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Samson Mow says Bitmain IPO is incredibly risky because of Bitcoin Cash [BCH]; Jihan Wu responds!

Priya

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Samson Mow says Bitmain IPO is incredibly risky because of Bitcoin Cash [BCH]; Jihan Wu responds!
Source: Unsplash

The recent controversy regarding Bitmain’s IPO has drawn a lot of attention in the cryptocurrency space. The fact that Bitmain, the biggest Bitcoin [BTC] mining company and application-specific integrated circuit [ASIC], holds more Bitcoin Cash [BCH] than Bitcoin [BTC] has been pointed out again.

Samson Mow, the CSO of Blockstream, on his social media platform, stated that based on the company’s pre-IPO investor deck, Bitmain has sold most of their Bitcoin [BTC] for Bitcoin Cash [BCH].

He further points out that Bitcoin Cash has lost almost half a billion in the past three months and that they would have lost a billion dollars if the Bitcoin Dev had not disclosed the vulnerability of Bitcoin Cash.

Bitmain assets for the past three years || Source: Twitter

Bitmain assets for the past three years || Source: Twitter

He further said:

“The Bitmain IPO is incredibly risky for any investor to buy into. The potential for massive losses are just around the corner as they have no idea how to maintain BCH, but are all-in. Play stupid games, win stupid prizes”

Last week, Bitcoin Dev, Cory Field, disclosed a vulnerability in the Bitcoin Cash [BCH] code. The disclosure made by him led to a huge buzz in the market, mainly in the Bitcoin [BTC] community. The Bitcoin [BTC] dev claimed that if the vulnerability was taken advantage of, then it could have resulted in disrupting the transactions.

Parabolic Trav, a Twitterati says:

“The first column, BTC quantity from EOY 2016 to 2017 drops from 70k coins to 35k coins. Doesn’t reveal mined BTC additions from 2017 because they sold off BTC by end of year. What this says to me is they sold entire 2017 mined inventory + 35k 2016 coins to support Bcash peg. Rekt”

Jihan Wu, the Co-Founder of Bitmain says:



“Hashers and mining pools are import for the system, but they have to play responsibly and the other parties do have counter measures for whatever miners do. Working together. Unite, not to divide. BCH & BTC can develop their diff roadmaps and have peace”

This is not the first time the community has pointed out that Bitmain has been biased towards Bitcoin Cash [BCH]. The company recently proposed developing and implementing a protocol for smart contracts on Bitcoin Cash blockchain. Moreover, the Co-Founder of Bitmain, Jihan Wu stated that Bitcoin Cash [BCH] has potential even though it lacks freedom.

Bitmain recently raised almost $1 billion from top-notch companies such as Tencent, Softbank, and China Gold. The mining company is all set to apply for IPO through the Hong Kong Stock Exchange in the month of September and reportedly is filing for it at $18 billion. With the inclusion of the pre-ICO investment, the ASIC chip producing company is valued to be around $15 billion.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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1 Comment

1 Comment

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    Bill Wright

    August 13, 2018 at 6:20 PM

    BCH is a heavily-manipulated asset. As more hidden truths come to light, it would be interesting to see how long BCH will be able to maintain its #4 stop on thel list.

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Bitcoin

Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan

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Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.



This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.





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