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.
Topic: Bitmain co-founder in legal war against shareholders of the company - page 2. (Read 794 times)
June 22, 2020, 06:06:37 AM
May 30, 2020, 03:31:25 AM
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
??
May 29, 2020, 03:21:09 PM
~
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.
May 29, 2020, 02:54:44 PM
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.
May 28, 2020, 08:38:01 AM
You will need lots of popcorn for this
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 ...
I wonder how long it will take till the courts get tired of all this end advise them to stop playing games or they will all end in a stadium, with no matches being played.
If Bitmain had an IPO a lot of pretty shady stuff that is going around there would have been exposed, and if respectable people would have invested in it even with those probably all the previous leadership would have been retired or assigned some nice paid jobs but with no decisional power left.
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.
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 ...
I wonder how long it will take till the courts get tired of all this end advise them to stop playing games or they will all end in a stadium, with no matches being played.
Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this.
If Bitmain had an IPO a lot of pretty shady stuff that is going around there would have been exposed, and if respectable people would have invested in it even with those probably all the previous leadership would have been retired or assigned some nice paid jobs but with no decisional power left.
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.
May 28, 2020, 07:44:25 AM
And according to this article, the decision to removed Zhan was the decision of the board of of shareholders. But what influences the share holder to vote on no-confidence resulting to the ouster?
https://news.bitcoin.com/bitmain-cofounder-allegedly-expelled-could-face-litigation-for-operation-interference/
I'm not sure about Jihan goons taking some stuff in the in a government office, but if this is true then this is going to be a long battle for Jihan, against the government and Zhan.
Quote
The statement also notes that if Zhan attempts to interfere with company business and employees they will take him to court. The statement shows that the removal of Zhan was based entirely on all the shareholders’ decisions.
The statements also detail that Zhan should not talk to Bitmain employees and try to sway them. Bitmain employees have been told to ignore Zhan or they could be faced with legal actions.
The statements also detail that Zhan should not talk to Bitmain employees and try to sway them. Bitmain employees have been told to ignore Zhan or they could be faced with legal actions.
https://news.bitcoin.com/bitmain-cofounder-allegedly-expelled-could-face-litigation-for-operation-interference/
I'm not sure about Jihan goons taking some stuff in the in a government office, but if this is true then this is going to be a long battle for Jihan, against the government and Zhan.
May 08, 2020, 05:52:08 AM
https://twitter.com/DoveyWan/status/1258667286455398401
Slightly hard to tell what's going on here but it looks like that some sort of licence pertaining to Bitmain was physically grabbed by Jihan's goons in a government office.
Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this. Maybe it's business as usual in China. Dunno.
Slightly hard to tell what's going on here but it looks like that some sort of licence pertaining to Bitmain was physically grabbed by Jihan's goons in a government office.
Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this. Maybe it's business as usual in China. Dunno.
May 03, 2020, 04:47:02 AM
[..snip..]
Apparently this legal representative position is a big deal.
Apparently this legal representative position is a big deal.
Probably is, as it oversee's the company's legal affairs, so it is one powerful position with Bitmain.
@Baofeng - Bitmain has been struggling in the past couple of years and Jihan Wu want's to consolidate his power and he want's everyone on his side. Unfortunately, Micree Zhan will be a pain in his ass and won't really give up his position in the company, specially they did it when he was away. So they will keep on struggling as long as Zhan is on their way.
May 02, 2020, 08:41:34 PM
^^ Thanks for updating this thread.
Yes I would consider this a win for Zhan because it was ruled in his favour. I think this is very big win for him and this might pose another road block to Jihan's grand scheme to have full control again. I'm still seeing that this case will be drag for years in China's court and it might take a toll on Bitmain. Lol, at Jihan suing the city, he really thinks that he is untouchable now. I think this will also create a lot of uncertainty within Bitmain itself including their investors.
Yes I would consider this a win for Zhan because it was ruled in his favour. I think this is very big win for him and this might pose another road block to Jihan's grand scheme to have full control again. I'm still seeing that this case will be drag for years in China's court and it might take a toll on Bitmain. Lol, at Jihan suing the city, he really thinks that he is untouchable now. I think this will also create a lot of uncertainty within Bitmain itself including their investors.
May 01, 2020, 05:31:05 AM
I'm not sure how far to read into this, but apparently it's a partial victory for Micree Zhan. He had lobbied the Bureau of Justice to block Bitmain's recent corporate officer reshuffling, and they just ruled in his favor. Jihan Wu is pissed off, saying Bitmain is going to sue the City:
Apparently this legal representative position is a big deal.
Quote
The bureau had approved the registration switch on Jan. 2, but Zhan appealed the decision in February and asked the bureau to register him as the legal representative, a title he once held, instead.
While the bureau did not register Zhan as the legal representative, its reversal of the change from Wu to Liu could be significant. In China, naming a legal representative is much more than a formality; usually the chairman or CEO, this person has broad powers to act on a company’s behalf.
“We deeply regret the decision and think the bureau has violated corporate laws, and our company’s autonomy via administrative measures,” Bitmain said in a statement the same day. Hong Kong-based Bitmain Technologies Limited, whose CEO is Wu, has the right to change its legal representative since it is the Beijing subsidiary’s sole shareholder, the company said.
“We will file a lawsuit against the bureau to protect our company, shareholders and employees,” the company said in the statement.
While the bureau did not register Zhan as the legal representative, its reversal of the change from Wu to Liu could be significant. In China, naming a legal representative is much more than a formality; usually the chairman or CEO, this person has broad powers to act on a company’s behalf.
“We deeply regret the decision and think the bureau has violated corporate laws, and our company’s autonomy via administrative measures,” Bitmain said in a statement the same day. Hong Kong-based Bitmain Technologies Limited, whose CEO is Wu, has the right to change its legal representative since it is the Beijing subsidiary’s sole shareholder, the company said.
“We will file a lawsuit against the bureau to protect our company, shareholders and employees,” the company said in the statement.
Apparently this legal representative position is a big deal.
March 12, 2020, 02:42:35 AM
Just a quick update on the case:
Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.
https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit
So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.
Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.
Quote
A recent notice from the Changle District court in China’s Fujian province indicates Zhan has filed a lawsuit against Bitmain’s fully-owned subsidiary Fujian Zhanhua Intelligence Technologies, as well as Beijing Bitmain Technologies as a related third party.
A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”
The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.
A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”
The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.
https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit
So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.
Op - Risks all the way down in PoW / mining. This is good for 'decentralization' of powers btw
We will soon see more regulated and more stable mining companies - like TAAL
Original Bitcoin and its setup is such disruptive, don't play its rules - go bankrupt ...
March 11, 2020, 10:00:53 PM
Just a quick update on the case:
Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.
https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit
So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.
Micree Ketuan Zhan, the ousted co-founder of Bitmain, has filed another lawsuit in his fight to regain control of the bitcoin mining giant – this time in his home country.
Quote
A recent notice from the Changle District court in China’s Fujian province indicates Zhan has filed a lawsuit against Bitmain’s fully-owned subsidiary Fujian Zhanhua Intelligence Technologies, as well as Beijing Bitmain Technologies as a related third party.
A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”
The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.
A hearing of the case was scheduled on Feb. 11, according to the notice, although it's likely postponed due to the disruption caused by the coronavirus outbreak. While it’s not clear what the exact allegations are, the court says the case relates to a “shareholder qualification confirmation dispute.”
The case adds to the ongoing litigation in the Cayman Islands Zhan has filed against the company that he co-founded with Jihan Wu in 2013, casting further uncertainty on the outcome of the power struggle at the world’s largest miner maker as well as its planned initial public offering in the U.S.
https://www.coindesk.com/exiled-bitmain-co-founder-is-fighting-back-with-second-lawsuit
So he is not going down without a fight, again, this case might drag Bitmain again, I haven't check their quarterly profits, I'm assuming they are still way below their target and this case could cause them millions. So let's see how this power struggle goes.
January 14, 2020, 02:53:04 PM
Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.
Honestly you cannot really talk about law without including the politics behind it, even if you attend law school they don't just talk about laws they also talke about vases and politics. This case on Micree about him being forced out of his company is a really big deal especially now when Bitmain is planning to go publicly listed in the USA. This may not be directly related to laws governing on Bitcoin and its adoption but these covers how a co-founder of a mining manufacturing company got ousted from his company. If these case is done I'm sure that it will give a new precedence in the law which may change the courses of the outcome of other cases related to this.
January 14, 2020, 09:36:46 AM
I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.
I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.
The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.
Well it has drastically affected them as a whole, internal bickering like this one will have a domino effect on the industry that they are part of. And look at what @1Referee has posted, it looks like Bitmain is losing their grip and power, is has a bad effect on them. But in the long run, we do love to see them losing some ground so that other might take the place and make mining more decentralised. And let other mining companies learn a lesson from Bitmain internal conflict, CEO should get everything on one page.
January 13, 2020, 04:42:29 PM
Some might speculate they lost the hash war . ABC tricked them into a split cause fear of strong governance for stable compliant BitCoin BSV was against their wishes
January 13, 2020, 08:30:35 AM
Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.
I think that makes a lot of sense, especially when you take into consideration that the same tactics were used to get him off his CEO seat. In that regard, who is the bad guy? It's pretty much fire against fire and there isn't much that the regular employees can do than to accept being used as collateral damage.
https://www.blockchain.com/pools
Bitmain is losing the battle as most dominant entity within the mining space and that's a great thing for Bitcoin. I hope it will stay like that, but the problem is that you never know what else fills up that gap. It's great seeing such a toxic company lose power slowly but surely, but what if the competitors are even worse?
January 13, 2020, 08:04:33 AM
Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.
January 12, 2020, 07:08:06 AM
I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.
I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.
More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.
Obviously, his intentions are very clear, get rid of Zhan at all cost and get back the power which he succeeded. So this is really a power struggle between the two and I doubt that anyone will give an inch here. I do hope that we remember how Steve Jobs was kick out of his company Apple before.
@CryptoBry - Yeah I agree, it will have a ripple effect and I think the competitors are greatly benefiting from the said 'war'.
January 11, 2020, 09:26:26 PM
I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.
I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.
More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.
Alibi or not, the reducing of its employees neither a reason of profit issues or rather personal.
January 11, 2020, 08:13:53 PM
I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.
I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.
The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.
Jump to: