- Bitcoin SV retreats to the 6thposition as Tether (USDT) claims the 5th position.
- United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken for malpractices in the BCH network.
Bitcoin SV, one of the original Bitcoin Cash chain off springs surged more than 30% following the negative publicity surrounding Bitmain and the leader of Bitcoin Cash (BCH) Roger Ver. The asset increased significantly in terms of both its price and market capitalization briefly sitting in the 5thposition. Bitcoin Cash has been displaced into the 7th position. However, BSV has retreated a step back into the 6th position giving way for Tether (USDT) to become the 5thlargest asset in the market.
Cointelegraph reported on December 7th that an American based company, UnitedCorp also known as United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken. The news of the case filing was released via a press released send to leading news outlets and states that the accused parties had planes for a hostile takeover of the Bitcoin Cash (BCH) network.
The case was filed in a United States District Court located in the United District of Florida. The defendants have been accused of employing uncouth methods that were leading to the manipulation of the Bitcoin Cash network. The filled case explains that the parties were doing so in order to benefit directly at the expense of UnitedCorp and other Bitcoin Cash Stakeholders. The press release states that:
“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
Bitcoin Cash network went through a gruesome hard fork that saw the community split into two camps with the chain also splitting into Bitcoin SV and Bitcoin ABC (BCH). The filed case further states that the above mentioned defendants resulted to “renting hashing” power in order to control the network moments following the upgrade. The situation meant that the community had to accept Bitcoin ABC rules and guidelines as opposed to the democratic rules that had been set.
The law suit wants an injunctive relief ruled against the named defendants. In addition, the defendants must stop the malpractices in the network not only at moment but also in the future. The company is also asking for compensation, the value of which would be set at the trial phase of the case.
Bitcoin Cash [BCH] proponent Roger Ver talks about the market crash and new developments on BCH network
The cryptocurrency market’s battle with the bear has been an ongoing saga with popular coins seeing rises and falls. Recently, Roger Ver, the Chief Executive Officer of Bitcoin.com and one of Bitcoin ABC’s major proponents, spoke about updates and developments on the Bitcoin Cash network. Ver has been a major force behind the ABC camp and was also in the limelight multiple times after ABC took over Bitcoin SV in terms of blocks mined.
In a video released by Bitcoin.com, Roger Ver touched upon the price crash and stated that it is ok that the prices are down as the most important aspect is for use cases to increase. The Bitcoin.com official also spoke about Tips.bitcoin.com, an application based on the Bitcoin Cash network that aims to make it easy for people to pay Bitcoin Cash as tips. He had said:“The company wants more and more people to use and that is a great thing. You can use this to tip your family, friends or even waiters in restaurants in Bitcoin Cash. This is how you ensure that use cases are built rather than focusing on the price.”
Ver then spoke about the mass expansion of Cointext, an application that allows users to transfer Bitcoin Cash to each other through Short Messaging Services [SMS]. Cointext has expanded to 35 countries right now, with the new additions including Ukraine, Italy and Bangladesh.
Ver, who is also called Bitcoin Jesus, then focused his discussion on Movo.cash and its partnership with Bitpay. This will enable users to conduct BCH purchases with the added advantage of Movo.cash being accepted at places where Apple Pay, Samsung Pay, and Google Pay are accepted.
Roger Ver had also made news when UnitedCorp, a development and management company had sued the Bitcoin.com CEO and Bitcoin.com as a whole. The lawsuit was based on the Bitcoin Cash hard fork and how Ver and the ABC team manipulated the process. The lawsuit stated:“The defendants [Bitmain,
Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
Bitcoin Cash (BCH/USD) forecast and analysis on December 11, 2018
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 103. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Bitcoin Cash (BCH/USD) forecast and analysis on December 11, 2018
As part of the Bitcoin Cash forecast, a test of level 120 is expected. Where should we expect an attempt to continue the fall of BCH/USD and further development of the downward trend. The purpose of this movement is the area near the level of 55. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at level 125.
Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 150. This will indicate a change in the current trend in favor of the bullish on BCH/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on December 11, 2018 implies a test level of 120. Further, it is expected to continue falling to the area below 55. The conservative area for selling Bitcoin Cash is located area of 125. The cancellation of the option of falling cryptocurrency will be a breakdown of the level 150. In this case, we should expect continued growth.
YouTuber’s Video Resurfaces of His Bitcoin Revolution Prediction in 2011 When BTC Was $1
In the early days, bitcoin was a niche tech toy with limited value. Few people predicted that bitcoin would rise to an all time high of $20,000, and even fewer people predicted that bitcoin would disrupt the global financial system.
One of those early believers, however, is now getting the recognition he deserves. As spotted by Redditor MATURBO, a YouTuber named Davincij15 predicted the rise of bitcoinall the way back in 2011.
At that time, bitcoin was sitting at a price of just $1 USD. There were limited software programs that allowed you to access bitcoin, and the protocol was clunky to use for anyone without decent tech skills.
Despite these shortcomings, Davincij15 recognized the potential in bitcoin. Redditor MATURBO dug through the YouTube archives from 2011 and discovered a video where Davincij15 spoke excitedly about the new payment protocol.
In the video, Davincij15 describes how bitcoin was going to permanently change the worlds of internet and finance.
Davincij15 apparently discovered bitcoin after reading an article on the then-two-year-old payment technology. That article contained a link to InstaWallet, allowing readers to send money directly to the article author. Davincij15 was amazed at the ease at which he was able to send the money. He also enthused at the concept of sending money without centralized authorities like PayPal cutting away hefty commissions.
The 3.5 minute video was uploaded to Davincij15’s YouTube channel, which had previously been dedicated to talking about gold and silver.
“I know that you probably don’t want to hear this on my silver channel,” explains Davincij15. “But I have to point out this amazing stuff.”
“I went to InstaWallet. It’s a link on the web that allows you to store bitcoin. I was able to copy it, copy his link on my iPad, and paste it into my InstaWallet, and send him money instantly.”
“I didn’t have to pull out my credit card. I didn’t have to type in my address, remember my postal code. It was instant, it was fast, there were no middle man taking a cut, a 3% cut or more, of his money that I sent him. It was just smooth and easy.”
“I don’t know how you don’t see that this is a new powerful currency that will change the landscape of the internet and probably the rest of the world.”
Today, Davincij15’s words seem basic: we know that it’s easy to send bitcoin online and we know the technology has the potential to disrupt the world. But keep in mind that bitcoin was less than $1 when he was speaking these words, and that few people had heard about the cryptocurrency at the time.
That’s why Davincij15’s words are significant.
This is the Same Guy Who Urged Users to Remove Bitcoin from Mt. Gox
Interestingly, Davincij15’s Nostradamus-like abilities don’t stop there. As spotted by Redditor mazinger-B, this is the same guy who warned people to remove their bitcoin from Mt. Gox.
On June 26, 2013, davincij15 urged users to withdraw bitcoins from Mt. Gox. At the time, nobody really know what was going on with Mt. Gox. However, the exchange – the largest exchange in the world at the time – had recently stopped accepting wire transfers from Citibank.
Davincij15 cited a news article claiming that Citibank was stopping transfers to Mt. Gox. Davincij15 saw this as a sign of the end and urged users to withdraw bitcoins from the exchange.
We know what happened next: Mt. Gox collapsed. Users lost funds. The exchange had been insolvent for months. Various hacks had drained Mt. Gox’s reserves. It was one of the biggest disasters in bitcoin history – and Davincij15 apparently avoided it.
…And the Same Guy Who Urged Users to Sell Bitcoin in December 2017
The prophetic calls continue for Davincij15. In December 2017, Davincij15 was one of a handful of bitcoin users urging investors to book their profits and avoid buying bitcoin at its current price.
You can see his video warning users of the December 2017 bubble here. The video was spotted by seomit on Reddit. It was posted on December 4, 2017.
We all know what happened next: bitcoin’s price peaked at just below $20,000. Anyone who sold in December 2017 was selling bitcoin at the top of the market. Today, bitcoin is sitting at a price of around $3,200.
For those keeping track of Davincij15’s predictions, he’s still making them: last week, Davincij15 claimed that bitcoin will go a lot higher from its current price. Davincij15 has nailed three separate predictions almost perfectly: could he be right this time too?