Jihan Wu is no longer CEO of Bitmain

[BitBustah]

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.

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.  Don't forget that bitcoin has also slowly lost value ( down over 80%)


Bitmain will be just fine, they are still the dominant player in this space.  As for Jihan, I'm sure he has a ton of money stashed away, he will be ok.

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[o_e_l_e_o]

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.

It depends if we are talking about value in terms of USD or actual BTC.

When BCH was first forked, it was trading around 0.2 BTC, which was around 550 USD. During peak pump, it went up to around 4,000 USD, but that was still only around 0.2 BTC. Given that I was dumping all my BCH for more BTC, I made just as much profit dumping it immediately as I would have holding it and hoping for some future pump and dump. I also got the added bonus of knowing I wasn't holding any of that useless trash.

[Kemarit]

Ok let us go a step back and see what contributes to Jihan's being booted as CEO

1. Support of BCH
2. Expanding their mining farm (Texas, if I'm not mistaken, which cost them millions)
3. Failed IPO.
4. Supported BCH in the war against Bitcoin SV

I think the last straw for the board of directors decision to let him go as CEO and be replaced is my number 3. They have lost millions of millions specially when the price of BCH decline in this bear market. And this news surfaced as early as December 2018 and early 2019. There are even reports that Jihan is starting his own mining company. Anyways, let's see which direction would be the new CEO will bring Bitmain in the next coming years.

[tomahawk9]

But what does it mean for crypto?

It means nothing. Don't expect any type of market movements because of this news, this is just a company sorting out their internal problems, it has nothing to do with crypto or the market.

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.

There were a lot of rumours going around over the past few months about Jihan Wu leaving Bitmain and starting his own mining company focused on BCasH, but it looks like the the rumous were confirmed yesterday, at least the part where he's no longer Bitmain's CEO.

[stompix]

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.  Don't forget that bitcoin has also slowly lost value ( down over 80%)

Bitcoin has lost 80%, BCH has lost 95%.
Holding BCH was stupid, and nobody knew exactly when to sell during the pump.
We're not talking about getting lucky but what most people experience.

For bitmain, I think it's pretty obvious why they canceled it.
To run an IPO you need to publish the financial results in detail, the situation was disastrous in Q3, Q4 saw mining revenue drop by 33%, mining gear is not that attractive anymore, sales are down, their coin is down the drain, they've spent millions trying to defend the price of BCH and then in the hashwar with BSV, the IPO would be a failure.

As for Wu , he is still a director, nobody can kick him out of that position, remember that for now the company is still privately owned by him and Zhan.

[BrewMaster]

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.

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.  Don't forget that bitcoin has also slowly lost value ( down over 80%)

when it comes to bitcoin price it is never about how much it has dropped from its ATH but it is always about how much it has risen in the long run. and in the past 2 years price has gone up from $900 to $4000 and that is a rise.
besides when it comes to owning something as a long term investment it is about how much potential it has. even if bitcoin has dropped 80% from the ATH it still has a lot of potential to rise to that ATH and beyond but BCH does not have any potential and it losing value means game over.

[BurgerCash]

I think it's fairly obvious that Jihan is simply tired of dedicating his entire time to the company, and he trusts the engineering lead (or whatever his position was) to not mess up the time consuming tasks.
The future direction of Bitmain will still be dictated by Jihan.

I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.

[n00b3rt]

Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.  Don't forget that bitcoin has also slowly lost value ( down over 80%)

Bitcoin has lost 80%, BCH has lost 95%.
Holding BCH was stupid, and nobody knew exactly when to sell during the pump.
We're not talking about getting lucky but what most people experience.

For bitmain, I think it's pretty obvious why they canceled it.
To run an IPO you need to publish the financial results in detail, the situation was disastrous in Q3, Q4 saw mining revenue drop by 33%, mining gear is not that attractive anymore, sales are down, their coin is down the drain, they've spent millions trying to defend the price of BCH and then in the hashwar with BSV, the IPO would be a failure.

As for Wu , he is still a director, nobody can kick him out of that position, remember that for now the company is still privately owned by him and Zhan.

BCH split into two so it's more like 92% loss. Even 80% loss sounds silly for a traditional company, unfortunately that's life in crypto.
Any crypto-holding company lost a lot of its value, so I also think that the IPO cancellation was obvious from day 1. I'm glad that they believe in crypto enough to actually cancel their plans instead of settling for a smaller IPO figure.

[stompix]

BCH split into two so it's more like 92% loss.

Not if you had your coins in cold storage at the time of both forks.
You can still claim your BSV even if you haven't claimed yet your BCH.

But I did sell my BCH as fast as I could and I don't regret it even for a second.

I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.

If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!

[evanescence]

If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!

Traditional investors will only care about the price today. Crypto prices are down so they have a lower valuation of the company - plain and simple. If they want to gamble with coins they can just buy them.
Investors will also be more than happy to pay 10 billion for Bitmain even in its current position, which is a ton of money, all things considered. It's just not the 16 billion that they believe their company is worth and they're willing to fight to prove to the world that they can grow regardless. I think that's the bullish part.
The bearish sentiment is obvious simply by opening coinmarketcap - but it's not an indicator of those investor's future expectations of crypto.

[cryptomaster420]

We all know that Bitmain's slump is coming to an end, and the company will be profitable again.
But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.
I wish there was a way to find out. I don't think he has all his BCH stash in Bitmain, he must have a personal one as well.

[o_e_l_e_o]

Even 80% loss sounds silly for a traditional company, unfortunately that's life in crypto.

This is true, but on the flip side a 2000% gain in a year also sounds completely silly for a traditional company, and yet that's what bitcoin did in 2017. You've got to take the highs with the lows, and I'm sure (at least, I really hope) that no one has chosen crypto because they believe it to be a stable asset.

But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.

Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.

[cryptomaster420]

But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.

Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.

Failed how? Ignore the fact that it's 80% up these last two days - it didn't set out to be expensive in the first place, its goal was to allow many transactions to flow safely and cheaply and it has done a tremendous job at doing so.
It is literally saving lives this very moment, in fact it is the leading choice of currency for Airdrop Venezuela, who have fed thousands of families thanks to it. They had reasons to hate large fees and slow confirmations and provided a means for people to continue making use of those for many noble purposes.

[n00b3rt]

But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.

Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.

Failed how? Ignore the fact that it's 80% up these last two days - it didn't set out to be expensive in the first place, its goal was to allow many transactions to flow safely and cheaply and it has done a tremendous job at doing so.
It is literally saving lives this very moment, in fact it is the leading choice of currency for Airdrop Venezuela, who have fed thousands of families thanks to it. They had reasons to hate large fees and slow confirmations and provided a means for people to continue making use of those for many noble purposes.

Oh, it definitely has its space in the cryptocurrency world, no doubt. Maybe he was talking about the price - at the time of writing it was still not up to $320 and a top weekly gainer.
I did have some before the BSV fork and managed to double my stash thanks to that - so it has been profitable for me. But maybe not for everyone.

[cellard]

Even 80% loss sounds silly for a traditional company, unfortunately that's life in crypto.

This is true, but on the flip side a 2000% gain in a year also sounds completely silly for a traditional company, and yet that's what bitcoin did in 2017. You've got to take the highs with the lows, and I'm sure (at least, I really hope) that no one has chosen crypto because they believe it to be a stable asset.

But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.

Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.

Bitmain has tried many roadmaps to attempt to get rid of the big BCH bags, IPOs and whatnot included, I think they have no way out, they need to create profit from selling good products at good rates and reduce the loss that BCH created. If they cannot do this then the up and coming competition is going to eat them.

The additional question I have is: is the new CEO going to start doing things the right way or will he support further hardforks from whoever dares next, or they will end up with bags from the next altcoin that is derived from the act.

[o_e_l_e_o]

Bitmain has tried many roadmaps to attempt to get rid of the big BCH bags, IPOs and whatnot included, I think they have no way out

It's a timebomb for BCH holders.

Bitmain are hemorrhaging money. Reports of a loss of billions of dollars last year, and they lay off half their staff. Bitmain also hold enough BCH to drop the price to zero - there's not enough liquidity in the market to even sell 5% of their coins. If they want to dump their bags, then BCH is dead. They know that though, which is why they've been slowly selling what they can while the price has steadily declined from 0.18 BTC a year ago down to 0.05 BTC today.

To own BCH is to completely trust Bitmain with the value of your coins.

[franky1]

while the price has steadily declined from 0.18 BTC a year ago down to 0.05 BTC today.

mindset error here is that the false assumtion is that BCH was:
1. bought at 0.18, for there to actually be a loss of 0.13 decline
2. bought at all, rather than obtained for free due to forks and ongoing mining. meaning BCH would actually be +0.05 not -0.13

gotta find it funny how so many people emphasis the "$20k" bitcoin day, as if everyone around the world all bought all of their bitcoin on that day, to now be making a $15k loss as of todays ~$5k

yet reality is that not many people actually bought right at the peak. meaning the peak price has no relevance to REAL gain/loss and is just a meaningless statistic for a history book.

same for BCH the price of a coin is just temporary drama.
same for BTC the price of a coin is just temporary drama.

people dont actually profit/loss from one years temporary drama ATH vs ATL. people actually profit/loss from the cost of the actual acquisition of asset vs the sell of the asset.
in short you never lose unless you sell at a loss

[o_e_l_e_o]

in short you never lose unless you sell at a loss

This saying is only said by bagholders who are trying to justify their bad investments. If a coin is only going down, then selling it as soon as possible is the correct action to minimize any future losses. Taking a loss of 10% is a far better option than holding a useless coin in to oblivion.

When BCH was first forked, it was trading at 0.2 BTC. I, and most other smart people, dumped it immediately. If I had held on to it and were planning on selling now, I would have lost 75% of my profits. If I continue to hold for another year, I have no doubt I would lose 95% of my profits.

[shield132]

When we talk about Bitmain, non step will be taken for any positive changes, no, all their step means trying and wish of increasing profit, being more shady. Well, we all know what Bitmain is.
To be fair I still don't understand why they plan to make their financial situation transparent? What's happening around them? Are they changing their attitudes to change their situation? lol

[n00b3rt]

When we talk about Bitmain, non step will be taken for any positive changes, no, all their step means trying and wish of increasing profit, being more shady. Well, we all know what Bitmain is.
To be fair I still don't understand why they plan to make their financial situation transparent? What's happening around them? Are they changing their attitudes to change their situation? lol

Well, they're a company, of course profit is their #1 motivator, just like every other company out there, including bitcoin.com, blockstream, lightning labs, nChain and so on.
I think they're confident in their ability to reveal a nice recovery, so they're going to release the numbers.
They want to be transparent because it will show them in a better light than news articles will.