BTC Fans Are Angry With People Using Cryptocurrencies As Currency?

This week, Redditors not only followed the jumps of the rates, but also discussed such sign events as: Roger Ver talks about US Government, BCH founder tries to convey the importance of Bitcoin Cash, more businesses are switching to accepting cryptocurrencies, Fidelity takes a step forward… All that hot threads you can read in our Reddit-digest

How is crypto supposed to have value as money if people don't have a way to get it first?

CoinEx is the only major exchange that offers liquid markets in BCH. Do you know that?

BTC

8,744 USD
1.65%

BCH

437.73 USD
2.52%

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Chinese Bitcoin Mining Manufacturer To Go Public Nov. 20

China-based bitcoin mining maker Canaan Inc. is going public on the Nasdaq stock market on Nov. 20, a digital assets publication The Block reported on Monday.  What Happened The company filed for an IPO with the U.S. Securities and Exchange Commission (SEC) on Oct. 28. In the filing, Canaan said that it had applied to be listed on Nasdaq with the symbol “CAN.” New York-based Citigroup Inc (NYSE: C), Zurich-based Credit Suisse Group AG (NYSE: CS), ...Full story available on Benzinga.com
Benzinga

Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move?

Chinese bitcoin mining hardware maker, Canaan, plans to raise $400 million through public sale of its stocks. But will the IPO ride be smooth or bumpy?  Volatility is usual for bitcoin and crypto market participants. However, traditional stock market traders and investors are used to a bit more stability when it comes to their investments. The $400 Million Bitcoin Mining Firm IPO Canaan Creative is an Hangzhou-based firm, engaged in the business of manufacturing professional industry grade equipment required in large scale bitcoin and cryptocurrency mining activities. The Bitmain rival was originally supposed to conduct its first-ever public stock sale on the 28th of last month. But now fresh reports point out that Canaan Creative is set to go live with its big IPO day on November 20. The intended amount to be raised is a humongous $400 million, but there’s some ambiguity as to how the individual shares will be priced for buyers. Canaan’s stock listing on Nasdaq comes after the firm’s fair share of failed attempts to be listed on other stock exchanges in Hong Kong and mainland China. Rival Bitmain, which also faced a similar fate in Hong Kong, is said to have secretly filed a U.S. IPO as well, sponsored by Deutsche Bank. A Desperate IPO?   It seems Canaan has a boot load of debts to clear off its balance sheet. Additionally, the bitcoin mining manufacturer seems to be running out of funds for research, which is why after it approached Nasdaq in desperation. Many were found to be intrigued by this decision as US restrictions for small Chinese firms are quite large. As for the firm’s net revenue, it is definitely not at the top of its game. According to recent data, the company’s net registered revenue of around $137 million (959 mullion yuan), from 2019 beginning to September, was less than half of what it was during the same period in 2018. Even the bottom line sees a major loss, equal to around 223 million yuan. However, the mining equipment manufacturing firm itself is not completely responsible, as BTC price swings had a large impact, too. According to experts, a bitcoin price rebound might lift demands and allow Canaan to perform better. Also, recovery is also predicted due to a surge in prepayments to Taiwan’s TSMC, which is the firm’s official chipmaker. For now, it can only be said, that the IPO seems like a desperate move. What do you think about Canaan’s IPO plans? Let us know your thoughts in the comments below. Image via Shutterstock The post Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move? appeared first on Bitcoinist.com.
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