Here are the most important cryptocurrency news of December 7th 2018.
Bitmain, Roger Ver & Kraken Sued for BCH Hard Fork Manipulation
Florida-based United American Corporation (UnitedCorp) has recently filed a lawsuit against Bitmain, Bitcoin.com, Roger Ver and Kraken Exchange. According to the press release posted by the UnitedCorp, they claim that the defendants created a scheme to take control of the Bitcoin Cash (BCH) network.
UnitedCorp, a company borned in 1993 that focus on telecommunications and information technologies claims that the defendants used special techniques to manipulate the BCH network for their own benefit, and the loss of BCH stakeholders.
“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.”
In the lawsuit, there’s a mention of the November 20th when the Bitcoin ABC team made an upgrade that could put the whole network at risk and called it “Deep Reorg Prevention”. The upgrade was made so the network could be unaffected by Craig Wright’s supposedly network attack. But in fact, this made the network weaker.
The community noticed the upgrade and the BCH network lost a few fans and early adopters. Right now, BCH is down over 20% in the past 24 hours while BSV is up and took the BCH spot for a few hours.
Bitcoin SV Surge Stopped As Bitcoin Cash Takes Its Spot Back
Bitcoin SV is one of the most unpredictable cryptocurrencies on this market. Over the past 24 hours, BSV price increased from a merely $90.93 to over $113.67.
What its nice to check is that the Bitcoin SV bull-run started in almost the exact moment when Bitcoin started to decrease again. As Dr Craig S Wright said :
Price is determined by utility.— Dr Craig S Wright (@ProfFaustus) December 7, 2018
Bitcoin SV is the original Bitcoin, it scales unboundedly and there is no use case it does not fulfil.
Yes, yes it does. And Bitcoin SV had no utility whatsoever,yet. Both Bitcoin and Bitcoin Cash were massively adopted. For Bitcoin Cash, it took some time as it was a fork of Bitcoin and people were reluctant when it comes to it. But Roger Ver’s relations & community helped bringing Bitcoin Cash to the mainstream community.
Indeed, Bitcoin Cash was also hated when it first started. It took a while until people started using it and seeing its potential. But this fork wasn’t beneficial for any of the entities. For their battle of which cryptocurrency is better, a lor of BTC, BCH and probably other cryptocurrencies were swapped to FIAT in order to pay the miners & for increasing the price. All of this brought the Bitcoin’s price to a new year low.
It’s not the first time it happen. Bitcoin Cash tried to overtake Bitcoin when it started by increasing its price to over $4,000 while Bitcoin was almost double. A lot of people spoke about a possible ‘flippening’ – but it didn’t happen. Instead, Bitcoin maintained its position and reached a close to $20,000 price last year. The same will probably happen now. Bitcoin Cash decreased a position but its still in front of Bitcoin SV.
Even though there aren’t any clear proofs that Bitcoin Cash war caused the Bitcoin’s price drop, a lot of people tend to believe this was one of the main reasons for the massive value lost.
SEC Delays VanEck SolidX Bitcoin ETF Decision – 27th February 2019
It appears that the deadline for the Bitcoin’s first exchange-traded fund (ETF) has been postponed by the U.S. Securities Exchange Commission (SEC). The news appear a short time ago when a document from the SEC which announce that the postponement of the decision. The good news are that this is the last time that SEC can delay a decision on Bitcoin’s ETF – meaning that on February 27th 2019 – SEC will have to approve or reject the ETF.
Thew news aren’t that bad, as the previous times the SEC rejected the ETF almost instantly instead of postponing it. This time, they asked for the community opinion and they look like they’re preparing to verify it properly before giving and answer. In August, SEC rejected nine proposals submitted by ProShares, GraniteShares and Direxion. The rejections were afterwards suspended as SEC announced all of them would be reviewed.
However, VanEck and SolidX ETF could be the approved one, as they recently established with the CBOE partnership. The proposed ETF received over 1,600 comments where people expressed their opinion about it.
What do you think? Will Bitcoin’s ETF will now be accepted in USA as Europe already have one?
Coinbase ‘Exploring’ Adding Ripple (XRP) To Their Exchange
The news appeared Friday, December 7th when Coinbase announced their possible support for a list of cryptocurrencies. This comes after back in September 25th, Coinbase decided to increase their available portfolio of crytocurrencies. Until now, they’ve added support for Basic Attention Token (BAT), 0x Protocol (ZRX) and Zcash (ZEC).
Its important to note that ‘exploring support’ is not the same thing with ‘listing’ the cryptocurrency – but its a step forward and if everything works good – it might be listed. Ripple (XRP) was one of the cryptocurrencies that Coinbase is exploring now, along a list with over 20 others such as Tezos (XTZ), Zilliqa (ZIL), Storj (STORJ),Request Network (REQ) and many others that can be found in the picture below.
Some of the cryptocurrencies mentioned below will be listed on Coinbase.com as well as Coinbase Pro – while others will only have limited support
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
Even though its not listed yet, its a great news for Ripple enthusiasts and could probably increase its adoption even more. Of course, some of the cryptocurrencies mentioned by Coinbase will only be available in certain areas due to the regulation issue. It could also take some time until one of them would be listed on Coinbase – as we’ve seen that a new cryptocurrency is added to Coinbase at approximately a month.
Other Important News
- IOTA wants to enable crypto transfers via DMs
- Weiss Ratings Analyst Says Bakkt’s Entry This January Would Open the Floodgates for Large Institutions
- Anthony Pompliano’s Opinion About Facebook Getting Into Crypto
- US Stock Market Experiences Drastic Trend Reversal While Crypto Plunges
- Could Bitcoin Cash’s Price (BCH) Continue Its Decline ?
- TRON CEO Says He Will ‘Rescue’ ETH and EOS Developers From Alleged ‘Collapse’ of Their Platforms
- 7 things nobody tells you about Ripple
- Mastercard’s New Patent Aims To Make Blockchain Transactions Anonymous
If you’ve missed yesterday’s news, you can find them here : Daily Cryptocurrency News – 6th December 2018
Image Source: pexels
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