Bitcoin has suffered a massive fallout due to the hard fork that occurred on November 15 and so have many other cryptocurrencies. The fork split Bitcoin Cash into two entities, Bitcoin Cash ABC implementation, and the Bitcoin Cash SV implementation. The former implementation being led Jihan Wu and Roger Ver while the latter one led by Craig S. Wright and Ayre.
Roger Ver, in an interview with the CNBC, explained that the implementation with the longest chain of proof-of-work would be given the original BCH ticker. He opined that the hash war was done as far as he was concerned and he added:
“Right from the opening bell, the Bitcoin ABC implementation of Bitcoin cash had substantially more hash rate than the Bitcoin SV implementation of Bitcoin cash, and already way more proof of work has been done on top of the Bitcoin ABC version of Bitcoin cash than the Bitcoin SV version.”
Roger Ver bragged about having more hash power than the SV version and also added that all of their services were fully functional right from the start. He said that everything went according to their plans except for the prices of all cryptocurrencies going wild, which he compared to the Y2K incident.
To put things into perspective, Ver went into details about the amount of hash power they had under their hoods, he said:
“The instant the fork started we made sure we had plenty of hash rate that we popped right on over from the BTC Network, so I think we found like the first five blocks after the upgrade. We had more than 4,000 meta hashes on our pool to help out with that, and the amount of electricity required for that is more than the average power output of the Hoover Dam.”
Refuting speculations about the hash wars turning Bitcoin Cash’s mining to become centralized, Ver said:
“There were dozens if not hundreds of people involved in shifting this hash rate around, so there were all these people working together, people literally all across the entire planet came together to protect Bitcoin cash and make sure it continues being a peer-to-peer electronic cash for the world.”
As per the data from Coin Dance, 1066 blocks have been mined under the consensus rules and Bitcoin Cash is 34.2% ahead in terms of proof-of-work and 2 blocks ahead in terms of blocks mined.
75916|Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider
Avent, a leading global technology solutions provider, announced that they would be accepting Bitcoin [BTC] and Bitcoin Cash [BCH] for their goods and services, as a mode of payment on their platform. The news comes after Switzerland’s largest e-commerce company, Digitec-Galaxus AG, announced the acceptance of Bitcoin, Ethereum [ETH], XRP and a few other altcoins for payments.
Like most platforms, Avent is enabling Bitcoin payments via BitPay, the largest Bitcoin payments service provider. Sunny Trinh, the Vice President of Demand Creation at Avent said,
“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it”
The blog post stated that developers were “looking for flexibility,” when launching products in the market. It added that this particular announcement would give their customers “more convenient” options to complete their transactions.
The announcement further stated that when a customer chooses to check-out with Bitcoin or Bitcoin Cash as their payment option, Avent and BitPay would collaborate on verifying the funds, processing their order and completing transactions. In the future, they will also be able to enable cryptocurrency payment requests outside of the United States, on a country to country basis.
Sonny Singh, COO of BitPay said,
“As one of the largest global technology solution providers on the Fortune 500 list, Avent is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments.”
He further stated,
“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avent will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”
75844|Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims
The Bitcoin Cash [BCH] hard fork that occurred on November 15, 2018, captured multiple headlines with many marking it a major event in the field of cryptocurrencies. The hard fork is the one that resulted in the split of the BCH blockchain to give birth to two different cryptocurrencies: Bitcoin Cash [BCH] and Bitcoin SV [BSV].
The fork was dominated by two camps, the Bitcoin ABC team led by Roger Ver and Bitmain’s Jihan Wu while the Bitcoin SV was led by nChain’s Craig Wright and Calvin Ayre. Post the fork, Ver and Wu were both sued by United Corp, an American management company who claimed that the ABC camp including popular cryptocurrency exchange Kraken, had flouted rules and regulations to benefit from the fork. The initial lawsuit said:
“The defendants [Bitmain, Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
The lawsuit was refuted by the alleged parties, citing lack of evidence and bogus claims. Following this, UnitedCorp has filed a new opposition to dismiss in its lawsuit. The company challenged the defendants to explain their actions under oath and stated that they will pursue discovery by way of deposition or under subpoena of the defendants.
The latest lawsuit made it the first antitrust action brought in the United States that involves the cryptocurrency industry. The new release from the company said:
“Miami‐based United American Corp announced today that their legal counsel Akerman LLP has filed a Consolidated Opposition to Defendant’s Motions to Dismiss Complaint in its suit against Bitmain Group, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox (the “Defendants”). The opposition was filed after the Defendants filed a motion to dismiss the UnitedCorp action on February 1st 2019.”
UnitedCorp also specifically pointed out to Bitmain’s usage of the Overt ASICBoost as a method to enhance Bitcoin ABC’s version of the fork. The company further stated that the firmware was made available in advance of the last Bitcoin Cash update by Bitmain only to Bitcoin ABC-supported pools, which are operated by the Roger Ver owned Bitcoin.com. The lawsuit also added:
“UnitedCorp alleges that these activities are evidence of not only a violation of the accepted standards and protocols associated with Bitcoin since its inception, but a violation of US antitrust laws including parts of the Sherman Act.”
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