UnitedCorp Brings Bitmain, Roger Ver, and Kraken to Court for Suspected Hard Fork Manipulation

UnitedCorp Brings Bitmain, Roger Ver, and Kraken to Court for Suspected Hard Fork Manipulation

United American Corporation (UnitedCorp) filed a suit against Bitmain, Kraken Exchange, Bitcoin.com, and Roger Ver, et al. for exploiting specialized techniques to maneuver BCH to their own advantage

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…

UnitedCorp Press Release

Miami’s UnitedCorp, a blockchain-based telecommunications company, announced on 6 December that it submitted a case against Ver and the firms it suspects to be involved in an unfair and misleading scheme to take hold of the BCH network, after the hard fork, for their own gain. UnitedCorp perceived that the effort to hijack the network was the cause of the meltdown, detrimental to the company and other BCH stakeholders.

The suit was filed in the US District Court for the Southern District of Florida.

The dispute seeks for the court to prohibit and prevent the defendants from continuing ongoing activities hostile to the BCH network. The telecommunications company also seeks compensation for the damages inflicted. The amount will be determined during trial.

The Premise of the Lawsuit

We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks…

Benoit Laliberte, President of UnitedCorp

After the 15 November hard fork, UnitedCorp maintains that Ver et al. promptly took control of the network through ‘rented hashing’ which is against the fundamentals of the blockchain. Rented hashing is the interim deployment or redirection of computing power to gain governance of the network.

Bitcoin ABC became the leading chain by the time the rule set was laid and rented computational power was lifted. UnitedCorp supposes the leased hash power’s purpose was to artificially sustain a longer chain for ABC.

By 20 December, it is said that ABC’s team put a ‘Deep Reorg Prevention’ in the blockchain to solidify control over the ledger.

The press release emphasized that no individual or entity should be permitted to gain control of a cryptocurrency network.

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Bitcoin (BTC), Etheruem (ETH), XRP (Ripple) and BCH Price Analysis: Crypto Market Watch (January 16)

BTC/USD From yesterday’s open at $3761 the price of Bitcoin fell at first to $3721 and started increasing again, but when it came back to around the levels of the open it started decreasing again and this time with stronger momentum. The price fell to $3640 yesterday which is the prior range resistance now retested for support as the price once again started moving to the upside and is currently sitting at $3698 which is an overall decrease of 1.7% from the yesterday’s open. Looking at the hourly chart you can see that the price has fallen a bit further down than I was expecting it, but it only confirmed my EW count as it came to the proximity of the ending point of the 1st impulsive wave. As the 5th wave develops I have lowered my initial target as the 4th wave ended lower, which is why now I believe that the price isn’t going past the 0.5 Fibonacci level as it encountered some strong resistance and a dip pullback indicating that the momentum behind the upward has diminished significantly. For this reason, I don’t believe that the price is heading above the 0.5 Fibonacci level which serves as strong resistance, so another attempt ending as a rejection seems most likely. After the rejection, I would be expecting further downside for the price of Bitcoin potentially below the 0.236 Fibonacci level, as this upward move was most likely a minor correction to the upside from this last downtrend. ETH/USD From yesterday’s open at $132.2 the price of Ethereum has fallen at first by 9% at its lowest point yesterday when it came down to $120.25. From there the price started increasing and is currently sitting at $125 which is an overall decrease of 5.83%. On the hourly chart, we can see that price fell below the minor support line but since it started increasing again it continued above it and spiked all the way up today to $130 area but came down since, with the equal momentum as it came up and found support on the minor support level. This would probably lead to further increase as the 5th wave develops and would either go up to he levels of the 3ed wave, which would bring the price of Ethereum back to around $133.4 or go a bit further up. Optimally I would be expecting an interaction with the downward channel’s resistance line before the price starts moving to the downside again. We are most likely going to see further downtrend continuation as this move to the upside looks like it was a corrective move. The momentum was not supported and judging but the large almost same size red candle, the sellers are as equally strong. If the downtrend continues we are likely going to see the price of Ethereum land on the next strong horizontal support level that can hold the momentum behind the downward pressure is around $104. XRP/USD From yesterday’s low at $0.32688, the price of Ripple has been increasing today and came up to $0.34181 at its higher point today, but quickly fell from there as the hourly candle closed at $0.338. From there the price continued moving to the downside and is currently sitting at $0.334 which is an overall increase of 2.37% from yesterday’s low. On the hourly chart, you can see that the price action created a symmetrical triangle as the price consolidates after the drop from around $0.4 area. After the consolidation ends I would be expecting a breakout to the upside as the fifth impulsive wave should start. The 5th Minuette wave could end up at $0.35382 horizontal resistance level as it's currently below it so a retest of resistance looks very likely. 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