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Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims

Akash Anand

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Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims
Source:Pixabay

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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Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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