Large bitcoin mining company goes bankrupt

[mce]

Is this part of a trend or just a hiccup?

https://www.wenatcheeworld.com/news/...es-bankruptcy/

[CaptainHowdy]

How are the mighty fallen . . .

[onwebcam]

$0-$50k in assets and $10-$50 million in liabilities... Yep, they're screwed.

[JFK]

Originally Posted by onwebcam

$0-$50k in assets and $10-$50 million in liabilities... Yep, they're screwed.

just a little bit

[ianmoone332000]

One thing with all this mining stuff going tits up is plenty of used high end graphic cards for anyone that likes that kinda thing

[bns666]

Originally Posted by onwebcam

$0-$50k in assets and $10-$50 million in liabilities... Yep, they're screwed.

looks like they had very reasonable strategy

[onwebcam]

Originally Posted by bns666

looks like they had very reasonable strategy

It annoys the shit out of me to see people throw money at companies like this that have never made .01 profit.. Yet my business has made profit from day 1 but borrowing money for it from anyone outside of loan sharking co's is nearly impossible.

[marlboroack]

Fake and gay/scam

[wankawonk]

Originally Posted by onwebcam

It annoys the shit out of me to see people throw money at companies like this that have never made .01 profit.. Yet my business has made profit from day 1 but borrowing money for it from anyone outside of loan sharking co's is nearly impossible.

I actually got the opportunity to talk to a silicon valley VC guy about a year ago about my business (which has been profitable for almost 4 years)

His attitude was basically,

1) Not interested in trying to compete with mindgeek

2) Yeah you might make a million dollars, but I want to make a BILLION dollars, and you'll never do that

So the VC guys just aren't interested in steady, good profits; they only want companies in new spaces that they think might explode in popularity.

And don't even get me started on regular business loans; they'll laugh you out of the room if you go in there with any kind of perceived high-risk venture

[ilnjscb]

Originally Posted by wankawonk

I actually got the opportunity to talk to a silicon valley VC guy about a year ago about my business (which has been profitable for almost 4 years)

His attitude was basically,

1) Not interested in trying to compete with mindgeek

2) Yeah you might make a million dollars, but I want to make a BILLION dollars, and you'll never do that

So the VC guys just aren't interested in steady, good profits; they only want companies in new spaces that they think might explode in popularity.

And don't even get me started on regular business loans; they'll laugh you out of the room if you go in there with any kind of perceived high-risk venture

Give us the short version of how you were going to compete with mindgeek

[ilnjscb]

Originally Posted by onwebcam

$0-$50k in assets and $10-$50 million in liabilities... Yep, they're screwed.

"The company listed assets of between zero to $50,000 and liabilities between $10 million to $50 million." Son, you in a whole mess a trouble!

[mce]

Originally Posted by wankawonk

I actually got the opportunity to talk to a silicon valley VC guy about a year ago about my business (which has been profitable for almost 4 years)

His attitude was basically,

1) Not interested in trying to compete with mindgeek

2) Yeah you might make a million dollars, but I want to make a BILLION dollars, and you'll never do that

So the VC guys just aren't interested in steady, good profits; they only want companies in new spaces that they think might explode in popularity.

And don't even get me started on regular business loans; they'll laugh you out of the room if you go in there with any kind of perceived high-risk venture

VC guys are fueled primarily by the need for GROWTH (in valuation)

[wankawonk]

Originally Posted by ilnjscb

Give us the short version of how you were going to compete with mindgeek

didn't say I was trying to compete with mindgeek. the VC guy just can't look at the space w/o thinking "mindgeek is #1 and will be forever, why would I get into this?" Even for a company with nice profits and a good idea how to get vertically integrated

Personally I look at what tubecorporate has done in the last few years and see major opportunity. If you had some good capital to throw at content acquisition it's not hard to see how to replicate their success

[rowan]

Originally Posted by ianmoone332000

One thing with all this mining stuff going tits up is plenty of used high end graphic cards for anyone that likes that kinda thing

Bitcoin hasn't used GPUs for mining since about 2012-2013. It's all dedicated equipment now.

[jscott]

The firm lodged an amended voluntary petition at the bankruptcy court in the Eastern District of Washington on Thursday, stating the value of its assets as being between $10 million and $50 million, far higher than the previously stated $0–$50,000 range.

https://www.coindesk.com/giga-watt-d...kruptcy-filing

[onwebcam]

Originally Posted by wankawonk

I actually got the opportunity to talk to a silicon valley VC guy about a year ago about my business (which has been profitable for almost 4 years)

His attitude was basically,

1) Not interested in trying to compete with mindgeek

2) Yeah you might make a million dollars, but I want to make a BILLION dollars, and you'll never do that

So the VC guys just aren't interested in steady, good profits; they only want companies in new spaces that they think might explode in popularity.

And don't even get me started on regular business loans; they'll laugh you out of the room if you go in there with any kind of perceived high-risk venture

I'm not even talking VC.. I'm talking regular loans/credit for a B&M. This isn't high risk either.. The banks tell me the business has no credit history so I have to personally guarantee the loan and/or credit.. Then if I go in for something personal they look at me like I'm crazy because I have a credit line or loan on my personal credit for my business... After they've pulled all that shit they then say " we can't look at any of that business income so you're fucked on this personal loan." It's bassackwards as hell..

[onwebcam]

Originally Posted by jscott

https://www.coindesk.com/giga-watt-d...kruptcy-filing

They were hoping the crypto wouldn't be considered an asset probably and figured the equipment would bring pennies on the dollar at auction.

[ilnjscb]

Originally Posted by wankawonk

didn't say I was trying to compete with mindgeek. the VC guy just can't look at the space w/o thinking "mindgeek is #1 and will be forever, why would I get into this?" Even for a company with nice profits and a good idea how to get vertically integrated

I get what you're saying - yeah that is how VCs are most of the time - they usually want to be #1 or #2 in a space

Originally Posted by wankawonk

Personally I look at what tubecorporate has done in the last few years and see major opportunity. If you had some good capital to throw at content acquisition it's not hard to see how to replicate their success

This from TubeCorporate "Are you tired of sites overloaded with advertisements? Since we care about our surfers, our sources are not filled with excessive advertising!"

Translation: We don't have the many advertisers, and we're somehow spinning that as a positive

"Your videos and photos will certainly catch an eye!"

For some reason I read that in my head and I hear the "videos" as Wideos and the rest with a kind of polish-russian accent

I think if you want to get into this space, you still could do it.