Topic: Cryptocurrency giant Bitmain chooses Hong Kong for IPO (Read 369 times)

I think bitcoin can continue drive progress more years even it has no legal acceptance.

Hong Kong is good country with good investment climate. Beside that, most people in Hong Kong aware about investment instrument and Hong Kong is one of asian hub for many country.

in my opinion for the market it will not have too much effect, maybe it will only have an effect on rising VGA prices or rental prices for mining. I also don't see investors currently interested in mining, and more interested in investing in ICOs

sorry but now bitmain caused a forking issue?.. um.. no
 
oh wait
it was samson mow(BTCC) wearing the UASF hat...


see what i mean about things getting twisted to mak one pool sound like another to hide one thing but set up a narrativ of another

BTCC guys along with core devs set up the fork because segwit would not have activated otherwise


im not attacking you, calm down, im clarifying the information
1. the 90% figure i mentioned of was of AMD(ATi) GPU mining
2. the "china" and "Jihan wu" is the narrative certain people have that push out wrong info which then gets repeated by others which it seems a few people in this topic are following along with.
you can find loads of people repeating this stuff and calling things like china all over this forum. which sets the narrative to finger point. im just saying the fingr is in the wrong direction

bitmain do not "control" the day to day of all the hashpower you think they control.
EG if you rent a house. does your landlord control what you do while your making watching tv or having a beer. or sleeping with a supermodel. or do you just pay your rent to the landlord and then get to go to the fridge and get a beer whenever you like

all im doing is adding context that most of the finger pointing at bitmain about things like who caused the fork and which pools are losing money should be pointing at BTCC.. but strange no one is mentioning their name

while the bitman lives, you can not worry that the crypto-currency world will fail and it will cease to live. This giant will do everything possible to make the market develop further

I wonder when Bitmain will announce the creation of new asic miners for Bitcoin to increase the value of their shares. I am sure they already have new models, but the company deliberately delays their announcement.

@franky1
So BitMex is a drone scripted and me too? How can I know if you aren't a drone scripted by Roger Ver coded for Bitcointalk? It looks plausible a lot... Do you think BCash and BitMain IPO is the definition of decentralization

So what is your point exactly? I just stated reasons why people may have a negative view of Bitmain besides the forking issue.

Just because they have near monopoly of the ASIC market doesn't mean that they control anywhere near 90% of the hashrate, and nor was it implied. It just means there are few good options and people may want more.

No one ever said that they control Bitcoin either (and no mention of China anywhere), just that they generate a lot of hashrate -- leasing doesn't change that. People do have reason to be wary about that.

It seems like you exaggerated everything I said just to make an argument.

OMG altcoins that use GPU
OMG bitcoin GPU mining in 2011-2013    AMD(ATi) have monopolised the market and are controlling 90% of hashrate
(note sarcasm)

P.S yes they sell alot of rigs. but one man cannot juggle 10 balls and control it all

though bitmain are very savvi. they actually lease facilities for private companies to manage. meaning the guys in charge of the pool and software are not jihan wu himself

but anyway. loads of people will continue with the "china control btc" scripts

anyways
funny thing
there are several facilities in different locations. this can be seen by just looking at the minted coin block reward receiving addresses variations. and yes one facility even uses bc1q addresses. which shows there is diversity even if those different facilities and management have been tagged under "antpool"
also antpool facilities are not just in asia..

just saying
people dont check the context and investigate the numbers.

as for the comment of them selling off old gear as new.
the S9 range was around $2k-3k in 2017. some batches sold off for $1250 (do you know why.. (hint second hand)
they done the same in june 2018. selling off for $850.. do you know why (second hand)
they actually announced they are selling their old gear because they are using new gear.

its not like they just discount things out of the goodness of their hearts...

if those that wanted clean unused gear should have waited for the full price batches
cant have a dustfree cake and eat at dustcake prices

nah i just see a certain script repeated by many people saying the same thing like programmed drones.

yes bitcoin mine lots of btc. they have done for years. when they script pasting drones say they lost 400mill .. actual reports show they actually gained $400m AND made investments in other companies
when scripted drones say about a massive sell off of stock. the actual stats of hashrates show they are growing hash rate

.. the reason for the sell off of old stock is that they are now using new generation rigs. which the hashrate proves.
otherwise if it was a sell off because they cant afford to maintain rigs and need to cut down. the hashrates would decline. not incline.

however BTCC hashrate % has declined.
BTCC got bought out
and prominent names have publicly jumped ship

the real summary that those script drones should have concluded is the reason bitmain has so many bitcoin cash is because there are not enough OTC investors of summer 2017-18 that want to do deals to receive bitcoin cash under the same OTC contracts as with BTC
you know "no one wants bitcoin cash so bitmain end up keeping/hoarding it"

anyway bitmain have higher hashrate and been investing in other companies in the time period script drones have been saying the opposite.

yet find it funny the script drones havnt talked about BTCC which actually has took a turn for the worse even when getting bought out. but it wont fit their narrative.. would it

Another great move, indeed it's exciting to say that cryptocurrency is really taking over Asia. Though,  I would have sworn that this innovation would be taken to Japan because of their total embrace and acceptance of cryptocurrency but still Hong Kong is another place for cryptocurrency activities to lay it tent. Hopefully, we would be hearing positive news from China.

Probably? I mean, it's not just about Bitcoin Cash. They seem to have shady business practices, being accused of shipping used mining rigs as new. They also basically have monopoly of the ASIC market, and control a very significant chunk of the hash rate. They're very powerful -- too powerful, even, that they have a target on their backs.

@franky1

I don't use Reddit and I am not even sure to have an account there. I visit about once per trimester and not to find something related to crypto.
In the opposite, you look like the one going to Reddit. ^^. But no problem.
Check this PDF here which doesn't come from Reddit https://blog.bitmex.com/wp-content/uploads/2018/08/2018.08.30-Unboxing-Bitmains-IPO.pdf It comes from BitMex.

@pawel7777

No, excuse me I didn't phrase correctly. I wanted to say half a billion dollar including over $400m just during the last three months

i sometimes wonder about if Bitmain wasn't demonized this much because of the incidents of last year, then would people still talk about Bitmain's revenues, their IPO, ... and whether they would still speculate about their bankruptcy and demise?!!!
it is interesting because Bitmain wasn't  created yesterday! they have been around a long time and only from mid 2017 they became the center of attention!

bull or bear doesnt affect them
they dont sell coins on the market as much as you think.

they have year long contracts of average prices.. they dont actually care about volatility..
im starting to think the report done earlier in the year was based on BTCC not bitmain as the propaganda thats coming out seems to resonate more towards what has happened to btcc not bitmain

It's all about timing, if he had done this during a bull run then the amount of investment would be of the charts. The fact that this is taking place in a bear market means they must really be in trouble, he should know better than to sell off a crypto company in the current market conditions

what you dont realise is this,

many people think pools start by buying their own rigs. mining. getting coin and then spending coin to buy electric and more rigs..

however
smart pools
get people who want to OTC (private trade) for bitcoin away from the market.
they hand fiat to miners. the miners then pre buy electric for a year of electric. and also cover costs of rigs. the pool then mines and they hand off coin to the investor privately at an agreed rate.
the pool has preplanned hashrate expansion and a contract of coin handback at a agreeable rate.
so the pools dont have to spend coins to pay for costs. and they get to keep a load of coins that they make above the quota they have to hand back OTC to investors

now
even smarter pools
realise why make investors pay the leases, electric and rigs. when the pools can make and own their own facilities. yes that includes getting their own power plants created. and their own ASIC manufacturing facilities.

and why give coins to investors when they can keep the coins in a inner circle of investors that want to reinvest or stay invested in a pool and increase the expansion even more.
EG why give out $400m of coins over months. when they can just give out a % of company ownership and the funds then stay in the group and they use it to expand further and faster.

---

but here is the thing about less smartr pools
BTCC didnt do OTC investor or planned expansion. they just mined and reacted to market prices.. BTCC also got bought out and have now an owner. but .. BTCC has dropped its expansion and is sitting at a lower % of network hashrate than before. even with new owners. lol

poor guys. no wonder samson mow took on another role within the portfolio groups subsiduaries. literally jumping out the mining pool subsiduary arm and into the PR department of another subsiduary.

but you will see the PR game play out to not look at BTCC and their owners and instead point fingers at bitmain. it all funny when you can stand back and see all the drama of PR distractions play out

Q1 for them was a good profit. But Q2/Q3 was bad because of the bear market. Plus they are a holder of Bitcoin Cash (BCH) and we all know that it losses ground as well so its a double whammy for them. They already investment on bitcoin mining farms outside of China so probably their reserves are really way below. And competition is slowly gaining grounds on them. So they have to make money right now so it makes sense for them to offer IPO. What's intriguing is how much they can raised with their offering.

UM. Then I ask the question, why would they go for an IPO?
All for the same reason, they lack money?
You say that they have recently invested free money in other companies, which means 100% of the power and monopoly on the production of mining equipment.
However, this is unexpected )

Some really interesting read from Katherine Wu, who is dropping some Chinese to English translation from IPO prospectus (400 pages long) on Twitter:

https://twitter.com/katherineykwu/status/1045059356994269184


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