Jihan Wu is no longer CEO of Bitmain

[cryptomaster420]

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.

There was also an arbitrage opportunity on Kraken. For some reason, BCH was trading at the value of BCH+BSV and I managed to sell all of it for BTC and rebuy BCH back at CoinEx to double my stash. This was before I even got my BSV from the fork. Good times 

[1715055528]

1715055528

[1715055528]

1715055528

[cellard]

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.

Selling forks immediately is the only sane thing to do.. when you receive literally "free money", you are at risk by not selling. Thinking that Ver, Craig and Jihan behind it would give the project any leverage against the legacy chain was always seen as a joke. Even if Trump tweeted that he was supporting BCH and it was the real Bitcoin it wouldn't matter, it would still be seen as a joke, and once the president of a big country gets behind a fork and gets defeated, it will add in even more impossibility for any forks to take over (in a way this is what happened already, since many of the forks attempt were probably US government attempting to take over in a non explicit way, because if they supported a fork in a explicit way and got defeated they wouldn't have no cards left).

[franky1]

i must be a bagholder then
im holding coins from 2012

funny part is.
o_e_l_e_o says its better to take a 10% loss....
um nah. im not at a loss. i got my bitcoin at $6each and i wont sell them right now for $5.40
who would dare sell them for $5.40 right now

o_e_l_e_o you need to understand that when temporary price drama of $5800-> $3500->$5000 is not a measure of 'loss'
just like the temporary drama of $20k

hardly anyone actually bought at $20k so trying to suggest people sell now is stupid because not even 1% of the community is at a $15k loss. infact over half the community are at profit right now(half is understating, the numbers are higher)

as for bch
i never cared for altcoins. i have not even bothered to pull my privkeys out to sign altcoin transactions to claim them coins.. to me its free funds. so again no loss..
there is NO risk when it comes to FREE altcoins. FREE means FREE. meaning zero risk.
even if they went down to 1cent.. thats still 1cent profit.

there is a major difference between loss/risk....... vs profit/maximal gains


yea i also separately daytrade and play the ups and downs using some play money, but the big picture view is not to care about the actual $$ value. as it just ends up driving people potty thinking they are at a loss, even when they are not.

[pinkman12345]

Bitmain was in long term loss during the bearish run, they fired more than 70 percent of their staffs. they even shut down major mining centers in Chinese mainland. there ruthless shutdown was on internet and Youtube all over.
The only source of survival they had were bitcoin cash, which also dwindled along the bear market, in this scenario the resignation of Jihan Wu was a predicted move.

[franky1]

Bitmain was in long term loss during the bearish run, they fired more than 70 percent of their staffs. they even shut down major mining centers in Chinese mainland. there ruthless shutdown was on internet and Youtube all over.
The only source of survival they had were bitcoin cash, which also dwindled along the bear market, in this scenario the resignation of Jihan Wu was a predicted move.

1. the staff in 2017 vs 2019 is similar numbers. the staff of 2018 were tmporary staff who always were going to lose their jobs after their contracts completed.
2. i couldnt see any videos of bitmain ruthlessly shutting down mining centres on youtube. i could only see noob vloggers talking about propaganda sourced by BTCC's samson mow. which funnily enough BTCC shut down their mining pools when they got bought out bt DCG and samson mow lost his BTCC job
3. jihan wu is still head of bitmain. he just now delegated someone else to manage the day to day. im guessing he is now enjoying a nice vacation while still getting income

[o_e_l_e_o]

o_e_l_e_o says its better to take a 10% loss....
um nah. im not at a loss. i got my bitcoin at $6each and i wont sell them right now for $5.40
who would dare sell them for $5.40 right now

That's fine, but you are working on the assumption (which I agree with) that the bitcoin price will increase. If the price is destined to only fall (as it is with BCH), then the correct course of action is to sell at a 10% loss before you lose the other 90% too.

there is NO risk when it comes to FREE altcoins. FREE means FREE. meaning zero risk.
even if they went down to 1cent.. thats still 1cent profit.

there is a major difference between loss/risk....... vs profit/maximal gains

Sure, and when you sell your BCH at 0.001 BTC each, you won't have lost anything, but I'll have gained 200x more for dumping the same coins immediately.

[n00b3rt]

Sure, and when you sell your BCH at 0.001 BTC each, you won't have lost anything, but I'll have gained 200x more for dumping the same coins immediately.

If rumours that Jihan is quitting to focus more of his attention on BCH are true, the price you mentioned will be out of the question. It might be a coincidence but BCH also brought the highest gains of this short-lived bull run.

[xWolfx]

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.

Yeah that's truth. It's not really a charity.

That also shows that they were probably having issues, enough to offer him an opportunity. The other two will continue to macro-manage, so it seems that he will be performing specific tasks, since he was the Engineering Boss.

I wonder if they are preparing him to lead the company after one or both of them require, it is certainly a possibility.

[BurgerCash]

I wonder if they are preparing him to lead the company after one or both of them require, it is certainly a possibility.

I guess it depends on his performance. They were clearly happy with his skills as an engineering lead, but being a CEO is a whole new ballpark. Hopefully it works out for all of them.

[cryptomaster420]

$1300 per T17 miner, rest assured they're getting tens of millions in the first day, and hundreds of millions in the first month. Bitmain is back in business, hopefully smarter this time...