An explosive article on the cryptocurrency site Medium article by pseudonymous developer writer, who primarily works on two Bitcoin Cash infrastructure projects call BitDB and BitSocket, both of which are critical to several Bitcoin Cash-community outfits, levies a number of serious accusations against the Bitcoin ABC development team as well as Bitcoin.com and affiliated Bitmain.
The heartfelt cryptocurrency article is worth the read if one wishes to understand the Bitcoin SV point of view. Over the course of several paragraphs (we paraphrase except where the quotation is in blockquotes or quotation marks), unwriter covers several points.
Bitcoin Cash ABC became centralized regardless of their intentions through the use of checkpoints following the hard fork, and that Bitcoin Cash ABC rushed a flurry of patches in the wake of the fork and potentially did irreversible harm.
They also note that Bitcoin is defined by how it scales and by how it is secured. In his or her view, if these things are not both on blockchain and by the rules of proof of work – which he further declares is a “way of life” – then they are not Bitcoin.
UPDATE: In 2021, The US saw 17 states passed laws and resolutions concerning cryptocurrency regulation. The U.S. Securities and Exchange Commission (SEC) is considering what steps to take. That same year, Senator Elizabeth Warren, part of the Senate Banking Committee, wrote to the chairman of the SEC and demanded answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers.
Then in 2022, the Justice department named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to aid in identification of and dealing with misuse of cryptocurrencies and other digital assets. Now in 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities may not be complying with U.S. laws.
The SEC stated that unregistered offerings of crypto asset securities may not include important information. This Bitcoin Cash story originally appeared on the Wired Focus website.
