2013 to 2017: Comparing Bitcoin's Biggest Price Rallies ...

Flatten the Curve. #18. The current cold war between China and America explained. And how China was behind the 2008 Wall Street financial Crash. World War 3 is coming.

China, the USA, and the Afghanistan war are linked. And in order to get here, we will start there.
9-11 happened. Most of the planet mistakenly understood terrorists had struck a blow against Freedom and Capitalism and Democracy. It was time to invade Afghanistan. Yet all of the terrorists were linked to Saudi Arabia and not Afghanistan, that didn't make sense either. Yet they invaded to find Bin Laden, an ex CIA asset against the Soviet Union and it's subjugation of Afghanistan. The land in the middle of nowhere in relation to North America and the West. It was barren. A backwater without any strategic importance or natural resources.
Or was there?
The survey for rare earth elements was only made possible by the 2001 U.S. invasion, with work beginning in 2004. Mirzad says the Russians had already done significant surveying work during their military occupation of the country in the 1980s. Mirzad also toes the line for U.S. corporations, arguing, “The Afghan government should not touch the mining business. We have to give enough information to potential investors.”
Rare Earth Elements. The elements that make the information age possible. People could understand the First Gulf War and the Geopolitical importance of oil. That was easy, but it still didn't sound morally just to have a war for oil. It was too imperialist and so they fell in line and supported a war for Kuwaiti freedom instead, despite the obvious and public manipulation at the UN by Nayirah.
This is some of her testimony to the Human Rights Council.
While I was there, I saw the Iraqi soldiers come into the hospital with guns. They took the babies out of the incubators, took the incubators and left the children to die on the cold floor. It was horrifying. I could not help but think of my nephew who was born premature and might have died that day as well. After I left the hospital, some of my friends and I distributed flyers condemning the Iraqi invasion until we were warned we might be killed if the Iraqis saw us.
The Iraqis have destroyed everything in Kuwait. They stripped the supermarkets of food, the pharmacies of medicine, the factories of medical supplies, ransacked their houses and tortured neighbors and friends.
There was only one problem. She was the daughter of Saud Al-Sabah, the Kuwaiti ambassador to the United States. Furthermore, it was revealed that her testimony was organized as part of the Citizens for a Free Kuwait public relations campaign, which was run by the American public relations firm Hill & Knowlton for the Kuwaiti government (fun fact, Hill & Knowlton also have extensive ties with Bill Gates).
So the public was aghast at her testimony and supported the war against the mainly Soviet backed, but also American supported and Soviet backed Saddam Hussein, in his war against Iran, after the Iranians refused to Ally with American interests after the Islamic Revolution.
But that was oil, this was Rare Earth Elements. There was a reason the war was called, Operation Enduring Freedom. This natural resource was far more important in the long run. You couldn't have a security surveillance apparatus without it. And what was supposed to be a war on terror was in actuality a territorial occupation for resources.
Sleeping Dragon China is next, and where there's smoke, there's fire.
Let's go point form for clarity.
• China entered the rare earth market in the mid-1980s, at a time when the US was the major producer. But China soon caught up and became the production leader for rare earths. Its heavily state-supported strategy was aimed at dominating the global rare earth industry.
• 1989 Beijing’s Tiananmen Square spring. The U.S. government suspends military sales to Beijing and freezes relations.
• 1997. Clinton secures the release of Wei and Tiananmen Square protester Wang Dan. Beijing deports both dissidents to the United States. (If you don't understand these two were CIA assets working in China, you need to accept that not everything will be published. America wouldn't care about two political activists, but why would care about two intelligence operatives).
• March 1996. Taiwan’s First Free Presidential Vote.
• May 1999. America "accidently" bombs the Belgrade Chinese Embassy.
• 2002 Price competitiveness was hard for the USA to achieve due to low to non-existent Chinese environmental standards; as a result, the US finally stopped its rare earth production.
• October 2000. U.S. President Bill Clinton signs the U.S.-China Relations Act. China's take over of the market share in rare earth elements starts to increase.
• October 2001. Afghanistan war Enduring Freedom started to secure rare earth elements (Haven't you ever wondered how they could mobilize and invade so quickly? The military was already prepared).
• 2005. China establishes a monopoly on global production by keeping mineral prices low and then panics markets by introducing export quotas to raise prices by limiting supply.
• Rare Earth Elements. Prices go into the stratosphere (for example, dysprosium prices do a bitcoin, rocketing from $118/kg to $2,262/kg between 2008 and 2011).
• In a September 2005. Deputy Secretary of State Robert B. Zoellick initiates a strategic dialogue with China. This was presented as dialog to acknowledge China's emergence as a Superpower (which China probably insisted on), but it was about rare earth elements market price.
• October 2006. China allows North Korea to conduct its first nuclear test, China serves as a mediator to bring Pyongyang back to the negotiating table with the USA.
• September 2006. American housing prices start to fall.
(At some point after this, secret negotiations must have become increasingly hostile).
• March 2007. China Increases Military Spending. U.S. Vice President Dick Cheney says China’s military buildup is “not consistent” with the country’s stated goal of a “peaceful rise.”
• Mid-2005 and mid-2006. China bought between $100b and $250 billion of US housing debt between mid-2005 and mid-2006. This debt was bought using the same financial instruments that caused the financial collapse.
• 2006. Housing prices started to fall for the first time in decades.
• Mid-2006 and mid-2007. China likely added another $390b to its reserves. "At the same time, if China stopped buying -- especially now, when the private market is clogged up -- US financial markets would really seize up." Council on Foreign Relations-2007 August
• February 27, 2007. Stock markets in China and the U.S. fell by the most since 2003. Investors leave the money market and flock to Government backed Treasury Bills.
I've never seen it like this before,'' said Jim Galluzzo, who began trading short-maturity Treasuries 20 years ago and now trades bills at RBS Greenwich Capital in Greenwich, Connecticut.Bills right now are trading like dot-coms.''
We had clients asking to be pulled out of money market funds and wanting to get into Treasuries,'' said Henley Smith, fixed-income manager in New York at Castleton Partners, which oversees about $150 million in bonds.People are buying T-bills because you know exactly what's in it.''
• February 13, 2008. The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. The total cost of this bill was projected at $152 billion for 2008. A December 2009 study found that only about one-third of the tax rebate was spent, providing only a modest amount of stimulus.
• September 2008. China Becomes Largest U.S. Foreign Creditor at 600 billion dollars.
• 2010. China’s market power peaked in when it reached a market share of around 97% of all rare earth mineral production. Outside of China, there were almost no other producers left.
Outside of China, the US is the second largest consumer of rare earths in the world behind Japan.
About 60% of US rare earth imports are used as catalysts for petroleum refining, making it the country’s major consumer of rare earths.
The US military also depends on rare earths. Many of the most advanced US weapon systems, including smart bombs, unmanned drones, cruise missiles, laser targeting, radar systems and the Joint Strike Fighter programme rely on rare earths. Against this background, the US Department of Defense (DoD) stated that “reliable access to the necessary material is a bedrock requirement for DOD”
• 2010. A trade dispute arose when the Chinese government reduced its export quotas by 40% in 2010, sending the rare earths prices in the markets outside China soaring. The government argued that the quotas were necessary to protect the environment.
• August 2010. China Becomes World’s Second-Largest Economy.
• November 2011. U.S. Secretary of State Hillary Clinton outlines a U.S. “pivot” to Asia. Clinton’s call for “increased investment—diplomatic, economic, strategic, and otherwise—in the Asia-Pacific region” is seen as a move to counter China’s growing clout.
• December 2011. U.S. President Barack Obama announces the United States and eight other nations have reached an agreement on the Trans-Pacific Partnership later announces plans to deploy 2,500 marines in Australia, prompting criticism from Beijing.
• November 2012. China’s New Leadership. Xi Jinping replaces Hu Jintao as president, Communist Party general secretary, and chairman of the Central Military Commission. Xi delivers a series of speeches on the “rejuvenation” of China.
• June 2013. U.S. President Barack Obama hosts Chinese President Xi Jinping for a “shirt-sleeves summit”
• May 19, 2014. A U.S. court indicts five Chinese hackers, allegedly with ties to China’s People’s Liberation Army, on charges of stealing trade technology from U.S. companies.
• November 12, 2014. Joint Climate Announcement. Barack Obama and Chinese President Xi Jinping issue a joint statement on climate change, pledging to reduce carbon emissions. (which very conveniently allows the quotas to fall and save pride for Xi).
• 2015. China drops the export quotas because in 2014, the WTO ruled against China.
• May 30, 2015 U.S. Warns China Over South China Sea. (China is trying to expand it's buffer zone to build a defense for the coming war).
• January 2016. The government to abolish the one-child policy, now allowing all families to have two children.
• February 9, 2017. Trump Affirms One China Policy After Raising Doubts.
• April 6 – 7, 2017. Trump Hosts Xi at Mar-a-Lago. Beijing and Washington to expand trade of products and services like beef, poultry, and electronic payments, though the countries do not address more contentious trade issues including aluminum, car parts, and steel.
• November 2017. President Xi meets with President Trump in another high profile summit.
• March 22, 2018. Trump Tariffs Target China. The White House alleges Chinese theft of U.S. technology and intellectual property. Coming on the heels of tariffs on steel and aluminum imports, the measures target goods including clothing, shoes, and electronics and restrict some Chinese investment in the United States.
• July 6, 2018 U.S.-China Trade War Escalates.
• September 2018. Modifications led to the exclusion of rare earths from the final list of products and they consequently were not subject to import tariffs imposed by the US government in September 2018.
• October 4, 2018. Pence Speech Signals Hard-Line Approach. He condemns what he calls growing Chinese military aggression, especially in the South China Sea, criticizes increased censorship and religious persecution by the Chinese government, and accuses China of stealing American intellectual property and interfering in U.S. elections.
• December 1, 2018. Canada Arrests Huawei Executive.
• March 6, 2019. Huawei Sues the United States.
• March 27 2019. India and the US signed an agreement to "strengthen bilateral security and civil nuclear cooperation" including the construction of six American nuclear reactors in India
• May 10, 2019. Trade War Intensifies.
• August 5, 2019. U.S. Labels China a Currency Manipulator.
• November 27, 2019. Trump Signs Bill Supporting Hong Kong Protesters. Chinese officials condemn the move, impose sanctions on several U.S.-based organizations, and suspend U.S. warship visits to Hong Kong.
• January 15, 2020. ‘Phase One’ Trade Deal Signed. But the agreement maintains most tariffs and does not mention the Chinese government’s extensive subsidies. Days before the signing, the United States dropped its designation of China as a currency manipulator.
• January 31, 2020. Tensions Soar Amid Coronavirus Pandemic.
• March 18, 2020. China Expels American Journalists. The Chinese government announces it will expel at least thirteen journalists from three U.S. newspapers—the New York Times, Wall Street Journal, and Washington Post—whose press credentials are set to expire in 2020. Beijing also demands that those outlets, as well as TIME and Voice of America, share information with the government about their operations in China. The Chinese Foreign Ministry says the moves are in response to the U.S. government’s decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions.
And here we are. You may have noticed the Rare Earth Elements and the inclusion of Environmental Standards. Yes these are key to understanding the Geopolitical reality and importance of these events. There's a reason the one child policy stopped. Troop additions.
I believe our current political reality started at Tiananmen square. The protests were an American sponsored attempt at regime change after the failure to convince them to leave totalitarian communism and join a greater political framework.
Do I have proof? Yes.
China, as far as I'm concerned, was responsible for the 2008 economic crisis. The Rare Earth Elements were an attempt to weaken the States and strengthen themselves simultaneously. This stranglehold either forced America to trade with China, or the trade was an American Trojan horse to eventually collapse their economy and cause a revolution after Tiananmen Square failed. Does my second proposal sound far fetched? Didn't the economy just shut down in response to the epidemic? Aren't both sides blaming the other? At this POINT, the epidemic seems to be overstated doesn’t it? Don't the casualties tend to the elder demographic and those already weakened by a primary disease?
Exactly the kinds who wouldn't fight in a war.
Does this change some of my views on the possibility of upcoming catastrophes and reasons for certain events? No. This is Chess, and there are obvious moves in chess, hidden moves in chess, but the best moves involve peices which can be utilized in different ways if the board calls for it.
Is all what it seems? No.
I definitely changed a few previously held beliefs prior to today, and I would caution you in advance that you will find some previously held convictions challenged.
After uncovering what I did today, I would also strongly suggest reading information cautiously. This is all merely a culmination of ending the cold war, and once I have events laid out, you will see it as well.
At this moment, the end analysis is a war will start in the near future. This will be mainly for a few reasons, preemptive resource control for water and crops, population reduction can be achieved since we have too many people, not enough jobs, and upcoming resource scarcity.
Did you notice my omission of rare earth elements? This is because of Afghanistan. I would wager China or Russia is somehow supporting the continued resistance through Iran. But events are now accelerating with China because the western collation has already begun to build up their mines and start production.
Do you remember when Trump made a "joke" about buying Greenland? Yeah. It turns out that Greenland has one of the largest rare earth mineral deposits on the planet.
Take care. Be safe. Stay aware and be prepared.
This message not brought to you by the Bill and Melinda Gates Foundation, Microsoft, Google, Facebook, Elon Musk, Blackrock, Vangaurd, the Rockefeller Foundation, Rand Corporation, DARPA, Rothschilds, Agenda 21, Agenda 30, and ID 2020.
submitted by biggreekgeek to conspiracy [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

One Year Update: 38M FIREd

Well, February 22nd makes it one whole year. I think that's deserving of a top level post, right?
Here are screenshots of the Mint Trends, which has every single expense from the past year categorized. I've added comments on each page.
Expenses Overview
Auto Expenses
Food Expenses
Home Expenses
Utility Expenses
Tax Expenses
Healthcare Expenses
Entertainment Expenses
Main takeaways, my total expenses for the year was $37,700, but I'm going to dismiss about $15,000 of that as "one time" expenses from paying off my car and my furniture loan. A more reasonable number for my annual spend is $22,700.
With my car payment gone, my highest expense category is Food, averaging $500 per month. This has room for improvement.
Healthcare will look artificially low last year because of taking Tax Credits up front. This year I am not and will be paying $325 per month for health insurance. At ~$4000 per year, this puts healthcare at nearly 20% of my total expenses.
Nothing else is particularly interesting. That $22,700 figure is a reasonable real-world number for me, but for future planning I'd still inflate that to $25,000 just to have more wiggle room. I may look into traveling this year, which would add some expense.
Investments:
Vanguard Investments: (All in VTSAX)
Other LTCG holdings: $145,000 -> $291,000 (other investment accounts and bitcoin)
HSA Investment Account: $6000 -> $7400, with another $1700 in the "cash" holdings of the HSA.
$9000 cash in Money Market & Checking Account.
Finances Going Forward
I had earned income last year so I didn't start my Roth Conversion Ladder last year. This year I decided I will be converting the $12,400 standard deduction + $9600 of the first tax bracket for a nice round $22,000 converted. Yes I'll owe a little bit of taxes, but it sets up my Roth with $22k in 5 years which should cover the majority of my expenses. And with $350k currently in tIRA and converting $22,000 per year, I won't be able to chew through it all before actual retirement age.
I have about $20k from an old stock purchase plan that unlocks come April, which I will be selling and likely moving over to my money market account to shore up my "cash" holdings.
My plan is to not really tap any of my "normal" investment accounts for as long as possible. I've been deferring to selling Bitcoin if I need to move some cash over. Last year I sold 3 bitcoin, one for $9300 in June, and then two at the end of December (for tax year Capital Gains reasons) for $7300 each. These were all LTCG at 0% taxed. AGI for last year is around $35,000.
The Living Part:
There's all the boring expenses and financial stuff. Now for the ever painful question that my beloved Grandmother loves to ask, "But gosh, what do you do with all of your time! I can't imagine being retired at your age!"
Step 1, restful sleep. During my working career I lived off 6 hours of sleep every day. It made for exhausting weekends trying to "make it up." And luckily I'm not a generally stressful person or else it'd have been worse. But now I go to bed when I'm tired, and whenever I naturally wake up, I get up. This can lead to VERY weird hours since I'm often an extreme night owl. But I generally get 9-10 perfect restful uninterrupted dream-filled hours of sleep.
I'm betrayed by my "Food Expense" breakdown, but I really am cooking more and eating better. I drink a lot of coffee and water at home and generally try to eat only one meal per day, but sometimes lunch and dinner. I don't normally eat breakfast, just have coffee when I wake up. And did I mention how much less painful it is to go grocery shopping when it's in the middle of the day and everyone's at work. It's so nice.
I spend a lot of time on reddit browsing my front page, and I check out the YouTubers I follow that post daily, then check out any of the irregular posters. Depending on how much good stuff there is, this could go on for a few hours.
I have a lot of hours playing video games. I tend toward puzzle games or building games (Factorio, Satisfactory) because they scratch that itch in my engineering brain. There are times at night where I'll spend hours on this website: https://www.puzzle-sudoku.com/ and play Sudoku or Nonograms or any of the other puzzle types on the bottom of the page.
I'm doing my best to watch every single last show on Netflix. It's a daunting task, though it's surprising how often I drift back toward watching the same smattering of Star Trek: The Next Generation episodes rather than try something new. But I try and take recommendations and work my way through shows.
And Podcasts! The joy of joys is when I come across a new-to-me podcast that has a huge backlog. I found a great ST:TNG rewatch podcast that had 108 episodes already done. I spent like 2 months watching the episode of TNG then immediately listening to their podcast about that episode, repeat repeat repeat. I'm currently working my way through The Adventure Zone, I'm on episode 46 of 155 with them. And they keep advertising the other podcasts The McElroys do so I'm sure I'll roll into one of those next. For many people podcasts are background noise, but I'll often just sit on the couch and concentrate on just listening the podcast.
Outside of home, I can't wait for the weather to get nicer so I can go on more walks. Being a night owl I like going for walks at night. I live near our city center so I'm within blocks of city hall, the main library branch, and the fountain / park.
I jump at any opportunity to hang out with friends. It's just about every weekend that we are getting together to hang out and play board games. Like I mentioned in one of the breakdowns, I've started to play D&D with my buddy and his wife. I'd never played before but he's been DMing for years (but hasn't had a group for 10+ years now). He's glad to be playing again, his wife loves it, and it's super convenient for them to stay home with the 5 month old daughter. (And baby gets to hang out with Uncle Oracle.)
I get together with former co-workers every few months to keep in touch with them. One in particular I have a standing every-2-month bar date with. I remind them every so often that if they want to go out to lunch ever to just call me.
Personal History
Just a quick personal history in closing. I was an automotive engineer working for OEMs and Tier 1 suppliers in the Metro Detroit area. In the 2008 downturn I lost my job and was unemployed for 2 years and ended up getting my house foreclosed in 2010. By the time i got a job in March of 2010 I was basically at $0. I had a tiny amount in an 401k, had about $20,000 in credit card debt from being unemployed.
But then I got a very well paying engineering job ($108k annual and eligible for time-and-half overtime). I kept living like I was unemployed, spent as little as possible and saved as much as possible. Through my parents I secured a mortgage on a nice 1 Bed / 1 Bath 900 sq ft condo. I paid off my CC debt in less than a year and kept banking cash and maxing my 401k every year.
I heard about bitcoin in early 2013 (from a guildmate in World of Warcraft, believe it or not) and jumped on board. All time bitcoin price chart (log scale) for those unfamiliar with the history. I got in before the first spike to $1000 in December of 2013, and kept buying throughout the downswing in 2014 / 2015. In 2017 I sold 5.6 BTC for a total of $6000 and paid off the last of my student loans and my car, then a few months later I sold 4.25 BTC for $6700 and paid off the last of my condo mortgage. So in May of 2017 I was officially debt free and had a net worth of about $200,000.
Then in the fall of 2017 was when bitcoin exploded. I knew I had to take profits here. Every time the price went up 10% I sold another bitcoin. $7500, $9000, $10700, $13000, $15500, $18600. I sold all the way up. I ended up selling about $100,000 in bitcoin that year and I pushed most of it into my Roth IRA and Brokerage accounts.
Then I really started thinking about FIRE in early 2018. Started doing the math, tried to see what my expenses would be, and thought I'd give it ago. I've told myself from day 1 that I'd give this trial a solid 2 years. If I don't feel good about it, or the money doesn't seem right, then I'll still only be 40 years old and could (IMO) easily jump right back into an engineering gig. So I targeted early 2019 so I could frontload my 401k for two months, grab the annual bonus, then peace out.
TL:DR: 38, FIREd, Money's looking right, Life is feeling right, everything is fine
submitted by Oracle_of_FIRE to financialindependence [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoincash [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/c5cxea2lqid51.jpg?width=1080&format=pjpg&auto=webp&s=3d6a0388408f6b8abe10648e5e4b7a3a5434c821
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoin [link] [comments]

[CONTEST] Where do you think bitcoin will be in a year?

In honor of the 2013, 2014, 2015, 2016, 2017, and 2018 prediction threads, I am opening another one up. What do you think bitcoin's price will be come Dec 23rd 2020 at 22:00 UTC?
The winner of last year's contest thread is TheresJustNoWay (link). Congratulations. I'll send your price to you as soon as I can, I'll PM you when that's ready.
The gist of the contest is: I pledge to give 0.0032 BTC to the closest prediction, or whatever bitcoin is equivalent to $24 is at the moment (If you do not chose which in your prediction comment, the choice will be made for you come Dec 23rd 2020 [protip, if you predict below $7500, chose the USD equivalent. If you predict above $7500, chose the BTC amount]). Participants have to chose in the same comment they make their prediction on. Edited comments are disqualified. Bitstamp.com will be used to determine the winner of the contest. You can have however many predictions in your comment, and feel free to ponder as much as you'd like, but the last BTC price on the comment will be the one that applies to the contest. In case of multiple comments, whichever comment was made first will be the applicant to the contest. Cut off date to enter is December 26th 2019.
Best of luck, everyone. Happy trading!
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That's right, the correlation between Bitcoin and U.S. stocks is hitting a record high

That's right, the correlation between Bitcoin and U.S. stocks is hitting a record high
On March 12, due to the panic caused by the rapid spread of New Coronary Pneumonia, the price of bitcoin fell sharply on a single day, and the rest of the cryptocurrencies generally followed suit. Most cryptocurrencies fell more than 30% weekly.
Source: Coin Metrics Reference Rates
The latest Coinmetrics report analyzes the reasons for the crash, specifically pointing out that the correlation between Bitcoin and S & P hit a record high. At the same time, data shows that short-term investors have promoted the large-scale selling of cryptocurrencies.

相关 BTC and S & P correlation reach record high

历史 BTC's historic one-day price decline coincided with the worst day in the US stock market since 1987. On March 12, the Pearson correlation coefficient between BTC and the S & P 500 soared to an all-time high of 0.52, the previous record high of 0.32. This shows that the crypto asset market is increasingly connected to existing traditional markets and is more sensitive to external events than ever before.
Source: Coin Metrics Reference Rates
Over the past week, the bitcoin price has responded to several key events, including President Trump's announcement of a 30-day travel ban between the United States and Europe, and the Federal Reserve's announcement to reduce the federal benchmark interest rate to 0.00% -0.25% Levels and more. Below is a comparison of the timing of some key events over the past week with the price of Bitcoin.
Source: Coin Metrics Reference Rates

BTC sellers seem to be mainly short-term holders

According to the data on the blockchain, the recent sell-off of bitcoin transactions has mostly come from relatively short-term traders and recent entry holders. At least so far, long-term holders remain bullish.

MeCoin Metrics' Supply Activation Index tracks how many coins that have not moved during a particular period of time re-enter circulation. On March 11, approximately 281k bitcoins that had not been moved within 30 days re-entered circulation, while only 4,131 bitcoins that did not move within one year entered circulation. This shows that the two-day trend on March 11 and March 12 involved bitcoin with little one-year long-term holders.
https://preview.redd.it/3nh814wr8fn41.png?width=700&format=png&auto=webp&s=e57322372ebb70f1607c3beb26a832d42e9fcbf0
March 11 is the fourth largest peak in the number of unremoved bitcoins in the past eight years and 30 days.
https://preview.redd.it/pqdyx40v8fn41.png?width=700&format=png&auto=webp&s=0961fe5006aff0f9dbc83875fbdd5d113674ab2f
Long-term holders have not wavered, and the number of Bitcoins that have not moved and re-entered into circulation during the one-year period has not increased abnormally.
BTC MVRV index drops below 1
MVRV above 1 indicates that speculators value the market higher than holders, and MVRV below 1 indicates that holders value the market higher than current speculators. When the MVRV is lower than 1, it is not so easy for the holder to immediately sell for a profit.

MVOn March 12, the MVRV index fell to 0.5, the largest one-day drop since December 2013. It turns out that the period when the MVRV index fell below 1 in the past is also the best time to buy more Bitcoin at a discounted price.
https://preview.redd.it/7yh06vq49fn41.png?width=700&format=png&auto=webp&s=0fe23df28a05e53fee318877fa11ec60518530aa
to sum up

MetricCoinmetrics finally concluded that after a crazy sell-off in the past week or so, although the price of bitcoin has fallen sharply, multiple figures are reassuring. The sell-off seems to be mainly caused by short-term investors stepping on fear, and long-term holders have so far been relatively stable. At the same time, as Bitcoin MVRV dropped below 1, it seems to have entered the historically attractive price-sucking range.
submitted by FinnHe to Bitcoin [link] [comments]

BitOffer Institute: After halving, Bitcoin likely hitting above 100k

BitOffer Institute: After halving, Bitcoin likely hitting above 100k

https://preview.redd.it/f9f8sdabmm851.png?width=1200&format=png&auto=webp&s=c035a14edf1bffeceee3db7dba24e28bb6cdc653
The currency founding block was born on January 3, 2009. Satoshi Nakamoto designs that the miners can obtain 50 BTC rewards with the packaging of one block. The number of bitcoins created about every 10 minutes which has halved every four years from 2012. Since the maximum supply of bitcoins is 21 million, halving means it will take longer for all bitcoins to circulation. But it also means there will be limited bitcoins over time. Historically, halving bitcoin has proven to be an important catalyst for a new bull market in the currency.
On November 28, 2012, bitcoin been halved for the first time, alongside with block awards reduced from 50 BTCS per 10 minutes to 25. The total issued amount of BTC is 21 million, with the improvement of people’s cognition and consensus on Bitcoin, the scarcity of Bitcoin shows obvious after halved. While other factors in the market remain stable, the relationship between supply and demand will determine the price of goods.
In 2012, before the halving, the price of Bitcoin was around $12. After November 28, the price rose to the peak of $1,175. On December 4, 2013, the price doubled by 100 times and set an all-time high for Bitcoin at that time. This has helped the earlier bitcoin owners to achieve wealth freedom and increased the public awareness of the value of bitcoin.
On July 9, 2016, the 420,000th bitcoin block was completed, and the block reward was halved for the second time, which reduced from 25 BTC in 10 minutes to 12.5. This halving increased the scarcity of Bitcoin and alongside with the bull market of Bitcoin again.
At the second halving, the price of bitcoin was around $660, after the halving, the price firstly experienced more than three months of backtracking, then suffered over seven months of sideways trading, eventually skyrocketed. By December 16, 2017, the price of Bitcoin reached $19,991 at its peak, a new record with an increase of nearly 30 times.
After twice time of bull markets in which bitcoin was halved, many institutions stepped into the market, countless investors saw the infinite possibilities of its future. Image how long would it take a traditional industry to multiply its capital 30 times? But in the currency circle, it only takes one year, which is why institutions and retail investors are unanimously bullish on Bitcoin, and many even use it as a tool to avoid risks.
This year marks the third time that bitcoin has halved. On May 12, the number of bitcoin block awards was reduced from 12.5 to 6.25. According to the results of the previous halving, where does the price will go?

https://preview.redd.it/9hgnln2emm851.png?width=900&format=png&auto=webp&s=ce37be510e643d9aa2daa690ec4a2b569b771508
Through the halving, numerous investors have seen the huge business opportunity behind Bitcoin. In earlier 2020, many large organization institutions started to lay out BTC. According to a recent report released by Glassnode, the number of whales that holding more than 1,000 bitcoins has increased sharply since 2016. This data reflects a strong bullish signal after Bitcoin halved for the third time.
After the first time of halving, the price of Bitcoin increased more than 100 times, and after the first time of halving, the price of Bitcoin increased more than 30 times. History doesn’t repeat itself — but it often rhymes. According to Lucian, the chief analyst at BitOffer Exchange, said that the bitcoin will have a bull market within a few months after the halving, with the increase of at least 10 times, that is, it is expected to break the $100,000 price.
Therefore, it is the best time to buy Bitcoin. However, rather than buying Bitcoin, it is better to trade Bitcoin ETF at BitOffer, which starts with a minimum yield of 3 times. Besides, it also includes the intelligent dynamic warehousing mechanism and the calculation of fund compound interest, with a maximum yield of 17 times. If the price of bitcoin goes up more than 10 times, the ETF will go up as much as 170 times. Without a doubt, the Bitcoin ETF is the best investment choice.
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]

Survey Of Future Price Of Bitcoin

Hey bitcoin fans, I want to make a study about the future price of bitcoin and after that release a video on YouTube, but before that I need your help to conduct the study.
here is the subject
The first halving on November 2012 the price of bitcoin was 10.8$ after that on December 2013 the price of bitcoin went to 1161$ = 107X profit
second halving on July 2016 the price of Bitcoin was 650$
on December 2017 the price of bitcoin went to the moon 19643$ = 30X profit
The Average between the two pumps is 68.5X the calculation is [(107 +30)/2] =68.5
The third halving 11 may 2020 the price of bitcoin was 8600$
If we take the average profit X the price of bitcoin on the third halving
we got this number “bitcoin Price prediction : 68,5 X 8600$= 589 100$”
My question is how many of you think that bitcoin will reach
less than 100 000$
between 100 000$ and 300 000$
between 300 000$ and 600 000$
submitted by Bitcoinsproutclub to Bitcoin [link] [comments]

Dude describes how bitcoin helped him to financial independence and retiring early

Found on /financialindependence:
"I was an automotive engineer working for OEMs and Tier 1 suppliers in the Metro Detroit area. In the 2008 downturn I lost my job and was unemployed for 2 years and ended up getting my house foreclosed in 2010. By the time i got a job in March of 2010 I was basically at $0. I had a tiny amount in an 401k, had about $20,000 in credit card debt from being unemployed.
But then I got a very well paying engineering job ($108k annual and eligible for time-and-half overtime). I kept living like I was unemployed, spent as little as possible and saved as much as possible. Through my parents I secured a mortgage on a nice 1 Bed / 1 Bath 900 sq ft condo. I paid off my CC debt in less than a year and kept banking cash and maxing my 401k every year.
I heard about bitcoin in early 2013 (from a guildmate in World of Warcraft, believe it or not) and jumped on board. All time bitcoin price chart (log scale) for those unfamiliar with the history. I got in before the first spike to $1000 in December of 2013, and kept buying throughout the downswing in 2014 / 2015. In 2017 I sold 5.6 BTC for a total of $6000 and paid off the last of my student loans and my car, then a few months later I sold 4.25 BTC for $6700 and paid off the last of my condo mortgage. So in May of 2017 I was officially debt free and had a net worth of about $200,000.
Then in the fall of 2017 was when bitcoin exploded. I knew I had to take profits here. Every time the price went up 10% I sold another bitcoin. $7500, $9000, $10700, $13000, $15500, $18600. I sold all the way up. I ended up selling about $100,000 in bitcoin that year and I pushed most of it into my Roth IRA and Brokerage accounts.
Then I really started thinking about FIRE in early 2018. Started doing the math, tried to see what my expenses would be, and thought I'd give it ago. I've told myself from day 1 that I'd give this trial a solid 2 years. If I don't feel good about it, or the money doesn't seem right, then I'll still only be 40 years old and could (IMO) easily jump right back into an engineering gig. So I targeted early 2019 so I could frontload my 401k for two months, grab the annual bonus, then peace out.
TL:DR: 38, FIREd, Money's looking right, Life is feeling right, everything is fine."
Source: https://old.reddit.com/financialindependence/comments/f7q7lo/one_year_update_38m_fired/
submitted by Rattlesnake_Mullet to Bitcoin [link] [comments]

TRUE historical data on yearly lows (correcting repetitive historical false information spread on reddit and twitter)

Recently, wrong historical data on the alleged Bitcoin yearly lows could be repetitively read in ill-researched or "blindly copy-pasted" posts and tweets, e.g. falsely claiming a yearly low for 2013 of $65, where $13 is the correct value (wrong by a factor of 5)!
Here is the correct data:
TRUE yearly lows (first historically recorded trade occurred at MtGox exchange on 17th July 2010; bitstamp exchange started operation on 13 Sep 2011*):
*not included: Bitcoin prices of around $0.003 on Bitcoin USD markets recorded since 25th April 2010, consistent with famous two Bitcoin pizzas from 22nd May 2010 worth $30 for 10,000 BTC.
Yearly absolute lows (just omitting obvious implausible data flaws) - not recommended because short outliers of very low trade volumes can bias the view of the real market situation:
Yearly lows of daily weighted averages - more useful because short outliers with very low volumes are not biasing the statistics:
  • 2010: $0.05 (MtGox, 17th & 24th & 25th & 26th July)
  • 2011: $0.29 (MtGox, 4th January)
  • 2011: $2.24 (bitstamp, 21st October)
  • 2012: $4.33 (bitstamp, 19th February)
  • 2013: $13.01 (bitstamp, 1st January)
  • 2014: $305.81 (bitstamp, 5th October)
  • 2015: $189.84 (bitstamp, 14th January)
  • 2016: $370.21 (bitstamp, 3rd February)
  • 2017: $783.46 (bitstamp, 12th January)
  • 2018: $3171.72 (bitstamp, 15th December)
  • 2019: $3365.06 (bitstamp, 7th February)
  • 2020: <= $7030.21 (bitstamp, 2nd January)
Change rates:
  • 2011: x 5.8 (+480%)
  • 2012: x 14.9 (+1390%)
  • 2013: x 3.0 (+200%)
  • 2014: x 23.5 (+2250%)
  • 2015: x 0.6 (-40%)
  • 2016: x 2.0 (+100%)
  • 2017: x 2.1 (+110%)
  • 2018: x 4.0 (+300%)
  • 2019: x 1.1 (+10%)
  • 2020: <= x 2.1 (<= +110%)
How to do this yourself:
Example for 2013:
https://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2013-01-01zeg2013-12-31ztgSzm1g10zm2g25zv
Click on "Load raw data" below the chart, copy-paste to spreadsheet like Libre Calc or MS Excel or Google documents, apply "min" function on the column of daily lows or daily weighted averages.
For year 2013 on bitstamp, the yearly low was reached on 1st January 2013: - Daily absolute low = $12.77 - Daily weighted average = $13.01
submitted by Amichateur to Bitcoin [link] [comments]

These are facts

Newly issued bitcoin supply cuts in half for the FIRST time on
November 2012 $13
Price peaks on November 2013 $1100 80X
Newly issued bitcoin supply cuts in half for the SECOND time on
July 2016 $650
Price peaks on December 2017 $19,500 30X
Newly issued bitcoin supply cuts in half for the THIRD time
TOMORROW $8700
?X
submitted by CoinHubATM to Bitcoin [link] [comments]

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
.
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
  5. Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  1. ANONYMOUS
  2. CENSORSHIP RESISTANT
  3. FRICTIONLESS
  4. TRUSTLESS
  5. UNCENSORABLE
  6. UNTRACEABLE
  7. SAFE
  8. SECURE
  9. YOU CANNOT LOSE
  10. NOT A SCAM
  11. PERMISSIONLESS
  12. GUARANTEED PRIVACY
  13. CANNOT BE SEIZED
  14. CANNOT BE CONFISCATED
  15. Be your own bank
  16. Regulation-proof
  17. NO MIDDLEMEN
  18. DECENTRALIZED
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video.
  149. "Everything will be more connected.", Brock Pierce, EOS.io shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video.
  151. "Everything will be more secure.", Brock Pierce, EOS.io shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/.
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
  259. 2018-12: Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

Bitcoin Trading - Streaming Live Bitcoin prices through Exchange API Bitcoin Price History Racing Bar Chart ( 2013 - 2020 ... SHOCKING TRUTH ABOUT THE BITCOIN PRICE RIGHT NOW ... Bitcoin $1300 says BOFA -- Who is Satoshi Nakamoto -- Meet China's Bitcoin Millionaire Bitcoin Timelapse

Bitcoin made headlines on Nov. 29 as the price of a single coin hit an all-time high. Mt. Gox one of the original and biggest bitcoin exchanges, based in Tokyo, recorded the high at $1,242 per coin. Go back in time. View a historical snapshot of all active cryptocurrencies on 22 December 2013. The price of a Bitcoin continued to decrease for a few months in 2015, but increased toward the end of the year to $362.73 on December 1st. Growth · 2016 and 2017 have seen steadily rising prices, with a large spike at the end of 2017. Bitcoin Price in 2013. The price of Bitcoin in USD is reported by Coindesk. All prices on this page are nominal (i.e., they are not indexed to inflation). For price history since Bitcoin was first traded on exchanges in 2010, click here. In total, the price of bitcoin was above $1,000 for just 10 days in 2013, and only one day in 2014, according to BPI data. In 2013, prices quickly returned to the $600-$700 level, a low that, at ...

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Bitcoin Trading - Streaming Live Bitcoin prices through Exchange API

Donate: 1piwo7t59rr4SR78CWpYJpt5WM6iCy11Y Bitcoin Timelapse "the last seven days" 10.12.2013 to 17.12.2013 - Bitstamp Price from bitcoinity.org Original file... December 6, 2013 -- Jeddah, Saudi Arabia -- Where there's MadBitcoins, there's music Here are Today's MadBits: Bitcoin prices took a bit of a dip this morning, falling from $1040 to $950 on Mt ... WOW!!! BITCOIN BROKE DOWN!!! WHAT NOW?? Well look at these INTERESTING btc price developments in the Bitcoin chart right now!!! $502 FREE on our Trusted Exch... Published on Dec 10, 2013. ... Bitcoin 101 - Calling All APIs - Coding Live Price Data From Bitcoin Exchanges - Duration: 10:53. CRI 28,339 views. 10:53. Nonetheless, comparing today’s Bitcoin market with that of 2013 is all but impossible. At the time, Mt. Gox was the only major exchange, itself imploding to cause a massive price crash.

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