Tech company UnitedCorp has filed a lawsuit against mining giant Bitmain, mining pool Bitcoin.com, Bitcoin.com owner Roger Ver, and crypto exchange Kraken for their supposed role in last month’s bitcoin cash hard fork.
The company alleges that, in allowing the fork to take place, the defendants had orchestrated a “well-planned scheme to take control of the bitcoin cash network,” at the same time breaching the “Nakamoto whitepaper and consensus rules,” generating uncertainty and FUD on the network. Just wait till UnitedCorp finds out that the Nakamoto whitepaper isn’t legally binding.
Speaking of the hard fork, self-proclaimed bitcoin inventor Craig Wright’s “Bitcoin SV” offshoot has somehow managed to overtake Ver et al’s Bitcoin Cash token, and now sits, in 5th place, at $1.9 billion market cap, with a price of around $109. Bitcoin Cash, at 7th place, has a cap of $1.8 billion and is only worth $102 dollars at time of writing. And even as almost every other coin lost somewhere between 10 and 15 percent, SV grew by 20 percent. Who the hell knows what any of this means.
ConsenSyses built on sand
Oh, the perils of building your business on reserves of a highly volatile, speculative asset. We’re talking, of course, about ConsenSys, whose “refocusing of priorities” ended up, surprisingly enough, with the laying off of 13 percent of its workforce, largely staffers plucked from the “solutions” division, the venture firm’s in-house business development team.
Not to worry, though. Those who haven’t been unceremoniously fired can look forward to ConsenSys 2.0, a stripped back version of the sprawling company that will behave more like a traditional VC firm and less like a college campus for burgeoning crypto startups.
Crypto mega-pundit Anthony Pompliano is so rabidly bullish on bitcoin that he has now bet 1 million actual dollars on his digital asset index fund, Morgan Creek Digital, outperforming the S&P 500 over a ten year period.
For some reason, Pompliano seemed to think this gamble would increase, rather than utterly diminish, his credibility as a commentator. Indeed, yelling about the bet on Twitter for kudos, Pompliano urged his detractors to follow suit, bet against him, and put “their money where their mouths are.”
One such detractor was NYU professor and lifelong crypto bear Nouriel Roubini, who didn’t exactly leap at the chance to bankroll Pompliano’s PR stunt. “You [sic] index fund in down 50% in the month to date,” Roubini thundered in response to the goad. “@APompliano you are a pompous attention seeking con man. How many non accredited investors’ lives/saving have you destroyed this year alone? You should shut up.” Such grace and style from both of them!