What a shit article. There are no companies behind Bitcoin. There are companies behind altcoins (eg, XRP and BCash) from which their stocks/securities react to each and every move of the company, and they have clearly demonstrated that in the more recent weeks. Bitcoin itself didn't even flinch at the time Bitmain (or any other company) wanted to go public, and that's how it should be.
Bitmain & Co will either lose significant market share to the legacy chip makers, or they'll be taken over by them eventually. If you look at the profit potential, and the little price a player as Samsung or Intel has to cough up in order to gain that much exposure, it really is a matter of time before it happens. Signalling profitability to legacy players (hyenas they are) is never a good thing. No way they won't bite.
Topic: [2018-09-28]The companies behind bitcoin are trying to go public at a really bad (Read 159 times)
September 28, 2018, 07:38:38 AM
September 28, 2018, 05:21:02 AM
Bitmain churns out solid net margin, look into figures https://cryptofonia.pro/news/mining-equipment-company-bitman-is-going-to-ipo/
September 28, 2018, 03:41:36 AM
Bitcoin's big stock market debut is coming at a bad time.
Three of the world's top makers of cryptocurrency technology are planning to sell shares, giving investors a new way to bet on digital currencies. They're reportedly hoping to raise billions of dollars.
Unlike the dollar or the euro, which are issued by central banks, cryptocurrencies are based on computer code. Bitcoin, for example, is created and traded through the "mining" process in which computer algorithms solve increasingly complex math problems.
Bitmain, Canaan and Ebang, which are all based in China, make money by selling the high-tech parts and systems that power this mining. Together, they dominate the business.
But the three companies operate in a young, unpredictable industry and are planning their IPOs in Hong Kong in brutal market conditions. The price of bitcoin, which soared to nearly $20,000 in December, has since plunged by about two-thirds. Other cryptocurrencies like ethereum have plummeted, too.
"If the market price of cryptocurrencies suddenly falls ... demand for our mining hardware and cryptocurrency mining services will also drop rapidly," Bitmain warned potential investors this week.
See more: https://money.cnn.com/2018/09/27/technology/bitcoin-mining-ipo/index.html
Three of the world's top makers of cryptocurrency technology are planning to sell shares, giving investors a new way to bet on digital currencies. They're reportedly hoping to raise billions of dollars.
Unlike the dollar or the euro, which are issued by central banks, cryptocurrencies are based on computer code. Bitcoin, for example, is created and traded through the "mining" process in which computer algorithms solve increasingly complex math problems.
Bitmain, Canaan and Ebang, which are all based in China, make money by selling the high-tech parts and systems that power this mining. Together, they dominate the business.
But the three companies operate in a young, unpredictable industry and are planning their IPOs in Hong Kong in brutal market conditions. The price of bitcoin, which soared to nearly $20,000 in December, has since plunged by about two-thirds. Other cryptocurrencies like ethereum have plummeted, too.
"If the market price of cryptocurrencies suddenly falls ... demand for our mining hardware and cryptocurrency mining services will also drop rapidly," Bitmain warned potential investors this week.
See more: https://money.cnn.com/2018/09/27/technology/bitcoin-mining-ipo/index.html
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