Jihan Wu is no longer CEO of Bitmain

[n00b3rt]

There has been a new CEO appointment, just as the IPO application officially expired.

https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/

What do you guys think will happen next? Bitmain is still a monopoly, they're going to recover and sell a ton of equipment in 2019. But what does it mean for crypto?

Will Bitcoin Cash get dumped into oblivion? Will Bitmain jump to defend BTC against Craig Wright like it did for BCH? Do you expect a change in their corporate strategy?

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[o_e_l_e_o]

I am a bit out of the loop on Bitmain, but am I right in saying they are both A) still in deep financial trouble and had to lay off many of their staff recently, and B) still holding a significant amount of BCH?

Jihan Wu seemed happy to hold his Bitcoin Cash bags and not dump them on the market, but if the new CEO feels differently as ETFbitcoin suggests he might and decides to starting selling the bags, it could accelerate BCH's long, drawn out death.

[vit05]

Without IPO, Bitmain will probably need money using financial loans or a new series of investment. Because it appears they need money. And the people that will loan or make new investment will probably look for those bch and ask why they do no sell this bags. So they will sell or stop buying and accumulating. The price would go down and they will have to desperately sell.

I do not think bch is a shitcoin. But their market price was obtein using shade trade strategies and for that reason the risky of collapse is real.

[Slow death]

But what does it mean for crypto?

means that we will not see direct interventions of Jihan Wu

Will Bitcoin Cash get dumped into oblivion?

this is very difficult to evaluate, but you can look at their thread:

[ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees

 

Will Bitmain jump to defend BTC against Craig Wright like it did for BCH?

It's hard to say that.

Do you expect a change in their corporate strategy?

yes

[rdbase]

They have already assigned a new ceo Mr. haichao wang. But juhan wu is still appointed as a director of the company along with micree zhan the other co founder of bitmain.
So it looks like it was a push of the others who hold stocks in the company which made juhan leave as ceo.

[pixie85]

They have already assigned a new ceo Mr. haichao wang. But juhan wu is still appointed as a director of the company along with micree zhan the other co founder of bitmain.
So it looks like it was a push of the others who hold stocks in the company which made juhan leave as ceo.

There was some stink following Jihan after that BCH move that costed the company a lot of dough. It was a smart move to appoint a new face but it's all this new CEO is gonna be. The real founders of the company will keep managing from backstage. I don't think any coin will get dumped after this.

[kelz1]

The greed of Jihan caused the price of bitcoin to tank even further. Also his company was almost destroyed and many people lost their jobs. This should not go unpunished - he had to go

[LFC_Bitcoin]

I am a bit out of the loop on Bitmain, but am I right in saying they are both A) still in deep financial trouble and had to lay off many of their staff recently, and B) still holding a significant amount of BCH?

Jihan Wu seemed happy to hold his Bitcoin Cash bags and not dump them on the market, but if the new CEO feels differently as ETFbitcoin suggests he might and decides to starting selling the bags, it could accelerate BCH's long, drawn out death.

It’d be good if they started converting all their BCH into Bitcoin, it’d give us a significant pump just like what happened when most of us were doing the same when we received our free forked coins

[n00b3rt]

A) still in deep financial trouble and had to lay off many of their staff recently

Definitely. Some of the news about it were fake, but they did close their Israeli and Dutch offices, I believe.

Still holding a significant amount of BCH?

Surely. The market could never handle the sale of 1MM BCH, so that's certain.

Jihan Wu seemed happy to hold his Bitcoin Cash bags and not dump them on the market, but if the new CEO feels differently as ETFbitcoin suggests he might and decides to starting selling the bags, it could accelerate BCH's long, drawn out death.

Jihan is still a director, so I don't believe he'd ever allow that, and it's bad for Bitmain anyway. Rumour has had it for months that Jihan is going to transfer some of his Bitmain responsibilities to others so he can invest his time and his personal billions into Bitcoin Cash - so there is a chance that he'll buy off Bitmain's bags at around $100 per piece.

[r1s2g3]

They will might fully focus in BTC mining and their business. Selling BCH will cause massive drop in BCH price and might cause fear that ( bitmain is exiting from BCH) will further dive down the price.
They will be fine if they gradually sell their BCH bags while using their hash power to mine BTC .

[pooya87]

i don't think the whole company is going to make a 180 degree turn just because the CEO of it changed. we will surely see changes specially as BCH has lost it profitability as it continues losing the hype that they blew into it all in 2017. but it won't just die because it was not centralized to one person/company but there are other millionaires in it still trying to keep it alive while they make money.

[TravelMug]

Isn't it he was relegated to a new position prior or during the IPO? So this is not a new news, it was even reported that they have cut the numbers of their employees already since last year.

The problem with them is that they stick to BCH and that's where the problem started, and couple with the worsening market conditions and then the failed IPO on their side. Plus competition is already there, Canaan, GMO (if I'm not mistaken) and others.

It's about time they need someone to lead them into a new direction.

[qiwoman2]

WOW, I wonder why this happened? Did he just resign himself or was he voted off? I just don't like the way both Jihan Wu and Craig Wright made a consorted effort to destroy the price of Bitcoin, bringing the whole market down with them. Their greed and selfishness ruined a lot of people's lives and I won't support any one of their Coins. I will never buy Bitcoin Cash or SV, just out of principle. I think Bitmain will survive the competition, maybe they are too big to fail right now in this Industry? Only time will tell.

[n00b3rt]

WOW, I wonder why this happened? Did he just resign himself or was he voted off?

He definitely resigned himself, and he is still a director.

I just don't like the way both Jihan Wu and Craig Wright made a consorted effort to destroy the price of Bitcoin.

They didn't, lol. At least Jihan Wu didn't, CSW is sort of unpredictable and psychotic.

Their greed and selfishness ruined a lot of people's lives

What greed and selfishness, lol. They both lost a ton of money trying to defend a position. Yes, even psycho liar CSW knew he was losing money and did it out of some twisted sense of principle. They didn't ruin lives, gamblers who thought prices only go up did it to themselves.

I will never buy Bitcoin Cash or SV, just out of principle.

I'm still holding my fork BCH, dumped my SV immediately out of principle as well, though. But I don't think greed was a guiding principle in what those psychos were doing, more like a sophisticated penis measuring contest for Ayre and his drunk friend.

I think Bitmain will survive the competition, maybe they are too big to fail right now in this Industry? Only time will tell.

No company is too big to fail, but by the looks of it, they practically have no competition, and they won't for years to come. 2019 will be massively successful for Bitmain, although 2017-level profits are as likely as a bull market that pumps bitcoin above $20,000 - aka not very likely at all.

[Red-Apple]

i think it is safe to start speculating about BCH price based on this too. although it depends on the new CEO's behavior towards this coin but since they have lost one of the biggest centralized powers in this coin, i think there is a big dump coming on.

[traderethereum]

I wonder what the real reason for Jihan Wu was leaving Bitmain because for me it's too hard to see he leaves the company that helps him to make money is. I only think that he is not loyal to the company because he is easy to leave the company. And I will be more curious with Bitmain after Jihan Wu leave, what will happen with Bitmain.

[alisafidel58]

i think it is safe to start speculating about BCH price based on this too. although it depends on the new CEO's behavior towards this coin but since they have lost one of the biggest centralized powers in this coin, i think there is a big dump coming on.

Even though they lost Jihan Wu I think the majority thinks the other way around. We can't speculate on that matters.

[kryptqnick]

It would have been good news if Jihan was left out of the whole thing, because that guy might one day act like Craig Wright, and the market has not even recovered after his whims. Instead, however, it might seem that Jihan will have less power whereas he might actually have more. I've seen things like that happening in another business industry. When a person goes from CEO to being in the Board of Directors, it actually means that this person was promoted. The CEO is really under control of the Board. I know it from personal experience, but know I also recalled a nice example from the "Silicon Valley" series. Richard Hendricks was the CEO, and once he was even simply fired from the company he created by the decison of the Board of Directors. So yeah, Jihan is still a threat while Bitmain is a monopolist.

[Nadziratel]

There has been a new CEO appointment, just as the IPO application officially expired.

https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/

What do you guys think will happen next? Bitmain is still a monopoly, they're going to recover and sell a ton of equipment in 2019. But what does it mean for crypto?

Will Bitcoin Cash get dumped into oblivion? Will Bitmain jump to defend BTC against Craig Wright like it did for BCH? Do you expect a change in their corporate strategy?

Monopoly is never good thing. And Bitmain grows quickly. It is not good for any of us. Whatever the reason, this BCH-BTC conflict is very damaging to the market. I think we should break the connection between these two.

[o_e_l_e_o]

when most of us were doing the same when we received our free forked coins

The only good use for all the bitcoin forks. Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, Bitcoin Private, Bitcore, (did I miss any out?) were all at their highest price in terms of real Bitcoin immediately after forking, and all have done the exact same thing - slowly lose value, with the odd pump-and-dump here and there to keep the sheep interested.

I'm glad I dumped all that trash ASAP, and increased by bitcoin holdings in the process.