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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 It will hurt Bitmain and therefore potentially kill BCH, but the whole cryptocurrency scene will be damaged as a whole after this disaster unfolds.

@duudl3 @mattodell Let it happen. Bitcoin will come out on top. If anything it will enforce the immune system and antifragility of BTC making it stronger in the long run and kill off the shitcoins in It's wake.

@duudl3 @mattodell Bitcoin will not even notice. Mining is a commodity, there is nothing special about Bitmain. RIP.

@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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