Squire Updates Market On Asic Chip Development

Vancouver, British Columbia; January 22, 2018 – Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) reported today that pre‐tape‐out simulation testing of its prototype FPGA (field programmable gate array) ASIC microchip for mining Bitcoin SV, Bitcoin and other SHA‐256 associated cryptocurrencies has produced results inconsistent with design parameters.    Squire has commenced an independent audit of the results and Peter Kim President of Squire’s subsidiary AraCore Technology Corp., and his team of front‐end microchip engineers and programmers leading the design project have undertaken further testing and review of chip design.

Additionally, Squire announced the resignation of Taras Kulyk as Chief Executive Officer and Director.   The Board of Directors express their gratitude to Mr. Kulyk for his service and wish him the best in the future.  “Mr. Kulyk has contributed greatly to the establishment of an experienced operations team and provided the Company a wealth of knowledge through robust analysis and research in the crypto currency space.  Mr. Kulyk worked closely with the other Officers of the company and we are confident the team will continue to maintain the high level of operational competence and project management efficiencies we have been keenly impressed with to date.”

Filling the vacancy on the Board of Directors due to the departure of Taras Kulyk, Mrs. Angela Holowaychuk was appointed to the Board for Squire Mining.  In connection with the appointment, the Board has granted 200,000 options to Ms. Holowaychuk at an exercise price of C$0.245.

About Squire Mining Ltd.

Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing and operating data mining infrastructure and system technology to support global blockchain applications in the mining space including application specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin SV, Bitcoin Core and other associated SHA‐256 derived cryptocurrencies.

For further information contact:

Angela Holowaychuk
Interim Chief Operating Officer
Telephone: +1 800‐371‐2809

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION: This news release includes “forward‐looking information” as defined under applicable Canadian securities legislation. Forward‐ looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action.   Forward‐looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking information.    Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence. There are no assurances that the Squire will successfully negotiate, enter into and complete a definitive purchase agreement on the terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward‐ looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forward‐ looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Squire Announces Corporate Streamlining

Vancouver, British Columbia; January 7, 2018 – Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) announced today that it and Future Farm Developments Ltd. (“Future Farms”) have entered into a binding Letter of Intent (“LOI”) to wind up their joint venture company Arasystems Technology Corp. (“Arasystems”). All of the business functions contemplated to be performed by Arasystems will be taken on directly by Squire going forward.

Subject to Future Farms meeting certain conditions, Squire and Future Farms will enter into (a) a services agreement pursuant to which Future Farms will provide certain project management services to support Squire’s mining systems development, (b) a licensing agreement with respect to certain proprietary intellectual property of Future Farms, and (c) a non-exclusive distribution agreement where Future Farms will be granted the right to distribute mining systems developed by Squire.

The wind up of Arasystems is part of an on-going effort by Squire to streamline its business processes to maximize future value and reduce near-term operational overhead.

About Squire Mining Ltd.

Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing and operating data mining infrastructure and system technology to support global blockchain applications in the mining space including application specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin SV, Bitcoin Core and other associated SHA-256 derived cryptocurrencies.

For further information contact:

Taras Kulyk, JD, MBA
Chief Executive Officer, Director
Telephone: +1 (604) 260-6142

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” as defined under applicable Canadian securities legislation. Forwardlooking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence. There are no assurances that the Squire will successfully negotiate, enter into and complete a definitive purchase agreement on the terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forwardlooking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forwardlooking information, whether as a result of new information, future events or otherwise, except as required by law.

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Squire Extends Exclusive Negotiations For Acquiring Coingeek Assets

Vancouver, British Columbia; January 2, 2018 – Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) announced today that it and Bigfoot Holdings Group Ltd. (operating as CoinGeek Mining & Hardware) (together with its affiliates, “CoinGeek”) have agreed to extend exclusive negotiations to January 31, 2019 for Squire to acquire crypto mining assets owned by CoinGeek and certain of its affiliates representing approximately 1 million terahash/s of computing power (or approximately 960 petahash/s) and other blockchain related assets (the “Transaction”). Upon completion of the Transaction, Squire will become the largest publicly traded crypto mining company globally, as measured by terahash/s.  For additional information see Squire`s press release of November 30, 2018 which is available on www.sedar.com.

About Squire Mining Ltd.

Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing data mining infrastructure and system technology to support global blockchain applications in the mining space including application specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin SV, Bitcoin Core and other associated cryptocurrencies.

About CoinGeek Mining & Hardware

CoinGeek Mining & Hardware operates a global fleet of ASIC miners that provide the majority of the hash power to secure and scale the Bitcoin SV enterprise‐grade blockchain. CoinGeek’s professional team has developed industry leading practices to ensure its mining fleet operates at maximum performance whilst optimizing its cost profile to maximize profitability.

For further information contact:

Taras Kulyk, JD, MBA
Chief Executive Officer, Director
Telephone: +1 (604) 260‐6142

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION: This news release includes “forward‐looking information” as defined under applicable Canadian securities legislation. Forward‐ looking information and statements include, but are not limited to, disclosure regarding possible events, the proposed completion of the Transaction including the acquisition of the assets owned by CoinGeek that are based on assumptions about future economic conditions and courses of action.   Forward‐looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking information.    Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence. There are no assurances that the Squire will successfully negotiate, enter into and complete a definitive purchase agreement on the terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward‐ looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forward‐ looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Squire Reports Agn Results; Grants Stock Options

Vancouver, British Columbia; December 12, 2018 – Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire” or the “Company”) announces that at the Company’s annual general meeting held on December 12, 2018 Stefan  Matthews, Taras Kulyk and Marco Strub were elected as directors of the Company for the ensuing year.  Peter Wielgosz has stepped down as a director for personal reasons. The board would like to thank Peter for his hard work and dedication in helping to advance the development of the Company’s initial ASIC chip and mining rig as the Company prepares to begin fabrication of its initial chip in early 2019.

A total of 69.39% of the Company’s issued and outstanding shares were represented at the meeting and all items of business as set out in the Company’s Notice of Meeting dated October 30, 2018 as filed on SEDAR were adopted and approved by the shareholders.

The Company has also granted incentive stock options to purchase 200,000 common shares of Squire to each of Taras Kulyk and Marco Strub.  The options are exercisable for a period of two years at a price of $0.28 per share.

About Squire Mining Ltd.

Squire    is    a    Canadian    based    company    engaged,   through    its   subsidiaries, in   the    business    of   developing data mining infrastructure and system technology to support global blockchain applications in the mining space    including    application    specific    integrated    circuit    (ASIC)    chips    and    next   generation  mining  rigs  to mine Bitcoin SV, Bitcoin Core and other associated cryptocurrencies.

For further information contact:

Taras Kulyk, JD, MBA
Chief Executive Officer, Director
Telephone: +1 (604) 260‐6142

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

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Squire Establishes Advisory Board

Vancouver, British Columbia; December 12, 2018 – Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire” or the “Company”) announces that it has established an advisory board of industry experts to broaden the Company’s expertise and keep abreast of developing trends in the rapidly evolving fields of blockchain and cryptocurrencies. To this end, the Company has appointed Jimmy Nguyen and Dr. Craig S. Wright as inaugural members of the Company’s advisory board.

Jimmy Nguyen is the founding President of the bComm Association, the first‐ever organization dedicated to bCommerce (Bitcoin commerce).    The bComm Association brings together developers, merchants, exchanges, miners and other Bitcoin network participants and is dedicated to educating about why massive on‐chain scaling through Bitcoin SV is important not just for merchants and application developers, but also for the mining industry in general.    Mr. Nguyen will head the industry group as it provides global support for Bitcoin SV, as the key to long‐term financial success for all participants in the inter‐related Bitcoin ecosystem.

Dr. Wright is the Chief Scientist for nChain, known for global leadership in blockchain and bitcoin research, and possesses an intimate knowledge and understanding of Bitcoin’s technical and economic workings as well as its future potential.

Together, Jimmy and Dr. Wright are expected to provide Squire with invaluable insight and advice on current and future developments and trends in the Bitcoin SV ecosystem and the broader cryptocurrency and blockchain industries in general.

About Squire Mining Ltd.

Squire    is    a    Canadian    based    company    engaged,   through    its   subsidiaries, in   the    business    of   developing data mining infrastructure and system technology to support global blockchain applications in the mining space    including    application    specific    integrated    circuit    (ASIC)    chips    and    next   generation  mining  rigs  to mine Bitcoin SV, Bitcoin Core and other associated cryptocurrencies.

For further information contact:

Taras Kulyk, JD, MBA
Chief Executive Officer, Director
Telephone: +1 (604) 260‐6142

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION: This news release includes “forward‐looking information” that, while considered reasonable, is subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking information.  Accordingly, readers should not place undue reliance on forward‐looking information.

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Tether continues to lose market dominance

Tether may currently be stable and may have seen its value return to be even with the US dollar, but this may not last long. The stablecoin held 94% of the stablecoin market at the beginning of 2018 – with only two other stablecoin competitors – and continues to lose ground. Now with eight serious stablecoins in the market, Tether’s market dominance lies at only 74% and could fall even further.

It seems like everyone wants to launch a stablecoin these days. There is the USDCoin from Circle, Paxos, TrueUSD and even Gemini Dollars. Even the Huobi exchange has gotten in on the fun, launching its HUSD stablecoin. On the surface, they appear to be solid as they’re backed by physical assets such as dollars or gold, but we have already witnessed how easily it is to see a stablecoin come unglued. Not too long ago, Tether saw its price break free from the US dollar, falling at one point to $94.

This past October, the co-founder of CoinCorner, Danny Scott, showed how easy it was for the stablecoins to not hold their value. He said at the time, “This is because they are openly traded on exchanges based on the supply and demand, meaning their price can fluctuate if people are willing to pay less or more for the currency. For example, GUSD (Gemini dollar) was pegged at $1 and actually hit $1.18. Similarly, USDT (Tether) which is pegged at $1 has fluctuated over time and is currently trading at $0.96. So do we think stablecoins are here to stay? Only time will tell, but for now we are not committing to them.”

Tether has had to deal with a series of issues that may have contributed to its decline among stablecoins. It has repeatedly refused to release audits of its holdings, stating that it would be too difficult (even though other stablecoins readily acknowledge that they can provide the data). Its new banking partner, Deltec out of Brazil, is facing an investigation for its possible involvement in a money-laundering scheme. There have also been concerns raised that the stablecoin was used to manipulate Bitcoin Core (BTC) prices last year. 

The case for stablecoins is tenuous, at best. While all cryptocurrency options are still young and the industry needs to be developed, there isn’t much call for an option that can both show volatility on its own, as well as on the asset which backs it.

The post Tether continues to lose market dominance appeared first on CoinGeek.

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The fallacy of the “crypto’s only good for money laundering” argument

We’ve all heard the lame excuses – cryptocurrency is only good for criminal activity, cryptocurrency is only useful for money laundering, cryptocurrency has no real purpose – in trying to derail crypto as a legitimate alternative to fiat. Of course, the statements need to always be taken with a grain of salt and the speaker needs to be identified. In every case, the person uttering the words was a definite fiat pundit who either didn’t understand crypto or who was too imbedded with fiat to be able to see the bigger picture. The truth has begun to surface, though, and none of those arguments stand up to scrutiny. Japan has just given us another good indication of the fallacy behind the arguments.

The Japan Times reports that, according to an “official police document,” the country has seen a total of 340,000 suspected cases of money laundering activity or abuse this year in all types of financial transactions. Of this amount, only 6,000 transactions were related to cryptocurrency. Quickly crunching numbers, that means that only about 2% of all the money-laundering activity was found in crypto.

6,000 is still a big number, for sure. However, given the fact that 334,000 cases of money laundering were recorded through fiat, it’s merely a drop in the bucket. Measures are already being undertaken to help reduce the number more, but the fact that money laundering can still be so prevalent in fiat after centuries of existence shows how difficult the activity is to control.

Japan is working diligently to provide better oversight of cryptocurrency entities and exchanges. It is introducing a number of measures that will help prevent tax evasion and control initial coin offerings (ICO) and the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory entities overseeing crypto exchanges, has authority to patrol the industry, as well.

Any system anywhere in the world can be used positively or negatively – nothing can escape this, not even cryptocurrency. However, it has already shown itself to be a viable option and one that allows users to take back control of their own money. It is not “that thing that criminals use” or “an environmental disaster.” It is a legitimate type of currency that continues to be accepted by more and more merchants every day.

The post The fallacy of the “crypto’s only good for money laundering” argument appeared first on CoinGeek.

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Meet the players in the BCH Market Manipulation Lawsuit

On Thursday, a lawsuit was filed in Florida’s Southern District against a group of cryptocurrency heavyweights alleging intentional fraud and market manipulation surrounding the recent Bitcoin Cash BCH update.

The civil suit filed by United American Corp. against multiple Bitmain related companies, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox alleges the group was involved in a scheme to manipulate the cryptocurrency market for Bitcoin Cash in an effort to highjack the Bitcoin Cash network, resulting in a global capital meltdown of more than $4 billion and causing countless people irreparable harm.

Breaking News: Lawsuit links Bitmain, Ver camp to ‘premeditated takeover’ of Bitcoin Cash network

Some of the names are well known to the Bitcoin community while others have been background players. Let’s have a look at the who’s who in this landmark cryptocurrency lawsuit.

Bitmain Inc. – More commonly known as Bitcoin US, Bitcoin Inc. is an American corporation wholly owned by Bitmain Technologies Holding Company. With Bitmain Inc. being a USA corporation, it will be difficult for the larger company to claim the suit doesn’t belong in American courts. 

Bitmain Technologies LTD. – Founded by Micree Zhan and Jihan Wu in 2013, Bitmain rose to prominence and then dominance in the bitcoin mining space with their ASIC cryptocurrency miners.

Bitmain Technologies Holding Company – The company filed for an initial public offering this past September 26 with the Hong Kong regulatory agency. That IPO has been in doubt of late with disastrous financials leaking and their reputation taking a beating during the hash war that triggered this lawsuit. 

Saint Bitts LLC d/b/a Bitcoin.com – Bitcoin.com is one of the more controversial websites in the cryptocurrency industry. Bitcoin.com is probably responsible for onboarding more people to Bitcoin that any other site. They offer news, tools and even online gambling but after the 2017 BTC-BCH split, and their propensity for hyping up poorly planned and executed ICOs they’ve become more divisive in the past couple years.

Read the Court Filings from the BCH Manipulation lawsuit

Roger Ver – Known as the Bitcoin Jesus due to his early wiliness to invest and travel the world spreading the gospel of Bitcoin. He’s fallen from Grace particularly after the 2017 BTC-BCH fork. Ver would debate anyone and everyone, claiming BCH was the true Bitcoin and any chain that deviates from the Satoshi Whitepaper couldn’t claim to be Bitcoin. His decision to support the ABC instance during the hash war and his penchant for putting his promotional support behind pump and dump ICOs has left many of his disciples abandoning the faith. Ver denounced his American citizenship in 2014 and was once denied a USA visa as US immigration was unsure if he’d leave the country and he’d remain as an illegal immigrant. This case should offer US immigration sufficient grounds for a visitor’s visa.

Jihan Wu – He’s the public face of the Bitmain empire. A regular on the conference circuit and recipient of the lion’s share of both the praise and the scorn from the cryptocurrency community. He was the power broker during the 2017 battle for larger blocks in BTC, his mining pools held enough power to determine whether Blockstream’s Segregated Witness and the plan to leave BTC at 1MB blocks or if the big block battle would continue. Wu negotiated a split which created Bitcoin Cash BCH and took the big block supporters with him. He also played a major role in the Hash War, funding the controversial ABC instance and then arranging the mercenary miners to move over to the BCH chain. Like Ver, the split has left his reputation in tatters. 

Payward Ventures Inc. d/b/a KrakenKraken is a cryptocurrency exchange site that was funded by Roger Ver and operated by his high school friend Jesse Powell. The site was one of the more popular exchanges operating in the US, Canada, Japan and the EU. For a couple of years, it stood as the largest exchange in the industry before giving way to companies like Coinbase and Binance. This lawsuit isn’t the first time Kraken has faced scrutiny, earlier this year they were under investigation by the New York Attorney General’s (NYAG) office who was on a fact-finding mission to see what if any measures exchanges took to protect their customers from market manipulations.

Jesse Powell – Powell, in addition to being Ver’s high school friend, is the CEO of Kraken. When the NYAG was conducting their investigation, Powell made a point not to cooperate and declared the investigation was hostile and bad for business. Unlike Ver who renounced his USA citizenship and left the country, Powell still resides in the US and could be forced to do the heavy lifting if Ver doesn’t return to answer the suit.

Amaury Sechet – Sechet is the lead developer for Bitcoin ABC and the self-proclaimed benevolent dictator of Bitcoin Cash BCH. The anarchist is a French national who is responsible for the contentious changes to the node software that ultimately caused the rift and eventual fork in the BCH chain.

Shammah Chancellor – Is a developer with Bitcoin ABC who works with Sechet.

Jason Cox – Along with Chancellor, works with Bitcoin ABC as a developer.

United American Corp. – The Florida-based company focuses on telecommunications applications, including BlockchainDomes, which are eco-friendly crypto mining facilities that use the generated heat to power green houses and grow food. In 2017, UAC moved heavily into the development and implementation of blockchain-related technologies. The company believes that the high-jacking of the Bitcoin Cash network could imperil its investments, as the changes brought by Bitmain and Ver’s group have altered the fundamental economics of the business.

The post Meet the players in the BCH Market Manipulation Lawsuit appeared first on CoinGeek.

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Breaking down the United American lawsuit against Bitmain, Roger Ver, et al

The cryptocurrency world was rocked Thursday by the announcement of a huge lawsuit that was launched by United American Corp. (UAC) against a large number of Bitcoin Cash BCH supporters, including Bitmain and its co-founder Jihan Wu, Bitcoin.com founder Roger Ver, Amaury Séchet of Bitcoin ABC, the Kraken exchange and its CEO, Jesse Powell, as well as a few others. The lawsuit contends egregious amounts of fraud and market manipulation on the part of all defendants and could forever change how BCH is viewed, MarketWatch first reported.  The lawsuit and all updates will be available on the www.bitcoincashlitigation.com website.

UAC points out in its lawsuit, filed in U.S. District Court for the Southern District of Florida, that the group of individuals colluded to manipulate the BCH network and take control of its functions. The company asserts that BCH has become centralized, which violates “all accepted distributed and decentralized standards and protocols associated with Bitcoin since its inception.” The Florida-based blockchain company further asserts that Ver, Wu, et al worked in conjunction with the Chinese government in order to lead a hostile takeover of the cryptocurrency.

Breaking News: Lawsuit links Bitmain, Ver camp to ‘premeditated takeover’ of Bitcoin Cash network

The blockchain is meant to be a decentralized solution. To maintain this decentralization, the network operates on a consensus basis that prevents a single person or group from being able to control the majority of the hash, or mining power. If someone is able to control 51% of the network, they can effectively and autonomously decide the blockchain’s fate and this is what the defendants have been able to achieve.

Bitmain publicly acknowledged its support of Bitcoin ABC during the hash wars and launched efforts to force the BCH network to follow ABC during the hash wars. It rented hash power and even deployed 90,000 of its own mining rigs in favor of ABC mining operations, a move that can be seen as an attempt to centralize and control ABC. There were also speculations that Bitmain’s Jihan Wu was unloading BTC to fund the ABC mining operations, which, in turn, drove the prices of crypto down. Now, people are wondering if Wu is just cashing out amid the hash war.

Meanwhile, the U.S. Department of Justice is also allegedly looking to get involved in the case against Bitmain and Ver’s group through the FBI Cybercrimes Division.

Who are the defendants?

Roger Ver is a “crypto anarchist” and has also directed the mining operations of his Bitcoin.com mining pool to ABC. In addition,Bitcoin.com was a recipient of some of the hashing power that was rented by Bitmain in order to support ABC.

Ver has direct links to the Kraken crypto exchange through its founder, Jesse Powell. They are friends with a history that dates back to their high school days and Kraken was one of the first exchanges to show favoritism for ABC. It was also the first exchange to declare that ABC was offering the true version of BCH.

The lawsuit explains that Bitcoin ABC, the development and mining group that favored moving BCH away from its original design, has now forced changes on the blockchain without regard to what the community wanted. It introduced arbitrary checkpoints that can allow Bitcoin ABC to take over the network. UAC explains, “Combining this change with the hashing power of Bitcoin ABC backers amounts to centralization.  They will be able to override any consensus reached by the rest of the network, forcing other to conform or create an unwanted hard fork.”

UAC also asserts that the entities were fundamental in directing hash power—including through the renting of additional mining equipment—during the BCH “hash wars” this month that saw them force the direction the BCH blockchain was headed. The action resulted in an unprecedented amount of hash being processed by Bitcoin ABC backers and further disintegrated the integrity of the BCH network.

UAC has been involved in blockchain innovation since 2017 and has invested more than $4 million in the space. It argues that the selfish manipulation of the blockchain is not consistent with BCH’s design, and that it has completely altered the “fundamental economics of the business.” In simple terms, it can be viewed as ordering a Filet Mignon in a restaurant and being delivered a burnt hamburger, while still paying for the Filet Mignon.

For a deeper narrative about the scheme, visit the Bitcoin Cash Litigation website.

The full filing can be found here.

The post Breaking down the United American lawsuit against Bitmain, Roger Ver, et al appeared first on CoinGeek.

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Bitcoin SV continues to rise in the ranks

Markets are down all across the globe. Wall Street has seen significant declines in its prices, futures trading was temporarily suspended and the general sentiment has been somewhat bleak. According to CoinMarketCap, even Bitcoin Core (BTC) is down, dropping 2.81% in the past 24 hours. In fact, all of the top five cryptocurrencies have seen declines of as much as 13%. In all of the chaos, though, there is a beacon that is shining bright. As of this writing, Bitcoin SV (BSV) has climbed 24.80%.

BSV now sits in the number five spot in the cryptocurrency rankings by market cap. Its current price sits at $110.94 and doesn’t show any signs of slowing down. This makes BSV more valuable than Ether, which is trading at just $97.57. Bitcoin Cash (BCH), which includes the controversial Bitcoin ABC version of BCH following the hard fork earlier this month, has dropped by 18.32% in the same period and now sits in seventh place by market cap – below Tether.

One of the reasons BSV is gaining ground is because of miners. They have remained loyal to BSV and their loyalty is beginning to show signs of paying off. It has been a difficult road, but one that has been well worth it in order to continue to develop the only cryptocurrency that follows the original definition of what a digital currency should be.

BSV has seen increases of almost 40% over the past week. While it’s difficult to determine exactly why it continues to climb, there are educated conclusions that can be made. BCH was running solid when it was still being rightfully viewed as the original Bitcoin as defined by Satoshi. As soon as chatter began that there were discrepancies in the direction the blockchain would take, the wobbling began. That wobbling continued through the hard fork, leading to the unprecedented drops seen in the price of BCH.

BSV is moving forward with a model that will ensure that Bitcoin lives on. This is being recognized by crypto enthusiasts who are beginning to understand that BSV and its supporters were right all along. Of course, a lawsuit against everything Bitcoin ABC stood for doesn’t help BCH’s cause, either.

There’s no way to know whether or not this bullish trend will continue. However, things are certainly looking up for BSV.

The post Bitcoin SV continues to rise in the ranks appeared first on CoinGeek.

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