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The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
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The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/c5cxea2lqid51.jpg?width=1080&format=pjpg&auto=webp&s=3d6a0388408f6b8abe10648e5e4b7a3a5434c821
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoin [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/bvx9cddqhrn31.png?width=680&format=png&auto=webp&s=7d969b585a3a69a82da65943a4c3e46c88ea5b06
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/sto21ncthrn31.jpg?width=846&format=pjpg&auto=webp&s=5748434c09825a0e95860c5364db0933d4c29e2d
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/zcvvbt9yhrn31.jpg?width=1950&format=pjpg&auto=webp&s=08b188b776eb7329900584f46c3cbdbfddcca994

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk.
Read what the customers say about SimpleSwap on Trustpilot.
Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to BitcoinMining [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/305abjn1ckn31.png?width=680&format=png&auto=webp&s=014baca684a62fe6aaf7f66518730d76478f5ee6
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/h2qkkjz3ckn31.jpg?width=846&format=pjpg&auto=webp&s=c9e80ed2aeef318c51eb0fbdf78c0a5f4243faae
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/rn0n8k68ckn31.jpg?width=1950&format=pjpg&auto=webp&s=1ef217101f813eefaf6edb6a3c7d321b2fd56002

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to CryptoBeginners [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/okd6br2qckn31.png?width=680&format=png&auto=webp&s=1d493bbd5b11fa734f6b1d37fef52f55d043dac8
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/246fk09vckn31.jpg?width=846&format=pjpg&auto=webp&s=2bf4164615342741d9ddb03493b3383f2af14f95
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/glis63xqckn31.jpg?width=1950&format=pjpg&auto=webp&s=da49c95d2b08159bec989af73377599193b24a1a

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to NewbieZone [link] [comments]

Bitcoin enthuthiast has a meltdown after meme accuses him of being a pedophile and of cheating others out of what would be their money. (apparently unironic)

How it actually happened:
This is Ann. Ann started her career at 16 when she blew the manager (a creepy pervert who forced her into it, she #MeToos to this day) at the local grocery store so she could immediately get a position as a cashier instead of having to start off in the storeroom stacking boxes "like some Chinese slave worker". Ann, who believed in "treating" herself for her hard work, did not save any of the money she earned, instead spending it on expensive clothing, fast food, movie tickets, smartphones, and nights out with "the girls" (as she never paid while on an actual date). Her parents took care of the bills anyway, so who cares? It's okay though, because Ann was able to get financial aid from the government to attend the university of her dreams and study sociology, because "I'm, like, just so interested in how society works and how white men oppress women and are so racist and stuff, you know?" It only put her $100K in debt too. "You can't put a price on the college experience," thought Ann. Ann did no research on what degrees were in high demand before deciding on her major and sadly, "due to the patriarchy undervaluing the so-called 'soft' sciences" Ann repeated (as her women's studies professor had told her), her sociology degree did not open up as many doors for her as she'd hoped. Luckily, however, one of Ann's old beta orbiters became the CEO of a new tech startup and, after finally hooking up with him a few times (her little secret from her then boyfriends Tyrone and Jamal), she was able to snag a position as their chief diversity counselor. "Good thing that fat black bitch who tried to steal MY job was too full of fried chicken and gravy for any man to want to fuck her," she tipsily joked about the only other applicant (always forgetting to squelch her offensive quips when drunk), eliciting howling guffaws of approval from the pack of thonged, dyed-hair hyenas that surrounded her at the local bar in celebration of her new job. "Bartender, get us another round of appletinis!" Ann boomed. Cheers abounded. Life was good, Ann's salary was high, and her mortgage for an $800K home in the Bay Area was approved. Unfortunately, it was eventually revealed that her company's "enterprise cloud blockchain solutions" were actually vaporware. It lost its VC funding and was forced to shut down. Poor Ann had to leave her dream home, accept a lower paid HR assistant position at a boring non-tech company ("They make plastic water filters or something. I don't even know."), and move into a mere 3 bedroom apartment. "We're told to save," wrote Ann on a piece of paper that she posed with in an image posted to her Instagram, "but Oreos and Netflix are the only comforts poor people like us have. Don't we deserve nice things too? I AM the 99%!" Ann's looks are already starting to fade due to ravages of a rough Haagen-Dazs by day/party slut by night lifestyle, and, though she'd never admit it to herself, she can tell that her "feminine charms" aren't as effective at creating opportunities for her as they used to be. Things have started to sag that never sagged before and even a Sephora warehouse couldn't get rid of the bags under her eyes. Strolling down the sidewalk, she takes a sip of her daily Starbucks triple pumpkin dessert cocoaccino latte (only $27 and 1500 calories, and don't even think about talking to her her in the morning until she's finished it). "I guess there's just no way to escape this male-dominated society where sexist techbros live in the lap of luxury while marginalized people like me subsist on crumbs," she thinks to herself as she steps over a homeless man. Meanwhile... This is Bob. Bob was bullied by the other kids at his school (like his first crush Ann) as a child for his slightly odd-looking face. This caused him to retreat into the more anonymous world of the Internet where nobody could know his appearance. The other kids mocked him for that too, and his parents didn't understand why he'd want to "waste" his time talking to people he "didn't even know", but he ignored them. It didn't entirely cure his loneliness, but it did expose him to ideas and opinions that he would not have otherwise explored. Sure, he went through an embarrassingly self-righteous atheist phase as a teenager, but ultimately he developed into a sharp free-thinker with nuanced opinions. Bob found out about Bitcoin in 2012 from a Linux forum he was browsing. Already a firm believer in privacy, cryptography, decentralization, and technological freedom in general, the idea of Bitcoin immediately excited him. After carefully considering the economic viability of the concept, he concluded that Bitcoin's deflationary issuance curve and the possible applications of an enforceably scarce digital asset made it a worthwhile and likely quite valuable investment. He thus resolved to accrue as many of them as possible in order to save for his future. He cut down on his favorite hobby of gaming, reserving his GPU cycles for Bitcoin mining and his Steam sale money for buying Bitcoins instead. His IT job didn't make much and his one bedroom apartment wasn't cheap but he always found a way to set some money aside to expand his growing cryptoasset portfolio. His enthusiasm for Bitcoin was endless, and he wanted to share the positive potential of it with the world too, so he wrote guides, created infographics, and made YouTube videos about how to buy, use, and mine Bitcoins. Due to his efforts, thousands of people were able to get in on the craze early like him. Parents created college funds for their children. Young adults his age secured their financial futures. Impoverished folks in oppressive shitholes learned how to transfer money via their smartphones to avoid their corrupt governments confiscating it. He even endured the eye-rolling and snickering of his family members at Christmas time to make sure that they were all gifted a bit too. "Gee... thanks." The 2013 crash crushed Bob. He considered recouping as much of his money as possible and exiting the Bitcoin world permanently, but ultimately decided against it on principle. He had taken a risk and was sticking to it. He still believed in Bitcoin. Bob's bet on Bitcoin has paid off. He is now a multimillionaire, at least on paper. Other than a few donations to various organizations, his Bitcoins have stayed in the original addresses they were first put into. After all, he is still prudently considering exactly how to spend and grow his newfound wealth, and since he's now the manager of his company's IT department, his salary more than supports his modest lifestyle by itself, so he's in no rush to "cash out". While trying to chat with Ann on a whim after running into her at a grocery store, Bob mentioned Bitcoin to her in 2012. It made her finally look up from her phone. "That's the dumbest idea I've ever heard of!" she shrieked. She would know too, she thought, since she's a college-educated woman, unlike Bob who had skipped college because "government subsidies have distorted the higher education market and lowered the value of a college degree" (as if using fancy words made him smart like her). Nevertheless, he persisted, offering to show her how it worked and even set up a wallet for her. Bob's Bitcoin evangelism could certainly be a bit aggressive at times, but he meant well. He would gladly send 10 or 20 dollars worth to anybody who wanted to get started. She responded that he was creeping her out and needed to buzz off before she called security. Of course she wasn't really going to waste such an effort on this harmless loser, but she just couldn't stand hearing his nasally little voice anymore. He probably just wanted to creepshot her yoga pants anyway. Briskly sauntering away, she giggled to herself: "How could a file on a computer be worth anything? I could just copy and paste as many 'BitCoins' as I want," she concluded, forgetting about the idea as soon as she had first heard of it. Plus, her company was already working "with blockchain", which its CEO had told her was the only important part of "BitCoin" anyway. "He has actual money too and not just fake Internet coins so he clearly knows more than Bob." Ann took slight notice of the 2013 bubble, but she was too busy moving into her new home then to pay much attention to it. When Bitcoin was hacked and the government shut it down (as Ann interpreted events), popping the bubble, she texted Bob: "Told ya so." There was no response. She figured he had probably already killed himself or something. Oh well! She had to get out of her sweatpants and ready for the club anyway so she didn't have time to worry about it. In fact, she didn't have a single thought about Bob again until... In 2017, Bob once again crosses Ann's mind. The network miraculously revived, one Bitcoin is now worth over 10 thousand dollars, and Bob is almost certainly loaded. She stares at her phone, thinking of how to best break the ice with him. "Hey Bob I just wanted to say that I'm sorry for some of the things I said to you in the past and how I treated you when we were kids and all. I know this is out of nowhere but I'm just kind of feeling guilty lately soo.... maybe we could meet up sometime and talk about it?? You could tell me more about those bitcoin thingies you we're so excited about back in the day haha" Again no response comes and she whips her iPhone X on to the bed in frustration. Retrieving it, she switches over to Safari to look Bob up on social media, only to find that he's dating a shy 18 year old Finnish girl he met online. "That pervert!" she gasps as she glances over the girl's milky skin and youthful face. "She is WAY too young for him! He should want an ACCOMPLISHED, MATURE woman like me, not some little girl! I bet the freak looks at child porn too!" Her fingers drip with venom as she texts one of her remaining beta orbiters. "Hey," she begins, "you know how to draw funny cartoons right" She hits send.
submitted by ImJustaBagofHammers to copypasta [link] [comments]

Thank you r/bitcoin

With today’s dip I have finally bought my way into owning my first 0.10 of bitcoin. While this may not be a significant amount to most people it is quite a bit for me at this time in my life.
Currently, I work a warehouse job making only $11.00 a hour. However, to confirm my money that I’ve injected into bitcoin has not been reckless. Actually, it’s quite the opposite as I’ve taken portions of my monthly budget that has typically gone to eating out and and started making all my meals at home. To add to this I’ve cut alcohol completely out of my diet. As a result the left over amount from this has gone into bitcoin.
Everyone has their own reason for getting into crypto, mine just happened to coincide with bettering my life with more healthy (and cost efficient) choices.
So, thanks for the memes, and motivation to override all the FUD that’s floating around. By proxy you guys (gals) have helped me get back to a physically happier place.
Good luck for everyone in 2018.
** Who would have thought on my 3 year reddit cake day I’d get my most upvoted post. Thank you guys for all the words of encouragement. You guys are awesome!!
2nd edit ** holy shit my first reddit gold! thank you kind stranger!!
3rd edit lol ** I just checked during a free moment at work. Wow this has blow up and another Reddit gold?! I’ll start replying when I get home. There’s a overwhelmingly amount of positive people 👌👍.
submitted by LeMasterPoPo to Bitcoin [link] [comments]

"The unanimous opinion is, no, he’s not Satoshi Nakamoto." --Elaine Shannon, Writer of "Hunting LeRoux"

I was very curious about the past days' rumors of Paul Calder LeRoux having a chance at being Satoshi and I read Elaine Shannon's book so I figured she'd be the preeminent expert on the subject. I was expecting a short reply (I just used the Contact Me page on her website) and was astounded to get this reply. Thanks again to her for taking the time to write it. It's shared with her permission, and I'll direct her to this thread so maybe she can answer questions if she has time under her own account. I can't wait for the Michael Mann's movie!
.
My original question was something along the lines of, "Do you think that LeRoux could be Satoshi because of the timelines matching up roughly with the time that Satoshi disappeared and that LeRoux was arrested? Also their backgrounds in cryptography (E4M / Truecrypt / etc.)."
Thank you for writing me. I agree that it's fun to speculate about Paul LeRoux and what a man with his brainpower would make of cryptocurrency, the dark web and all sorts of marriages of technology and crime. But if you’ve read Hunting LeRoux, you know I’ve had extensive and in some cases exclusive access to several people who know Paul LeRoux as well as anyone can. I’ve concentrated on exploring his character, as they observed him at close range. Since that theory came out, I’ve contacted all of them. The unanimous opinion is, no, he’s not Satoshi Nakamoto. As I mentioned on my Twitter feed, he didn’t have the necessary time to spend experimenting with a project whose money-making potential was uncertain at best. in the 1990s, he was hustling hard. He published E4M in 1998, as a means of advertising his skills, but he was also chasing IT jobs on several continents and looking to get married again. From 1999 to 2002, he was working long hours as CTO of SecurStar, a cybersecurity venture set up by Wilfried Hafner, LeRoux’s mentor at the time. Hafner was close to LeRoux but fired him in 2002 when he discovered that LeRoux had pilfered and sold a valuable string of code developed by others in the company to operate security devices called crypto-tokens. After that, LeRoux went off to make his fortune and founded RX Limited as a star-up internet commerce pharmaceutical sales venture in 2004. His sites brought in $300 million in sales between 2007 and 2011, according to a DEA analysis. He never asked for payment in bitcoin or offered to pay for anything in bitcoin, as far as my sources know. He always took payment for pharmaceuticals in the form of credit card charges, usually VISA. He considered setting up his own bank and VISA franchise. For darker deeds, he wanted cash or gold bars. Iran paid him for an explosives formula with $5 million in gold bars.
.
In 2009, when bitcoin emerged, he was busy launching multiple ventures As I detailed in Hunting LeRoux, among these were small arms sales, trading in hard drugs, trading in smuggled gold, building a submarine, devising a new missile navigation system for Iran and setting up a new base in Somalia, where he intended to make himself into a white warlord, expanding his arms business into an Amazon-for-arms platform with fortified bases, his own militia, barracks, warehouses for arms, an airstrip, a seaport and so on. Significantly, he discovered oil on the land he controlled but declined to drill it, saying it would take too long to turn a profit.
.
To sum up, several associates say he might have the intellectual skills to participate in the invention of cryptocurrency, but he didn’t have the resolve, patience, passion for that particular kind of secrecy or collaborative bent necessary to pull off such a feat. He was a man in a hurry for guaranteed results, fast, and he dropped a series of ideas that wouldn’t deliver huge returns. He was a loner with no real friends and business partners. There’s a reason he demanded to be called Boss and regularly threatened to kill his senior lieutenants.
.
Now, however, no one discounts the possibility that he might be thinking of a new way to mine cryptocurrency or game the system. He is in a federal facility, awaiting sentence, and has a lot of time on his hands.
.
Best,
Elaine Shannon
Journalist and author, “Hunting LeRoux,” and other works
Twitter
Website
submitted by unrequited to btc [link] [comments]

What did I screw up during my college internship process?

I've been looking for a full-time paid summer internship, but was rejected to every single company I applied to. What did I do wrong that I can fix next time?

My situation:

The application process

The results

I'm scratching my head wondering what I did wrong. I don't have any friends who applied for internships, so I can't compare my results.

My explanations:

Which of these reasons do you think is most likely? I'm guessing it's mostly #3 and #5. Any ideas?

Also, if I don't finish an internship before I graduate, am I screwed when it comes to getting a full-time job? Will I even have to get an internship in the spring after graduation and work for $15/hour for a few months, and then get a full-time job?
I don't want to do that. I really want to start working and get out of my parent's house ASAP, and earn $60k a year. Payscale.com says my market value in Philly is $63k/year.
Another idea I have is to get a part-time retail Walmart job for $12/hour during the summer, just to gain some kind of experience. Would this raise my chances of getting the $60k professional job later?
submitted by Hammereditor to jobs [link] [comments]

Difficult to fundraise $3 000? Let's collect easily $5 000 000 a year! DOGECOIN 2.0 ideation.

Decentralization and democratization.
Doge 4 Family House fundraising is struggling to raise Ð1,500,000. Where the heck are 110,000,000,000 dogecoins? Fundraiser asks for only 1 dogecoin in 73333. What is going wrong? As of today, yearly mined dogecoins are worth around 5 million USD! Why so difficult to gather just $3 thousand?
I've joined dogecoin community around half a year after dogecoins' birth, i.e. it was too late to mine with a home computer as asics were coming into the market. Asics and merged mining with litecoin centralized dogecoin and took away a lot of fun from average shibies and reserved this space for rather rich people or mining enterprises, huge warehouses filled with electronic equipment doing nothing important for humanity - wasteful calculations. What are asics? They are specialized chips able to quickly solve a very narrow class of problems. Apart of mining, asics designed for mining can only be used as heaters or collectibles. While mining, they solve meaningless problems. There is no use of these computations apart of creating dogecoins, litecoins or bitcoins. Daily electricity usage (only bitcoin network) exceeds 1 million USD daily. The cost of equipment to match bitcoin network hashrate I have estimated to cost currently between 100 and 500 million USD. If dogecoin would be valued close to 1Ð = 1$, dogecoin mining network would be as costly and seeping as much electricity. All these money and resources for garbage calculations. This is basically wrong.
As I was unable to mine, I have bought some dogecoins on the market. I won some in design competitions here on reddit/dogecoin, I tipped and I've been tipped quite a lot. I gave up tobacco in favour of electric cigs and doing other similar savings and altogether I have collected close to one million dogecoins. Well, over 90 000 left in dogetipbot were burnt in 'Wow Such Business' by Mohland, some disappeared on some websites that... disappeared. My bad.
Last month I decided to review my 'investments'. I have sold most of my dogecoins I had left in my wallet and Shibe Poker site and bought some other coins, especially gridcoins. As an investment - I could point to some other coins that seem to have higher potential to bring a good return. But I like Gridcoin Research. This coin is based on mixed Proof of Stake and Proof of Research. The latter one is basically a variant of Proof of Work. Now it's almost a week since I've started mining cryptocurrency for the first time in my life! And it's quite exciting. Preliminary estimations show that I won't make any good return on mining gridcoin. Electricity here is expensive. Buying and holding - if it would take off 'to the moon' one day - would be much more profitable. Return will roughly cover only mining electricity costs (or not fully), at least in my case. But! But I like it! I can be a part of the system, unlike in dogecoin nowadays. I take part in scientific research. Years ago I had a special screensaver and my AMD Athlon desktop was crunching numbers for [email protected] project. Now I can continue this project or start any other ranging from mathematical problems to mapping new territories in our bodies, from discovering the shape of our Milky Way to finding cures for illnesses. While Dogecoin is aiming for the Moon, Gridcoin is reaching far further away (from asteroids, through Milky Way to distant galaxies) and far closer (researching our own genome, gut bacteria, Zika cure, treatment for common childhood cancers). Mining power of our home computers that is meaningful for humanity. Which is Wow? Much amaze? So science!

DOGECOIN 2.0

Here goes my proposal for DOGECOIN 2.0. It's only ideation, I know it would need a huge amount of work and it would be difficult, but first we need a direction and then we can research feasibility.
1) Migration from Proof of Work to Proof of Stake + Proof of Research (or other useful Proof of Work that is non Asic based) = taking new coins from whales only back to community, empowering shibes. Surely, those who are cleverer, working harder, can and want to invest more money will get higher share is rewards. At least their mining rigs would do a meaningful job and average John Doe will be still relevant with his all purpose desktop computer.
2) Reward scheme. There is 5 billion extra supply a year plus mining fees. For simplicity I will assume just for this draft there is 5 billion coins to share but in more detailed plan we should add mining fees, too.
2a) 20% (1 billion Ð ~ 2 million $) for Non Profit. A list of eligible organizations / projects would be proposed, voted and whitelisted. 2b) 1% (50 million Ð ~ 100 thousand $) for DEV fund 2c) 1% (50 million Ð ~ 100 thousand $) for Dogecoin Foundation (marketing, maintaining list of non profit projects and checking those projects - or it could be part of 2a) above 2d) 39% (1.75 billion Ð) for Proof of Stake (interest) 2e) 39% (1.75 billion Ð) for Proof of Work (non Asic - like gridcoins' Proof of Research) (mining) Coins collected as fees should be assigned proportionately or some other way to above funds.
Would dogecoin reach current litecoin market cap, above sums would reach $20 million/year for non profit projects, $1 million/year for development etc. At some point shares could be adjusted.

Inflation

Inflation, or more precisely dogecoin supply growth which is 5 billion a year, or currently less than 5% a year is by some shibes regarded as a brake for market value growth. It was discussed several times.
There seems nothing fundamentally wrong with keeping current supply growth rate as it is.

Note

Due to excellent job devs are doing I have retrieved some coins from dogeparty. Just quote ‘Much Humanity, So Earth, Such Fun’ in your reply to get a tip. Over 1000 dogecoins from my retrieved dogeparty funds are up for grabs!

Hard Fork

Such a huge change could cause a hard fork with both forks alive, i.e. old and new dogecoins would coexist. Is it something to be afraid of? As recent story of Bitcoin and Bitcoin Cash shows, such a scenario is possible, what is more - does not effect badly either new or old fork. Thus I would take it a step further and deliberately leave old dogecoin and start a new one.
Proposed changes would bring back decentralization and democratization and empower community, allow collect easily substantial amounts of money for non profit projects, secure development and potentially put into good use thousands to millions of our home computers. I expect this would lead to greater adoption and rise in value - for those looking to 1Ð = 1$.
If Dogecoin 1.0 was aiming To The Moon, for Dogecoin 2.0 let's aim For Humanity, For Earth, For Fun!

EDIT

Giveaway ended. Final remarks.

All the best!
submitted by currency4world to dogecoin [link] [comments]

sharkT4nk dotonion

So I’m a 28 year old guy, and not exactly what most people would consider a normal one, thank god. No one, including any of my friends, knows just how deep that actually goes. Not even my best friend of 19 years, who I’m gonna call John, suspected a thing until it was too late. I’m gonna call myself Ghost for this, cause as far as any of you, or the feds for that matter, are concerned that’s all I am or ever will be. Every single thing I post as Gh0sT666 comes from a different IP address and its original location is completely untraceable, lol everything about Gh0sT666 is completely untraceable too for that matter. I learned the skills needed to do this kinda shit through years of using the dark web.
Its been 8 or 9 years now, and the dark web has been a blessing so to speak. I went from watching the same old shit on BestGore to getting to see some real shit, live videos in all of their glorious and grotesque carnage. Shit I hadn’t ever seen before. It was love at first site. I’m not gonna go into depth on how I found out about this place or any hacking technicals, or even what this beautiful place is called. If you have to ask you’ll never know. I love this place way too much to risk it being compromised. Besides, we already have plenty of active patrons.
My first experience with what I’m gonna call SharkT4nk for the purpose of writing this was when I was around 19 or 20 or some shit. It was extremely hard to get into and took hours of coding work (now ive gotten it down to just the press of a button and a randomized 26 character password, including letters like æ œ ø and ß so even if the feds do manage to find me, good luck guessing it ;) ) to access, but the second I heard that first scream I was sold. The page had a chat room on the right side of the screen, grey background, neon green text, and a loading video player taking up the rest of the screen.
You could drag the chat box around wherever you want, and there was a control panel under it that listed off camera numbers and tip amounts. The video was taking time to load, still stuck on the same frame as when it appeared, the sound was coming through though. The sound of a power tool of some kind was dominating most of the audio but there was a super high pitched scream along with it. Finally, after what felt like 10 minutes, the video loaded and I saw it. The most beautiful piece of throbbing erection inducing gore I had ever seen. I can still remember it perfectly to this day.
There was a large dark room, all you could see from the fluorescent light held up over the scene was a metal table with a girl strapped to it and a men next to her. There was what looked to be a tarp or plastic wrap or something all over the floor, and a small surgical table with the tools of the trade that id come to know so well placed on it. You could just barely see the shadowy outline of a forklift in the background. The girl was held down to the metal table with what looked like leather straps that were probably once white, now caked with deep reddish brown stains with bright red blood splattered on top, reflecting the light from the fluorescent bulb about 5 or 6 feet above.
The man standing next to her was wearing a dark sweatshirt with a brownish red stained leather smock over it, dark pants, and a guy fawkes mask soaked with blood. The power tool I had heard was a sawzall, it wasn’t being used anymore unfortunately, but you could clearly tell what had been done with it. The bicep on this 20 something year old girls left arm was hanging off the bone, and the man in the guy fawkes mask was grabbing and squeezing and pulling at her torn bicep, all the while the girl on the table was screaming and sobbing the beautiful harmonies of agony. In a frenzy of dialed in, unadulterated sexual energy I unzipped my pants and began pleasuring myself, very careful not to finish too soon without seeing what happened next. I noticed the chat box had filled up with new requests, some of the user names having a gold star next to them and a bitcoin tip next to the requests. I scroll back and see one with a gold star and a tip of around 250 usd worth of bitcoin.
“Cut the muscle off of its arm with a hack saw”
I scroll down to the bottom and see the most recent starred request with a $500 tip. “cut the connective tissue in its jaw, clamp its head and neck down to the table, and rip its jaw off with the forklift”
Need I describe the mess I had to clean up off the back of my laptop?
I later learned that those gold stars next to their ambiguous user names were to show that they were one of that particular videos sponsors, and they had helped pay the fee for the kidnapping of the person in the video (we call them livestock) and the materials to be used in it. for a price that varied based on their original contribution, they could choose what happens next to the Livestock. Well needless to say my friends, I quickly learned that I wanted to be at the top of that list of sponsors on every video that I could be. The thrill of just watching something this beautifully macabre, so blissfully dark, so magically grotesque, wasn’t enough. I knew I needed more control than id get by being just another one of the plebs that were just watching.
01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111
Me and john had been really close ever since we were kids. We were the only ones in our town that were into comic books, sci fi, and fantasy and shit, so we naturally gravitated towards each other. I had a couple family members that I liked, which was was nice. Unfortunately john never did, his older brother hated him for some reason, and most of his family were shitty to him. He didn’t like to talk about that stuff though.
We were both pretty small growing up, and never exactly all that brave, but one time we were down by the pond in our town and there were a couple older kids picking on us, and one of them threw my bike in the pond and pushed me down. John picked up the biggest rock he could throw and lobbed it straight at the kids head, busting him open and actually making him cry. They ran off pretty quick after that. John picked me up and I nodded my thanks. He said “you know you’re the closest thing I have to family, I got you bro”. It meant a lot considering he never spoke about family related stuff.
01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111
I started sponsoring feeds on Shark_T4nk a couple years after finding it. I had a pretty well paying job at the time working as a coder for a tech company, as well as a bit of credit card fraud on the side, so I had plenty to spare. just watching was starting to get boring. The hours spent at that job felt like a horrible waste of time, but I knew I needed to grind through it to be able to afford to keep sponsoring Feeds. At this point I was just a base level contributor, I donated 750 usd to the funding pool which gave me rights to place low priority bids on what happens to the livestock and got me a silver star.
I did this for around a year, until I got a promotion and started making enough that I could finally spend more, much much more towards my now fully engulfing addiction. For around 1500 I got a gold star, top priority bids and access to a pov camera attached to the handlers (the guy doing the actual torturing) mask. For 2500 you got a green star, top bidding, pov cam, you get to choose some of the materials and tools used, and you can buy souvenirs taken from the victim (usually articles of clothing, personal belongings, sometimes teeth or skull fragments, even cuts of meat if you so desired and wanted to Fork up the cash for it, if you’ll excuse my pun) mailed to a P.O. box of your choosing. Those were the main levels that everyone bought into, but I wanted more.
The top level of sponsorship was extremely rare, ive watched almost every feed for the past couple years at this point and I had never seen one. Not once. It cost 15000 usd and with that you get the works, you get all the perks of the green star except you now have a purple star, you can choose all of the materials and tools used, what happens and when it happens, whether the video is private or for the whole group (private is an extra 5000), and best of all seeing you’re the only contributor you get to choose the Livestock. You can choose anyone you want, excluding public officials.
For the base level 15k purple star you can choose from their current lineup of livestock, you can see their stories, screen shots of their facebook pages with all of their friends and family members posts saying “we miss you” “we love you” and all that gushy shit. For 30,000 it can be anyone in the US. For 40,000 anyone in north America. For 100,000 anyone in the world. Apparently public officials can be chosen too, but those prices range from a million to 20 billion and costs 5,000 to 25,000 to even watch it and is reserved for VIP purple stars only (4 time purple sponsor).
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As me and john got older we started gravitating more towards the world of drugs and music. Wed go to festivals in the summer and take ecstasy and acid and have a blast, and in the winter we’d do coke and and ketamine in my room listening to music on my dads record player. We never really had “problems” with drugs, we just enjoyed them. I was always kind of like a kid brother to john, even though he was only a couple years older than me, so he was a bit awkward about introducing me to the stuff at first, but I eventually talked him into it, and god damn am I glad he did.
To this day some of my best memories were of me and him rolling our faces off walking around outside in the rain with no shoes on; and seeing massive geometric patterns in the night sky on acid thinking we were talking to god, talking about the meaning of life and all of our deepest passions and fears. At this point we were without a doubt as thick as blood, we knew each other inside and out, but more importantly we trusted each other and that’s hard to come by in this life.
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The first time I got to see a purple star next to my name was glorious. I decided to keep the video private, in celebration of my first time holding the reins. I chose this 30 year old French man from their stock, who was acquired thanks to its lack of knowledge on protecting its identity while browsing the Dark Web. The only tools and materials I picked were pliers, a kitchen knife, a ball peen hammer, and a drum of hydrochloric acid. First I had the handler grab the livestocks bottom lip and pull it down till it bled profusely, almost ripping it from its face, and smash its teeth in with the ball side of the hammer. The sound of his teeth breaking, like shattering plastc or ceramic, and his whimpering scream made me quiver with pure ecstasy (which I had taken a lot of 30 minutes prior to starting the Feed, obviously got it from john). As the .4 of pure MDMA that I took was just rushing in and my teeth started to grind I told the handler to crush his left testicle with the pliers.
He had a rough time of it too, it kept popping out from in between the jaws of the pliers. I had to settle for him holding it in place with his hand, blocking most of the good stuff from my view. At least I could still hear the scream and the squish. The Feed went on for another couple hours and it climaxed, around the same time and the same fashion as I did (for the third time), in a sticky puddle. The handler funneled acid down the livestocks throat, melting it from the inside out, along with part of the table. The sizzling, bubbling, gurgling sounds are still embedded in my memory, and still arouse me to this day.
Once every six months I would fully fund a Feed, usually just going for the pre caught livestock, but after a while even that got boring. I needed something better. More personal. I decided to spend the 30 grand on something special.
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I had been hanging out with my friend John quite a bit in recent weeks, and when we weren’t hanging out we were texting each other almost constantly. one day he stopped replying to my texts entirely. I went to his house later that night and knocked, and his mom answered the door. “hello Mrs Doe!” I said to her, “is john here?”. “No, he isn’t hun, I just got home, haven’t seen him all day” she said with a polite smile. This wasn’t exactly out of the ordinary for him, john was still living with his parents technically but he spent most of his time away from the house hanging out with people, getting drunk and doing coke.

“Im sorry mrs doe, but could I run up to johns room for a second? I think I left my phone charger up there last night.”. “Of course dear, just make sure you take off your shoes before going up” after all these years she still reminded me to take my shoes off when I come in the house. She was a nice lady, a bit too much so, at least when people were watching. She spoiled the shit out of John growing up, that’s why he’s still living at his moms house, which she must deeply regret seeing how she treats him now.
I took my shoes off at the door, ran up the stairs and around the corner, opened the door to his room and shut it behind me. Looking around as quickly as I could, searching through mountains of trash and piles of comics and records, I found what I was looking for under the sheet next to his pillow. He had kept a journal ever since he was a kid, It was a small notebook with a light blue cover with a couple of fresh blood drops on it and a couple hundred pages of lined paper. I doubt he knew I, or anyone for that matter, knew about that book. What can I say? I get nosey when im fucked up. I tucked it under my shirt, pulled his phone charger out of the wall socket and headed back down stairs. “thanks Mrs Doe! Have a good night!” I said cheerily as I walked out the door and back to my car.
When I got home I opened the notebook up to the most recent page and turned back a few pages until I found what I was looking for
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After reading the notebook I opened my laptop, set up all of my security (which takes about 5 minutes) and logged onto Shark_T4nk. I already received my conformation. this brought a smile to my face, I knew that the fun part was just around the corner. I felt like a teenager rushing home to watch porn.
I replied to the conformation with my conformation code
“Package secure” said one of the gold crowns (admins)
“Question. I’ve been a purple star for 4 years now. You know I’m not a narc or a casual, I’ve spent hundreds of thousands here. Is there any way I could do it myself this time? I would pay literally anything and go literally anywhere.”
20 minutes went by.
“Get a secured burner phone and text this number with your confirmation code. You will receive a location pin. Be there on February 24 at 2:00 am. Not a second later. Park at least a mile away and walk the rest of the way. The cost will be 1mil” he messaged back, along with a number.
When you reach VIP purple star status after 4 purple level sponsorships you receive and code, a string of sixteen random words in different languages, some letters replaced by numbers, some by symbols. I sent that code and the reply was almost instant, I clicked the link and it brought me to that phones map app. It was a 16 hour drive into the next state over. I knew it would be well worth every second and droplet of gas it took. Now I just had to wait 6 days, and let me tell you, they dragged by slower than a spoiled little kids week before Christmas.
I could barely contain myself that whole week, everyone at work was asking me what I was so excited about, I kept having to say I was going on vacation to Aruba for a few days and ended up getting the whole week off. John never came home the day I grabbed his notebook, My friends started asking if I had seen him. I hadn’t.
Eventually the week of waiting came to pass and it was time to hit the road. I was practically shaking too bad to drive, but I tried to contain myself. I felt like I was on a small dose of molly, but a bit more anxious. Not in the scared sense, in the excited sense. The 16 hours of driving went by surprisingly fast, I only stopped twice, once to piss and once to eat. I don’t remember cheap fried chicken and mashed potatoes with gravy ever tasting so good.
Finally, around 1:35, I got to the town I was meeting them at. it was a dark, empty town with not too much in it. I parked in a free parking lot next to a small movie theater. Walked down the road past the police station and the fire station, past a fast food place, and took a left past a convenience store and a video game store down a dark unlit road that led out towards the woods just outside if town. The road continued until the lights from town were all but invisible, after several minutes of walking (no small feet for a hacker that sits in front of a computer all day) I got to a small improvised parking area that was dug out from years of teenagers slamming their parents cars into park to go smoke weed in the woods. This is where the map was bringing me. I had to use the burner phones flashlight to see where I was going. I checked the phone to see what time it was, 1:59, perfect.
Sure enough, at precisely 2am, a small black van came driving down the road, going just about the speed limit. It pulled just past me, and the two back doors opened. A large dark figure wearing a guy fawkes mask jumped out of the back of the van, and before I had the time to react he was putting a black cloth bag over my head. I was definitely scared but I tried to contain it, I knew it would probably have to be something like this, they wouldn’t just come pick me up without taking precautions. When we were in the back of the surprisingly spacious van, he said in a highly modulated voice “do you have any electronics on you? Phone? Ipod?” “yeah, just the burner phone” I replied as the van started moving. “is it untraceable back to you?” “of course” I said, trying to not sound too cocky.
He told me to give him the phone and that he was going to strip search me for wires or bugs of any kind, and I agreed. He took all of my clothes off, careful not to remove the black bag and I sat down, completely naked except for the mask. I could hear him thoroughly patting all of my clothes down. He must’ve been content, cause I heard him open a lockbox under his seat and put everything except for the phone in, taking out a bag with new clothes, and a mask for me. I clumsily put on everything he gave me, it was all a bit small for me but I wasn’t about to complain. When I felt the mask in my hands I was filled with an exhilarating excitement and almost started quivering violently.
I heard him unscrew the lid of a container which sounded like it had liquid in it. He gently placed something down in it and screwed the cap back on right as it started to quietly sizzle. “you lose the phone, you’ll get your clothes back when we return.” The modulated voice said. I heard him pull something out of his pocket, and unscrewed the cap off a different bottle, tipped the bottle over, apparently soaking the handkerchief or rag he had, and placed the rag over my face. I felt myself being dragged down into a deep pit of sleep.
I’m not sure how long I was out, or how long the rest of the drive was, but I was sure about the headache I had. It was one of the worst I had ever experienced. When I woke up I was in a dark room in a warehouse, seated on a couch. Well, less seated than laid the fuck out. The bag was gone, but the dark masked figures weren’t. Three of them were now standing as tall as trees in front of me, arms crossed, the sound of their breath reverberating off the inside of the plastic masks filling my ears. I could see they had modulators strapped around their throats like shock collars.
One of them reached a hand out to me, and I was about to take it thinking he was trying to help me up, but he lowered his hand and showed me that he had two pills for me. “chew and swallow. They're for the headache,” the distorted voice said “let us know when you’re ready to start.”. As apprehensive as I was about taking two random pills from people like this, at a place like this, I decided to just take them. I had come this far, and plus, im a huge contributor, why would they fuck themselves out of a probable future fortune. Two of the three figures walked out the door to the left of where I was sitting, and the other looked back at me through his mask, held the door open, waved me through, and cocked his head to the side.
I got up off the couch, and started to walk up when he said “Mask.”. I looked around to room, and back at the couch, it was laying there next to where I just was. I grabbed it, and donned the fabled Shark_T4nk mask, in all of its harrowing glory. This is when I could feel the true weight and intensity in the air, eluding to the magic of what was about to happen. This really is a beautiful life isnt it?
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The last time I saw john before he disappeared was two days prior. We got some breakfast, drove around and smoked weed. To be honest that day wasn’t too different than any of the other times we hung out. He commented on my excited behavior, and asked what was up. I could barely suppress the keen, knowing glint in my eye. I just shrugged it off and told him I’ve been feeling really good lately. Like a changed man. I hadn’t thought of the vacation excuse yet, and even if I did I wouldn’t have told it to him. We tell each other basically everything with almost no exceptions, he would definitely think its suspicious that I planned a trip without telling him.
He kept looking at me with slightly concerned eyes, and it just made me beam even harder. I couldn’t control it, I was overflowing with excitement and anticipation. I could tell he was a bit weirded out cause we ended up cutting our day short and going our separate ways for the evening, which was fine with me, I wasn’t sure how much longer I’d be able to keep the tiny bit of a poker face I still had up.
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After walking through the door, me and the three looming dark figures were walking through a much larger room in the warehouse. There were what looked to be large dog cages with shadowy unseen contents stacked up on top of each other arranged in long aisles. The room reeked of a long used and poorly cleaned animal barn. I was, being one if their top contributors at the time, very well trusted by them. At least in a business sense. They were showing me the livestock they had available.
They were telling me that they were willing to add on another Feed or two for 40% off. The viewers would have loved to see someone new handling the livestock. I said I would let them know when we were done with the one I paid for. They did have some really good ones in stock right now too. There was this young girl, couldn’t be older than 18 or 19, red hair, pale skin, skinny. Her small-medium sized tits were dirty brown, and the smell of her was horrific. She must have been a fairly new acquisition because she still had fire in her eyes and fight left in her. The rest didn’t, and were a lot more docile. The hopelessness shining through their empty gazes as dark as night.
Amidst her screams of “LET ME THE FUCK OUT OF HERE!” and “WHO ARE YOU? WHAT DID I DO??” the others just sat silently. The sound of her terrified and furious voice started to make my dick chub up. I looked around at the rest of what this toy store of forbidden delights had to offer. Cold, dead, and zoned out eyes trained on their food dishes like starving dogs in a neglectful house, as far as the eye could see. I turned to one of my companions on this walk around the supermarket of delicious delicacies and said “I'm ready”.
Me and one of the handlers walked towards a different door, one I hadn’t even noticed through the excitement of seeing all of the wonders this place contained. This door led to what looked like a garage, filled with all kinds of tools and blood stained pain implements. There were vice grips, clamps, chains, barbed wire, bolt cutters, sledgehammers, all kinds of knives and swords, even a weed wacker and so, so much more. The possibilities were as endless as my lust. It was so beautiful it brought a tear to my eye. The first my eyes had felt in a long, long time. I picked out my favorites, and asked the handler in a voice probably more akin to a kid asking his dad how many toys he can bring to his friends house than a man about to torture and kill his first person. “can I come back and choose new stuff if I get bored of these?” the man nodded.
I couldn’t see his smirk but I could certainly feel it, I felt a bit awkward about that not gonna lie. I told myself to act a little more scary and mean while I was in the Feeding room.
As we were heading to the next room, he stopped me dead in my tracks with a big beefy hand on my shoulder. He had a modulator in his other hand and strapped it around my neck like a father tying his sons tie for his first school dance (or at least that’s how it felt to me) and waves me to walk through the door. And there I was, after all these years spent wishing I could be here in person, after all of this time waiting and planning, and reveling in the thought of the glory ahead, finally I was here. The Feeding room.
Walking through the spacious dark room towards the metal table with a man strapped to it, I was now filled with a kind of focused aggression. The ominous sound of the buzzing flourescent light that I had heard in the beginning of so many Feeds flipped a switch in my mind. Everything seemed to be moving in slow motion, my heart was pounding, adrenaline pumping, not even a trace of second thought. I was all in on this, and loving every sweet, sweet second of it.
The man that was strapped to the table was just starting to come to, the chloroform they have probably been keeping him under with clearly wearing off. The metal table was angled up, so the man was almost standing straight up, and we were coming in from behind it. You could hear him starting to struggle a little bit as he realized he was strapped to a metal table, naked and alone. It wouldn’t be long now until he truly grasped his fate. Coming up to the table now, I turned to face him, the man that walked me in still pushing the cart with the tools I chose for this task. I could now see the man of the hour, ( hopefully more like several hours) the one everyone had been asking me about for the past week. Jesus did he look skinnier than I’d ever seen him, apparently the don’t feed their guests here too well. John was standing there, completely naked strapped to the table, fear embedded in his eyes.
The only thing I could think to say was “I always knew you had a small dick”. “who the fuck are you, you piece of shit?” he stammered. I just stood there silently, and could now feel my pulse in my throat and head, euphoria coursing through my veins. “All in due time.” I said to him through the modulator. Turning to the handler I had watched in so many videos over the past several years I said “are we ready to start? Cameras off and everything?”. He gave one silent nod. I smiled under my mask, and reached over to the table that was just out of johns site, the handler lowering the table. My hand came back into johns view holding a pickaxe, and he really started struggling now. “woah what the fuck? Dude stop” I chuckled as I stabbed it through the bottom of his foot. He screamed “please what the fuck I don’t know what I did but I’m sorry! Please PLEEASE can we just talk about this?”. He pissed himself, and by himself I mean all over the table, almost getting it all over me. “well that wasn’t very nice of you,” I said “lets see if we can make sure that wont happen again.”
Walking all the way around the table, nice and slow, strutting, almost dancing, plucking the pick axe that was still stuck into his foot with my finger with every step. His head followed my every movement, occasionally letting out a whimper or a scream as I plucked away at the axe. I pulled a knife off the table, as well as a small propane blow torch. “woah dude wait what the fuck man? Please dude please fucking stop please I don’t even know what I did” the last word more of a sob than a plead. he sounded like a little kid being put in the corner when he wanted to be playing with his friends. It was a tone I had never heard out of him before.
I gently place the knife at the base of his dick, and grabbed the rest of it. He was really squirming and screaming now. With a slow intensity, I sliced off his penis, millimeter by millimeter, and he let out some of the most sexually gratifying screams I had ever heard in my life. I laughed, put his penis down on the table next to him and picked up the torch. He was crying a weak, broken, and desperate cry now. As I turned on the gas and lit the flame I said “well we can’t have you bleeding out just yet, now can we?”. As i cauterized his nub he screamed louder and louder, I was getting sick of his melodrama. Everyone screamed, yeah, but usually they had given up hope by this point. I had to figure something out to stop that.
I walked over to the table and looked around, eventually finding something that might do the trick. It was a handle for a tapping drill, the bits used to thread holes so you can tighten screws into them. I grabbed that and some adjustable straps, and walked back over to his now amputated dick. Picking up the flaccid and pale penis I put it in between the jaws of the tap handle and tighten the jaws down on it. He let out a desperate whine as he watched, and looked the other way, seeming more and more defeated by the second. Once the jaws were sufficiently tightened around it, I looped one end of the strap around the handle of the tool, walked over to him, forced the dick in his mouth as well as the squared center of tap handle itself, stretching his jaw wider that it had probably ever been stretched. I secured the other end of the strap and began tightening it. His eyes went cold, still weakly sobbing. He finally truly grasped the depravity he was about to suffer.
A few hours went by like this, and my friend was barely recognizable anymore. Skin and muscle hanging off broken bones, mangled and amputated body parts like fingers and toes and a foot laying on the table and the floor, discarded like the snack wrappers john had strewn all over his room. He was going to bleed out soon and all three of us knew it. So I raised the table back up into a standing position, grabbing the knife I had used earlier to remove his genitals while I did it. You could tell he would have been too weak to hold himself up, but the strap that had been secured to his forehead had made sure his head stayed in place.
After removing the makeshift ball gag, I slowly lifted my mask from my face, took of the modulator, and dropped them both on the floor. I could tell he thought he was hallucinating. “hello john,” I said with my normal voice “nice to see you again.” He began to cry. “w…. Why?” He cried weakly. I just smiled, raising the knife to his strapped down head. As I began to cut off his face, he got quiet. Clearly too confused and betrayed by this situation to care what happened to him at this point.
Once it was fully removed from his skull, I move over to the table, and grabbed the final tool. The tool that would take his life. I walked back in front of this weakened, dying friend of mine holding the tool, wearing his face over mine like a mask, he was making eye contact, not that he had much choice due to his lack of eye lids. "goodbye john" I said with a smile. I raised the Kukri up, and swung it horizontally at his neck. Within two full chops and a final slice, his head was removed, and his life was over.
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The reason I told you this story is simple. I have gotten bored of watching, and at this point even participating in these Feeds. The thrills of the Feed alone aren’t even enough to make me cum weakly anymore. So I figured telling all of the fine people of reddit about my exploits could help that goal along. With the knowledge that people know exactly what I, and people like me are doing, regardless of whether or not you know me, and knowing you can do nothing to stop it, I will find the purest ecstacy.
Whether or not you believe in my story or about my existence, just know that there are thousands upon thousands of people just like me. We are everywhere. We are ghosts. If you don’t know one of us directly chances are you know someone that does. We could be your neighbor, a new acquaintance, a police officer in your town, your mayor, your best friend of 20 years, your brother, your father, or your sister. And by the time you realize you’ve chosen the wrong associations, before you even come close to getting a whiff of our stench of reality and death, the Feed will have already begun.
“I'm the fall of man
Giving birth to sin
Your god knew my disguise
And still allowed me in
I am a slave to pain
Without a chance of peace or love
But I'd rather reign below
than be a servant up above”
– Reckless “Judas Iscariot”
submitted by Gh0st_666dot to nosleep [link] [comments]

FAQ + post your questions in comments

Q: What is Asteroid Rush all about?A: Asteroid Rush is a blockchain MMO strategy game where you develop the asteroid belt. This is a literal cosmic-scale gold rush. You and your crew will battle for the right to develop asteroids and show off your best skills as you play.

Q: What’s so special and interesting about this game?A: In addition to its engaging setting, we’ve introduced a lot of unique game mechanics. Assemble a crew of the best miners out there and upgrade their skills even further. Deploy them to mine valuable resources on asteroids, and hope you hit the jackpot! Besides making a profit, all miners have a common goal: colony development. As you invest in this goal, you effectively become a co-owner of the AR Inc. virtual company.

In addition, the economy in Asteroid Rush is entirely blockchain-based. For our players, this means that everything in your possession will remain yours for good.

Q: Yeah, about the setting... why asteroids?A: Asteroid mining is a popular and promising topic of discussion these days. No, we’re not kidding! Some organizations are already planning to extract valuable resources from nearby asteroids and developing the technologies that will enable them to do so. Asteroid maps are being drawn up, and the composition and resource potential of asteroids are being calculated. Mankind will begin mining resources in space before the end of this century.

This reality inspired us to create a game based on it.

Q: What is AR Inc.?A: AR Inc. is an in-game company we invented. This company owns a base on Ceres (the largest asteroid in the belt, often classified as a dwarf planet) and the space around Ceres, with the right to realize development of all the asteroids located within the area. The base’s infrastructure (living modules, engineering buildings, hangars, warehouses, etc.) also belong to AR Inc., and so do the transport and freight ships that transport miners and the resources they obtain.

Q: When will the game be released?A: The Asteroid Rush pre-alpha release is planned for March 2019, after the first presale. This version will let you assemble a crew, choose an asteroid, and deploy your crew to mine valuable resources. We’re planning to release the alpha version of Asteroid Rush in May 2019. It will offer many more new game mechanics.

Q: Will everyone be able to test the game? A: No, only gamers who took part in the presale can participate.

Q: How can I take part in the presale? A: The presale takes place on the Asteroid Rush website at the following link https://game.asteroidrush.io/presale. You need to register and make any purchase at the presale page.

Q: What will I receive if I take part in the presale? A: When they buy kits during the presale, players add upgraded colonist cards to their future team. It’s an especially good bargain now, with prices reduced. In addition, participants in the presale will receive Founder Tokens and the Founder status. They’ll also receive the rights to VIP status at the AR Inc. base, consumable kits, and a license to keep pets at the base. All Founders receive priority status in the project, and access to unique offers in the future.

Q: What are Founder Tokens? A: Founder Tokens are a primary “social currency” aboard the AR Inc. trading station. Founder Tokens influence player status, clearly show the level of their team, give access to unique rewards, and serve as a kind of original share for future project expansions.

Q: What cryptocurrency can be used to purchase something during the presale? A: You can use Pi-Astro tokens, as well as EOS, Bitcoin, and Etherium. You can get Pi-Astro tokens for any of the abovementioned cryptocurrencies right in the presale.

Q: What are you planning for the future? A: There are lots of new features we’re planning to add to Asteroid Rush. We’re not ready to share them all just yet. You’ll have to wait and see for yourselves! Here’s a glimpse: we’re going to introduce mechs and a mech upgrade system, clan base development, and clan wars.
We’re also planning to release Asteroid Rush for mobile platforms later.

Q: Why does the game need a blockchain?A: The game’s logic is executed by smart contracts on a sidechain: all game mechanics, assets, and asteroids and the resources mined on them. This provides transparency and guarantees that the player’s possessions remain theirs. It also allows for accurate records of the players’ results and provides unique opportunities for special game features, such as investing in various parts of project development and unlocking the potential to become a co-owner.

Blockchain also enables us to create a real, fair cashless barter economy based on trading and resource distribution. As the project develops, we may introduce jobs for players: trader, mercenary, trade business owner, sheriff etc.

Q: Why EOS?A: Asteroid Rush utilizes fork of EOS for now. We are looking for the opportunity to use EOS sidechain, when it become possible. We need our own fork chain because the EOS mainchain would require players (or us) to pay significant sums of money to create an account and smart contract operation. Moreover, we have rather ambitious plans for the project’s development and so we cannot rely on the future of the EOS main chain. Therefore, we’re providing our game projects with our own foundation.

Q: Are you going to cover players’ CPU, RAM, and NET costs?A: This will not be necessary, as we will be using our own sidechain. You won’t need to pay for CPU, RAM, or NET.

Q: Will you have your own token?A: We will. Pi-Astro is our game’s premium token. You can use these tokens to buy presale bundles and Premium Colonist Cards and to get patents for mining rare asteroid resources in the future.

Q: How can I make money in Asteroid Rush?A: Pi-Astro tokens will also be used as the currency for player deals and for auctions at our in-game auction house. Players will also have the ability to send each other these tokens. We will not be able to regulate these transactions – players will be able to come to their own independent agreements and trades.

Q: How can I help the project?A: We really appreciate all your input. Follow us on social media, participate in discussions with us and other players, keep an eye on the news, share your suggestions, and give us feedback when the game is released.

If you’d like to become a moderator or help us in other ways, that’d be awesome. Reach out to us!

Q: How do I contact the devs?A: We don’t have an email address. Just PM us on Discord (https://discord.gg/D2UJ8Wx) or via any other social network. We’re looking forward to hearing from you!
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Inside a Secret Chinese Bitcoin Mine - YouTube Bitcoin Mining Warehouse in South Am. 4k rigs. A look inside America's largest Bitcoin mining operation ... Bitcoin mining is a full time job How to Mine Bitcoins Using Your Own Computer - YouTube

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Inside a Secret Chinese Bitcoin Mine - YouTube

Looking over the cooling box for my asic miners. Z9 mini and S9 bitmain miner. In 2014, before Ethereum and altcoin mania, before ICOs and concerns about Tether and Facebook's Libra, Motherboard gained access to a massive and secretive ... The governor of the Republic of Buryatia, Russia signed a decree allowing for the construction of a 13.6 acre data center in Southeastern Siberia. The facili... Start mining Bitcoin today: https://pool.bitcoin.com Video: Inside America’s largest Bitcoin mining operation http://bitshare.cm/news/inside-americas-largest... CNBC's Michelle Caruso-Cabrera discusses her trip to a bitcoin mining warehouse in Washington. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: F...

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