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Bitmain appears to be vulnerable, overexposed, and short on cash.

This is great news for bitcoin.

@mattodell I can't get over the fact that they sold their BTC for BCH. Talk about killing the golden goose.

@mattodell i am afraid this shitshow will hurt the whole eco system...

@mattodell

An IPO built on fragility, hidden numbers (Q2), lost trust ready to bust.

It's outstanding how 's getting rid of all its competitors/the next-big-ones/scams.

@mattodell My favorite runner of all time was Steve Prefontaine. He never looked behind him but always ran his own race against himself. Except once. He lost that race.

@mattodell I don't disagree, but can you elaborate on your reasoning?

Hopefully this could lead to less centralization.

@chasevasic

We've only seen their Q1 numbers, Q2 was most likely very bad for them.

-Large inventory of aging mining equipment
-Large bag of bitcoin cash they can't sell
-Continued bear market hurts prices of both
-Increasing competition in mining space
-IPO seems like a desperation move

@mattodell oh, definitely, I see the IPO as a way of saving themselves. I was more curious about why you personally think it will be good for Bitmain to lose it's dominance.

@chasevasic oh, same reason as you. Reduces mining centralization. Specifically bitmain has made some questionable anti-bitcoin moves.

There are a bunch of new well funded competitors entering the market. Hopefully bitmain will be the last entity to control 50%+ of hash rate. As mining hardware begins to plateau, incentives should benefit smaller more nimble mining ops.

Also looking forward to betterhash which should reduce the influence/control of major pool operators.

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