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The Bitcoin Cash blockchain appears to have been able to avoid a chain split over a controversial “miner tax” that divided the cryptocurrency’s community.
Canaan, a cryptocurrency mining hardware manufacturer that went public in November 2019, has been hit with a lawsuit from a disgruntled investor arguing the firm was misleading ahead of its IPO.
A webinar conducted by blockchain analytics firm Chainalysis revealed over $1 trillion worth of crypto were transacted in 2019, with only 1.1% being used for illicit purposes.
Top stories in the Crypto Roundup today:
- Bitcoin Cash to Avoid Chain Split Over Controversial ‘Mining Tax’
- Crypto Mining Hardware Manufacturer Canaan Hit With Securities Lawsuit
- $1 Trillion in Crypto Were Transacted in 2019, 1% Were Illicit Transactions: Chainalysis
At the time of writing, bitcoin (BTC) is trading at $9,144.35 (0.45%) with a daily Top Tier volume of $2.0297. As for ether (ETH), it is trading at $237.33 (2.37%) with a daily Top Tier volume of $1.12 billion. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,441.25 (0.93%)
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Bitcoin Cash to Avoid Chain Split Over Controversial ‘Mining Tax’
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The Bitcoin Cash blockchain is seemingly going to avoid a potential chain split that was made possible after a controversial proposal for a “mining tax” divided the cryptocurrency’s community.
The CEO of major mining pool BTC.TOP, Jiang Zhuoer, was the first to propose the mining tax, and initially had the support of other high-profile mining groups, including Roger Ver’s Bitcoin.com. It was meant to tax a portion of miners’ block rewards to support BCH’s developers, but some in the community opposed the involuntary donation, as blocks that didn’t include it were threatened to be orphaned.
The community’s response later saw Roger Ver and others drop support for the proposal, as the risk of a chain split was too high. Jiang Zhuoer himself has seemingly decided a chain split wouldn’t be worth it, and has said he would use his 3,500 PH/s of hashrate to vote against the proposal.
Bitcoin ABC, the dominant Bitcoin Cash node client, claims to have already created the code for the miner tax. If two-thirds of the BCH network’s hashrate show support for it, then its client will upgrade for the proposal to activate. Nodes may, however, switch from the ABC client to Bitcoin Unlimited, which opposed the proposal. Support for the miner tax, at this point, appears to be nearly null.
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Crypto Mining Hardware Manufacturer Canaan Hit With Securities Lawsuit
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Canaan, a leading cryptocurrency mining hardware manufacturer, has been hit with a lawsuit alleging the company has violated U.S. securities law. The lawsuit, filed on March 4 at the United States District Court for the District of Oregon, alleges the firm misled investors about its financial health and operation states In its initial public offering (IPO) filing.
The firm’s underwriters, including Galaxy Digital, Huatai Financial Holdings, and others, are also mentioned in the lawsuit. Phillippe Lemieux, the plaintiff reportedly bought 200 Canaan shares on February 12 for $8.5 each, near their all-time high.
The document cites a blog post by Marcus Aurelius Value on Canaan, which shows the firm is “short Canaan” over various apparent inconsistencies. In one, Canaan allegedly saw a “tiny Hong Kong stock” sign a $150 million letter of intent to purchase crypto mining equipment from the firm, but the stock “has only $16 million in cash on hand and market value of $50 million.”
The blog post also alleges Canaan removed some of its distributors from its website ahead of the IPO. Lemieux is being represented by the Rosen Law Firm, which has put out an announcement calling on other Canaan investors to join the potential class-action suit.
Canaan went public in November 2019, raising $90 million in its initial public offering. Since it went public, the firm’s shares went from $9 to around $4.8, with their all-time low being of $4.3.
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$1 Trillion in Crypto Were Transacted in 2019, 1% Were Illicit Transactions: Chainalysis
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Data and blockchain analytics firm Chainalysis has revealed in a webinar that last year over $1 trillion worth of cryptocurrency transactions took place, and that only 1.1% of them were associated with illicit activity.
According to Chainalysis’ webinar, cryptocurrency adoption has been growing, while the use of crypto for illicit activities has been dropping. While the growing popularity of cryptocurrency exchanges has been attracting hackers, the firm noted hackers’ success rate has been going down as trading platforms have been implementing sophisticated security measures, and firms throughout the industry cooperate with law enforcement to secure their systems.
While in the early days of the cryptocurrency space miners and illicit activities dominated cryptocurrency-related activity, the trend has changed. Cointelegraph reports that Chainalysis also found the majority of freshly mined cryptocurrency goes directly to cryptocurrency exchanges.
Chainalysis, it’s worth noting, found that last year cryptocurrency scammers managed to dupe their victims out of $4.3 billion, mainly through Ponzi schemes promising great returns on investment.
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The Flipside Crypto Disparity Ratio is a tool helping you find out which cryptoassets are under and overvalued. The crypto disparity ratio scores cryptoassets based on market capitalization and FCAS ratings, with a score over 1 showing it’s undervalued, and under 1 showing it’s overvalued.
Peerplays (PPY), a gaming blockchain project aiming to disrupt the global gaming industry through Graphene technology, tops the undervalued list with a score of 2.26. XYO, an ERC-20 token used for a decentralized network of devices that anonymously collects geospatial data, follows it with a score of 1.67.
It’s followed by the POA Network at 1.46, a public sidechain based on the Ethereum protocol that features a Proof-of-Authority algorithm, which uses “a set of authorities,” pre-selected validators that seal the blocks and secure the network. Validators’ identity will be public, and the POA Network will allow organization to build their own network with their own validators.
On the overvalued side we have Monacoin, the once-popular cat meme cryptocurrency which has even been used to buy land in 2014 at 0.39. Behind it is Crypterium (CRPT), a cryptobank platform leveraging the Ethereum blockchain to provide an instant processing engine for both fiat and crypto transactions at 0.43.
Under it is Crypto.com’s MCO token at 0.44. The token is an Ethereum-based ERC-20 tokens developed to serve as a medium of exchange between users within Crypto.com’s platform, which allows users to transact, store, monitor, and manage their crypto holdings. It also issues Visa cards for its users.
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Conquer the Markets by Copying the Top Performing Crypto Traders on Etoro
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State of the Crypto by Top Tier Exchange Volume
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