Confirming what most of us have theorized for awhile now, bitmain has been propping up the price of bitcoin cash.
They are also the only reason bch hasn't been the target of 51% attacks, yet.
If I'm reading this right their current holdings are ~1M bitcoin cash, ~22k bitcoin, ~930k litecoin, ~312k dash, ~1100 ethereum, and
about $19M USD worth of various other altcoins.
FWIW take these numbers with a grain of salt since they are self reported.
The left 3 columns is the number of coins they owned in each time period. The middle 3 columns is the average price they paid. The last 3 columns are the total amounts in USD in thousands.
That's my understanding at least. I can't read Chinese.
@mattodell relevant to consider the true cost of a 51% attack against BCH.
But WOW at the tiny amount of BTC.
@mattodell I’m surprised how few bitcoin they have. Happy about that, though. If true...
@mattodell This represents 1/10th the marketcap of BCH held by one company. Crazy centralized.
@mattodell You need to multiply those numbers by 1000 https://twitter.com/Excellion/status/1028439503319359488?s=19
@dammkewl that's for the last three columns, the total USD amounts
The rest of the columns aren't in thousands.
@mattodell Yeah sorry, was talking about the prices you mentioned only.
@mattodell I met Bitmain COO, Phillip Liu and his son who studied CS and Math at Cornell. I really liked them. Phillip seemed like a man who could be reasoned with. The sort of person you walk away from after negotiating and you both win.
@BitcoinBelle Interesting, I'd never expect that.
@mattodell :) When LN was proposed for a tipping or fundraising option, I volunteered Edmund Moy and I to be the first recipients with our mission to be to create dialogue and hopefully an agreement with Jihan. (I'm not subtle. :p)
@mattodell I’m still wrapping my head around what it means for Bitmain to hold this much BCH. Almost $1b! That’s 10% of BCH marketcap (though the value has decreased since March)
@Dennis the big takeaway for me is that they are way more over exposed to BCH price than I thought, they can't sell much without crashing the price
@mattodell I agree, but I don’t like how so many people are now tied to the fate of BCH via Bitmain (currently top VC firms like Sequoia and eventually the general public if it IPOs). This is an alignment of incentives against Bitcoin and for BCH. This is my first impression 🤷🏼♂️
BCH != Bitcoin Cash
BCH === Bitcoin Chinese Ver... sion
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