Bitmain co-founder in legal war against shareholders of the company

[gentlemand]

Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant? Kind of fun if all of this happened just as they were about to fall off a cliff.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

[stompix]

~

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant?

They have still the best gear by price
S19pro  110Th/s  3250W 2400$
M30S++  112Th/s  3480W ,  $3900

Everyone is talking only about the s19pro, so probably in sales numbers it might be something worse than 10:1. God knows.
What is going to kill their gear sales is not going to be the competition but the halving, and if price stays under 10k for 6 months there is zero incentive to buy new gear.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

It will take a little longer for bitmain, they have pretty lucrative business with the mining at bitdeer, selling cloud mining contracts that will make enough in one year for a BigMac, only the burgers, no fries. Their fate is tied to the price of BTC if it goes down again for a long period....it might really be the final nail in the coffin, And not just for them, for everyone.

[hv_]

Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.

I'm not paying any attention to miningland. How on top are Bitmain these days? Is their position sliding or are they still pretty dominant? Kind of fun if all of this happened just as they were about to fall off a cliff.

Every Bitcoin antagonist seems to fall by the wayside eventually. I always reckoned Bitmain would be just another footnote eventually.

We see how the physical part of Bitcoin, the PoW business / long term physical investments are nacked in terms of operational risks all over incl legal / governance risks of local governments, energy, chip production, innovation,...  full competition in open PoW system is the only working force achieving sustainable "decentralization". No monopoly can survive long term in such a PoW environment, nothing there who protect business, no gov ensures monopoly  ( but until some central governance like ... devs ... are changing the rules...)

Not so: all other like PoS, PoA, ... name it, these are all totally crap

Best crap example: ETH , changing the rules by central devs ..wtf

This is not smart (contract - LOL!) ,  they ARE breaking contracts with all users- I ve not seen a proper legal memo on such

??

[gentlemand]

https://twitter.com/molllliy/status/1274876386147045377

Micree Thingy has now listed all of Our Jihan's crimes over the years. China being China I dunno whether he'll get a pat on the back or be stripped of his organs and have his hollowed out torso sold in a seafoord market.

[hv_]

https://twitter.com/molllliy/status/1274876386147045377

Micree Thingy has now listed all of Our Jihan's crimes over the years. China being China I dunno whether he'll get a pat on the back or be stripped of his organs and have his hollowed out torso sold in a seafoord market.

hmpff -- fights , hacks, suits ... nej nej nej

[Harlot]

I was waiting for something like this to happen when Micree got ousted of his own company but I never imagined that this will be a big bomb like this and we still don't know yet how reliable this news is. Like how reliable is the twitter user Molly at providing crypto news like this? Because it's the first time i'm seeing this twitter handler leaking some news in Twitter's feed and aside from that what is the reason why this person have this kinds of evidence incriminating Jihan with something? This will also be questioned as well as the legitimacy of these documents.

[stompix]

https://twitter.com/molllliy/status/1274876386147045377
Micree Thingy has now listed all of Our Jihan's crimes over the years.

Lol, as I was saying a few weeks ago, what a clusterfuck

Bitmain Cayman controls Bitmain HK, Hk controls Bitmain in Beijing,after illegal push Micree out,Jihan took over the control of Bitmain HK, and Beijing.

But seems like before bitmain and Jihan finally getting what they deserve, Bitmain's customers who paid for miners are also getting caught in this infighting by this as per reports, no mining gear is leaving for shipping. Bitmain, even on its deathbed manages to somehow screw its customers.

[gentlemand]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

[amishmanish]

--snip--
On the other hand, Wu has warned Bitmain employees against interacting with Zhan. Wu has advised employees from taking directions or participating in meetings organized by Zhan. He has explicitly stated that the company may choose to terminate employment contracts of employees that interact with Zhan. Bitmain intends to reduce the workforce by nearly 50 percent as part of its “personnel optimization plan.”
 --snip--

Only in China can an employer threaten his employees as to what they choose to do or not do in their spare time as well as have the confidence that he can actually reliably monitor who his employees interact with. Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin. The fuckers already rate EOS as their top coin in some shitty state publication while Bitcoin is placed at some double-digit place.

The fuckers place Steem above Bitcoin at times. My ardent hope is for More power to this Zhan guy. Hope the two of them fight it out and burn this fucking deceptive chinese contraption to the ground. Watch out for sudden disappearance of the Zhan guy or some unknown "settlement" at the behest of Chinese govt.

[stompix]

Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin.

And what can they do without harming their own interest?
Bitmain shipped in just one order 40 million $ worth of gear, shutting down production and destroy a lucrative business, especially during these times?
Take over the farms and launch a 51% attack so that thousands of Chinese lose probably billions in bitcoin?

They will destroy bitcoin, let's say although I find this quite impossible, what would they gain? Almost nothing! What would they lose? A lot!
China has become a great power with their constant hunt for profit, they avoid conflict as long as possible, they are always watching from the sidelines, they've learned that there is no point fighting any kind of war if it hurts you financially.  As long as BTC brings money in China and helps getting a few jobs it will all be ok, it's bad enough for them with the virus with hong kong to just piss of others even more.

[Baofeng]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality. And I doubt that they will try to destroy bitcoin though, and with their company crumbling down, China has been benefiting from it so logically the government will not allow Bitmain or any other Chinese controlled mining farms to do it.

[squatter]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

[gentlemand]

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Also hard to know what's acceptable and what isn't in the Chinese business environment. I kind of get the feeling blowing up one another's grandmothers attracts little more than a shrug. And I wonder whether having the right officials on your side means an automatic win.

[Baofeng]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Yes, for sure we all know Jihan won't go without a fight, but we all know who the bully in this case, and in this kind of situation, regardless of legality proceedings, we always root for those who are being bullied and fight back, that's why I said that Micree has the steel balls to go up against the bully Jihan.

[amishmanish]

Considering that most Chinese "corporations" turn out to be controlled and funded by the state, how long is it before bitmain shows its true color and Chinese Govt use it to weaken Bitcoin.

And what can they do without harming their own interest?
Bitmain shipped in just one order 40 million $ worth of gear, shutting down production and destroy a lucrative business, especially during these times?
Take over the farms and launch a 51% attack so that thousands of Chinese lose probably billions in bitcoin?

I am not worried about what they might do just to bitcoin. There goals are always bigger. Chinese co. like Bitmain cannot be expected to behave like other corporations in the "free-world" behave. There have been instances when major US or European corporations will go into litigation with their own Governments over policy issues. Sate policy doesn't always drive MNC policies. In China, on the other hand, you aren't dealing with just a profit-motive corporation alone but with the Chinese state entity as a whole. There desire for asserting world domination is well known. They would like to keep strengthening financial muscle. Take the example of their "Private" corporations that routinely under-bid other international companies in Africa because of state support.

The Chinese state has recognised cryptocurrency as a worthy investment of their attention and time. China was also at one time trying to push RMB as an alternative to USD. My worry is that Chinese don't see bitcoin as any form of financial freedom or privacy tool. Those concepts are antithetical to what China stand for. Pervasive policing and record of citizen activities and transactions, so as to enable perfect control over the communist utopia. With the support of BCash from Bitmain, their stands against BTC in general and the Chinese desire to make sure their writ runs large over any new ecosystem that evolves, they may very well try to use Bitmain as a Trojan Horse to target BTC and prop up one of their own horses. Everyone knows of their love for EOS.

Chinese wouldn't care much about investments of a company like Bitmain when it comes to their state goals. The best hedge against them though is that bitcoin as an ecosystem is diversified enough not to be completely dependent on Bitmain. The stakeholders are widespread and if the Chinese try to do anything, they will have the whole world against them. They have learnt this from the coronavirus debacle and the stand taken by EU states against their bids to buy up depressed stocks resulting from the pandemic.

They will learn and they will continue to try to dominate every system whenever they can.

[btc_angela]

https://twitter.com/DoveyWan/status/1280339529010868224

Looks like Micree Thingy may have completed his oust.

I know many of you looked to Jihan for guidance and leadership in the dark years. If he comes calling on you for succour then you know what to do.

Micree has the balls and it's really turning ugly and becoming a shit show. I'm waiting for Jihan to response (if he hasn't responded yet), and if you are a board of directors, you should really pick a side here. I think Jihan has still the influence but Micree has the legality.

Jihan Wu isn't going down without a fight. He posted an announcement 16 hours later claiming the earlier document contained false information and that the WeChat and Weibo accounts were compromised. When TechNode contacted Bitmain about the incident, a Bitmain spokesperson directed them to the later announcement posted by Wu.

Without official legal proceedings, it's difficult to say who is in the right or who will maintain control of the company.

Yes, for sure we all know Jihan won't go without a fight, but we all know who the bully in this case, and in this kind of situation, regardless of legality proceedings, we always root for those who are being bullied and fight back, that's why I said that Micree has the steel balls to go up against the bully Jihan.

Lesser of two evil scenario? Of course,  majority of us starting to hate Jihan specially when he turns pro-BCH with Roger Ver and pushes their narrative to be the true bitcoin with their big blocks and misleading newbies in their website. But we all know that Jihan is also tough as nails and won't simply go down without fighting. So it's really ugly and I'm sure that there will be media wars and fake news. We need more popcorn, 

[Baofeng]

It's Jihan's turn to move his pieces in this chess match, Power Struggle Inside Bitmain ‘Hard Forks’ Bitcoin Miner Production.

The ongoing battle between the co-founders at Bitmain has now essentially hard forked the world’s largest bitcoin miner manufacturer into two different operations and supply chains for making its flagship AntMiner equipment.

Wu Jihan, the co-founder who ousted his rival co-founder Micree Zhan Ketuan last year, registered a new entity on July 16 in Shenzhen, China. The new entity, called Guiji Yanghang, is a subsidiary of another recently incorporated company named Beijing Guiyuan Dalu, which is controlled by Wu’s side.

Wu removed Zhan from Beijing Bitmain in October, following a long-time power struggle between the two. But Zhan made his comeback in June to control the entity again after winning favor from authorities earlier this year.

So Jihan registered a new company and we might see Bitmain splitting into two and producing the same AntMiner, how ironic it is for Jihan who supported a fork coin.

[stompix]

It's Jihan's turn to move his pieces in this chess match,

This is no chess match, it's Angry Hungry Hippos...
A month ago I was laughing at their internal structure and relations between companies:

So, everything is a mess with
Bitmain Technology Co., Ltd part of Beijing Bitmain Ltd being owned by Bitmain Technologies Limited based in Hong Kong but managed by BitMain Technologies Holding that also held the business license and there are two more subsidiaries which are not under this management control but part of Beijing Bitmain ...
Yeah, everything is pretty clear ...

Let's add a few more companies, to make everything a giant mess

Public records show that an effective AntMiner trademark has at least been registered in mainland China and Hong Kong, both filed and owned by Bitmain’s Singapore entity called Bitmaintech Pte , Bitmaintech Pte is in parallel with Bitmain Technologies Limited,
<>
Zhan owns 36% of the holding group while Wu owns 20%. The Hong Kong entity further owns Beijing Bitmain as well as Beijing Guiyuan Dalu. Currently, Zhan’s side controls Beijing Bitmain and its Shenzhen factory Century Cloud Core while Wu controls Guiyuan Dalu with the new supply chain subsidiary.

So Jihan registered a new company and we might see Bitmain splitting into two and producing the same AntMiner, how ironic it is for Jihan who supported a fork coin.

And more ironic is going to be (if it happens) to watch them fight in China over the rights to produce the miners and trademark infringements.
The whole Cayman thing will not help them if they drag this too long in courts and as things start to come to the surface probably the moment when authorities will step in and tell them to solve this between them or get shut down is approaching.

One more thing, Bitmain has all the pre-orders sold for both August and October (I don't know if there was a September batch)  and some resellers are taking orders for December, so they might now something...
Although funny for people on the side, for a lot this is bad news over bad news.

[Baofeng]

@stompix - for me this is a chess match, don't blink as the other side might pull some attack.  

They are really destroying their company here, and their competition by now are laughing their ass off as they could be separated and imagine two Antminer products out there, which one should we choose  . Some here, just wondering what will happen to those pre-orders, there could be another round of delays but no clear path as to when they are going to deliver. So those pre orders might be cancelled, another black eye to them if that happens.

[malevolent]

I haven't been following this dispute, but has it had any effects on miner shipping times? Could both of them actually produce ASICs separately, without working together?