Bitcoin Cash Fork Controversy

Date : 12/10/2018 @ 6:28PM
Source :ADVFN Crypto NewsWire
Stock : Bitcoin Cash ABC (BCHGBP)
Quote : 365.17000000  -15.58000000 (-4.09%) @ 7:28AM
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Bitcoin Cash Fork Controversy


 
 

Bitcoin Global News (BGN)

December 10, 2018 -- ADVFN Crypto NewsWire -- Bitcoin Cash was created last year as a fork of the original Bitcoin Chain. It was heavily sponsored and promoted by notorious cryptocurrency millionaire Roger Ver. He was an early investor in several of what have now become some of the biggest cryptocurrency or blockchain technology related businesses. At the immediate outset, Bitcoin Cash supporters touted that it is better than Bitcoin and will be more scalable, however there has been little accomplished to prove this is true.

 

Last month Bitcoin Cash implemented a fork to add certain updates to their network, claiming that it was for the goal of scalability and useability:

  • A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable users such as the use of oracles and cross-chain atomic contracts.

  • The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.

  • Several minor technical fixes and improvements.

But rather than show a great deal of applications that will benefit form these upgrades, the Bitcoin Cash fork has resulted a number of controversies that are pointed toward more market deception than technology advancement.

 

Roger Ver and Bitmain Sued Over Bitcoin Cash

One of the two new splits of Bitcoin Cash, “ABC” has been alleged of  illegally manipulated the market, damaging investors as a result. United Investment Corp. is seeking litigation against a whole group of individuals and corporations:

  • Roger Ver

  • Bitcoin.com
    Bitmain and co-founder of Bitmain Jihan Wu

  • Cryptocurrnency exchange Kraken and founder Jesse Powell

  • Bitcoin ABC developers Amaury Sechet, Shammah Chancellor and Jason Cox

The lawsuit claims that the group “hijacked the [bitcoin cash] blockchain,” through market manipulation and inside capabilities to develop on the network as well as massive control over the mining pool, this group was able to centralized bitcoin cash and manipulate the price during its hard fork.

 

Potential Punishments

“Plaintiff seeks an injunction: (a) precluding Amaury Sechet, Shammah Chancellor, and Jason Cox via Bitcoin ABC from continuing to implement checkpoints on the Bitcoin Cash network and any other implementation of the software that would prevent the resulting chains from being able to be re-merged; and (b) requiring them to return the blockchain to its previously decentralized form with the previous consensus rules.”

 

 

By: BGN Editorial Staff

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