This is your Cryptocurrency Pro Weekly Review! The Cryptocurrency Pro Weekly Review is designed to give you a quick bite of the week’s cryptocurrency updates.
Bitcoin was meant to replace the current financial systems governing us. It was never truly meant for illicit purposes – but just like traditional currency has, bitcoin and crypto have been used for criminal activity. High Brian Haney is looking at up to 30 years behind bars for his criminal activity for using Bitcoin to launder money.
China is seriously considering a digital Yuan. Other countries have followed suit and are looking to launch their own digital currencies. Wheels have turned – we mentioned this last time we did this – the Royal Bank of Canada is reportedly considering getting involved.
Libra, Facebook’s crypto project, started off strong. Cracks in their armor appeared when PayPal first backed out of the association. Now, Visa, MasterCard, Stripe, and others have backed out as well. Libra continues to face intense pressure from governments around the world. Will Libra survive?
Revolut Bank is building a strong base with its banking apps, money management tools, and Forex capabilities. They plan on moving into the US and Japan funded through investors. They’re hoping to raise as much as $500 million dollars.
Kik is back in the spotlight – after shuttering it’s messaging app, Kik has been trying to fight the United States Securities and Exchange Commission (SEC) which claims that Kik’s native token, Kin, was, in fact, a security. Kik’s argument is that the securities laws in the US are too vague and as such, Kin does not qualify as a security. A judge has decided against that argument and the case will continue to move forward.
Bitcoin SV turned one years old this past week! This is what our own Kurt Wuckert Jr. Had to say about Bitcoin SV.
Kurt On BSV
I have been a big blocker since Bitcoin Unlimited came out with their roadmap toward gigabyte blocks and parallelization techniques for bitcoin in 2015. Bitcoin Cash grew out of that camp, and going into November 2018, I was a casual supporter of the BSV node software, but I wanted Nakamoto Consensus to choose the rule set for BCH. Most of us had vowed to support whoever won, because we believed BCH was Bitcoin, so governance by proof of work would rule the day, while the losing implementation would be orphaned. Unfortunately, the Bitcoin ABC team added a couple lines of code to force a split with “Deep Reorg Protection” similar to Dash “Chainlocks.” So the “hash war” started off with a bit of subterfuge from team ABC that would not allow reorganization under any circumstances. In short, ABC cheated, and old partners of Roger Ver granted the BCH ticker immediately to the ABC chain before consensus had even been achieved. BitPay, Binance, Kraken and other players declared the war over as if they knew how it would shake out ahead of time.
Rather than coming to consensus, ABC nodes split away from BSV nodes, and Roger Ver diverted customer mining contracts through the Bitcoin.com mining pool over to the ABC chain to make sure that ABC stayed split from BSV at all costs. This led to a massive dip in BTC hash power, loss of customer profits and a year of lawsuits against Bitcoin.com and other actors in the Bitcoin Cash ecosystem.
Amid the drama, Coingeek, SVpool, BMG mining and a couple other smaller players followed the BSV roadmap (which was the original BCH roadmap,) and BitcoinSV had fully emerged with little to no merchant support, exchange support and most of the wallets and businesses had to start from scratch!
Crypto Traders Pro was one of the very first merchants in the entire world to start accepting BSV payments in November 2017, and we have been excited to see the growth in the SV economy since.
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