Rumor that Bitmain is going belly up! can't pay its chip builder!

[gentlemand]

Coingeek is owned by Calvin Ayre which is the epitome of unobjective. I'd wait to hear from more sources before believing anything.

It is conceivable I suppose. Just goes to show the power of the collective will. You can't singlehandedly turn it no matter how powerful you think you are.

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[squall1066]

I for one don't mind saying I hope the rumors are true, I have had bad experiences and blunders from their "team" and it cost me thousands, and I did not even get a "sorry"

I am glad there are other options/manufacturers now than there were a while ago, but this is just rumour so far.

IIRC a good while ago bitmain was in a similar situation (again rumour) and was said to buy coins enough to raise the price and dump getting more money for their total volume of coins to pay everyone, its an amusing thought tho.

[yrk1957]

For what it’s worth TSMC has already denied these rumors.

[philipma1957]

For what it’s worth TSMC has already denied these rumors.

I saw a denial but it seemed to not be direct from TSMC

do you have an official link

[Steamtyme]

Apart from protecting their own image of financial stability I can't see why TSMC would comment on a customers ability to pay bills unless they have gone well beyond the payment schedule. The only reason I see them making a statement denying these rumors is to ensure their shareholders that they aren't in trouble.

Can't say that I know anything about the money TSMC makes or how much of that Bitmain is responsible for; but I could see news like this affecting them more than Bitmain at the moment. So this statement may be nothing more than reassuring their business partners that they 1) Have no large amount of outstanding debt they may not be able to recover and 2) That they do not have any particular large customers that are ATM going out of business creating a potential sales void.

[yrk1957]

I saw a denial but it seemed to not be direct from TSMC

do you have an official link

Only this was in the tweet, quotes a TSMC spokesperson:

https://m.sohu.com/a/273339023_115060/?pvid=000115_3w_a

Apart from protecting their own image of financial stability I can't see why TSMC would comment on a customers ability to pay bills unless they have gone well beyond the payment schedule. The only reason I see them making a statement denying these rumors is to ensure their shareholders that they aren't in trouble.

Can't say that I know anything about the money TSMC makes or how much of that Bitmain is responsible for; but I could see news like this affecting them more than Bitmain at the moment. So this statement may be nothing more than reassuring their business partners that they 1) Have no large amount of outstanding debt they may not be able to recover and 2) That they do not have any particular large customers that are ATM going out of business creating a potential sales void.

TSMC rode on crypto:

https://www.coindesk.com/crypto-mining-boost-helps-taiwanese-chip-maker-break-sales-record/

They better be quelling rumors...

[philipma1957]

Google translated this:

TSMC responds that "Bitland has defaulted on TSMC's $300 million": the customer's payment status is normal.

Bianews
11-05 13:00
Bianews news on November 5th, in response to foreign media news that "Bit mainland defaulted on TSMC's $300 million debt", Taiwan Semiconductor Manufacturing Co., Ltd. Sun Youwen said, "There is only a trust relationship between customers and suppliers between us and our customers. ! The payment status between the customer and the supplier is all right."

Well the interest is do we now jump on the new miner send bitmain money and hope all is well?

[Steamtyme]

Considering the S15 batch shows sold out on day 1 for everyone outside China, I'm going to guess that even if they were legitimately having issues they now have it covered.

Now the interesting tinfoil hat moment I had when thinking about the timing of it all. Suppose they did hit some hard times. They've been mining these for a while on there end hoping for an increase in coin prices - whichever one is more beneficial to them. That didn't happen, money got tight, easy decision to decide it's time to sell to the masses.

I still think it was more of a PR stunt. Big old doom and gloom, news, followed by a new product launch and flagship product sellout. Easy way to create a nice positive buzz for that IPO they're launching.

[gentlemand]

Considering the S15 batch shows sold out on day 1 for everyone outside China, I'm going to guess that even if they were legitimately having issues they now have it covered.

I still don't believe a word of it, but do you think one batch of sales would turn around a company that had long standing problems? Plenty of companies turn over a lot yet still fly down the toilet. Even if they're selling a mountain of stuff, vastly more money could be flying out the door via other means.

BCH is their unknown millstone. I cannae believe a supposedly hard nosed operation would place such an irrational bet.

[philipma1957]

I still don't believe a word of it, but do you think one batch of sales would turn around a company that had long standing problems? Plenty of companies turn over a lot yet still fly down the toilet. Even if they're selling a mountain of stuff, vastly more money could be flying out the door via other means.

BCH is their unknown millstone. I cannae believe a supposedly hard nosed operation would place such an irrational bet.

A ton of hash has left Btc to mine on Bch waiting for the Nov 15 fork .  That will be first step to see what bitmain is up to.

Bitmain has pushed hard on Bch for a long time.

If they succeed we could see a major value move for Bch and hash could flow towards Bch/fork big time.

Coinbase and poloniex are supporting fork.

[gentlemand]

A ton of hash has left Btc to mine on Bch waiting for the Nov 15 fork .  That will be first step to see what bitmain is up to.

Bitmain has pushed hard on Bch for a long time.

If they succeed we could see a major value move for Bch and hash could flow towards Bch/fork big time.

Coinbase and poloniex are supporting fork.

Must say I'm not paying much attention to it. Presumably Bitmain is siding with Bitcoin ABC and the opposing fork is the Calvin Ayre/Faketoshi crew?

If that is the case then the opposing fork will die rapidly and it'll be back to business as usual for BCH - no one caring all that much though jettisoning those psychos can only be wonderful for all. But what do I know?

[windjc]

Must say I'm not paying much attention to it. Presumably Bitmain is siding with Bitcoin ABC and the opposing fork is the Calvin Ayre/Faketoshi crew?

If that is the case then the opposing fork will die rapidly and it'll be back to business as usual for BCH - no one caring all that much though jettisoning those psychos can only be wonderful for all. But what do I know?

I agree. There is no scenario where BCH quickly escalates in value. Shit coin = shit price

[philipma1957]

I agree. There is no scenario where BCH quickly escalates in value. Shit coin = shit price

Hopefully  that is the case and not some  odd shift  in the entire dynamic of BTC  BCH/Fork

Worst case is  BCH/Fork  grab a lot of hash  away from BTC   dropping  price of btc a lot

Best Case  Is  BCH/Fork  grab some hash away from BTC  keep things more or less stable  with  long term sideways movement.

Stable diff and stable price would be nice.  Ie  Just duplicate  the August 24-Nov 15 run  for the next 6 to 9 months.

Reality  Will show soon  between  The Nov 15th jump and the dec 1 jump.

[windjc]

Bch will never influence btc price ever again. It was a one off event. Bch may have future pumps like all shit coins do, but there is no way hash rate is going to lead price. And there’s no excitement about bch. If anything the price pump should have pumped pre-fork based on the 2 for 1 dynamics.

EDIT: Well, I haven't been paying attention, but BCH did already pump 50%. So that's right on cue. I'd expect the two coins to equal roughly the price of the one coin pre-fork. Of course, there is the possibility that Antpool will have to move hash power to fight off Faketoshi and Co. But I can't imagine they will have to move that much.

[Steamtyme]

I still don't believe a word of it, but do you think one batch of sales would turn around a company that had long standing problems? Plenty of companies turn over a lot yet still fly down the toilet. Even if they're selling a mountain of stuff, vastly more money could be flying out the door via other means.

BCH is their unknown millstone. I cannae believe a supposedly hard nosed operation would place such an irrational bet.

I do, to the extent of their BTC/BCH mining and hardware business.

Mostly because I don't think things were if at all bad, anywhere near what was being "reported". I had forgotten about the whole BCH fork which with it adds another dynamic for discrediting Bitmain. That would be in the interest of whoever is backing the opposite side of the BCH coin.

I have no idea how much money they are hemorrhaging fighting the coin battle or with their AI programs.  What I do know is they have a ton of hardware hashing away for them, that's money all day. Their new flagship model is proving to be a sellout product and will continue to do so until other manufacturers start shipping product. Until then this is in hand within 3 weeks, so people will keep lining up and throwing cash/BTC/BCH at them.

So while one batch doesn't bring them out of (an unproven and likely untrue) financial ruin, they can stick to the same gameplan they did pre-2017 spike to continue raking in massive gains.

[QuintLeo]

I've never understood why Coinbase chose to support BCH.
Without Bitmain pushing it so hard for so long, it would be just another common junk coin with nothing in particular going for it, or more likely would not exist at all.

Poloniex supports quite a few junk coins, though they do weed out a few occasionally - and have also dropped some coins that have a REAL reason to exist (like CureCoin and Foldingcoin that support medical research).

[gentlemand]

I've never understood why Coinbase chose to support BCH.
Without Bitmain pushing it so hard for so long, it would be just another common junk coin with nothing in particular going for it, or more likely would not exist at all.

Because Coinbase doesn't like the OG Bitcoin. For some reason they like everything that isn't Bitcoin. I'll guess because it's the one and only coin that's demonstrably beyond the influence of small cabals which does not fit into their wannabe bankster ethos.

After everyone failed to get S2X raped through, BCH became the next best possibility of a hijack, not that it ever had a hope.

Regardless of their feelings, you'd expect the actual launch of it on Coinbase to be far less disgusting than it was.

[QuintLeo]

Because Coinbase doesn't like the OG Bitcoin.

Odd concept since they've had original Bitcoin support longer than anything else.

[philipma1957]

Odd concept since they've had original Bitcoin support longer than anything else.

Yeah and they have the winklevoss twins as major investors correct?

So since the twins were burned by Facebook replacing their idea.

They could feel Btc could be replaced by BCH so they figure diverse coins work to stop that.

[minefarmbuy]

Twins are turning into low time preference pumpers imo.