A $40 Billion Plan to Cash Out Of Bitcoin

["DAVID FARBER" <dfarber () me com>]

Begin forwarded message:

> From: the keyboard of geoff goodfellow <geoff () iconia com>
> Date: August 15, 2018 at 4:17:01 AM GMT+9
> To: E-mail Pamphleteer Dave Farber's Interesting People list <ip () listbox com>
> Subject: A $40 Billion Plan to Cash Out Of Bitcoin
>
> A $40 Billion Plan to Cash Out Of Bitcoin
> A rumored IPO of the world’s biggest crypto-miner might end up as a play on advanced AI chips. 
> https://www.bloomberg.com/view/articles/2018-08-14/a-40-billion-plan-for-bitmain-to-cash-out-of-bitcoin
>
> The 1980s cyberpunk novels that predicted today’s internet failed to conceive of anything as outlandish or 
> contradictory as Bitcoin: A digital currency that’s spent nowhere, a commodity that’s used for nothing, and a 
> libertarian dream that’s effectively run by elites.
>
> Now, after its 66-percent price drop from December highs, comes yet another fantastical plot twist. The Chinese 
> company that makes most of the world’s Bitcoin-mining rigs — as well as a big pile of mining and crypto-trading 
> profit — is thinking about a stock-market listing. The proceeds would be used to develop the kind of sophisticated 
> hardware that would let it compete head-on with tech giants like Google in areas way beyond Bitcoin.
>
> The firm in question is Bitmain. It is run by a 32-year-old billionaire — Jihan Wu — and has a business model that 
> might make an antitrust regulator cancel their holiday leave. Bitmain designs and sells the powerful custom chips 
> used to mine cryptocurrencies, but it makes money from mining too. In Gold Rush parlance, it sells the pickaxes and 
> owns and works the mines. Its market share in the former is 80 percent; in the latter it’s 40 percent.
>
> [...]
>
> -- 
> Geoff.Goodfellow () iconia com
> living as The Truth is True
> http://geoff.livejournal.com  
>
>
> This message was sent to the list address and trashed, but can be found online.



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