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Bitmain: ZHAN vs WU War!

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It is not a secret that one of the largest mining companies in the world has been the victim of poor leadership, the fight to stand out and stay in power has been fierce in recent times.

Its history of conflicts starts from its creation, a company with very talented people but with inflexible and non-negotiable leaders so I can feel it from my point of view.

The company was created by the father of the chips Zhan Keutan Aka Micree from his idealistic vision and inspired by the figure of the "Sophon" from an Asian book, it has revolutionized the market, evolving in terms of artificial intelligence and maximum neurological development in its teams.

On the other hand, one of the biggest drivers of BitcoinCash since its inception, Jihan Wu, has been the economic and administrative brain of the company for years, its evolution as a figure within the Bitcoin world has been relevant after the New York agreement Aka Segwit2x.

It is evident that two leaders was in clash and could not convince each other. Wu Jihan had been angry with some of Zhan's actions.

In 2017, Bitmain had very few people working around the world. Zhan was focus on investing a large amount of money in AI projects, which was considered by Wu as a waste of company money to achieve fame and personal fortune desires.

During these years with a vision divided into different objectives, by both leaders, Bitmain has had a clear participation in the growth of open source projects such as Block.one, developers of BCH (ABC), Zcash, as well as has invested in the implementation of mining projects around the world.

Both had close to 30% of the shares at very even levels of participation, making it difficult to reconcile both visions in absolute agreements, even at the end of 2018 both decided to depart from management occupying less relevant positions, giving way to a conciliation process where The managerial figure would be taken by Wang Haichao, but his mandate was relatively short, all his decisions were subject to prior approval from his co-founders despite not belonging to management.

In March 2019, Zhan resumes his mandate as CEO while Wu remains as director, in a year where Bitcoin entered its winter after the exponential growth of 2017.

In September 2019, as a result of the failed growth of Bitcoin and difficulties in sales growth, as well as anticipating the future halving of BTC / BCH, the company chooses to propose an IPO, a proposal that ended up being unsuccessful, it is evident that halving affected significantly To these companies, you are reducing the profit of their products by 50%, therefore they have had to reformulate their ideas.

Finally October 2019 and the rope ends breaking, and this notice appears to Bitmain employees.

Notification to Bitmain employees

Jihan Wu has achieved his goal, he has Bitmain's reins and his main opponent is out of the game, but beyond this, Zhang explains his condition in an open letter.

In November, Wan announced in an open letter his next steps.

Zhan letter

After this plot, the worst happened. Zhan has declared war.

In his first legal move, he proceeded to induce a complaint in the Cayman Islands, because his voting power was reduced within the company after an abrupt departure.

The latest claim by the justice office came in response to a request Zhan made in February for an administrative review of the decision and his participation.

After this, Zhan has continued to promote his role as a guerrilla fighter, fighting from the trenches, in the early 2020s he published a statement in support of BITMAIN workers, after a series of unjustified dismissals from his perspective, after stating that the company was still in positive numbers.

Finally, two days ago Bitmain exposed a public document regretting the legal actions of its co-founder Zhan, here we summarize the final part of the statement.

Bitmain Statement on Weibo

Today 02/29/2020 the Court announces sides with Bitmain co-founder Micree Zhan in a dispute over his former position. There is still a lot to explain and describe about this case, and it is impossible to forget the great influence that Bitmain's mining teams have on the BCH hashrate.

Has rate Civil War, the hash value in the block has also become an indispensable place for many Bitcoin companies in the world

Bitmain with this decision can take a change of course in its direction, it is evident that any action that affects Bitmain can affect BitcoinCash, but I prefer not to anticipate the facts, for now we have to wait for the power dispute to develop within the colossus.

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  1. https://www.chainnews.com/articles/614715192956.htm

  2. https://www.chainnews.com/articles/678272418622.htm

  3. https://www.bloomberg.com/news/articles/2020-01-03/ousted-bitmain-co-founder-wages-battle-for-control-in-court

  4. https://bch.btc.com/stats

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Comments

Thanks man! I'm happy you took the opportunity and helped me save some time.

$ 0.00
2 years ago

It is not germain to induce radicalism in organisational management. The duo ought to have employed gentleman agreement to remove the bottlenecks dwindling the fortune of Bitmain. It's unfortunate.

$ 0.00
2 years ago

something is broken between those guys.

$ 0.00
2 years ago

Who do you think will win? Who should win?

$ 0.00
2 years ago

My mind told me Zhan but my hearth told me Wu...

$ 0.00
2 years ago

Are you working for Bitmain? If not maybe you need to consider this?) Lets hope Zhan or Wu will see this post!

$ 0.00
2 years ago

no, but I would not want to be in a place where one day you work and the next they can throw you away without further explanation, this company seems to be divided and its owners will only defend personal interests, I prefer to have more sensitive bosses.

Even there is a lot to see among Covid and Halvin, many problems are coming, more government controls and bankruptcies.

$ 0.00
2 years ago

Oh my! Another drama is coming up...

$ 0.00
2 years ago

This is a good idea

$ 0.00
2 years ago

Please keep us updated on any other interesting and especially also positive news from Asia. I think there might be a lot of people from the US and EU, that are very interested in more information about BCH Asia.

$ 0.00
2 years ago

@read.cash I have tippes this and another article with a 1-time QR code. But the contribution is not showing. Any fix for that?

https://blockchair.com/bitcoin-cash/transaction/fc38f89896de23ffd4ad6d9d90c2b069854e3c0fc1871e4217e5ad30595eb8e6

$ 0.00
2 years ago

:-( I have bad luck !

$ 0.01
2 years ago

I would guess, that you still have received it. Do you see it, when you click to update your wallet?

$ 0.00
2 years ago

i hoped a better user experience, she told me that it was a 10 $ challenge.

$ 10.00
2 years ago

It is just a bug. It will be fixed soon. You should have gotten 10$ I give you another 10$, so you will have 20$ later. 🤑

$ 0.00
2 years ago

Thanks! but there isn't after 8 hours.

$ 0.00
2 years ago

I have contacted the developers. I don't think he has seen this issue yet. Anyway, I gave you 10$ directly to your comment. So you have your reward. And when you come back to this page sooner or later, you will have another 10$. It might take some time to find out what happened. Maybe I just send it to the wrong address myself😥? Thank you again.

$ 0.00
2 years ago

Pls give me couple cents too😂😅

$ 0.05
2 years ago

If your QR code payment didn't reach the user it might mean that your browser still has your money in a temporary wallet. Click upvote again (anywhere), click "One-time QR code" again and there's a bold red link "Problems?" below. Click it. It will try to look for these lost payments and recover them to your online read.cash wallet. This happens sometimes because bitsocket node that we use (bitsocket.bch.sx) occasionally (rarely) hangs and your browser can't detect a payment to forward it. If that doesn't help - reply to this message, we'll try to figure it out.

$ 0.05
2 years ago

Interestingly, it retrieved $1.70 from my first failed tx towards Cain. So that seems fixed. But couldn't retrieve the 10$ yet. Trying it again doesn't work. Nothing found.

$ 11.00
2 years ago

Sad news, It must be uncomfortable for he/she or for a person with little experience with bitcoin cash, it can represent a bad experience and scare the user away

$ 0.00
2 years ago

This is weird. I'm guessing $10 is still stuck in your temporary wallets, but it would take time to research. If you could email me to hello@read.cash - I'll give you a few pointers on how to recover it. In the meantime I've sent you $10 as a compensation which you can forward to whomever you want. Sorry for the experience.

$ 0.00
2 years ago