Bitmain on brink of bankruptcy

[KingScorpio]

Just few hours the news cane that Bitmain is on brink of bankruptcy.

Main reasons were huge inventory losses and investment on Bcash went wrong.

They tried to save Bcash and now paying price for it.

https://www.reddit.com/r/Bitcoin/comments/9fwopd/bitmain_on_brink_of_bankruptcy/

omg

did they do the pump of BCH from 100 to 200 usd? from 16th to 21 december?

if so they are damaged seriously, poor guys.

[Aris novianto]

now I experience very much bankruptcy, my bitcoin coins are now not selling well, there are a lot of losses that I bear, but I am still patient

[KingScorpio]

now I experience very much bankruptcy, my bitcoin coins are now not selling well, there are a lot of losses that I bear, but I am still patient

do you want me to lie to you so you feel better or tell you honestly what i think and expect?

[coinwizard_]

Bitmain is not going down completely, they have a lot of bitcoin cash in reserve so when the money runs out they will simply dump it. Not good for any BCH hodlers, it will be a mt gox style dump when it happens

[btlzpr]

There is a saying that the dead camel is bigger than the horse.
Bitmain is currently a whale that to be stranded, but please note that it is only stranded. Once it is put into the water (or waiting for the tide), it will once again become the giant in the water, never underestimate the vitality of the whale.
In the past few days, we can see that it is struggling. The price of BCH is fluctuating drastically. In fact, whether it is ABC or SV, although they are competitors, I am sure that they do not want each other to die.

[muslol67]

Just few hours the news cane that Bitmain is on brink of bankruptcy.

Main reasons were huge inventory losses and investment on Bcash went wrong.

They tried to save Bcash and now paying price for it.

https://www.reddit.com/r/Bitcoin/comments/9fwopd/bitmain_on_brink_of_bankruptcy/

I read an article about this yesterday. Bitmain said he had 1 million BCH and LTC. They gave their opinion that they could sell these coins because of a shortage of cash. This can be dangerous even for the whole market.

[Lizzylove1]

Bitmain should have focus on the real which is bitcoin rather than financing BCH and trying to conspire with coinex exchange to rekt investors, currently they are in trouble and may eventually just enter the dip sea. I wish they could manipulate their way out. Maybe they should consider taking loan from the bank to reviving their financial mess. Wait! it seems banks will send them to the grave. hahahha!!! it's their making and they should deal with it.

[Lizzylove1]

I read an article about this yesterday. Bitmain said he had 1 million BCH and LTC. They gave their opinion that they could sell these coins because of a shortage of cash. This can be dangerous even for the whole market.
[/quote]

This is partly why I fear to keep my fund in bitcoin cash, what if bitmain go ahead to offload their holings in BCH and withdraw their support from the market, this will spell doom for the already struggling BCH in this current bearish market. 

[ngusmin]

Even though it takes you to the brink of bankruptcy, but I think you still have a choice, you can choose to leave or you choose to stay and wait for recovery.

[franky1]

bitmain fired a team of software developers concentrating on a bitcoin cash wallet........
....... yawn.. (altcoin drama)

meanwhile bitmain is delivering tonnes of next gen asics this week. but shhh dont tell the public

[o_e_l_e_o]

Bitmain is not going down completely, they have a lot of bitcoin cash in reserve so when the money runs out they will simply dump it. Not good for any BCH hodlers, it will be a mt gox style dump when it happens

Anyone who was paying any attention at all saw this coming a mile off. Hell, I made a post in this very thread 3 months ago predicting a huge dump when they finally liquidate their remaining bags. If you are still holding either of the BCH forks at this point, then you either have been ignoring the entire crypto-world for 3 months or you are a moron. There is no reason to still be invested in either of these scam coins.

Pretty hilarious on the part of Jihan Wu, really. Bitmain were dominating the ASIC world - all he had to do was to keep releasing a new miner every few months and he could have been set for life. Instead he threw all his weight behind a shitcoin and now is facing mass terminations and possible bankruptcy.

[seoincorporation]

Just few hours the news cane that Bitmain is on brink of bankruptcy.

Main reasons were huge inventory losses and investment on Bcash went wrong.

They tried to save Bcash and now paying price for it.

https://www.reddit.com/r/Bitcoin/comments/9fwopd/bitmain_on_brink_of_bankruptcy/

Damn, this is bad! They are the main miners producers and without them could be a hard punch to bitcoin. I had read some bad news about them in the past months and looks like things are just getting worst for them  let's hope they survive to these hard times because another way we will have to get ready for the crash.

[Microboy]

In fact, whether it is ABC or SV, although they are competitors, I am sure that they do not want each other to die.

The competition is not between ABC and SV but Bitcoin and Bitmain.
The Bitcoin promise is a true worldwide decentralization that no one can control. Bitmain tried to break this rule reaching alone the 51% Bitcoin hashpower therefore compromising the network. This is why the Bitcoin's price is dropping. The only thing that gave Bitcoin it's value doesn't exist anymore thanks to a single company. Paradoxically Bitmain for saving itself is waiting for something that will never happen, the rise of Bitcoin price. It will happen eventually when Bitmain will be dead, only then the market will trust in the Bitcoin's neutrality. It seams that Bitmain broke a law of nature that kills you if you try to break it. The longer and the lower the Bitcoin price will stay the bigger the cleanup of the Bitcoin ecosystem will be.

[franky1]

Pretty hilarious on the part of Jihan Wu, really. Bitmain were dominating the ASIC world - all he had to do was to keep releasing a new miner every few months and he could have been set for life. Instead he threw all his weight behind a shitcoin and now is facing mass terminations and possible bankruptcy.

he's not facing bankrupcy.
a certain guy in another pool (BTCC) lost his job when BTCC were on brink of bankruptcy and now samson mow is on a distraction drama crusade to hide his own misery.
come on.. has anyone actually looked into BTCC and seen the difference of BTCC from 2017-2018
anyone question why samson is now blockstream and by bobby lee is now litecoin orientated instead of BTCC orientated

bitmain is making money. they are delivering out new rigs this week.

i also predicted in october that things would change for november, all i needed to do was see the hashrate curve of the old asics being shut down and sold off cheap before they became worthless. to then see it would play out against the market:mining dynamic soon after. it had nothing to do with altcoins. it was to do with prepping for next gen asics

anyway back to discussing bitmain
the nxt gen are designed, tested and manufactured, meaning they dont need the temp staff they hired. just to cover the excess temp work needed.

as for the side drama of altcoins. thats like going on vacation for a few months with a few foreign coins in your pocket. and now finding out that you dont need or want them... its not life changing. its just having a few foreign coins that ar not worth spending

meanwhile he is still getting funds from different sources and still producing asics

[Microboy]

You are very optimistic. Maybe too much  Bitcoin reached 20.000$ when Bitmain was starting to impose itself as the only dominator on the crypto-hardware market. Now that Bitmain finally holds the hashpower monopoly Bitcoin is worth 3.500$. How come?  Be honest and admit that you known in your heart that Bitmain is doomed. 

[aad140386]

Bitmain does have problems, but I have never found any mention of bankruptcy anywhere. Even hypatetic. It is quite obvious that, against the background of falling sales of asiki, the company had financial difficulties, but this does not mean that it is on the verge of bankruptcy. I think that Bitmain will safely survive this crisis. Reduce staff, reduce costs and savings over the previous year, and survive the current fall. I hope that the 2019 year for cryptocurrency will be more positive.

[Microboy]

I hope that the 2019 year for cryptocurrency will be more positive.

Bitcoin and Bitmain are not synonyms. Bitmain tried hard to make appear it so. I hope 2019 is positive for crypto and I couldn't care less what end will make Bitmain and Bitcoin cash or whatever they called it of course.

PS
Firing 50% of a company's workforce is a strong sign that company is facing imminent bankruptcy at least you see this with eyes of an incurable optimist.

[KuyaBreezy]

That's the problem when you base all your eggs in one basket, so many projects that could be started with that money, blockchain is a nascent and revolutionary technology, you can invest in thousands of things and innovate, and they decided to waste time with bcash.

[btc_angela]

I hope that the 2019 year for cryptocurrency will be more positive.

Bitcoin and Bitmain are not synonyms. Bitmain tried hard to make appear it so. I hope 2019 is positive for crypto and I couldn't care less what end will make Bitmain and Bitcoin cash or whatever they called it of course.

PS
Firing 50% of a company's workforce is a strong sign that company is facing imminent bankruptcy at least you see this with eyes of an incurable optimist.

But firing 50% of workforce is a way to cut losses and cost. They are probably back to square one again. The time when the price of bitcoin or BCH was really low. I think laying off is a business decision and they have Asics to be released so they will not go bankrupt, will just try to survived and weathered this storm and once the market recovers, and so as their business.

[coinwizard_]

Litecoin is the other coin that they will dump. Most likely they will lose their BCH holdings first as it is more volatile, then they will dump litecoin, and the final will be BTC. Keep an eye on both BCH and LTC, see if it correlates with bitmain finances