Bitmain appears to be vulnerable, overexposed, and short on cash.
This is great news for bitcoin.
@mattodell Excellent *mr burns voice*
@mattodell I can't get over the fact that they sold their BTC for BCH. Talk about killing the golden goose.
I will never forget the BCH Launch fall weekend
@mattodell i am afraid this shitshow will hurt the whole eco system...
@mattodell It will hurt Bitmain and therefore potentially kill BCH, but the whole cryptocurrency scene will be damaged as a whole after this disaster unfolds.
@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 Or drawing a curtain over our eyes.
@mattodell I don't disagree, but can you elaborate on your reasoning?
Hopefully this could lead to less centralization.
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.