Bitmain, Roger Ver, Kraken Sued for Alleged Bitcoin Cash Hard Fork Manipulation

Altcoin Bitcoin Cash

Florida-based UnitedCorp has launched a suit against Roger Ver and some other major industry players for allegedly planning a scheme to take control of the BCH network.

Florida-based United American Corp. (UnitedCorp) has purportedly filed a lawsuit against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, according to a press release published Dec. 6. UnitedCorp alleges that the defendants planned a scheme to take control of the Bitcoin Cash (BCH) network.

Founded in 1992, UnitedCorp is a development and management firm with a focus on telecommunications and information technologies. The company manages a portfolio of patents and proprietary technology in telecoms, social media and blockchain. UnitedCorp also owns and operates BlockchainDomes stations, that provide heat for agricultural applications.

The suit filed in the U.S. District Court for the Southern District of Florida alleges that the defendants jointly used unfair methods and practices to manipulate the BCH network for their benefit and detriment of UnitedCorp and other BCH stakeholders. The release further specifies:

“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”

On Nov. 15, the BCH network underwent an update, which divided the community into two main camps, those who support Bitcoin Cash ABC and those who support Bitcoin Cash SV. UnitedCorp states that the defendants took control of the coin’s network right after the upgrade using “rented hashing.” This allegedly led to the adoption of Bitcoin ABC rule sets, precluding other implantations from maintaining a democratic rule sets.

UnitedCorp also alleges that on Nov. 20 the Bitcoin ABC development team put a “poison pill” into the blockchain by way of a “Deep Reorg Prevention” in order to strengthen control over the blockchain ledger. That allegedly enables maintenance of control on implementations for future network updates.

The suit seeks injunctive relief against the defendants, asking to prevent them from ongoing actions against the BCH network and doing so in the future. Additionally, UnitedCorp seeks compensation, the value of which it claims will be determined at trial.

Bitcoin Cash has registered the major losses on the day. The altcoin is down by over 20 percent over the last 24 hours and is trading at around $103 at press time, according to CoinMarketCap.

Bitcoin SV (BSV), in turn, has seen noteable daily gains of over 27 percent, and is trading at around $112 at press time. BSV’s maximum supply is 21 million, while its market capitalization is around $1.9 billion at press time.

Ledger, Neufund Partner to Create Security Tokens Framework

Blockchain Germany

Crypto hardware wallet Ledger to allow users to manage security tokens through Ledger’s desktop app.

Cryptocurrency hardware wallet firm Ledger has partnered with German crypto startup Neufund to let users manage security tokens via Ledger’s desktop app, according to a press release Dec. 6.

Ledger’s collaboration with blockchain-based equity and crypto fundraising platform Neufund aims to develop a framework for security tokens. Ledger Live — a recently launched desktop application for crypto asset management — is reportedly adding an ERC-20 integration “soon.” The app will let users manage security tokens issued via Neufund’s set of protocols.

Previously, Neufund teamed up with cryptocurrency exchange BitBay to let investors buy and sell equity tokens with fiat currencies. At that time, Neufund was reportedly aiming to become the first end-to-end primary issuance platform for security tokens, specializing in equity tokens.

Meanwhile, Ledger announced in late November that it is expanding to New York as part of its development of institutional custody offering Ledger Vault. Ledger Vault is a form of custody solution allowing multiple members of a corporate entity such as a hedge fund to access the same cold storage wallet.

Also in November, the Germany-based IOTA Foundation announced it will integrate IOTA tokens with Ledger’s cryptocurrency hardware wallets.

Major Coins Show Poor Performance, With Ethereum Dipping Below $100

Altcoin Bitcoin Cash

Crypto markets have continued yesterday’s downtrend, with Bitcoin Cash, EOS, and Binance Coin seeing major losses.

Thursday, Dec. 6: Cryptocurrency markets have continued yesterday’s losses, with just two of the top twenty coins seeing any gains, according to Coin360.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is down 3.13 percent the day, seeing a high of $3,887 and low of $3,587. At press time, the major cryptocurrency is trading around $3,656.

On its weekly chart, BTC is at its lowest price point over the past seven days, down 14.4 percent, while the coin’s monthly statistics show grim 43 percent losses.

Bitcoin monthly price chart. Source: CoinMarketCap

Bitcoin monthly price chart. Source: CoinMarketCap

The second largest virtual currency by market capitalization Ripple (XRP) is trading at $0.320 at press time, down 5.36 percent on the day. The altcoin’s market cap is around $12.7 billion, while its weekly high point was $15.3 on Nov. 30, according to CoinMarkerCap.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) have lost 7.85 percent in the last 24 hours, dipping below the $100 mark for the first time during the past month. The coin is trading around $95 as of press time. ETH’s market cap is $9.7 billion at press time.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Top 10 coin Bitcoin Cash (BCH) is one of the top 20 coins, has registered major losses on the day. The altcoin is down by over 14 percent during the last 24 hours and is trading at around $112 at press time.

The Bitcoin Cash hard fork has been followed by a lawsuit filed by Florida-based United American Corp. against crypto exchanges Bitmain, Kraken, Bitcoin.com, and BCH evangelist Roger Ver, claiming that they engaged in “unfair methods of competition” that were detrimental to UnitedCorp and other stakeholders.

United American Corp. claims that during the hard fork, a number of entities took control of the network using “rented hashing” to facilitate the adoption of Bitcoin ABC, while “no person or entity can be allowed to control them.”

Bitcoin SV (BSV), in turn, has seen noteable daily gains of 22.55 percent, and is trading at around $107.31 at press time. BSV’s maximum supply is 21 million, while its market capitalization is around $1.8 billion at press time.

Today’s major losers also include EOS and Binance Coin (BNB), which are down 14.19 percent and 17 percent respectively. As of press time, EOS is trading at $1.90 and BNB is around $5.

Total market capitalization of all cryptocurrencies is around $114.4 billion at press time. On its monthly chart, total market cap has been showing a steady downtrend.

Total market capitalization 7-day price chart. Source: CoinMarketCap

Total market capitalization 7-day price chart. Source: CoinMarketCap

Meanwhile, digital asset manager Bitwise launched two new beta funds for BTC and ETH, aiming to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets. Matt Hougan, global head of research for Bitwise, has contextualized the launch of the new funds as being driven by “significant inbound demand” spurred by part “positive developments on the horizon.”

The Hidden Benefits of Bitcoin Mining

Bitcoin Gold

The energy costs of bitcoin mining are often cited as canceling out the. We must also consider the savings made, in avoiding some of the hidden costs of the alternative. Gold Standard Critics of gold originally made the same arguments — that the mining and storage cost of gold meant paper money was more economical. However, American Economics Professor Roger Garrison points out that society incurs additional costs under a fiat system. The cost of different

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Crypto Venture Capital Exec Compares Bitcoin to Post Dot-Com Bubble Amazon

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CryptoOracle partner Lou Kerner said that strong cryptocurrencies should be viewed like the big companies that came out on top after the dot-com bubble.

Lou Kerner, a partner at venture capital firm CryptoOracle, compared the current slump in crypto prices to the dot-com burst in the early 2000s in an interview with CNBC Nov. 21.

On CNBC’s “Worldwide Exchange” show, Kern stated that strong coins should be viewed like the big companies that came out of the dot-com bubble, using the example of e-commerce giant Amazon:

“If you go back to the internet bubble, which is what a lot of us in crypto look at for direction, Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95 percent over two years.”

Amazon went public in May 1997, with its share price of $18 per each. By December 1998, the company’s share price surged to more than $300 per share, but right after the dot-com bubble burst in March 2000, the share price slumped to just under $6 per share. Over time, Amazon managed to become the second U.S. company to reach a market value of $1 trillion.

Kerner said that current volatility is nothing compared to what longtime BTC investors have encountered, recalling a day in 2013 when the market fell by 70 percent overnight.  “This is what investing in crypto is all about,” Kerner added, also noting that the impact of all great technological changes is overestimated in the short term and underestimated in the long term.

The venture capitalist further stated that Bitcoin is “the greatest store of value ever created,” adding that the leading cryptocurrency will surpass gold over time. When asked what could be behind the recent slump on the cryptocurrency market, Kerner argued that “crypto has been so weak because [for] most of it there is no underlying value outside of confidence.”

Many industry experts have shared a positive outlook regarding the future of crypto market. Bart Smith, digital asset head at U.S.-based global trading and technology firm Susquehanna, said he is still a long-term BTC believer amidst the market crash, emphasizing that crypto trading is a “long game” and that “every great idea is volatile.”

Spencer Bogart, a partner at the venture capital firm Blockchain Capital, also believes that crypto opportunities are “still gigantic” despite the current bear market. Bogart also expressed his “mono-crypto” position, claiming that Bitcoin has the “largest established network effect” and is “more than five times larger than the number two crypto.”

Blockchain VC Investment Surged 316% in 2018, New Study Finds

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blockchain chain blocks

Venture capital investments into the blockchain industry have surged in 2018 as retail speculation faded away, a new report reveals. Sign of Maturation? According to a press release sent to Bitcoinist, a new report dubbed Q3 State of Blockchains prepared by European venture firm Outlier Ventures reveals that VCs are particularly active across all funding stages and that 119 deals are disclosed in Q3 of 2018 alone. One noteworthy detail is that the more quality

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BBVA and Santander Join EU Joint Blockchain Platform Set to Launch in 2019

Banks BBVA

Major Spanish banks BBVA and Santander have joined the launch of the E.U. International Association for Trusted Blockchain Applications.

Banking groups BBVA and Banco Santander have joined the E.U. International Association for Trusted Blockchain Applications (IATBA), Spanish economic newspaper Expansion writes Nov. 20.

The representatives of two Spanish banking groups were invited to an E.U. blockchain roundtable held in Brussels by Mariya Gabriel, the commissioner for Digital Economy and Society, and Roberto Viola, director of the E.U. Department of Communications Networks, Content and Technology.

According to a BBVA press release, during the meeting  E.U. officials revealed that the IATBA will launch in the first financial quarter of 2019. The main aim of the association is to develop E.U. blockchain regulation, along with preparing the launch of E.U.-wide blockchain applications.

According to Expansion, BBVA and Santander are among the first five banks invited to join IATBA. The other members of the association have not yet been disclosed.

IATBA is an initiative promoted by the European Blockchain Partnership — a collaboration of 27 E.U. countries, including UK, France, Germany, Sweden, the Netherlands and Ireland. As Cointelegraph previously reported, the states cooperate to establish “a European Blockchain Services Infrastructure that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.”

While the CEO of BBVA has previously noted some of the challenges and limitations of blockchain technology, the firm has already tested several blockchain solutions. In June, the bank partnered with Spanish energy company Repsol to test different blockchain technologies, namely Hyperledger and Ethereum.

Most recently, BBVA carried out a $150 million loan on a private blockchain network through a group of three funding banks including French banking group BNP Paribas and Japan’s bank holding Mitsubishi UFJ Financial Group (MUFG).

Santander is also interested in decentralized technologies. In July, it joined IBM’s Blockchain Platform along with four other banks, and created a research team to explore the use of blockchain in securities trading.

Report: Leading Japanese Shipping Line to Introduce Its Own Digital Currency

Adoption Altcoin

Japan’s major shipping operator Nippon Yusen K.K. is reportedly introducing its own digital currency to enable marine workers to more easily convert money into local currencies.

Japanese shipping company Nippon Yusen K.K. (NYK) is reportedly launching its own digital currency for crew members, Bloomberg reported Nov. 20.

Established in 1885, Nippon Yusen is Japan’s largest shipping line in terms of sales. From April 1 to Sept. 30, 2018, NYK Group’s consolidated revenue was 915.6 billion yen ($8.1 billion).

People familiar with the matter reportedly told Bloomberg that NYK is introducing its own digital currency for crew members in order to simplify the process of managing, sending, and converting money into marine workers’ local currencies. The currency will purportedly be tied to U.S. dollars, which would help avoid serious swings in value.

According to Bloomberg, it is not clear whether NYK’s digital currency will use blockchain technology or be a form of cryptocurrency.

Per the anonymous sources, NYK is working with banks and software development companies to ensure the currency’s ability to be converted into local currencies. The company has reportedly conducted successful tests using shipboard telecommunications, and is now seeking a patent for the technology.

NYK will supposedly introduce the digital currency in the first half of 2019, while the initiative presupposes the use of smartphones. Along with paying their own workers, the company is also looking to offer the currency to other shipping operators.

Port and shipping authorities around the world have already embraced the potential of blockchain technology. Earlier this month, nine major terminal operators and shipping companies signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLT).

The new platform will reportedly “allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

In October, Europe’s largest port, the Port of Rotterdam, partnered with major Dutch bank ABN AMRO and the IT subsidiary of Samsung to test blockchain for shipping. The members of the blockchain trial expect the technology will help reduce shipping time and simplify financial transactions.

This $3M Palazzo in Malta Can Be Bought Only For Bitcoin

Bitcoin Bitcoin Acceptance
Malta Valletta Bitcoin real estate

Despite the BTC price drop, the owner of a $3 million palazzo in Valletta, Malta, refuses to accept anything but Bitcoin. 421-Year-Old Palazzo: Only BTC Accepted Malta has undoubtedly managed to establish itself as one of the friendliest nations towards cryptocurrencies and blockchain. To further attest to this, the owner of a $3 million building in the heart of Valletta – the country’s capital, is reportedly accepting only Bitcoin for its purchase. The building is

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Top Coins Trading in The Green After Major Drop-Off Yesterday

Altcoin Bitcoin Price

Cryptocurrency markets have seen slight gains on the day, with all top ten cryptocurrencies trading in the green.

Wednesday, Nov. 21: It seems as if the recent drop-off in markets has slowed, with almost all the top 20 cryptocurrencies seeing green today.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin’s (BTC) losses yesterday totalled more than 15 percent, though the coin has managed to bounce back into the green today, up 3.12 percent on the day and trading at around $4,499 at press time. The leading cryptocurrency is down over 21 percent on its weekly chart.

Yesterday, Wall Street crypto bull Tom Lee reiterated his recently reduced year-end price prediction of $15,000 for Bitcoin, despite the recent market crash. While remaining confident in a year-end rally, Lee admitted that the markets have “certainly” seen a “negative development,” which signals a “downside of the momentum.”

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The second largest cryptocurrency by market capitalization, Ripple (XRP), is up 0.80 percent over the last 24 hours and trading at $0.439. The altcoin’s market cap is around $17.8 billion, while its weekly high point was around $20.8 billion on Nov. 18, according to CoinMarketCap.

XRP daily price chart. Source: CoinMarketCap

XRP daily price chart. Source: CoinMarketCap

Ethereum (ETH) is up 2.19 percent on the day and is trading at $134.46 at press time. The coin’s lowest price point on the day was $126.30.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin Cash (BCH) is down the most among the top twenty coins this week, having lost over 40 percent in the seven-day period. On the day, the coin is up a modest 2.67 percent, trading at $231.97 at press time.

Among the top 20 cryptocurrencies, only Zcash (XEC), and Tezos (XTZ) are in the red, down by 0.36 and 3.79 percent on the day, respectively, according to CoinMarketCap.

The total market capitalization of all cryptocurrencies is around $148.5 billion, while its weekly high point was around $189 billion on Nov. 15. As of press time, daily trade volume amounts to almost $18 billion, while the number of cryptocurrencies listed on CoinMarketCap has decreased to 2,071.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Earlier today, Cointelegraph reported that the recent cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector. Gillian Dorner, deputy director for financial services at Britain’s finance ministry, reportedly said that “we want to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”

British regulators are reportedly analyzing over 2,000 crypto assets to see whether they can be regulated under existing rules before considering whether reform might be necessary.

Also today, Spencer Bogart, a partner at the venture capital firm Blockchain Capital, said he believes that crypto opportunities are “still gigantic” despite the current bear market, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time.