this week in crypto bitcoin news More The Bitcoin price grabbed the headlines this week, once again plunging to a new yearly low and placing the crypto market on the brink of sinking below the $100 billion level for the first time in 2018. However, there was much more than price action afoot, and, per the usual, much of it involved drama in the Bitcoin Cash camp.
Lawsuit Takes Aim at Bitcoin Cash Backers Another week, another lawsuit.
This week saw the launch of a groundbreaking lawsuit against the proprietors of Bitmain and Bitcoin.com, Jihan Wu and Roger Ver, both in personal name and business name, as well as the Kraken exchange. A lesser-known blockchain company which entered the space about a year ago believes that Roger Ver and the others named in the suit actively worked to centralize the Bitcoin Cash network during the hard fork that happened at the end of last month, and as such are responsible for damages done to their business. The company, UnitedCorp, primarily services miners with efficiency equipment.
A follow-up story from CCN’s P. H. Madore is expected.
Obviously, on the other side of the fork, sentiments have been less than enthusiastic:
After being sore losers, Calvin & Craig are now trying to manipulate the cryptocurrency community with threats and lawsuits. Guys, you probably picked the worst target in the world for that. There won’t be enough popcorn available to watch this go down. https://t.co/jpRh1ZQ6QL
— Olivier Janssens (@olivierjanss) December 8, 2018
Bitcoin SV Rising and Terabyting Bitcoin SV briefly overtook Bitcoin Cash in terms of price and thus market capitalization during the week, though it quickly faltered as the market did several times overall.
Such rubber band movement is often seen in markets when people are waiting to dump. Too much good can be followed by a truckload of bad, but the price of Bitcoin SV seems to have stabilized about $10 behind Bitcoin Cash ABC by the end of the workweek. Crypto trades 24/7, though, and at time of current writing Bitcoin SV was 60 cents ahead (again taking a marginal lead.)
bitcoin cash price More In other Bitcoin SV news, which if early indicators are any sign, there will be plenty of as we move forward, Craig Wright seems to firmly believe that blocks will regularly clock in at 1TB. He confirmed this belief with a mining profitability prediction much later in the week on Twitter.
All this while Bitcoin SV is one of the least profitable-to-mine of the Bitcoin forks.
In the next 2 years, BSV miners will earn because of fees, as a commodity ledger.
Not market speculation.
12,000 USD a block in fees plus
Then 10x that
In time, a block will be 500k USD in fees alone
— Dr Craig S Wright (@ProfFaustus) December 7, 2018
Bitcoin Cash Developer Strikes to the Heart of Fork Debate One of our more popular and not-to-miss articles of the past week was our coverage of Bitcoin Cash developer _unwriter’s proclamations as regards the health of the Bitcoin ABC community and ecosystem. This Quote: :
“The anonymous contributor comes across as sincere and dedicated to his single-minded cause. He begins the article by stating that he has never met any developers in person and thereby never been influenced by anyone. He simply wants to “build what Bitcoin needs” and be judged “on what he builds.
”
_unwriter’s sentiments seem to have come presciently just before the Bitcoin SV price overtook that of Bitcoin ABC, and at least one major lawsuit was launched.
Beijing Says No to Security Tokens Beijing authorities have roundly declared that security tokens and their offering in the capital city of the country with 1 billion plus people is not going to be tolerated. CCN’s Conor Quote: :
“While Chinese authorities are retaining their hard stance on crypto-fundraising, other governments are more open to STO fundraising, leading to many blockchain forms to abandon the somewhat disgraced ICO method for its legally compliant relative. With major companies like Indiegogo hosting STOs, the method is perhaps destined for more longevity than the ICO approach, which was fraught with disaster through scams, failed projects, and bad press.”
Facebook Wants in on Blockchain Speculation arose this week that Facebook is probably working on the future’s most used blockchain application. Frequent Bitcoin commentator and professional financial analyst Anthony Pompliano was Quote: d as saying, “I bet Facebook builds the most used product in crypto.”.
