Is the drop due to the saying by Calvin Ayre that they will give up on the Bitcoin Cash, and concentrate on the Bitcoin version of the Satoshi Vision? So he will wage a war against Bitcoin instead of Bitcoin Cash? That could damage more to the bitcoin itself.
I am quite sure that most of it is being driven by Jihan Wu financing his "War on BCH-SV" coupled with Bitmain cashflow issues and having to dump a ton of their BCH (and probably other coins as well) horde.
I have never understood the whole "BCH" junkcoin push by Wu - it's not like cryptocoin NEEDED yet another junkcoin, and the only reason BCH ever got any traction at all was Bitmain FORCING it to be used to buy their miners for quite a while.
Most likely the reason why Bitmain holds so much BCH is because they got greedy and didn't sell at $3000-4000 last year when Coinbase added it.
I am sure they sold it in small quantities but not enough. They were probably expecting $10000 BCH and were going to sell it done. Their BTC they probably sold way too early and didn't get a chance to sell at $20K.
The WU is a pretty smart individual but everyone makes bad investment decisions from time to time.
Does anyone actually know how much BCH Bitmain holds? The reports of Bitmain's financial demise have all been speculation, and mostly coming from opponents in the recent fork. I'm sure they hold plenty of crypto but without a doubt Bitmain has sold a substantial amount. They aren't paying their distributors, shippers, employees, rent, and taxes in crypto. Holding an extreme amount of cash reserves in a volatile crypto would certainly be a fools errand.
They used a lot of bch mixer accounts hard to tell.
I do know they had 110,000 btc Jan 2017 which also means they had 110,000 bch after it forked from btc.
Those major btc holding accounts are only 2,000 to 3,800 As of nov 2018.
Now they sold some off but lots of mixing accounts were used.
It is next to impossible to know if they are solvent broke or ready to exit with tons of coins turned to cash.
Don't know if you guys remember but they were pretty much insta-mining BCH right after the fork and right before that difficulty adjustment fork that they implemented a couple weeks after.
Due to their terrible "difficulty adjustment criteria" which only adjusted the difficulty down and not up, there were times where they mined 50 blocks an hour. It got bad because many BTC miners switched over to BCH because it was 2-3x more profitable and it ended up backlogging the BTC transactions.
Pretty sure this is how they accumulated so much BCH. This is why the BCH chain is so much further ahead than BTC.
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