Topic: Bitmain co-founder in legal war against shareholders of the company (Read 794 times)

Nah?

https://coingeek.com/bitmain-drama-continues-did-jihan-wu-steal-from-micree-zhan/

I think it's possible that either one of them can produce their own version of it. Remember Zuoxing Yang?  Who left Bitmain and founded his own company MicroBT, then sued by Jihan for patent infringement but eventually lost because the court rules that the design is widely used, thus revoking Bitmain's patent for that.

Yeah, some were lucky, some were not, delays are expected, not sure how much this will affect and for how long but it's clearly no smooth sailing.
Some very 'bad' news on s19 shipments
At this point is almost like playing the lottery if you deal with them, and your bet is on your product being in control of the part of the company that still works.


No idea about this, and probably only insiders familiar with the logistic chain and with current knowledge of the financial situation would be able to answer, add on top of this the habit of Jihan to split everything into tens of companies is likely these guys are very few in numbers.

Possible, but it will be the question on who has the intellectual property rights on ASICs per se. So I'm sure if Jihan produces his own, it will be another lawsuit coming his way from Micree. And this is really getting out of hand and turning into a shit-show and it could really bring the empire down and destroy it.

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?

@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.

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


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


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.

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


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.

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, 

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.

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.

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.

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.

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.

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.

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.

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.

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


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.

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.

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