Bitcoin Visa, Bitmain IPO & More

rt395 (65)in #bitcoin • 6 years ago

Cash App

My second bitcoin visa arrived yesterday, almost 2 months after I ordered it, but it arrived none the less. It's a Cash App Visa card, Jack Dorsey's other company. It's a great alternative to Coinbase and Bitpay. It's basically a prepaid debit card. You load it with cash which you can keep and use as a debit card or you can buy BTC. If you want to use the BTC you then have to sell it, within the cash app, to convert it back to cash. It's a very convenient on and off ramp for BTC. It's also sexy AF!

If you want to move your BTC to a different wallet you can do that too, but you have to do some KYC.

If you don't have it yet, grab the Cash App and we will both get $5. https://cash.me/app/NNCQNDX

Bitmain

Mining hardware manufacturer Bitmain is filling for an IPO. It is expected to be one of the largest IPO's ever at around $15 billion dollars. It is also creating a lot of speculation now that we can have a look at some of their holdings thanks to Samson Mow.

Source

You'll notice the holdings on the left of the chart above, the center is avg. price acquired, the right is dollars x $1000. They dumped about 35,000 BTC towards the end of 2017. There was a large sell-off on 12/22/2017 which may have been Bitmain. But whats more interesting and frightening is their holdings in Dash, LTC and their massive accumulation of BCH, of which they hold about 5% of the circulating supply. They are propping up Bcash. Talk about being fucking rekt! Throw in the fact that in April 2018 a Bitcoin core dev found a bug in Bitcoin Cash and notified them, saving BCH from a fatal chain split and you are playing with fire holding Bcash. https://bitcoinist.com/bitcoin-core-dev-critical-bug-bitcoin-cash/

Source

I that wasn't enough, the bag of BCH that Bitmain holds is a massive liability. It can't be unloaded. In fact, people have said that even selling 30k BCH would cripple the order book on bitfinex. This has lead to speculation that the IPO is a bailout of sorts, a hail mary, one I want to be nowhere near. Remember, this is their Satoshi.

Source

Steem Price

Many of you are feeling the bear and it sucks. Steem has dropped below $1, a psychological barrier, but we've been here before, last August in fact. It sucked back then too, but we persevered. Unfortunately, I am bearish for the next month.

There is a lot of confusion in the space with ICE's Bakkt platform launching in November. While it would open the door to millions of new investors, pension funds, etc. it also has the ability to massive chaos. If Bakkt tries to issue paper IOUs to bitcoin a UAHF would most likely kick in and that is a huge fucking problem. If a majority of hash power, think Bitmain and a few other players, sided with Bakkt bitcoin would be crippled for a long time, if not outright killed. I am hoping Bakkt does not go that route though for the sake of all crypto.

Bitter Sweet

I'd like to close with an official "Good Bye". I have resigned as an advisor to the Steemit-jp team. I wish them the best of luck. I know how difficult it is to run a community after I, along with 4 others, built up @steemitbc to over 1,000 users. It is not easy. I will continue to support individual Japanese users and look forward to seeing the community grow.

Thanks for reading!