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Bitcoin SV [BSV] cries “market manipulation” following illegal image fiasco

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Bitcoin SV [BSV] cries “market manipulation” following illegal image fiasco
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The Bitcoin SV [BSV] community was taken aback when an unconfirmed illegal picture was floated on the BSV blockchain. Following the expansion of the data size limits to 100KB by the crypto’s node developers, the alleged picture emerged on the blockchain.

Following a transaction processed by Money Button, the illegal picture, allegedly depicting child abuse, was seen on the blockchain by BitcoinFiles.org, who quickly removed the picture.

Bitcoin SV launched an investigation into the matter following which, Money Button stated that the user in question has been “banned” for uploading the picture on the blockchain. Both Money Button and BitcoinFiles.org have been lauded for reacting quickly and eliminating such content from the network.

Some Bitcoin SV proponents believe that associating the coin with these accusations which can be attributed to other blockchains as well, is a bigger plot to artificially manipulate the BSV market.

Jimmy Nguyen, the CEO of nChain and Founding President of the bComm Association responded to this fiasco, stating the BSV chain is like any other blockchain, it is a ledger of information, allowing anyone to post anything, hence there is always a possibility of someone using this feature for ill. He also added that Bitcoin SV does not have this feature in isolation and that many other cryptocurrencies and networks share this.

Nguyen said:

“The same is true for the Internet, and is true for the Bitcoin Core (BTC), Bitcoin Cash (BCH-ABC), Ethereum, and other cryptocurrency networks—on which illegal content likely already lives.”

Craig Wright, the chief scientist at nChain hit back at the Hard Fork article demanding an extraction or else the issue would be taken to the Financial Service Authority [FSA] the chief regulator of United Kingdom. Wright claims that even in Bitcoin [BTC] data can be encoded in the keys, allowing illegal content to be pedaled.

The creation of a cohesive and accountable ecosystem is necessary to prevent any of these mishaps in the future. Jimmy Nguyen added that, for this, data limitation is not the solution, however, service providers should be responsible for monitoring data written into the blockchain and weed-out anything illegal.



Money Button has stepped up its terms of service to ensure events like this do not see the light of day in the future. Additionally, Bitcoin SV will also be co-operating with other businesses to share blacklisted information, transactions, and addresses.

Jimmy Nguyen concluded:

“The BSV ecosystem’s ethos is very much to encourage legally-compliant business action. We are confident BSV applications will follow the journey of Internet service providers in taking actions which foster a safe blockchain ecosystem—while also taking advantage of the technological power of a BSV blockchain with no limits.”





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Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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