Bitmain on brink of bankruptcy - page 3.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

to be honest i can not see any truth in this and the fact that this is a post by some newbie on twitter and reposted by another newbie (possibly the same person trying to get twitter followers) reposting it on reddit/r/bitcoin makes be more sure about it being false information.

reading the article that is obtained after 3 links! using google translate i can see it is just click bait. 70% of the article is talking about Jihan Wu's personality and degrees Cheesy

the 30% remaining is just talking about BCH and saying they lost basically because they invested in BCH!
of course there have been losses but they are far from bankruptcy. first of all because they article is not considering the profit they gained by doubling the bitcoin they had after they forked also it is not considering the profit they made by pump and dumping BCH!

demenBTC

sr. member

Activity: 742

Merit: 251

PRIVATE FEDERATED BLOCKCHAIN

Quote from: filharvey on September 15, 2018, 07:36:05 AM

Just few hours the news cane that Bitmain is on brink of bankruptcy.

Main reasons were huge inventory losses and investment on Bcash went wrong.

They tried to save Bcash and now paying price for it.

https://www.reddit.com/r/Bitcoin/comments/9fwopd/bitmain_on_brink_of_bankruptcy/

unfortunately I can't open the link that you post, I can't give an opinion without reading the link, hopefully the problem can be solved

pixie85

hero member

Activity: 2184

Merit: 531

I can't believe it they had so much revenue every year, so much additional money to spend, they were the giant. If they go bankrupt its due to their own stupidity. How can you have millions lying around and waste it all? Probably BCH costed them the most. Roger was making money selling on the side while Bitmain was pumping with their money.
Whoever sold BCH in the first 6 months of 2018 was probably taking Bitmain's $$$

ranman09

full member

Activity: 756

Merit: 112

Better cash out all those Bcash and use it for funding. Or I don't know coin offering>, I really don't know how they use tokens though.

1Referee

legendary

Activity: 2170

Merit: 1427

Usually you only lose when you sell at a loss, but that doesn't go up for businesses having to factor in even virtual losses, and that will definitely work against them with how they are trying to tease potential investors related to their *potential* IPO. I actually thought Bitmain would be smarter than this, but they shot themselves in their foot and it likely won't end well.

The planned pump during their recent stress test was a desperate attempt to initiate a bull run, but it failed. Investors aren't willing to buy Bitmain's bag.

It's pathetic when you take into consideration that the largest miners aren't able to sell the major part of their minted coins, so what happens is that every large to semi large pool ends up sitting on a large number of coins while the price keeps going down. Supporting the wrong coin ain't easy.

Not sure how wealthy Jihan himself is, but he could technically pump his own capital in Bitmain to write off some of the losses.

filharvey

hero member

Activity: 866

Merit: 1001

Just few hours the news cane that Bitmain is on brink of bankruptcy.

Main reasons were huge inventory losses and investment on Bcash went wrong.

They tried to save Bcash and now paying price for it.

https://www.reddit.com/r/Bitcoin/comments/9fwopd/bitmain_on_brink_of_bankruptcy/

Topic: Bitmain on brink of bankruptcy - page 3. (Read 873 times)