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Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing

Gemini Adds Bitcoin Cash Support

Starting today, users of the U.S.-regulated, Winklevoss Twins-headed Gemini platform will be able to deposit Bitcoin Cash (BCH), the chain backed by the ABC client. This development comes via an official statement from the New York-based company, issued through Medium on Thursday morning.

Per the announcement, trading for BCH will commence on Monday, December 10th, while custodial services for the popular altcoin have already started. BCH is now the fifth crypto asset listed on Gemini, now an exchange even more exclusive than Coinbase when it comes to listings. BCH joins Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and ZCash (ZEC), the latter of which was recently added to Coinbase in a surprising turn of events.

BCH trading on Gemini was first announced in May, after the startup received approval from the New York Department of Financial Services (NYDFS), but the Winklevoss Twins were mandated to delay the asset’s launch due to the fork.

Closing off its announcement on the matter, Gemini maintained that the addition of BCH is in-line with the startup’s underlying mission. It was explained by Eric Winer, the platform’s Vice President of Engineering:

“We are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian. We are proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

Abra Reactivates BCH Trading

Just days prior to Gemini’s surprising announcement, American crypto platform Abra, often touted as a Coinbase and Circle competitor, also made a BCH-related announcement, but in a different context.

Through an official company blog post, the Mountain View-based startup first noted that prior to the November 14th hard fork, it suspended its in-house BCH-centric services. But starting last Monday, deposit, withdrawal, and trading support for the controversial asset resumed. The fintech company then issued a comment on why it chose to back ABC, the client of choice of Roger Ver, Bitcoin.com, and Bitmain, as such a decision was likely deemed disputable.

Abra, headed by crypto advocate Bill Barhydt, noted that it is “becoming clear” that ABC is the dominant chain, presumably due to the block lead and higher PoW statistics the fork had at press time. Yet, the popular crypto-centric platform added that it may “consider supporting” BSV, ABC’s primary competitor chain, in the future, dependent on how two chains play off each other moving into the future.

BCH Overtakes BSV After Multi-Week Brawl

For those who aren’t in the loop, amid this week’s market tumult, BSV, backed by the notorious Craig “Faketoshi” Wright and Calvin Ayre, saw a monumental rally this week, moving up the crypto standings faster than many could utter “HODL.”

In a matter of days, if not hours, BSV began to approach the market capitalization of BCH, with many crypto-centric commentators taking to Twitter to express their disbelief, as many thought the civil war between the two factions ended.

As BTC tanked, falling under $3,500, BCH followed close behind the world’s first cryptocurrency. Although many expected for BSV to follow suit, it didn’t, with the forked asset immediately surging, passing the market capitalization of BCH.

However, with Gemini’s stamp of approval, BCH has started to outperform BSV for the first time in days, recently surpassing its competitor in terms of market capitalization.

The post Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing appeared first on Ethereum World News.

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Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

The post Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout appeared first on Ethereum World News.

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Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

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Bitcoin by Design; Falling Difficulty and Hashrate Makes Mining Easier

With all the doom and gloom being published about Bitcoin at the moment it is often hard to overlook how it has been designed. When prices plummet, hashrate and mining difficulty follow suit as the blockchain operates exactly as it has been designed.

The mainstream merchants of doom are almost rubbing their grubby hands together with glee as Bitcoin falls to new yearly lows and drops over 80% from its all-time high. Stories of mining farms closing down due to non-profitability have added fuel to the fire. Even established finance websites such as Marketwatch are running headlines of despair and crypto worthlessness.

According to that opinion piece, Bitcoin is getting close to the point where it becomes worthless claiming that a fall in price to below the cost to mine will render the digital currency redundant. However, with the falling price comes a decline in difficulty as highlighted by charts on Blockchain.info.

The 15% fall in difficulty shows the ease at which miners can find a new block. Hashrate, which has fallen by the same amount, shows the amount of computing power required to make the calculations.

At the time of writing the hashrate has fallen to just below 32 million TH/s.

As powerful mining machines such as Bitmain’s Antminer S9 shut down due to power consumption costs there is less computing power in the mining pool which will reduce the difficulty.

Some observers have noted that this has been the biggest fall in Bitcoin history.

This fall has come a year after the biggest rise in Bitcoin history so things are ironing themselves out in the ecosystem and the blockchain is behaving as it was designed to. The fall makes it more profitable to mine Bitcoin than some of the other cryptocurrencies. This may open the doors to new miners and reduce the power of the conglomerates such as Bitmain.

As previously reported by ETW Bitcoin miners are now switching to alternatives such as BCH or BSV. The recent ‘hash war’ between the rival groups and attempts to entice BTC miners over to their camp no doubt had some influence over the recent market rout which dropped prices by almost 40%.

Things will eventually balance themselves out in the Bitcoin network, it will find a bottom, probably stay there for quite a while then, according to many industry observers, rally again sometime around the middle of next year.

The post Bitcoin by Design; Falling Difficulty and Hashrate Makes Mining Easier appeared first on Ethereum World News.

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Bitcoin Cash (BCH) Stress Test a Success Amidst Poor Price Projections

Bitcoin Cash (BCH)–Despite analysis by Satis Group earlier in the week, which gave an overwhelmingly negative price forecasting for Bitcoin Cash, BCH has managed to gain 14 percent in 24 hours from news of a successfully implemented stress test for the underlying cryptocurrency network.

According to information published through the blockchain metric-monitoring website Bitinfo, Bitcoin cash experienced over 2.1 million transactions on Saturday, September 1 in a scheduled stress test to push the limits of network capability. This particular stress test was a community driven effort to gauge the limitations of the BCH main net and prove the worth of the underlying blockchain capacity and scalability of the coin. The goal of the test was to create millions of minuscule-fee transactions in a single 24-hour period and observe how the network responded–such as whether transaction times would be slowed to a snail’s pace or transaction times surge to untenable prices. In addition to revealing information about the BCH main net as a source for transactions, it also provided data for developers looking to implement decentralized applications (DApps) via Bitcoin Cash.

To put the 2.1 million transactions into perspective, the stress test implemented for Bitcoin Cash accounted for 63 percent of total cryptocurrency transactions conducted during that 24-hour span, meaning that the network proved more than capable in handling the lion’s share of all crypto-based commerce if it came to that level of widespread use and adoption. Microtransactions on the BCH network also saw a marked increase during the test, climbing to 14300 per block at its peak, with transactions reaching a peak level of 25,783 per block (up from a typical transaction load of 90 – 150 per block–or a 17,000 percent increase).

Amazingly, and more importantly to the utility of BCH as a mercantile token, mining fees imposed per transaction did not increase during the surging network volume, with average fees actually showing a slight decline during that time period from $0.002 to $0.0017.

Jameson Lopp, a cryptocurrency software engineer, posted on his Twitter that the stress test was an overall success, giving more specifics on the breakthrough achievements,

All of this comes as Bitcoin Cash continues to see a decline in user base and adoption, with Bitmain’s IPO controversy also being tied to news of the coin’s failing price performance. As reported by EWN last week, Satis Group, an ICO and cryptocurrency analytics firm, published an negative report on Bitcoin Cash (in addition to several other coins such as XRP), predicting the currency would fall to $258 within the next year, and only posting a 10-year outlook of $180 per coin–achieving nowhere near the price of the last all-time high. In August, CoinTelegraph reported on the decline in adoption for BCH, showing that the currency was losing holders relative to other coins such as Bitcoin and that use of the token in commerce was also in decline.

However, despite the previously mentioned negative news for the price and adoption of Bitcoin Cash, the coin managed to post a double-digit price increase following the results of the stress test, as the market responded to both BCH achieving headlines as well as proving its worth as a scalable currency.

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Roger Ver: Bitcoin Cash (BCH) Is “The Best From An Investment Standpoint”

For the better part of a decade, Bitcoin (BTC) has sat at the forefront of the cryptocurrency industry, continually proving itself that it is a reliable project to invest your time and money in. But for proponents of Bitcoin Cash, the crypto that spawned out of August 2017’s hard fork of the Bitcoin chain, BCH reigns supreme.

It goes without saying that Roger Ver, dubbed “Bitcoin Jesus” by some, has quickly become the controversial poster child of Bitcoin Cash. Ver recently spoke with the hosts of CNBC’s “Fast Money” show to discuss his opinions on the cryptocurrency market, specifically regarding Bitcoin Cash (BCH).

Commencing his time on the segment, he first pointed out the fact that Bitcoin had become unusable as a form of digital cash. Elaborating on this ideology, he stated:

BTC, Bitcoin, is no longer, or at least last December, wasn’t usable as commerce as all. The fees became high, the transactions became slow and unreliable, and people like myself and everybody else that was trying to use it for commerce stopped at switched to something else.

Seemingly expressing his positive sentiment regarding Bitcoin Cash, he added that this “something else” could be BCH for “the most number of people.” However, as critics constantly point out, Bitcoin Cash (BCH) has underperformed Bitcoin greatly this year, with the relative value of the fork falling by over 50% from 0.1834 BTC to 0.08 BTC as it stands today.

Regardless, “Bitcoin Jesus” went on to note that Bitcoin Cash’s dismal performance should not be a cause for concern for BCH diehards. Referencing his over six years of experience in the ever so volatile cryptosphere, the outspoken BCH advocate noted that he first invested in Bitcoin at approximately $1, and saw his investment grow 30-fold in 2011’s ‘bubble’. Following this astronomical run, Bitcoin fell by over 90% back to ~$2, which turned his 30x gain into ‘just’ 2x.

Likening investment to the good ole game of hockey, Ver pointed out that players, or in this case investors or traders, should head to where the puck is going to be rather than where it is currently. Explaining why BCH is where the ‘puck’ (money) is heading, Ver noted that “all the adoption, merchants, and business are being built on top of Bitcoin Cash at this point, so in the future, I think BCH is the best from an investment standpoint.”

Ver May Be A BCH Proponent, But He Says To “Diversify, Diversify, Diversify”

Aiming to stay relatively unbias, the foremost BCH proponent added that investors should never keep all their eggs in one basket, in cryptocurrencies or in publicly-traded vehicles alike. CNBC Host Mellisa Lee, seeming intrigued by this statement, went on to question Ver about his overall cryptocurrency portfolio. Staying true to what he preached about diversification, he noted:

I hold more Bitcoin Cash then anything else, but I have some Ether, some ZCash, some ZCoin, Dash, Monero and I still hold BTC as well. So a little bit of everything is a good idea, including a bit of Ripple (XRP) and Stellar (XLM). Diversify, diversify, diversify is the name of the game.

Later reverting to his BCH-centric mindset, Ver added that he began to diversify his 99% BTC portfolio around two to three years back when he saw the “writing on the wall” that Bitcoin developers had “an insane idea” to leave blocks small.

Photo by David Shares on Unsplash
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Chainalysis: Bitcoin Cash (BCH) Still Hasn’t Achieved Widespread Retail Adoption

Just over one year ago, the original Bitcoin network was split into two chains in a ‘hard fork’ event, where individuals looking for something new altered Bitcoin’s open-source code to create Bitcoin Cash. Since then, Roger Ver, who has been dubbed “Bitcoin Jesus” in the past, has openly endorsed Bitcoin Cash (BCH) over the original Bitcoin chain, or ‘Bitcoin Core’ as Ver calls it. In fact, “Bitcoin Jesus” has even altered his Bitcoin.com domain to promote Bitcoin Cash, instead of Bitcoin as it did prior to Ver’s ‘conversion’.

Ver, who is rather outspoken about the power of decentralization, has continually noted that Bitcoin Cash has ousted Bitcoin as a form of digital cash. But according to recently revealed data from blockchain statistics firm Chainalysis, relayed by Bloomberg, this is far from the case. Chainalysis’ inquiry into the world’s 18 foremost crypto-centric merchant payment processing solutions, like BitPay, Coinify, and GoCoin, has found that Bitcoin Cash’s use in retail payments has taken a sharp decline.

As per statistics gathered by the aforementioned firm, only (relatively) $3.7 million in Bitcoin Cash payments were made in May, which is down from an all-time high of $10.5 million in March. In the case of Bitcoin, payments amounted to $60 million in May, which is down from September’s peak of a staggering $412 million.

This declining use in merchant payments has been seen across the board, as a likely result of the bearish trend the crypto market has experienced since the start of 2018. Speaking more on the situation with Bitcoin Cash, Kim Grauer, a senior economist at Chainalysis stated:

“There are fewer users of Bitcoin Cash, fewer holders.”

Grauer went on to note why the adoption of Bitcoin Cash in commerce has been minimal. He pointed out that a large portion of the distributed BCH is concentrated between a small number of wallets. Approximately 56% of Bitcoin Cash is controlled by 67 non-exchange-affiliated wallets. Of those 67, approximately two wallets hold between 10,000 and 100,000 units of BCH, or approximately $5.5 million and $55 million at current market prices. Citing these statistics, the aforementioned Chainalysis executive added that BCH ‘whales’ are likely the individuals who are utilizing BCH in commerce.

However, as continually pointed out by critics of this form of analysis, this is a problem that affects many of the major networks, including Bitcoin, Ethereum, and Litecoin.

However, Ver has seemingly remained calm in the face of these statistics, noting that “the long-term price of a crypto currency is a function of its usefulness as a currency.”

Cryptocurrencies In Retail Payments — The Next Step

Although there is a continual debate between the ‘Bitcoin Core’ and Bitcoin Cash communities, some have brought attention to the fact that this cryptosphere infighting should not be a priority, as crypto proponents should focus on increasing the adoption of cryptocurrencies and DLTs overall.

The issue is, many traditional retailers, whether it be your run-of-the-mill convenience store or supermarket chain, have been slow to adopt cryptocurrencies as a widely-accepted form of payment. Whether this is due to the lack of infrastructure, volatility in markets or a general stigma around the cryptosphere remains to be seen. But the grind continues, with developers and industry leaders doing their best to drive retail stores to accept crypto, as this should be the next step in the development of this nascent industry.

Photo by David Shares on Unsplash

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Roger Ver Planning ICO For Bitcoin.com

Bitcoin (BTC/BCH)–Roger Ver, the at times controversial figure associated with Bitcoin Cash and the current CEO of Bitcoin.com, has come out in a recent video stating he is considering an ICO for the aforementioned website.

While Bitcoin Cash prepares for the advent of the Wormhole Cash protocol, a new development that will allow for the creation of novel tokens on the BCH platform (similar to TRON and Ethereum), Ver is considering issuing an initial coin offering to supplement the function of Bitcoin.com.

In a video first published on August 11, Ver and Bitcoin.com lead developer Corbin Fraser were discussing the possibility of future developments related to BCH and the flagship website. Addressing the token creation afforded through Wormhole Cash protocol, Fraser gave a tongue-in-cheek response to the new development,

“For better or worse, ICOs and CryptoKitties are probably coming to Bitcoin Cash in the near future.”

Crypto Kitties is a reference to the popular game that has accounted for substantial volume on Ethereum’s network, a implementation of Dapps that Bitcoin Cash could follow with the onset of Wormhole.

Ver, in response to the comment of gaming and ICOs being integrated onto the BCH network, then revealed that he was considering issuing an initial coin offering for the Bitcoin.com platform–a website that has accounted for back and forth controversy in the debate over Bitcoin and Bitcoin Cash,

“They’re probably coming to Bitcoin.com, too. We’ve been thinking about having our own ICO for maybe the games part of the platform; maybe we’ll issue a token and pay dividends or use part of the money… to buy back the tokens on the open market.”

An ICO model changes the landscape of Bitcoin.com, which has traditionally been viewed as an outlet for information for those new to cryptocurrency (again, highlighting the disagreement between BTC and BCH proponents). Gaming would constitute an entirely new atmosphere for the site, while a dividend paying ICO through would make for an interesting proposition, given the website is Bitcoin.com.

Cointelegraph points out the relationship between Bitmain, which is planning to hold an initial public offering (IPO), and the aforementioned plan by Ver to launch an ICO. Along with Roger Ver’s Bitcoin.com, crypto mining operation Bitmain makes up the majority of the base for Bitcoin Cash, having been the two largest supporters since the coin forked last August. However, despite the boom in cryptocurrency experienced last year, Bitmain has been tied to cash flow difficulties, leading analysts to believe the relationship with BCH has proven to be less than profitable. An IPO would help remedy the losses sustained through supporting BCH, while a similar ICO move could do the same for Bitcoin.com.

On August 11, Blockstream Chief Strategy Officer Samson Mow shed light on the Bitmain BCH situation, saying via Twitter,

“According to the Bitmain pre-IPO investor deck, they sold most of their [BTC] for [BCH]. At $900/BCH, they’ve bled half a billion in the last 3 months”

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TRON (TRX) With Excitement Accepted at Bitcoin Superstore: The Crypto-Community’s Choice

TRON’s TRX Available

The 12th largest digital coin by market capitalization – TRON (TRX) is listed under available payment options at any Bitcoin Superstore. Going by the people’s vote TRON‘s TRX was chosen to be included as a way to pay in 200,000 stores by Bitcoin Superstore.

See Also: Ripple’s XRP Added by Bitcoin Superstore

To buy the item you want from Amazon, users log onto the Bitcoin Superstore, paste the URL of the item they want, enter their shipping details, and check out with their cryptocurrency of choice. Bitcoin Superstore then takes care of the rest, and can handle returns as well, if necessary.

From the companies team:

“Our customers can buy from Amazon, Google Express, Walmart.com, and any other online retailer who does not charge a membership fee. Our team is behind the scenes, receiving orders, and ensuring the purchase, shipping, and delivery go smoothly. We are the customer’s interface from start to finish.”

The token is another addition to the already accepted BTC, BCH, ETH, LTC and XRP.

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Chinese Trader Sues OkCoin After Bitcoin Cash (BCH) Fork Dispute

According to a recent report from LegalWeekly, a Chinese cryptocurrency trader has served China-based OkCoin with a lawsuit regarding a Bitcoin Cash (BCH) related dispute.

In accordance with the Chinese news outlet’s article, a trader known only by the pseudonym Feng Bin sued OkCoin on the grounds of the exchange denying his requests to obtain 38.748 Bitcoin Cash from August’s hard fork of the original Bitcoin chain.

LegalWeekly claims that this issue arose at the start of December 2017, when Feng Bin attempted to withdraw the Bitcoin Cash he was entitled to, as a result of his Bitcoin holdings at the time of the heavily-contested fork. While attempting to withdraw from OKCoin, the user reportedly “found that there was no ‘button’ to extract the [BCH] that the platform promised.”

As one does, the trader immediately took up this issue with the exchange’s support team, who told him that the BCH claim time had expired prior to his request for withdrawal, essentially leaving Feng ‘high and dry’. However, the trader pointed out that there was no explicit announcement regarding the expiry of the forked coins, hence the initiation of this legal process. Seeming rightfully outraged, Feng told reporters the following:

“I have been paying attention to the announcement of the OKcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program.”

As it stands, the Chinese investor is currently seeking financial compensation for 38.7 Bitcoin Cash, along with the profits lost as a result of Feng’s lost opportunity to sell Bitcoin Cash at all-time highs. More specifically, the plaintiff is looking for the compensation of approximately 170,000 Yuan, or $24,800 U.S. dollars.

LegalWeekly went on to add that OKCoin has since contested the lawsuit, noting that the plaintiff’s claims were questionable. The exchange points out that the trades conducted by Feng seemed abnormal in 2017’s frothy market conditions, potentially indicating that this was all part of a malicious scheme. The local news source did not indicate the current status of the case, but for now, it still seems to be up in the air.

Coinbase Still Faces BCH-Related Lawsuit 

While OKCoin may be in the clear for now, Coinbase may still be subject to legal issues regarding the Bitcoin Cash fork, as reported by Ethereum World News.

As Coinbase confidentially prepared to launch Bitcoin Cash, the price of the asset saw an abnormal trend upwards, quickly seeing an influx in buying pressure. Upon the official release of BCH support, users began to realize that something shady could be afoot, speculating that Coinbase insiders bought large amounts of Bitcoin Cash prior to the listing.

This theory quickly gained traction throughout the cryptocurrency community, with Brian Armstrong, Coinbase’s CEO, initiating an internal investigation, alongside two established law firms based in the U.S. After a months-long investigation, it was revealed that Coinbase employees were not responsible for the apparent bout of questionable price action.

While the internal investigation was met with no legal backlash, there is still a pending class-action lawsuit against the well-known cryptocurrency platform. Lynda Grant, the lawyer at the head of this case, noted that the lawsuit is still in a procedural phase, with the Coinbase investigation results seemingly having no visible effect on the class at large.

Title Image Courtesy of Marco Verch/Flickr

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