Twitter User Accuses Bitmain of Messy Tradings
One dedicated user on Twitter has taken it upon themselves to remind the entire crypto community on certain points regarding previous situations with Bitmain in terms of trade and so far, the company isn’t pleased with the current events.
A user on Twitter under the handle of Vijay Boyapati has been operating a thread on Twitter and reminding the community and his followers of certain details regarding Bitmain just prior to the company’s scheduled IPO. Bitmain, a leading crypto-mining equipment manufacturer, is not remotely pleased with what the user is doing although the community is reacting beyond positively to the thread.
Boyapati decided to open the thread on Twitter, with 13 posts attached, by providing information and stating that the company’s planned Initial Product Offering has more to it than everyone knows and the company is hesitant in revealing these details. More followers and attention was drawn to the thread after information was released regarding how Bitmain handled trading a massive chunk of BTC reserves into Bitcoin Cash (BCH), a blockchain constructed as a result of a hard fork from Bitcoin (BTC), as a means of upping BCH’s valuation on the market.
The transition from BTC to BCH was a direct result of the company making attempts at increasing the size of BTC blocks although after failing to do so, Bitmain chose to hard fork the blockchain. Due to the fact that a majority of the company’s revenue and income came through BTC, several accusations and allegations began circulating, stating that BCH supporters actively attempted to claim the coin as the original BTC to fully replace the mother coin with Bitcoin Cash. The BTC vs BCH debate has been ongoing for a very long time and its debate has spread to every part of the cryptocurrency community.
The Twitter user then continuously criticized and comment on the transition of Bitmain, stating that the company was responsible for losing hundreds of millions from the “sloppy” trade of BTC to BCH and Bitmain has no means of exiting their current billion USD stance without resulting in a full crash of BCH’s value. Despite making a profitable comeback from selling Bitcoin as a means of enhancing BCH awareness and to support its crashing status, should the company fail to prioritize other cryptocurrencies and continue its blind focus on BCH, this will result in a severely complicated situation if other companies begin producing and developing mining rigs.
Additionally, rumors regarding Bitmain’s Initial Product Offering, some are stating that the IPO is just a PR-event used to draw attention away from the current situation and hopefully make another financial comeback. As soon as the sale becomes public, many will most likely question the intentions of the company as to why it continues pouring funds into BCH.