Tag: Bch

UK Court of Appeal Examines Copyright Claims over Bitcoin File Format

by Blockchain News

The UK Court of Appeal has been examining a claim related to the copyright of the Bitcoin File Format. The case is an appeal from an order of Mellor J, dated 7 February 2023, which refused to grant the Claimants permission to serve the claim form on Defendants outside the jurisdiction of England and Wales. The claim form is centered around an alleged infringement of copyright in a work referred to as the Bitcoin File Format.

The First Claimant, Dr. Craig Wright, asserts that he is the creator of the Bitcoin system, the author of the original Bitcoin source code, and the author of a document known as “the White Paper”. He alleges that he made the White Paper public on 31 October 2008 under the pseudonym Satoshi Nakamoto. This claim is one of four in the Business and Property Courts involving Dr. Wright, with a common issue being whether it was Dr. Wright who adopted the pseudonym Satoshi Nakamoto when announcing the creation of the Bitcoin system. This issue is set to be determined at a trial in January 2024.

Dr. Wright claims that he owns the copyrights in two original literary works: the Bitcoin File Format and the White Paper. He also alleges to be the owner of database rights in three databases related to the Bitcoin blockchain. The Second and Third Claimants are companies controlled by Dr. Wright, which have joined the case in the event they own some or all of the rights claimed.

Dr. Wright has raised objections to two “airdrops”, which he claims made significant changes to the Bitcoin system without his consent. The first airdrop occurred on 1 August 2017, resulting in what Dr. Wright refers to as the BTC Network. The second airdrop occurred on 15 November 2018, creating another new peer-to-peer network, the BCH Network. Dr. Wright alleges that the operation of the BTC blockchain and the BCH blockchain results in the extraction and/or re-utilisation of all or substantial parts of the databases in which he claims to own database rights.

The outcome of this case could have significant implications for the copyright status of the Bitcoin File Format and other similar digital assets. Legal and cryptocurrency experts are closely monitoring the case. The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains a mystery. Dr. Wright’s claims have stirred controversy in the crypto world, and the case’s resolution may provide some clarity on these contentious issues.

Image source: Shutterstock

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$314K from 2016 Bitfinex attack returned by US Homeland Security

by Blockchain News

The digital currency exchange known as Bitfinex said on July 6 that it has been given $312,219.71 in cash together with 6.917 Bitcoin Cash by the United States Department of Homeland Security.

The seizure was carried out with the assistance of the United States Customs and Border Protection Service.

The stolen assets will be refunded to the Bitfinex customers who were affected by the breach in 2016 on a proportional basis.

After holders of Unus Sed Leo (LEO), Bitfinex’s native token, have had their RRTs redeemed with the recovered assets, the remaining funds will be distributed to those who possess Unus Sed Leo.

Bitfinex had a security breach in 2016, which resulted in the loss of Bitcoin belonging to 119,576 clients. These Bitcoin were valued around $70 million at the time but are now worth $3.7 billion.

Ilya Lichtenstein and Heather Morgan, his wife, were taken into custody by the United States Department of Justice on February 8, 2022. The two were reportedly involved in a conspiracy to launder cryptocurrency that was tied to the breach.

Efforts to retrieve the monies are still under progress at this time.

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EDX Markets Debuts Cryptocurrency Trading Platform and Wraps Up Latest Investment Round

by Blockchain News

In a key milestone, EDX Markets has successfully kick-started its cryptocurrency trading operations and completed a fresh funding round. Based in Hoboken, New Jersey, EDX has been established as a trusted marketplace for digital assets, promoting safe and compliant trading through reliable intermediaries.

EDX has garnered the attention of major financial institutions, becoming the preferred cryptocurrency marketplace for industry leaders. The platform stands out with its non-custodial model designed to prevent conflicts of interest. It also offers benefits like enhanced liquidity, competitive quotes, and a retail-only quote, giving retail-originated orders a better pricing advantage. Currently, EDX supports the trading of well-known cryptocurrencies (mainly POW), including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Another milestone is on the horizon for EDX. Later this year, it plans to launch a clearinghouse, EDX Clearing, which will settle trades matched on EDX Markets. The clearinghouse will function as a central counterparty for trades, reducing settlement risks, promoting price competition, and increasing operational efficiency.

The launch of EDX and the forthcoming EDX Clearing comes on the heels of a successful new funding round. The round saw participation from strategic investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. These firms join the platform’s founding investors, including heavyweights like Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The newly secured funding will bolster the ongoing development of EDX’s trading platform and strengthen its market leadership position.

Jamil Nazarali, CEO of EDX, expressed his confidence in the platform’s potential and its ability to attract investors. He stressed EDX’s commitment to incorporating the best practices from traditional finance into the cryptocurrency market and hinted at the significant edge EDX Clearing will provide by improving competition and operational efficiency.

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DBS Offers 4 Crypto Trading for Premium Clients in Singapore

by Blockchain News

Singapore-based banking giant DBS announced Friday that it has launched crypto trading through its digibank, enabling accredited investors to trade four cryptocurrencies on its digital exchange.

DBS_1200.jpg

The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with 9 out of 10 equity transactions executed digitally currently.

By investing from a minimum investment of USD 500, accredited premium clients can trade four of the more established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP on its digital exchange (DDEx).

Image 2_Clients can enjoy a full and consolidated view of their investments across traditional and alternative asset classes, all in one place.jpg

 

The largest bank in Singapore said “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”

Senionr executive of the DBS, commented about the latest movement, and said this move would help their clients to grow and protect their wealth. Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank, said:

“We believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.” 

DBS established digital exchange around two years ago and received a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year. Per the statement, crypto trading on DDEX was initially “limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only,“

The latest service would also be available to accredited investors in its Treasures segment. DBS said around 100,000 of their clients in Singapore will be able to access the services offered by DBS’ digital asset ecosystem.

Image source: Shutterstock, DBS

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Trading Titan Robinhood Rolls Out Crypto Wallet Beta Program

by Dailyhodl

American financial services giant Robinhood is rolling out the beta version of its crypto wallets program after months of anticipation.

According to a new blog post, the company will hand out crypto wallets to the 1,000 customers who were on top of the program’s waitlist for testing and safety checks.

Robinhood says that by March, the number will be increased to 10,000 before the wallets are eventually distributed to every person on the waiting list.

Participants will be responsible for testing out the core features of the wallet, including potential updates as well as its safety features. The beta version of the wallet will allow users to send and receive crypto assets from Robinhood to external crypto wallets, connecting holders of digital assets on the popular trading app to blockchain projects for the first time ever.

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product…

Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically.”

Beta testers will have a daily limit of $2,999 in total withdrawals and will be limited to just 10 transactions per day.

Robinhood first announced the crypto wallets projects last September. Currently, the trading giant supports trading for seven digital assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

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Ethereum Founder Vitalik Buterin Calls Bitcoin Cash ‘Mostly a Failure’

by Decrypt

In brief

  • The Ethereum co-founder took to Twitter to recap and update previous views.

  • During the tweetstorm, Buterin shared a not-so-flattering take of Bitcoin Cash.

Ethereum co-founder Vitalik Buterin took to Twitter on New Years Day to highlight some of what he’s written and said about the blockchain space over the last 10 years and how those views have evolved. During the tweetstorm, Buterin also shared his current thoughts on Bitcoin Cash, an altcoin that was created in 2017 by forking the original Bitcoin blockchain.

“I was optimistic about Bitcoin Cash specifically, because I agreed with the big-blocker arguments in the scaling war more than the small-blocker argument,” Buterin wrote on Saturday in response to a 2017 tweet he wrote about BCH.

The Russian-Canadian programmer who wrote the Ethereum whitepaper in 2013 then laid out why he sees Bitcoin Cash as “mostly a failure.”

“Today, I would call BCH mostly a failure,” Buterin tweeted. “My main takeaway: communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward.”

Crypto Twitter was quick to respond to Buterin’s critique. “It was not a good cause,” wrote Blockstream co-founder and CEO Adam Back. “It was a rejected corporate takeover attempt. Learn history man. You supported it even. Meh.”

“Projection is a bitch,” wrote The Bitcoin Matrix Podcast host Cedric Youngelman.

“That is a very interesting characterization of rebellions,” wrote Id Software founder John Carmack.

“Failure?” wrote author, programmer, and Bitcoin Cash maximalist Cyprian, formerly known as Vin Armani. “How much gas would I pay to send $1 in USDT on Ethereum right now? (Hint: $20). Sending $1 in USDT on BCH costs less than a cent. What was the mission, again?”

Buterin co-founded Ethereum in 2015 alongside Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. In 2017, Bitcoin Cash (BCH) hard forked (or split) from the main Bitcoin network. The following year, Bitcoin Cash saw a split of its own into Bitcoin ABC (Adjustable Blocksize Cap), which retained the name “Bitcoin Cash,” and Bitcoin SV (Bitcoin Satoshi Vision). Supporters of both altcoins have claimed each to be “the real” Bitcoin.

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Little forkers: BCH and BSV get crushed by Bitcoin price in 2021

by Cointelegraph

Bitcoin (BTC) looks set to beat its forked versions Bitcoin Cash (BCH) and Bitcoin SV (BSV) in terms of price-performance in 2021, market data shows.

Notably, BTC’s year-to-date (YTD) returns sat near 60% at press time as its price wobbled near $47,500. In comparison, BCH rallied a little over 26% to $435.50, while the BSV price plunged over 25% to $122.30 in the same period.

But the biggest takeaway remained the performance of Bitcoin Cash and Bitcoin SV against Bitcoin. In detail, the BCH/BTC rate declined over 22.50% YTD to 0.00916. Meanwhile, BSV/BTC dipped by nearly 55% YTD to 0.00258 BTC, signaling capital rotations out of Bitcoin forks.

BCH/BTC and BSV/BTC daily candle price chart. Source: TradingView

Market dominance

Additionally, forked Bitcoin tokens — once counted among the top-ten cryptos by market capitalization — lost their positions to the emerging layer-one blockchain projects.

Notably, the arrival of Solana (SOL), Cardano (ADA), Terra (LUNA), Avalanche (AVAX), and other protocols opened more avenues for crypto traders to park their money.

On the other hand, Bitcoin Cash’s and Bitcoin SV’s main selling point remained claims of greater scalability, which didn’t gain traction with investors as Bitcoin’s transaction fees fell by over 50% this year. 

Performance of top 25 crypto assets as of Dec. 30, 1330 UTC. Source: Messari

That resulted in a decline in the market dominance of both Bitcoin Cash and Bitcoin SV. While the BCH’s share in the entire crypto market slipped to 0.37% from 0.84% at the beginning of this year, the BSV’s market portion also declined to 0.10% from 0.40% in the same period.

Bitcoin, whose market dominance also slipped from 70% to under 40%, performed better than Bitcoin Cash and Bitcoin SV, nonetheless. That is primarily because of its rising adoption among retail and institutional investors as they searched for safe-havens against the central banks’ inflation-friendly loose monetary policies.

Abysmal development data

Bitcoin also excelled over BCH and BSV based on developers’ activity.

Data fetched by CryptoMiso.com showed that Bitcoin approved 2,937 changes suggested by over 100 contributors to its source code this year, the seventh-largest number of commits recorded on GitHub. In comparison, Bitcoin Cash and Bitcoin SV processed 1,099 and 496 commits in the same period.

Bitcoin Cash and Bitcoin SV commits in 2021. Source: CryptoMiso

A higher number of commits shows that more developers want to improve the open-source project in concern. Conversely, a lower count alerts about a slower rate of improvements on the protocol. 

In the end, Bitcoin SV turned out to be the worst-performer than Bitcoin Cash in terms of price-performance, as well as market dominance and developers activity. Investors also kept their distance as the Bitcoin SV network suffered three 51% attacks and its co-founder Craig Wright remained embroiled in a lawsuit, as Cointelegraph covered earlier.

Now, BSV price may face more losses ahead should it break below a long-withstanding support level near $121.50, as shown in the chart below.

BSV/USD weekly price chart. Source: TradingView

Conversely, a pullback from the $121.50-support could have the BSV price test its 50-week exponential moving average (currently near $167) as the next upside target.

Related: Top crypto winners and losers of 2021

Likewise, the BCH price’s latest decline has brought it near its multi-year ascending trendline support. Therefore, a pullback from the said level could have the Bitcoin Cash token eye approximately $600 as its next upside target, as shown via Fibonacci levels below.

BCH/USD weekly price chart. Source: TradingView

Otherwise, breaking below the long-term support level risks puts the BCH price en route to near $195, a level with a history of sending prices higher.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.