Topic: Jihan Wu is no longer CEO of Bitmain (Read 798 times)

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$1300 per T17 miner, rest assured they're getting tens of millions in the first day, and hundreds of millions in the first month. Bitmain is back in business, hopefully smarter this time...

I guess it depends on his performance. They were clearly happy with his skills as an engineering lead, but being a CEO is a whole new ballpark. Hopefully it works out for all of them.

Yeah that's truth. It's not really a charity.

That also shows that they were probably having issues, enough to offer him an opportunity. The other two will continue to macro-manage, so it seems that he will be performing specific tasks, since he was the Engineering Boss.

I wonder if they are preparing him to lead the company after one or both of them require, it is certainly a possibility.

If rumours that Jihan is quitting to focus more of his attention on BCH are true, the price you mentioned will be out of the question. It might be a coincidence but BCH also brought the highest gains of this short-lived bull run.

That's fine, but you are working on the assumption (which I agree with) that the bitcoin price will increase. If the price is destined to only fall (as it is with BCH), then the correct course of action is to sell at a 10% loss before you lose the other 90% too.


Sure, and when you sell your BCH at 0.001 BTC each, you won't have lost anything, but I'll have gained 200x more for dumping the same coins immediately.

1. the staff in 2017 vs 2019 is similar numbers. the staff of 2018 were tmporary staff who always were going to lose their jobs after their contracts completed.
2. i couldnt see any videos of bitmain ruthlessly shutting down mining centres on youtube. i could only see noob vloggers talking about propaganda sourced by BTCC's samson mow. which funnily enough BTCC shut down their mining pools when they got bought out bt DCG and samson mow lost his BTCC job
3. jihan wu is still head of bitmain. he just now delegated someone else to manage the day to day. im guessing he is now enjoying a nice vacation while still getting income

Bitmain was in long term loss during the bearish run, they fired more than 70 percent of their staffs. they even shut down major mining centers in Chinese mainland. there ruthless shutdown was on internet and Youtube all over.
The only source of survival they had were bitcoin cash, which also dwindled along the bear market, in this scenario the resignation of Jihan Wu was a predicted move.

i must be a bagholder then
im holding coins from 2012

funny part is.
o_e_l_e_o says its better to take a 10% loss....
um nah. im not at a loss. i got my bitcoin at $6each and i wont sell them right now for $5.40
who would dare sell them for $5.40 right now

o_e_l_e_o you need to understand that when temporary price drama of $5800-> $3500->$5000 is not a measure of 'loss'
just like the temporary drama of $20k

hardly anyone actually bought at $20k so trying to suggest people sell now is stupid because not even 1% of the community is at a $15k loss. infact over half the community are at profit right now(half is understating, the numbers are higher)

as for bch
i never cared for altcoins. i have not even bothered to pull my privkeys out to sign altcoin transactions to claim them coins.. to me its free funds. so again no loss..
there is NO risk when it comes to FREE altcoins. FREE means FREE. meaning zero risk.
even if they went down to 1cent.. thats still 1cent profit.

there is a major difference between loss/risk....... vs profit/maximal gains


yea i also separately daytrade and play the ups and downs using some play money, but the big picture view is not to care about the actual $$ value. as it just ends up driving people potty thinking they are at a loss, even when they are not.

Selling forks immediately is the only sane thing to do.. when you receive literally "free money", you are at risk by not selling. Thinking that Ver, Craig and Jihan behind it would give the project any leverage against the legacy chain was always seen as a joke. Even if Trump tweeted that he was supporting BCH and it was the real Bitcoin it wouldn't matter, it would still be seen as a joke, and once the president of a big country gets behind a fork and gets defeated, it will add in even more impossibility for any forks to take over (in a way this is what happened already, since many of the forks attempt were probably US government attempting to take over in a non explicit way, because if they supported a fork in a explicit way and got defeated they wouldn't have no cards left).

There was also an arbitrage opportunity on Kraken. For some reason, BCH was trading at the value of BCH+BSV and I managed to sell all of it for BTC and rebuy BCH back at CoinEx to double my stash. This was before I even got my BSV from the fork. Good times 

Well, they're a company, of course profit is their #1 motivator, just like every other company out there, including bitcoin.com, blockstream, lightning labs, nChain and so on.
I think they're confident in their ability to reveal a nice recovery, so they're going to release the numbers.
They want to be transparent because it will show them in a better light than news articles will.

When we talk about Bitmain, non step will be taken for any positive changes, no, all their step means trying and wish of increasing profit, being more shady. Well, we all know what Bitmain is.
To be fair I still don't understand why they plan to make their financial situation transparent? What's happening around them? Are they changing their attitudes to change their situation? lol

This saying is only said by bagholders who are trying to justify their bad investments. If a coin is only going down, then selling it as soon as possible is the correct action to minimize any future losses. Taking a loss of 10% is a far better option than holding a useless coin in to oblivion.

When BCH was first forked, it was trading at 0.2 BTC. I, and most other smart people, dumped it immediately. If I had held on to it and were planning on selling now, I would have lost 75% of my profits. If I continue to hold for another year, I have no doubt I would lose 95% of my profits.

mindset error here is that the false assumtion is that BCH was:
1. bought at 0.18, for there to actually be a loss of 0.13 decline
2. bought at all, rather than obtained for free due to forks and ongoing mining. meaning BCH would actually be +0.05 not -0.13

gotta find it funny how so many people emphasis the "$20k" bitcoin day, as if everyone around the world all bought all of their bitcoin on that day, to now be making a $15k loss as of todays ~$5k

yet reality is that not many people actually bought right at the peak. meaning the peak price has no relevance to REAL gain/loss and is just a meaningless statistic for a history book.

same for BCH the price of a coin is just temporary drama.
same for BTC the price of a coin is just temporary drama.

people dont actually profit/loss from one years temporary drama ATH vs ATL. people actually profit/loss from the cost of the actual acquisition of asset vs the sell of the asset.
in short you never lose unless you sell at a loss

It's a timebomb for BCH holders.

Bitmain are hemorrhaging money. Reports of a loss of billions of dollars last year, and they lay off half their staff. Bitmain also hold enough BCH to drop the price to zero - there's not enough liquidity in the market to even sell 5% of their coins. If they want to dump their bags, then BCH is dead. They know that though, which is why they've been slowly selling what they can while the price has steadily declined from 0.18 BTC a year ago down to 0.05 BTC today.

To own BCH is to completely trust Bitmain with the value of your coins.

Bitmain has tried many roadmaps to attempt to get rid of the big BCH bags, IPOs and whatnot included, I think they have no way out, they need to create profit from selling good products at good rates and reduce the loss that BCH created. If they cannot do this then the up and coming competition is going to eat them.

The additional question I have is: is the new CEO going to start doing things the right way or will he support further hardforks from whoever dares next, or they will end up with bags from the next altcoin that is derived from the act.

Oh, it definitely has its space in the cryptocurrency world, no doubt. Maybe he was talking about the price - at the time of writing it was still not up to $320 and a top weekly gainer.
I did have some before the BSV fork and managed to double my stash thanks to that - so it has been profitable for me. But maybe not for everyone.

Failed how? Ignore the fact that it's 80% up these last two days - it didn't set out to be expensive in the first place, its goal was to allow many transactions to flow safely and cheaply and it has done a tremendous job at doing so.
It is literally saving lives this very moment, in fact it is the leading choice of currency for Airdrop Venezuela, who have fed thousands of families thanks to it. They had reasons to hate large fees and slow confirmations and provided a means for people to continue making use of those for many noble purposes.

This is true, but on the flip side a 2000% gain in a year also sounds completely silly for a traditional company, and yet that's what bitcoin did in 2017. You've got to take the highs with the lows, and I'm sure (at least, I really hope) that no one has chosen crypto because they believe it to be a stable asset.


Nah. The most important question before you go near BCH is - why? It's a failed fork, which has now forked in to two failed forks. The two chains have just become playthings for the ever more ridiculous feud between Ver and CSW, and all either of them have done is slowly lose value against BTC.