[2019-06-22] Bitmain Allegedly Looking for $500 Million in Upcoming U.S Share Sa

[Jgilpulg]

Now, as the environment in the crypto industry turns brighter, the Chinese chip maker is reportedly reviving its plans for a multimillion-dollar expansion of its businesses into the United States

https://bitcoinist.com/bitmain-allegedly-looking-for-500-million-in-upcoming-u-s-share-sale/

[5ensei]

I wonder is Jihan Wu will be involved with all of his great ideas perhaps they will decide to support another fork and split bitcoin sv  into another version of a useless shitcoin.  It would be easier if they just expanded into a more liberal place like paraguay

[1Referee]

I wonder is Jihan Wu will be involved with all of his great ideas perhaps they will decide to support another fork and split bitcoin sv  into another version of a useless shitcoin.  It would be easier if they just expanded into a more liberal place like paraguay

Bitmain doesn't support SV. They support BCash and holds +1 million coins in their reserve. It's impossible to liquidate these holdings at a fair price to later on drop support. It would take years if they want to get the most value out of their coins because of the poor liquidity. The liquidity is so poor that whatever Bitmain, ViaBTC and BTC.TOP end up mining, the coins are kept off the market. They use their Bitcoin to cover expenses.

I think they will just try to keep the 5% ratio and hope that people buy miners to mine this trash. More large SHA256 networks means more demand for their hardware. Smart business move on that front.

[gentlemand]

I wonder who'll touch this. Obviously things will look sexy for a while again but they'll make an eventual return to devastation. No matter what, their BCH bags are indicative of a mind set that's either repulsively irrational or that of a dimwit gambler.

It was a really stupid move to ever get that deep into anything that's not a core part of what they're trying to bill themselves as.

If Amazon floated in the last few years with a pile of Blockbuster shares tacked on investors would wonder what the fuck they were thinking.

[Sithara007]

I wonder is Jihan Wu will be involved with all of his great ideas perhaps they will decide to support another fork and split bitcoin sv  into another version of a useless shitcoin.  It would be easier if they just expanded into a more liberal place like paraguay

Bitmain doesn't support SV. They support BCash and holds +1 million coins in their reserve. It's impossible to liquidate these holdings at a fair price to later on drop support. It would take years if they want to get the most value out of their coins because of the poor liquidity. The liquidity is so poor that whatever Bitmain, ViaBTC and BTC.TOP end up mining, the coins are kept off the market. They use their Bitcoin to cover expenses.

I think they will just try to keep the 5% ratio and hope that people buy miners to mine this trash. More large SHA256 networks means more demand for their hardware. Smart business move on that front.

Are you sure about this? I just checked coinmarketcap, and they are saying that the 24-hour trade volume for Bitcoin Cash is somewhere around $2 billion, which happens to be at least four times higher than the net worth of their one million BCH coins. I agree that dumping all those coins at once may be a very bad idea. But it is possible that they could sell at least 25-30K coins per day and complete the process within one month without crashing the exchange rate for BCH?

[gentlemand]

Are you sure about this? I just checked coinmarketcap, and they are saying that the 24-hour trade volume for Bitcoin Cash is somewhere around $2 billion, which happens to be at least four times higher than the net worth of their one million BCH coins. I agree that dumping all those coins at once may be a very bad idea. But it is possible that they could sell at least 25-30K coins per day and complete the process within one month without crashing the exchange rate for BCH?

That 2 billion is churn largely on exchanges that are faking volume still.

It's not the concerted selling of real coins. That's a vast amount of extra selling pressure with no buying back. A whole month of it would flatten BCH completely.

Though I still don't really believe it some say the Gox liquidator selling on market was one of the prime factors in Bitcoin's fall 2018 and that was only about 50,000 coins.

[IconFirm]

That 2 billion is churn largely on exchanges that are faking volume still.

Exactly, CMC lists that many shitcoins & scam exchanges that the numbers they spew out are completely inaccurate & blown out of all proportion - it's a useless reference for information & bears no resemblance actual, real life performance of any coin/exchange.

[BitHodler]

Though I still don't really believe it some say the Gox liquidator selling on market was one of the prime factors in Bitcoin's fall 2018 and that was only about 50,000 coins.

It were the bad technicals that made Bitcoin dive under the $6000 mark. You can draw a perfect descending triangle with so many lower highs and horizontal bottom touches that it broke out in the most bearish way.

The thing with news is that the media tends to grab the most obvious event as the main cause, while the reality is different. At most the hash war and the fear of more gox dumps increased the probability of a downward movement slightly.

The charts make the news, not vice versa.

[Vishnu.Reang]

Are you sure about this? I just checked coinmarketcap, and they are saying that the 24-hour trade volume for Bitcoin Cash is somewhere around $2 billion, which happens to be at least four times higher than the net worth of their one million BCH coins. I agree that dumping all those coins at once may be a very bad idea. But it is possible that they could sell at least 25-30K coins per day and complete the process within one month without crashing the exchange rate for BCH?

That 2 billion is churn largely on exchanges that are faking volume still.

It's not the concerted selling of real coins. That's a vast amount of extra selling pressure with no buying back. A whole month of it would flatten BCH completely.

Though I still don't really believe it some say the Gox liquidator selling on market was one of the prime factors in Bitcoin's fall 2018 and that was only about 50,000 coins.

I would agree. As per Coinmarketcap, the largest exchanges in terms of BCH volumes are OEX ($327 million per day), CoinBene ($294 million), LBank ($134 million) and OKEx ($84 million). And none of them have BCH vs fiat trades enabled. All this volume is either for BCH vs USDT trade or BCH vs BTC trade, which can be inflated as much as they like.

[1Referee]

Are you sure about this? I just checked coinmarketcap, and they are saying that the 24-hour trade volume for Bitcoin Cash is somewhere around $2 billion, which happens to be at least four times higher than the net worth of their one million BCH coins.

As said above, the volumes are not real on CMC. They collect data from exchanges without caring about how real or fake the volumes are. Better idea is to track exchanges such as Bitstamp and Coinbase for their volumes.

But it is possible that they could sell at least 25-30K coins per day and complete the process within one month without crashing the exchange rate for BCH?

I doubt that's a viable path to follow for them. 25,000 coins equals nearly $12 million, so you would have to dump a little on every exchange, but considering that most of the buy support you see on exchanges very likely comes from Bitmain and Roger, it's still not going to help much.  

They will need to sell as much of their garbage through the OTC market, but who the heck is going to buy them?