Author: Jasmine Solana

Lawsuit links Bitmain, Roger Ver group to ‘premeditated hostile takeover’ of Bitcoin Cash network

Bitmain, its co-founder Jihan Wu, along with his “team of conspirators” including Bitcoin.com CEO Roger Ver, ABC lead developer Amaury Sechet, Kraken and its CEO, Jesse Powell, will have a lot to answer for. On Thursday, a lawsuit was filed before the U.S. District Court for the Southern District of Florida accusing the group of fraud and market manipulation, asserting that these people worked “with the knowledge and support of the Chinese government to stage a premeditated hostile takeover” of the Bitcoin Cash BCH network.

Florida-based blockchain company United American Corp. (UAC) is seeking an emergency injunctive relief, citing losses that stemmed from the Bitcoin Cash hard fork last November 15. On that day, a hash war was fought with miners voting between two competing implementations of the BCH protocol—Bitcoin SV and ABC. ABC took a temporary early lead due to an artificial burst from “rented” hash power subsidized by Ver’s Bitcoin.com, and some exchanges—Kraken in particular—prematurely listed the ABC token as Bitcoin Cash BCH.

Now the other shoe has dropped.

Lawyer Brian Miller of Akerman law firm, who heads the team of lawyers that handles the UAC litigation, said there was “a scheme by a tight network of individuals and organizations designed to co-opt the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted distributed and decentralized standards and protocols associated with Bitcoin since its inception.” The scheme, allegedly spearheaded by Bitmain and Ver’s camp, reportedly caused “a global capitalization meltdown of more than $4 billion and caused many American and Canadian coin holders to suffer financial damages.”

Also named in the UAC lawsuit were ABC developers Shammah Chancelor and Jason B. Cox.

Aside from the awarding of restitution and compensatory damages, the lawsuit also seeks to prevent ABC from continuing to implement checkpoints on the Bitcoin Cash network and other software implementations that will “prevent the resulting chains from being able to be re-merged. UAC also wants the court to require ABC “to return the blockchain to its previously decentralized form with the previous consensus rules.”

More importantly, UAC wants to prove that the ABC camp, which has “some of the biggest U.S.-based and international names and entities in the digital currency world” among its ranks, is being backed by the Chinese government, all in an effort “to centralize the Bitcoin Cash network resulting in Chinese entities now having established dominance over this important segment of the cryptocurrency market with proprietary software checkpoints and instituting other means of control over the system.”

Lawry Trevor-Deutsch, VP of Corporate Affairs for UAC, said, “We envision a future led by an open, democratic and collaborative community fostering innovation and freedom. No entity or group of entities should seek to seize control of this platform for their own narrow interests or create rules that inhibit new competition and future technological innovation. That’s what this lawsuit is about.”

Full filing can be found here.

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This is how Bitcoin SV-powered Metanet will transform the Internet

The Internet has come a long way from the 1990s, when the world’s first website and server went live at CERN in Geneva, Switzerland. Today, there’s no denying that the Internet has transformed how we live and operate. But now it’s time for the next game-changer: the Metanet.

Announced last week at the CoinGeek Week Conference in London, the Metanet project will power and integrate the Internet through the Bitcoin blockchain. The groundbreaking project is the brainchild of nChain Chief Scientist Dr. Craig Wright, and will see “the Internet becomes a sidechain.” nChain, the blockchain technology research and development firm, will develop the Metanet exclusively on Bitcoin SV (BSV), which follows the original Satoshi Vision for Bitcoin.

Wright describes the Metanet as “a value network,” where the entire global system of online activity and data are connected commercially. Essentially, the Metanet will use BSV to transfer compressed data, enabling reliable, semi-automated exchange of web page and other information.

Metanet will pave the way for new methods of distributing web content as well as facilitating eCommerce business models using Bitcoin microtransactions—meaning companies can earn instantly for clicks, content, and data. Potential fraud incidents will also be reduced, thanks to the higher data quality and integrity provided by blockchain-backed data storage.

According to nChain, Metanet will enable business models that are previously not economically feasible on the Internet. These include solutions that authorize secure access to web content, social media accounts and distributed systems, in real time and with private identity; internet search, information and content services that rely on micropayments instead of traditional advertising models; business models for real-time and secure pay-per-use of content and digital assets; integrated wallet systems; automated contracts for and distribution of purchased digital and physical products; verifiable, traceable and real-time supply chain management; automated form-free and real-time insurance policies, and secure real-time event ticket, transportation and hotel bookings.

“The Metanet will enhance, then eventually drive the Internet, making Bitcoin SV the global public ledger that underpins all Internet activity,” nChain Group CEO Jimmy Nguyen said in a statement. “It is a mind-blowing concept with limitless possibilities based on the additional security, efficiency, and data integrity of the blockchain, and is another part of Craig Wright’s vision for unleashing Bitcoin’s true power.”

Metanet is “an enormous undertaking,” even for a firm like nChain, which noted that the project “will take time to specify and deliver in a business-friendly form.” To make this a reality, the blockchain tech firm is continuing its work to progressively develop the Metanet and also doubling down to find the perfect collaboration partners for the project.

“We have taken the initial steps, and know it will take work with others to make the Metanet a reality,” Nguyen said.

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Dr. Craig Wright unveils game-changing Bitcoin project—Metanet

This week, the ever controversial Bitcoin visionary Dr. Craig Wright promised to make an announcement that will transform the Internet. And boy, did he deliver.

On Day 3 of the CoinGeek Week Conference at The Mermaid Theatre in London, the nChain chief scientist unveiled a new, big Bitcoin project that will see “the Internet becomes a sidechain”—the Metanet.

Metanet is essentially a commodity ledger, and it’s going to be a game changer. Imagine being able to put everything in one blockchain, essentially “one source of truth” via a “system that cannot lie,” according to Wright.

“What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially,” Wright tells the audience at CoinGeek Week.

Metanet, according to Wright, is a central, global network where there is one internet—one Metanet specifically—with all in competition. It’s a system with records that once registered, there will be no changes of the Enron kind will take place.

Wright stressed, “This is what Bitcoin really is about. Bitcoin is a value network, a global way of opening trade. Bitcoin is there to enable you to create the next wave of global commerce.”

Watch Dr. Craig Wright’s presentation, Going Meta on Bitcoin, at CoinGeek Week Conference Day 3 below.

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Dr. Craig Wright unveils game-changing Bitcoin project—Metanet

This week, the ever controversial Bitcoin visionary Dr. Craig Wright promised to make an announcement that will transform the Internet. And boy, did he deliver.

On Day 3 of the CoinGeek Week Conference at The Mermaid Theatre in London, the nChain chief scientist unveiled a new, big Bitcoin project that will see “the Internet becomes a sidechain”—the Metanet.

Metanet is essentially a commodity ledger, and it’s going to be a game changer. Imagine being able to put everything in one blockchain, essentially “one source of truth” via a “system that cannot lie,” according to Wright.

“What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially,” Wright tells the audience at CoinGeek Week.

Metanet, according to Wright, is a central, global network where there is one internet—one Metanet specifically—with all in competition. It’s a system with records that once registered, there will be no changes of the Enron kind will take place.

Wright stressed, “This is what Bitcoin really is about. Bitcoin is a value network, a global way of opening trade. Bitcoin is there to enable you to create the next wave of global commerce.”

Watch Dr. Craig Wright’s presentation, Going Meta on Bitcoin, at CoinGeek Week Conference Day 3 below.

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Squire forms world’s largest publicly-owned crypto mining operation with CoinGeek acquisition

Squire Mining Ltd., a listed issuer on the Canadian Stock Exchange, announced on Friday that is has entered an agreement to acquire crypto mining assets owned by CoinGeek and its affiliates, paving the way for the formation of the largest publicly-owned crypto mining operation in the world—henceforth known as CoinGeek Technologies Ltd.

Under the deal, Squire will take under its wing CoinGeek assets consisting of 62,440 ASIC mining rigs, representing an estimated 960,000 terahash/s or about 90MW of power consumption. These assets are operated by host providers across the United States, with 35,940 rigs, as well as Canada (6,000 rigs), and Kazakhstan (20,500 rigs). The crypto mining assets have an all-in weighted operational cost of US$0.073 per kilowatt hour.

The deal is valued at CAD$60.3 million (US$45.33 million), consisting of 114.8 million Squire common shares worth CAD$34.4 million (US$25.86 million) based on the Nov. 29 closing price of CAD$0.30 (US$0.23) per share. CoinGeek will also receive an unsecured vendor-take-back note worth CAD$25.8 million (US$19.4 million), which it can convert into additional Squire common shares. CoinGeek, for its part, has agreed to enter into a voluntary one-year lock up on the common shares it received.

As part of the agreement, Squire will be taking on CoinGeek’s employees and consultants who are involved with the management and operation of the assets, as well as the CoinGeek.com website and domain, along with all the marketing and advertising assets related to the CoinGeek name.

The Canadian company is also acquiring CoinGeek’s outstanding global distribution agreement for Squire’s ASIC chips and rigs. Earlier this year, Squire granted associates of CoinGeek the exclusive right to market, promote, solicit, sell and distribute Squire’s new ASIC chips and mining rigs to Bitcoin SV and other alt coin miners throughout the world.

Taras Kulyk, chief executive officer at Squire, said: “This transaction would provide Squire with a leading, recognized brand via the acquisition of the CoinGeek.com and CoinGeek name, but it would also make us the largest, publicly traded Bitcoin miner globally. It is expected to deliver significant shareholder value by enabling Squire to become vertically integrated with our growing chip design and manufacturing business, which we would seek to have commercial within 2019.”

“I believe the next phase of growth for this industry is upon us and that means massive scaling of the Bitcoin blockchain to accommodate the throughput needed for enterprises to make use of this technology. By vending my mining and CoinGeek branded assets into Squire, I would be doubling-down on my commitment to Bitcoin’s success. These assets would enable Squire Mining Ltd to compete at a global level to pave a path for enterprise usage of blockchain technology to flourish,” said Calvin Ayre, owner of the CoinGeek brand.

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CoinGeek’s Petter Ikekhua: There is nothing like Bitcoin

At the Cryptartica-hosted London BCH Speakers Series II, Petter Ikekhua of CoinGeek shares the top reasons why Bitcoin is a win for merchants.

Why is merchant adoption important for Bitcoin to grow?

The answer, according to Petter Ikekhua of CoinGeek, is simple: because the currency needs to gain value.

“The actions of buyers, people with money, always have to equal the actions of sellers. So if you’re not selling anything, you can’t generate value. And therefore merchant adoption is the most important thing because they are selling things and they have to accept bitcoin cash in order for the currency to gain value,” Ikekhua tells the audience at the recently held London BCH Speakers Series II event.

Ikekhua also explained the top reasons why Bitcoin is a win for merchants, and how he helps merchants onboard Bitcoin as a method of payment. Simply put, the original Bitcoin, now reborn as Bitcoin SV (Satoshi Vision), is the only platform that has proven its ability to scale to enterprise levels—facilitating what is needed for global commerce.

“The reason why Bitcoin is the main currency for merchants is because it’s the only blockchain which has the roadmap to scale to beyond 1GB block size,” Ikekhua said.

Ikekhua also touched on some of the questions or concerns merchants commonly have, explaining that the main challenge isn’t actually about comparing Bitcoin to another payment method or currency.

“The main challenge is actually nothing,” he said. “The option they have is to accept it or do nothing. The reason why is because there is nothing like Bitcoin. Period. It’s very much comparable to new technologies which also faced a very low adoption curve in the beginning … When I speak with businesses, I never position myself in a way where I’m trying to explain that this is a better way than doing Visa payments Mastercard payments or anything similar. It’s about changing their perception of how people would do commerce in the future.”

Ikekhua will join other industry leaders at the CoinGeek Week Conference in London, where they will share their stories about their journey to increase adoption. The conference, taking place at the Mermaid, Puddle Dock in London on November 28-30 (with a special, invitation-only Miners Day event on November 27), is a celebration of the rebirth of the original Bitcoin as Bitcoin SV, and it’s also the perfect opportunity to learn from experts the importance of scaling to enterprise levels on the original Bitcoin chain—now named Bitcoin SV (BSV)—the only platform that has proven its ability to achieve this.

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Malicious code injected into BitPay’s Copay wallet steals private keys

Copay, the multisignature wallet from BitPay, described itself as a “secure, shared Bitcoin wallet.” That, apparently, hasn’t been the case for the past several months.

On Monday, BitPay warned users that its open-source wallet has been compromised by a malware that “could be used to capture users’ private keys.” According to the blockchain payments company, users “should assume that private keys on affected wallets may have been compromised”—specifically versions 5.0.2 through 5.1.0 of the Copay and BitPay apps—and they should move their funds to the 5.2.0 version of the app immediately.

The malicious code in question has been injected into a Node.js module called Event-Stream by a new user who given access to the popular JavaScript library by its original author three months ago. Dominic Tarr, previous maintainer of the repository, said he entrusted its development to a new user called right9ctrl who “wanted to maintain the module.”

The new maintainer then proceeded to release Event-Stream 3.3.6 containing Flatmap-Stream library 0.1.1, where the malicious code resides. On GitHub, Ayrton Sparling explained: “He added flatmap-stream which is entirely (1 commit to the repo but has 3 versions, the latest one removes the injection, unmaintained, created 3 months ago) an injection targeting ps-tree. After he adds it at almost the exact same time the injection is added to flatmap-stream, he bumps the version and publishes. Literally the second commit (3 days later) after that he removes the injection and bumps a major version so he can clear the repo of having flatmap-stream but still have everyone (millions of weekly installs) using 3.x affected.”

The malicious code only executes successfully if its’s used inside the Copay source code, stealing a user’s wallet information such as private keys, which it sends to the copayapi.host URL on port 8080. According to user Nicolas Noble, “If your overall application has both this malicious package and “copay-dash”, then it’s going to try stealing the bitcoins stored in it.”

BitPay said its BitPay app was not vulnerable to the code, noting that it’s still investigating whether the code vulnerability affected any Copay users. BitPay warned, “Users should not attempt to move funds to new wallets by importing affected wallets’ twelve word backup phrases (which correspond to potentially compromised private keys). Users should first update their affected wallets (5.0.2-5.1.0) and then send all funds from affected wallets to a brand new wallet on version 5.2.0, using the Send Max feature to initiate transactions of all funds.”

At press time, the Event-Stream 3.3.6 version has already been taken down, although the Event-Stream library remains available after Right9ctrl released other versions of the module in an effort to hide his malicious code. And the damage, as they say, has been done.

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Bitcoin ‘really easy and cheap to deploy,’ says BrewDog UK’s Martin Dempster

At the recently held London BCH Speakers Series II event by Cryptartica, Martin Dempster, VP of innovation at BrewDog UK, shares his company’s experience in adopting cryptocurrency for payments.

Bored of the “stuffy ales” dominating the UK beer market in the 2000s, James Watt and Martin Dickie decided to brew their own beer. In April 2007, BrewDog was born.

A decade later, the “maverick craft brewery based in the northeast of Scotland,” is “now the biggest and most successful craft brewery in Europe,” said BrewDog UK VP of Innovation Martin Dempster. This year, the craft brewery and pub chain has taken on a new challenge—adopt cryptocurrency for payments.

Last October 19, BrewDog opened its Canary Wharf pub, where the first 100 customers were given Bitcoin Cash to spend at the bar. With the help of CoinGeek and wallet provider Centbee, BrewDog helped its first guests to download a wallet and gave them free crypto to put in it and spend at the bar. Initially, BrewDog saw a “cultural barrier” in terms of further adoption; however, Dempster said they “found it really easy and cheap to deploy” compared to traditional payment terminals.

“It was such a novel thing for us… to offer and there was such a real palpable sense of excitement before we launched,” Dempster said. “It’s not flash in the pan, people are actually using the tech, which is great to see.”

If you want to know what BrewDog did to accept cryptocurrency, join us at the CoinGeek Week Conference, happening at the Mermaid, Puddle Dock in London on November 28-30 (with a special, invitation-only Miners Day event on November 27). The four-day event is a celebration of the rebirth of the original Bitcoin as Bitcoin SV (Satoshi Vision), and it’s also the perfect opportunity to learn from experts the importance of scaling to enterprise levels on the original Bitcoin chain—now named Bitcoin SV (BSV)—the only platform that has proven its ability to achieve this.

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Dr. Craig Wright explains why Bitcoin needs to be stable

Last November 2, CoinGeek sponsored a Bitcoin BCH Miners Choice Summit at The Grand Harbour in Hong Kong. The dynamic half-day conference featured the industry’s most exclusive guest speakers, including nChain Chief Scientist Dr. Craig Wright.

In his presentation, Wright discussed what Bitcoin was meant to be, and why miners should support the original Satoshi Vision for Bitcoin by mining with Bitcoin SV and joining SVPool. He stressed the importance of not leaving the future to the developers who want to make major changes every six months and increasing its complexity.

“Bitcoin needs to be stable. It needs to be a system that won’t just be built on and changed every few days. To be stable as money, Bitcoin needs to be the same next year and the year after,” Wright told the audience. “It’s about a stable protocol, stable protocols matter. We want people in business, we want people to be able to take contracts and money and use it.”

Dr. Wright asked the audience to look to the future—a future in which mining companies held the same respect the banks used to before the financial collapse, saying miners should focus on creating businesses that can be passed down to their children rather than focusing on the get-rich-quick empty promises of ICOs.

Watch Dr. Craig Wright’s speech, “Back to the Future of Bitcoin: Why Miners Should Support Satoshi Vision,” below. You can also catch the nChain chief scientist along with other industry thought leaders at the upcoming CoinGeek Week Conference, happening on November 28-30 (with the exclusive, invitation-only Miners Day on November 27) in London.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Jimmy Nguyen tells BCH miners: It’s time for Bitcoin to grow up and professionalize

The CoinGeek-sponsored Bitcoin BCH Miners Choice Summit, held at The Grand Harbour in Hong Kong last November 2, wasn’t just an opportunity for Bitcoin BCH miners to network. It was also an event where they learned why Bitcoin SV stands out from other competing implementations.

Jimmy Nguyen, CEO of the nChain Group, and Steve Shadders, director of solutions and engineering as well as technical director of the Bitcoin SV project, took the stage to explain the four pillars on which Bitcoin SV sits: stability, scalability, security, and safe and instant transactions. All “S” words, according to Nguyen, in honor of Satoshi Nakamoto.

“We are asking for miners to choose and support our vision of Bitcoin Cash, and we believe miners would choose Bitcoin SV as the implementation because it will ensure them the most long term profitability. And we chose to create this implementation because of differences of opinion we had with the other Bitcoin Cash developer groups which we felt were trying too hard to change Bitcoin, and as Craig was talking about, and also we believe it’s time for the Bitcoin development to be led not by the protocol developer groups, which who had led them for so long, but to be really be led by what’s the interest of miners,” Nguyen told the audience.

The nChain CEO also talked about his belief that it’s time for Bitcoin to lock in the protocols, just as the Internet protocol was locked in, thus allowing development of the internet into what we have today. Nguyen stressed, “It’s time for Bitcoin to grow up and professionalize.”

Watch Jimmy Nguyen and Steve Shadders’ presentation, “Bitcoin SV: The BCH Implementation for Satoshi Vision,” below. Nguyen is also speaking at the CoinGeek Week Conference, happening on November 28-30 in London, with the special, invitation-only Miners Day event on November 27.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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