We all know that Bitmain's slump is coming to an end, and the company will be profitable again.
But the more important question before you start playing with BCH is - how much is Jihan Wu's personal wealth.
I wish there was a way to find out. I don't think he has all his BCH stash in Bitmain, he must have a personal one as well.
Topic: Jihan Wu is no longer CEO of Bitmain - page 2. (Read 798 times)
If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!
Traditional investors will only care about the price today. Crypto prices are down so they have a lower valuation of the company - plain and simple. If they want to gamble with coins they can just buy them.Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!
Investors will also be more than happy to pay 10 billion for Bitmain even in its current position, which is a ton of money, all things considered. It's just not the 16 billion that they believe their company is worth and they're willing to fight to prove to the world that they can grow regardless. I think that's the bullish part.
The bearish sentiment is obvious simply by opening coinmarketcap - but it's not an indicator of those investor's future expectations of crypto.
BCH split into two so it's more like 92% loss.
Not if you had your coins in cold storage at the time of both forks.
You can still claim your BSV even if you haven't claimed yet your BCH.
But I did sell my BCH as fast as I could and I don't regret it even for a second.
I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.
If this is bullish then god help us when something bearish happens!
Seriously, somebody deciding to not go for an IPO because he will not get the price he wants means one thing, the investors are looking down at cryptos and more important THEY don't see anything bright on the horizon.
And without their money, there is nothing bright on the horizon!!!
Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump. Don't forget that bitcoin has also slowly lost value ( down over 80%)
Bitcoin has lost 80%, BCH has lost 95%.
Holding BCH was stupid, and nobody knew exactly when to sell during the pump.
We're not talking about getting lucky but what most people experience.
For bitmain, I think it's pretty obvious why they canceled it.
To run an IPO you need to publish the financial results in detail, the situation was disastrous in Q3, Q4 saw mining revenue drop by 33%, mining gear is not that attractive anymore, sales are down, their coin is down the drain, they've spent millions trying to defend the price of BCH and then in the hashwar with BSV, the IPO would be a failure.
As for Wu , he is still a director, nobody can kick him out of that position, remember that for now the company is still privately owned by him and Zhan.
Any crypto-holding company lost a lot of its value, so I also think that the IPO cancellation was obvious from day 1. I'm glad that they believe in crypto enough to actually cancel their plans instead of settling for a smaller IPO figure.
I think it's fairly obvious that Jihan is simply tired of dedicating his entire time to the company, and he trusts the engineering lead (or whatever his position was) to not mess up the time consuming tasks.
The future direction of Bitmain will still be dictated by Jihan.
I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.
The future direction of Bitmain will still be dictated by Jihan.
I think the most bullish aspect is that they didn't simply file for an IPO for 10 billion instead of 16 - which they would have succeeded at. Jihan clearly thinks that the IPO investors are underestimating the price of crypto and is willing to wait enough to prove them right. If he is correct, this is bullish for all of crypto.
when most of us were doing the same when we received our free forked coins 
The only good use for all the bitcoin forks. Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, Bitcoin Private, Bitcore, (did I miss any out?) were all at their highest price in terms of real Bitcoin immediately after forking, and all have done the exact same thing - slowly lose value, with the odd pump-and-dump here and there to keep the sheep interested.I'm glad I dumped all that trash ASAP, and increased by bitcoin holdings in the process.
Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump. Don't forget that bitcoin has also slowly lost value ( down over 80%)
when it comes to bitcoin price it is never about how much it has dropped from its ATH but it is always about how much it has risen in the long run. and in the past 2 years price has gone up from $900 to $4000 and that is a rise.
besides when it comes to owning something as a long term investment it is about how much potential it has. even if bitcoin has dropped 80% from the ATH it still has a lot of potential to rise to that ATH and beyond but BCH does not have any potential and it losing value means game over.
Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump. Don't forget that bitcoin has also slowly lost value ( down over 80%)
Bitcoin has lost 80%, BCH has lost 95%.
Holding BCH was stupid, and nobody knew exactly when to sell during the pump.
We're not talking about getting lucky but what most people experience.
For bitmain, I think it's pretty obvious why they canceled it.
To run an IPO you need to publish the financial results in detail, the situation was disastrous in Q3, Q4 saw mining revenue drop by 33%, mining gear is not that attractive anymore, sales are down, their coin is down the drain, they've spent millions trying to defend the price of BCH and then in the hashwar with BSV, the IPO would be a failure.
As for Wu , he is still a director, nobody can kick him out of that position, remember that for now the company is still privately owned by him and Zhan.
But what does it mean for crypto?
It means nothing. Don't expect any type of market movements because of this news, this is just a company sorting out their internal problems, it has nothing to do with crypto or the market.Isn't it he was relegated to a new position prior or during the IPO? So this is not a new news, it was even reported that they have cut the numbers of their employees already since last year.
There were a lot of rumours going around over the past few months about Jihan Wu leaving Bitmain and starting his own mining company focused on BCasH, but it looks like the the rumous were confirmed yesterday, at least the part where he's no longer Bitmain's CEO.
Ok let us go a step back and see what contributes to Jihan's being booted as CEO
1. Support of BCH
2. Expanding their mining farm (Texas, if I'm not mistaken, which cost them millions)
3. Failed IPO.
4. Supported BCH in the war against Bitcoin SV
I think the last straw for the board of directors decision to let him go as CEO and be replaced is my number 3. They have lost millions of millions specially when the price of BCH decline in this bear market. And this news surfaced as early as December 2018 and early 2019. There are even reports that Jihan is starting his own mining company. Anyways, let's see which direction would be the new CEO will bring Bitmain in the next coming years.
1. Support of BCH
2. Expanding their mining farm (Texas, if I'm not mistaken, which cost them millions)
3. Failed IPO.
4. Supported BCH in the war against Bitcoin SV
I think the last straw for the board of directors decision to let him go as CEO and be replaced is my number 3. They have lost millions of millions specially when the price of BCH decline in this bear market. And this news surfaced as early as December 2018 and early 2019. There are even reports that Jihan is starting his own mining company. Anyways, let's see which direction would be the new CEO will bring Bitmain in the next coming years.
Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump.
It depends if we are talking about value in terms of USD or actual BTC.When BCH was first forked, it was trading around 0.2 BTC, which was around 550 USD. During peak pump, it went up to around 4,000 USD, but that was still only around 0.2 BTC. Given that I was dumping all my BCH for more BTC, I made just as much profit dumping it immediately as I would have holding it and hoping for some future pump and dump. I also got the added bonus of knowing I wasn't holding any of that useless trash.
when most of us were doing the same when we received our free forked coins
The only good use for all the bitcoin forks. Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, Bitcoin Private, Bitcore, (did I miss any out?) were all at their highest price in terms of real Bitcoin immediately after forking, and all have done the exact same thing - slowly lose value, with the odd pump-and-dump here and there to keep the sheep interested.I'm glad I dumped all that trash ASAP, and increased by bitcoin holdings in the process.
Dumping ASAP isn't the right speculative play, you would have made some nice money if you held BCH during that mega pump. Don't forget that bitcoin has also slowly lost value ( down over 80%)
Bitmain will be just fine, they are still the dominant player in this space. As for Jihan, I'm sure he has a ton of money stashed away, he will be ok.
when most of us were doing the same when we received our free forked coins
The only good use for all the bitcoin forks. Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, Bitcoin Private, Bitcore, (did I miss any out?) were all at their highest price in terms of real Bitcoin immediately after forking, and all have done the exact same thing - slowly lose value, with the odd pump-and-dump here and there to keep the sheep interested.I'm glad I dumped all that trash ASAP, and increased by bitcoin holdings in the process.
There has been a new CEO appointment, just as the IPO application officially expired.
https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/
What do you guys think will happen next? Bitmain is still a monopoly, they're going to recover and sell a ton of equipment in 2019. But what does it mean for crypto?
Will Bitcoin Cash get dumped into oblivion? Will Bitmain jump to defend BTC against Craig Wright like it did for BCH? Do you expect a change in their corporate strategy?
https://chainbulletin.com/bitmain-announces-new-ceo-shares-updated-ipo-plans/
What do you guys think will happen next? Bitmain is still a monopoly, they're going to recover and sell a ton of equipment in 2019. But what does it mean for crypto?
Will Bitcoin Cash get dumped into oblivion? Will Bitmain jump to defend BTC against Craig Wright like it did for BCH? Do you expect a change in their corporate strategy?
Monopoly is never good thing. And Bitmain grows quickly. It is not good for any of us. Whatever the reason, this BCH-BTC conflict is very damaging to the market. I think we should break the connection between these two.
It would have been good news if Jihan was left out of the whole thing, because that guy might one day act like Craig Wright, and the market has not even recovered after his whims. Instead, however, it might seem that Jihan will have less power whereas he might actually have more. I've seen things like that happening in another business industry. When a person goes from CEO to being in the Board of Directors, it actually means that this person was promoted. The CEO is really under control of the Board. I know it from personal experience, but know I also recalled a nice example from the "Silicon Valley" series. Richard Hendricks was the CEO, and once he was even simply fired from the company he created by the decison of the Board of Directors. So yeah, Jihan is still a threat while Bitmain is a monopolist.
i think it is safe to start speculating about BCH price based on this too. although it depends on the new CEO's behavior towards this coin but since they have lost one of the biggest centralized powers in this coin, i think there is a big dump coming on.
Even though they lost Jihan Wu I think the majority thinks the other way around. We can't speculate on that matters.
I wonder what the real reason for Jihan Wu was leaving Bitmain because for me it's too hard to see he leaves the company that helps him to make money is. I only think that he is not loyal to the company because he is easy to leave the company. And I will be more curious with Bitmain after Jihan Wu leave, what will happen with Bitmain.
i think it is safe to start speculating about BCH price based on this too. although it depends on the new CEO's behavior towards this coin but since they have lost one of the biggest centralized powers in this coin, i think there is a big dump coming on.
WOW, I wonder why this happened? Did he just resign himself or was he voted off?
He definitely resigned himself, and he is still a director.I just don't like the way both Jihan Wu and Craig Wright made a consorted effort to destroy the price of Bitcoin.
They didn't, lol. At least Jihan Wu didn't, CSW is sort of unpredictable and psychotic.Their greed and selfishness ruined a lot of people's lives
What greed and selfishness, lol. They both lost a ton of money trying to defend a position. Yes, even psycho liar CSW knew he was losing money and did it out of some twisted sense of principle. They didn't ruin lives, gamblers who thought prices only go up did it to themselves.I will never buy Bitcoin Cash or SV, just out of principle.
I'm still holding my fork BCH, dumped my SV immediately out of principle as well, though. But I don't think greed was a guiding principle in what those psychos were doing, more like a sophisticated penis measuring contest for Ayre and his drunk friend.I think Bitmain will survive the competition, maybe they are too big to fail right now in this Industry? Only time will tell.
No company is too big to fail, but by the looks of it, they practically have no competition, and they won't for years to come. 2019 will be massively successful for Bitmain, although 2017-level profits are as likely as a bull market that pumps bitcoin above $20,000 - aka not very likely at all. 
WOW, I wonder why this happened? Did he just resign himself or was he voted off? I just don't like the way both Jihan Wu and Craig Wright made a consorted effort to destroy the price of Bitcoin, bringing the whole market down with them. Their greed and selfishness ruined a lot of people's lives and I won't support any one of their Coins. I will never buy Bitcoin Cash or SV, just out of principle. I think Bitmain will survive the competition, maybe they are too big to fail right now in this Industry? Only time will tell.
Isn't it he was relegated to a new position prior or during the IPO? So this is not a new news, it was even reported that they have cut the numbers of their employees already since last year.
The problem with them is that they stick to BCH and that's where the problem started, and couple with the worsening market conditions and then the failed IPO on their side. Plus competition is already there, Canaan, GMO (if I'm not mistaken) and others.
It's about time they need someone to lead them into a new direction.
The problem with them is that they stick to BCH and that's where the problem started, and couple with the worsening market conditions and then the failed IPO on their side. Plus competition is already there, Canaan, GMO (if I'm not mistaken) and others.
It's about time they need someone to lead them into a new direction.
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