTrash slowly bleed out and not pumping it again. Turns out it's because they can't because they are bankrupt.
A ropey source, but will be amazing if true. When they liquidate their massive BCH bags, we might finally see that trash coin dump to nothing where it belongs.
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btc_angela
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September 15, 2018, 02:55:33 PM |
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Bitmain is still going strong afaik, but holding BCH seems to be a bad move for them. They are expanding the bitcoin mining globally and then needed more funds for it that why they started their own IPO in order to attract investors and of course to have more funds as reserved, but I don't think they are on the brink of bankruptcy though, they still have the monopoly of bitcoin mining hardware and that alone is enough to keep them afloat for a long time.
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| │ | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███▀▀▀█████████████████ ███▄▄▄█████████████████ ███████████████████████ ███████████████████████ ███████████████████████ █████████████████████ ███████████████████ ███████████████ ████████████████████████ | ███████████████████████████ ███████████████████████████ ███████████████████████████ █████████▀▀██▀██▀▀█████████ █████████████▄█████████████ ████████▄█████████▄████████ █████████████▄█████████████ █████████████▄█▄███████████ ██████████▀▀█████████████ ██████████▀█▀██████████ ▀███████████████████▀ ▀███████████████▀ █████████████████████████ | | | O F F I C I A L P A R T N E R S ▬▬▬▬▬▬▬▬▬▬ ASTON VILLA FC BURNLEY FC | | | BK8? | | | . ..PLAY NOW.. |
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Kprawn
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September 15, 2018, 02:57:07 PM |
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It all depends on their liquidity. If they have enough "floating" cash available to wait out the BCash drop, then they will survive, but when you are tied down too much, then the red flags will most probably start showing. This just shows you what happens, when you fall for the Roger Ver stories. He will pull down some more people with him soon and then people will see his true colours.
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vit05
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September 15, 2018, 11:44:58 PM |
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I do not believe that. Their cost of production seems to me to be very low and with a great profit margin. They are totally dominant in one of the most important sectors of Bitcoin. They have few personal expenses. They still have great machinery that could easily be converted into cash if needed. Still has the possibility to seek money among investors before the IPO. And even though BCH has fallen so much, it is still a valuable asset that can be converted into cash. What big immediate expense do they have? They do not have Bank debts.
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pooya87
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September 16, 2018, 03:16:23 AM |
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if you check the tweets history of that dude who OP is quoting here, he has been talking about Bitmain and how it is going bankrupt for a long time now. i wouldn't want to jump to saying FUD but this is pretty much what FUD looks like from someone who has been shorting bitcoin and trying so hard to make gullible sheep panic into thinking the biggest bitcoin mining farm, mining pool, bitcoin ASIC producer, ETH ASIC producer, biggest altcoins including BCH mining farm and pool is going bankrupt after making at least 2 or 3 billion dollar pure profit last year alone!
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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1Referee
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September 16, 2018, 08:04:16 AM |
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when some groups pumps an altcoin, they do it to make money. in other words they pump it so that they can dump the coin on top near the peak not to just pump and then watch it go down! that doesn't even make sense. dumping on top means they made a lot of money while gullible newbies were buying BCH thinking it is the "real bitcoin"!
I agree, pumping a price without selling at peak doesn't make sense, but what the BCash camp is doing doesn't make sense in its entirety. They really believe that their version of Bitcoin is Bitcoin, and for that reason kept accumulating more regardless of how hard people kept dumping. In a matter of like 3-4 months, Bitmain's BTC holdings shrunk with just under 15,000BTC. Let's do a quick calculation; 31 DEC 2017; BTC holdings ~36,900BTC. 31 DEC 2017; BCH holdings ~841,900BCH. 31 MAR 2018; BTC holdings ~22,100BTC. 31 MAR 2018; BCH holdings ~1,021,300BCH. The average BTC/BCH price during this period ~0.13BTC which loosely calculated could have accumulated Bitmain 114,000BCH + 40,000/50,000BCH from their mintings returns ~164,000BCH in total. 841,900BCH + 164,000BCH = 1,005,900BCH, which is pretty close to their balance on march. Further accumulation becomes visible once they release new balance figures.
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rosstiller
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September 18, 2018, 11:25:17 AM |
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This is indeed sad. But it says it is on the brink of bankruptcy, that means it has not been filed for bankruptcy yet. The company needs to see how liquid they are if they want to prevent it from happening.
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fourplealise
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September 18, 2018, 05:27:32 PM |
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INEWS QQ, a chineese publications, recently revealed an article on Bitmain. It give a hint of Bitcoin going towards bankruptcy. The main cause that they indicated for this condition is the massive inventory loss and the loss in Bitcoin cash investment.
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cryptodalton
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September 21, 2018, 06:12:50 PM |
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The aforesaid news might not be true. But if it is true, then this might be due to the failure of the initial public offering strategy. Moreover, the investment on Bitcoin cash might have also failed which cause Bitmain to go bankrupt.
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franky1
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September 21, 2018, 06:36:43 PM |
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all this news even the inews QQ is about a report done pre-june bitmain have actually got new asics being tested. they sold off their old rigs at a pleasant discount of $850/rig and over that period their hashrate did not go down(which would be the case of liquidising all stock) the hashrate went up because they are now using (cough i mean QC testing new rigs) before releasing them later this year and in june they also accumilated investors in 2018 bitmain made 22 investments themselves into other companies https://www.crunchbase.com/search/funding_rounds/field/organizations/num_investments/bitmainsuch as giving Circle $110m in May 2018 and also $14m as recently as september 10th to a company called 1000video but here is the real funny part. has anyone noticed BTCC..
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Nexigen
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September 26, 2018, 12:58:28 PM |
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I don’t think that situation is so bad for this company. Yes, they have very large losses, low sales, but situation with their cryptocurrency was inspired by them and they got a good profit on it.
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Searing
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Clueless!
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December 25, 2018, 01:40:22 AM |
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I don’t think that situation is so bad for this company. Yes, they have very large losses, low sales, but situation with their cryptocurrency was inspired by them and they got a good profit on it.
Sorry, but it looks like Bitmain may be a going down, like the Titanic. 50% of workforce fired. https://www.ccn.com/bitmain-bitcoin-mining-giant-to-sack-50-of-its-workforce/Pretty sure this means their IPO is deader than dead. Though Ebang seems to be going thru with their IPO. https://www.financemagnates.com/cryptocurrency/news/crypto-miner-ebang-re-files-for-ipo-despite-weak-q3-results/Well, even for ASIC makers and big players like Bitmain...sh*t just got real!
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Old Style Legacy Plug & Play BBS System. Get it from www.synchro.net. Updated 1/1/2021. It also works with Windows 10 and likely 11 and allows 16 bit DOS game doors on the same Win 10 Machine in Multi-Node! Five Minute Install! Look it over it uninstalls just as fast, if you simply want to look it over. Freeware! Full BBS System! It is a frigging hoot!:)
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