[ad_1]
United American Corp. (UnitedCorp), a digital technology company focused on the development of products related to blockchain technologies, and cryptocurrency mining (among other practices) has decided to take legal action against the most critical players in the field BCHABC of the infamous "hash BCH" war, accusing them of manipulating not only the market but also the main operation of the entire blockchain.
The case was filed with the UNITED STATES OF THE UNITED STATES DISTRICT FOR THE SOUTH DISTRICT OF FLORIDA and firstly goes directly against Bitmain, Inc., Saint Bitts LLC d / b / a Bitcoin.com ("Bitcoin.com"), Roger Ver, Bitmain Technologies Ltd, Bitmain Technologies Holding Company (together with Bitmain, Inc. and Bitmain Technologies Ltd., "Bitmain"), Jihan Wu, Payward Ventures, Inc. d / b / a Kraken ("Kraken"), Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox.
BCH ABC: the developers were hijacking the Blockchain?
The essence of the case is that the defendants participated in a premeditated scheme in which, dishonestly and contrary to the interests of the users, they illegally exercised their power as administrators of various pools to illegally use the power of the hash in an unnatural way to make sure you have the longest chain with the most significant proof of the job. After consolidating this domination, they arbitrarily implemented a series of checkpoints to prevent the return to previous blocks.
"Being essentially mercenaries from another network (the BTC network) to temporarily extract the Bitcoin Cash network during software upgrades and then leave, Bitmain and Bitcoin.com have effectively hijacked the blockchain. Their actions have diluted the "vote" exercised by the existing nodes during the update, violating the basic rules of the network that other users had invoked and respected for years, and artificially inflated the implementation of the chain with hashes of the computer to dominate the temporary update software
But the scheme did not end there. The next day November 16, 2018, BitcoinABC through the defendants Amaury Sechet, Shammah Chancellor and Jason Cox have implemented a "poisoned pill" in the chain called checkpoint. ".
The implemented checkpoint is problematic because it also "centralized" what should be a decentralized market due to the way the checkpoint was added and its location near the tip of the blockchain
The Bitcoin ABC decision to "block" the blockchain after an arbitrary number of blocks near the tip of the blockchain – through a mechanism called "checkpoint" and "Deep Reorg Prevention" – will allow anyone with 51% hashing power to quickly cement the blockchain ledger. They could also consolidate control over future changes to Bitcoin's cash functionality and changes to consent rules. The combination of this checkpoint power with the hashing power of Bitcoin ABC supporters equals centralization. Anyone combining hashing power and checkpoints in this way will be able to override any consensus reached by the rest of the network, forcing others to comply or create an unwanted hard fork. "
Not just a "thing of the developer"
Similarly, UnitedCorp states that the rest of those involved were aware of the damage their actions could cause since the "conspiracy" had been planned for a long time. Not only did it involve people in the mining world, but it also used programmers, communicators, and even exchanges like Kraken who already showed his pro-BCHABC position before there was any result:
In fact, already the day after the update, individuals in the field of cryptocurrencies like Andreas Brekken (self-proclaimed "consultant for some of the world's most successful blockchain projects" and computer engineer at Kraken), held online forums recognizing that Bitcoin ABC developers and cryptographic exchanges like Kraken have agreed to implement centralized checkpoints.
See https://www.youtube.com/watch?v=UjAHJY0QZhs; See also
https://brekken.com/about. Brekken continues to admit in the video "this has been planned for a long time" and "we knew that within 30 minutes we had". "
BCH Hash War: A Lose-Lose Situation
The results of the BCH war have been catastrophic, as recognized by virtually the entire community of crypto users. The market crash has affected the normal functioning of UnitedCorp's economic activities, so they hope to get compensation if the Court determines that such losses occurred as a result of dishonest actions taken by the defendants:
"As a result of the aforementioned market manipulation, the value of the cryptocurrency that the plaintiff's mines in its BlockchainDomes has declined significantly. The combined value of the forked currency is lower than the pre-fork currency and the resulting confusion has been seriously detrimental to the market as a whole. Some trading platforms have chosen to list only one of the two resulting currencies, thus reducing the liquidity and value of the currencies. "
UnitedCorp bases its thesis on the fact that the aforementioned people have come together to plan and execute actions that led to a violation of Section 1 of the Sherman Act and Section 4 of the Clayton Act. For this reason, it expects not only that the 39. Implementation of checkpoints and similar changes is prohibited, but also that the blockchain is restored "Its previously decentralized form with the previous rule of consent".
<img class = "wp-image-28511 size-full" src = "https://ethereumworldnews.com/wp-content/uploads/2018/12/download-1-e1544290182908.png" alt = "BCH ABC vs BCH SV comparison
Charts: Coinlib "srcset =" https://ethereumworldnews.com/wp-content/uploads/2018/12/download-1-e1544290182908.png 1153w, https://ethereumworldnews.com/wp-content/uploads/2018/ 12 / download-1-e1544290182908-255×300.png 255w, https://ethereumworldnews.com/wp-content/uploads/2018/12/download-1-e1544290182908-768×905.png 768w, https://ethereumworldnews.com/ wp-content / uploads / 2018/12 / download-1-e1544290182908-869×1024.png 869w, https://ethereumworldnews.com/wp-content/uploads/2018/12/download-1-e1544290182908-750×884.png 750w, https://ethereumworldnews.com/wp-content/uploads/2018/12/download-1-e1544290182908-1140×1344.png 1140w "sizes =" (maximum width: 1153px) 100vw, 1153px”/>
So far, there has been no statement from the accused. The full text of the case is available here
