Today was an eventful day in crypto. Bitcoin Cash hard forked, Dogecoin sees more transactions than BCH, Iranian crypto interest, and further scam reports. All while Bitcoin seems to have found a bit of price support. Catch up on today’s action.
After The Fork: How Competing Bitcoin Cash Blockchains Might Wage War
The much anticipated Bitcoin Cash hard fork took place today. The already controversial BCH has turned even more controversial as the team has split in two directions.
Roger Ver Versus Craig Wright – Bitcoin ABC versus Bitcoin SV.
CoinDesk reports on the current battle for hash power, explaining – “[b]ecause of bitcoin cash’s underlying architecture, a 51 percent dominance in hash power will allow Bitcoin SV to launch attacks against the minority chain – and Wright has suggested that such action isn’t off the table”.
Other measures have also been taken to ensure only one chain’s survival. Technically speaking, there is statedly no transaction replay protection, leading to possible loss of assets as well as hacking risks.
Such Hard Fork, Much Hot Air? Dogecoin Still Used 4x More Than Bitcoin Cash
According to Bitcoinist’s reference to Coinmetrics data, “Bitcoin Cash still processes less than half as many payment transactions as meme-themed DOGE”.
Without SWIFT, Iran Turns To Crypto
Due to recent limitations the U.S. has put on Iran, the country now sees more difficulty with international trade. This has led popular international payments operator SWIFT to halt its services for the Iranian Central Bank.
SWIFT is often relied on for international payments.
Iran looks toward crypto as a solution. “Despite its harsh stance against bitcoin and other cryptocurrencies in the past, Tehran has announced that it will be moving forward with plans to create its own state-sponsored cryptocurrency, much like Venezuela’s el petro”, reported Crypto Insider.
US: Acting AG Backed Alleged ‘Invention-Promotion Scam’ Touting ‘Time Travel’ Crypto
The scam news continues to roll in as Matthew G. Whitaker, Acting U.S. attorney general, finds himself in the midst of scam involvement accusations, according to a CoinDesk report.
The scam involves “World Patent Marketing”, a supposedly crooked operation. The operation included advertising eccentric inventions made by ambitious inventors.
One such product even included a “theoretical time travel commodity tied directly to price of Bitcoin”, as reported by motherjones.com
Police Arrest 8 Over Alleged $68 Million Crypto Pyramid Scheme In Japan
The scams just keep rolling in as today brings news of a foiled crypto pyramid scheme.
Japanese police took eight men into custody for running a supposed crypto pyramid operation leading to almost $69 million in swindled funds.
Said business was not filed with proper authorities.
CoinDesk reports – “The men had reportedly touted a bogus investment firm called ‘Sener’ they claimed was be based in the U.S., and collected 29 million yen (about $2,55,403) in cash from nine people, between February and May 2017, in order to purchase bitcoins on their behalf, police reportedly said”.