Bitmain Lawsuit To Proceed

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A lawsuit against Bitmain will proceed, according to a Federal Magistrate Judge of the US District Court of South Florida. A small technology firm is suing the corporation, and Roger Ver as well, for allegedly hijacking Bitcoin Cash through the use of other people’s hashpower. Kraken and the Bitcoin ABC development team are also named in the suit.

Hijacking Bitcoin Cash

The premise of the lawsuit, launched in December 2018, is simple enough. Roger Ver and Bitmain, along with other companies that worked against the “upgrade” that ultimately became Bitcoin SV, had no right to act in that manner. Further courts will be able to hear the case, which, after quite some time, is proceeding.

A lengthy press release made available to Bitstarz News spells out the allegation.

UnitedCorp alleges that the Defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the express intent of centralizing the network. This includes allegations that Roger Ver, along with Kraken and developers of Bitcoin ABC, colluded with Chinese‐based and Chinese government‐financed mining rig manufacturer Bitmain to unfairly redirect
hashing power at the exact moment of the scheduled software update, forcing the implementation of Bitcoin ABC software centric checkpoints and thereby moving the network away from its native Bitcoin‐based blockchain design.

The upgrade in question resulted in the launch of Bitcoin SV, the proponents of which originally believed they would be able to win the hash war.

Then the mining pool, along with Bitmain, brought to bear their mighty mining power, with the former converting Bitcoin miners over to Bitcoin Cash. Ultimately, this move preserved Bitcoin Cash as it was, but a new cryptocurrency came out of the debacle.

Bigger Blocks

Bitcoin SV would go on to be delisted from multiple exchanges after the antics of Craig Wright, who is the most noteworthy proponent of Bitcoin SV.

Bitcoin SV has much larger blocks than Bitcoin Cash, but it sees less use than both Bitcoin and Bitcoin Cash.

Larger blocks may be needed when a network sees more usage.

Craig Wright is supposed to have been vested with a huge stash of bitcoins by now, but it hasn’t happened. Big companies are supposed to want to make use of his blockchain, which features massive blocks, but that hasn’t come to pass either.

Bitcoin SV did see a massive spike recently.

If successful, UnitedCorp could win millions of dollars from the various defendants, including Kraken, the major Bitcoin exchange, and Roger Ver, the famed crypto entrepreneur.