Samson Mow, the CSO of Blockstream is an important voice in the world of cryptocurrencies and the blockchain technology. His latest statement came today as he blasted the Bitmain IPO and exposed the hypocrisy of the company, calling it out for holding more Bitcoin Cash than Bitcoins despite being the biggest Bitcoin mining firm in the world. This statement from Mow comes at a time when Bitmain is gearing up to launch their IPO in the Hong Kong Stock Exchange (HKEX).
Mow further pointed out that Bitmain’s Pre-IPO deck highlights that they hold more Bitcoin Cash than Bitcoins. In fact, they have sold their Bitcoin to buy Bitcoin Cash. Moreover, he further pointed out that considering this holding, Bitmain has lost almost half a Billion dollars over the past three months and could have even lost a Billion dollars had the BCH vulnerability not been disclosed.Commenting directly on the Bitmain IPO, Mow called it a risky investment. He said:
The Bitmain IPO is incredibly risky for any investor to buy into. The potential for massive losses are just around the corner as they have no idea how to maintain BCH, but are all-in. Play stupid games, win stupid prizes.
— Samson Mow (@Excellion) August 11, 2018
Mow isn’t the first name to point out this strange behaviour of the firm. Bitmain has recently proposed a protocol which would allow implementation of smart contracts over the Bitcoin Cash blockchain. This has been public knowledge and it is well known that Bitmain does have some interest towards Bitcoin Cash.
Bitmain co-founder, Jihan Wu replied to the allegations made against his company, saying:
“Hashers and mining pools are import for the system, but they have to play responsibly and the other parties do have counter measures for whatever miners do. Working together. Unite, not to divide. BCH & BTC can develop their diff roadmaps and have peace”
Hashers and mining pools are import for for the system, but they have to play responsibly and the other parties do have counter measures for whatever miners do. Working together. Unite, not to divide. BCH & BTC can develop their diff roadmaps and have peace.
— Jihan Wu (@JihanWu) August 12, 2018
While it is unclear if Mow’s statements would have any impact on the upcoming Bitmain IPO, but it does raise some alarming questions regarding the company’s interests.
