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.

@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 @Dennis maybe they did that omni/counterparty fork and proof of burn to create some demand in bch?

@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 🤷🏼‍♂️

Sign in to participate in the conversation
Bitcoin Mastodon

A mastodon instance for Bitcoin Maximalists.
No scams, no shitcoin, no impersonation, no begging, and no illegal content.
Keep it civil and we should all survive :)