Tag: Bitcoin Cash

Bitcoin Cash advocate Roger Ver sued for $20.8 million

by Blockchain News

An affiliate of the cryptocurrency loan company Genesis has filed a lawsuit against the Bitcoin Cash (BCH) supporter Roger Ver for unresolved crypto options totaling $20.8 million. In the lawsuit that was filed against Ver on January 23 in the New York State Supreme Court, GGC International, which was a part of the defunct crypto lender, claimed that the BCH proponent had failed to settle crypto options transactions that had expired on December 30. GGC International filed the suit on behalf of the bankrupt crypto lender.

A total of twenty days was allotted to Ver in order for her to respond to the summons.

In the event that the BCH advocate does not provide a response within the allotted length of time, he will be required to pay the whole sum by default.

As this article is being written, the proponent of BCH has not yet provided a response to the case.

According to information provided on the Genesis website, GGC International is a business that operates out of the British Virgin Islands.

Genesis Bermuda Holdco Limited, which is a subsidiary of Genesis Global Holdco and is listed as an entity in the bankruptcy petition, is the owner of the company. In addition, Ver was in the news the previous year due to charges that he had defaulted on a loan.

Mark Lamb, the CEO of CoinFLEX, said that Ver was obligated to pay the company $47 million USD Coin (USDC) and that this obligation was stipulated in a written contract.

On June 28th, Ver also refuted these allegations while avoiding making direct reference to the corporation.

The cryptocurrency lender filed its petition for Chapter 11 bankruptcy in the Southern District of New York on January 20.

In order to advance the company’s operations, the company initiated a reorganisation that was overseen by the court.

A specialised committee will be in charge of the process, and their goal is to provide results that are satisfactory not just to Genesis customers but also to users of Gemini Earn.

In the meanwhile, creditors of Genesis have turned their attention to Digital Currency Group (DCG), the parent company of Genesis Global.

On January 24, creditors of Genesis filed a securities class action lawsuit against DCG and Barry Silbert, the company’s founder and chief executive officer.

The creditors asserted that the company had broken federal securities laws by selling unregistered securities, which they said was done in violation of the laws.

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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.