UnitedCorp alleges collusion for the purpose of control of the network and is seeking injunctive relief
MIAMI, Dec. 06, 2018 (GLOBE NEWSWIRE) – via OTC PR WIRE–Miami-based United American Corp (“UnitedCorp”) (OTC: UAMA) announced today that it has launched a suit for damages and injunctive relief against Bitmain, Bitcoin.com, Roger Ver, the Kraken Bitcoin Exchange and other individuals that are related to what is alleged to have been a well-planned scheme to take control of the Bitcoin Cash network for personal gain and which caused a global capitalization meltdown of the Bitcoin Cash network at the expense of others.
Learn about how a tight network of individuals and organizations operating with the knowledge and support of the Chinese Government carried out a scheme designed to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted standards and protocols associated with Bitcoin since its inception.
2018 has been such a shit show for crypto. In one sentence you named some of the elements currently wrong with it.
Bitmain - having a huge percentage of the ASIC market under their control is a big set back to alot of PoW coins. Now they are using their monoply publicly to control coins. If they are doing this out in the open, what are they doing behind the scenes with all their new tech? In the current situation ASICs are not a step forward, they are a step back.
Bitcoin. com - This is a scam website that is run by none other than Roger Ver. Having a BUY BITCOIN HERE text and a button under it to buy Bitcoin Cash (BCH) is scammy. New people comming to the Bitcoin,com website would not know the difference, and they were using that lack of knowledge to screw people into buying the fake Bitcoin(Bitcoin Cash). They call BTC “Bitcoin Core”. They have been the only community to call it that… No BTC is called Bitcoin, BCH is called Bitcoin Cash…BCH/BCHABC/BCHSV/BCHWTF…God I cant wait for these coins to implode and go away already, they make crypto look like a joke.
Roger Ver - Not sure if people have seen his interviews, but they are very unprofessional. When comparing BCH to BTC he uses examples that make Bitcoin Cash look much better than it is, when in reality all they did was copy the BTC source code and changed a couple variables. Increasing blocksize is not a fix, its a bandaid. And again Roger Ver is promoing BCH as if its the true Bitcoin(BTC). To me this is a con man trying to make a buck anyway he can…Roger Ver: "Im getting low on money, time for a new BTC fork!"
I guess corruption, backroom dealings, and out right scams are to be expected in a industry that just exploded in the last year or two, with regulations slow to creep in years later.
BCH has graphene block propagation which increases on-chain capacity. The problem with BTC’s approach to scaling on the LN (and potential problem with Zcash’s future BOLT implementation) is that it requires an on-chain transaction to onboard users. This is potentially a huge bottleneck with an artificially constrained 1Mb blocksize.
If transaction volumes increase significantly then it becomes unfeasible to require on-boarding fees that may be more than the amount that the user is intending to transact in the first place (elimination of use cases). This also pushes users to altcoins with available capacity. People aren’t going to bend over backwards to use a congested network like BTC. Eventually they will move to coins like BCH which have been able to make improvements via hard forks.
I hope Zcash doesn’t fall into the constrained blocksize trap the way BTC has.
Zcash has the luxury of being able to move much faster than Bitcoin for changes. If more than the 2MB current block size is not sufficient for network usage you can bet they would quickly make changes to increase capacity. cc @daira