Crypto News Weekly 16.11.18: Bitcoin Cash Bitter Fork whilst Market Slumps, Attempted Murder at Crypto Exchange

Bitcoin Cash battle becomes personal while the market slumps

As Bitcoin Cash hits a hard fork over reaching a consensus on which code version should be used, conflict between the main parties has heated up on all levels. Bitcoin Cash, which is the most well-known fork from the original Bitcoin, splits into two camps: Bitcoin Cash SV (Satoshi version) with Craig Wright (the guy who claims to be Sastoshi Nakamoto), Coin Geek and others, versus Bitcoin ABC which has Bitmain and now Roger Ver (Bitcoin Jesus), who has just swapped sides.

As the currency hits the hard fork, the exact next steps are confusing with some crypto exchanges freezing the coin for a few hours until things become clearer. Roger Ver has swapped sides, claiming he may have been deceived about Craig Wright, while the erstwhile Satoshi Nakamoto contender and friends are lashing out on all sides, against Roger Ver, Bitmain and even now dropping Vitalik Buterin in, with Craig Wright calling him Soy boy, which seems to be some alt-right masculinity insult. Apart from the insult trading, the real action will take place when it becomes clear which fork possesses the real hashing power, ie., which one the miners have followed.

The price of Bitcoin Cash enjoyed a speculative flurry, pre-fork in early November going from $455 to over $600, but now dropping back to around its original level.

And as the controversial Bitcoin fork drama hit home, this coincided with a massive market drop in one day, wiping off $8 billion on the market cap with a general lack of confidence in a new bull run in the short term and pessimistic outlooks. Bitcoin is sitting at its lowest point for the year at just above the $5500 mark, and Ethereum sank all the way down to mid- $170s and is losing its second position to Ripple. It does seem  that winter has set in and it might be quite a hard one.

STO platform aims for $ 440 million

In the last week, Token IQ (a security token platform player) and Dealbox (blockchain crowdfunding platform) announced plans to bring six major Security Token Offerings to market to try and raise $ 440 million. The offerings include AI risk management, payment services, 3d printing and, of course, space exploration.

While no doubt there will be a lot of work still required to get the offerings to market with full legal compliance, it does show a trend of new business moving across to the STO model now that the SEC is declaring open season on ICOs.

Swede convicted for attempted murder after password change snub

Last week, we reported the story of an Indian youth arrested for making hoax calls on blowing up Miami airport in frustration at the FBI not hunting his stolen bitcoins. Well, this week, those Scandinavians show their darker side and commitment to action rather than words, as a Swedish man was convicted of attempted murder in connection with a cryptocurrency exchange. It seems the British exchange Cryptopay had refused to change the password details for Michael Salonen from Stockholm under its privacy policy, and after the snub, he sent two pipe bombs through the post.

Fortunately, when opened, they did not explode, which was even more fortunate for the members of Accountancy Cloud, which is a startup which has premises at the address, which, for the exchange was just a convenient registration address with no employees working there.

Thai political party holds elections on Zcoin blockchain

Thailand’s main opposition party, the Democratic Party, in November of this year, held their primary election on a Zcoin, a public blockchain. The country’s former prime minister won the majority of the 120,000 votes cast to win the party nomination as leader.

The Zcoin platform and its distributed ledger technology were chosen so there was no central party in charge of the process and so that there would be complete transparency through the process. While other pilot projects across the world, such as Japan’s Tsukuba are trying a trial in August, this appears to be one of the first major public voting uses.