BCH to Repeat BTC Mistakes, Mike Hearn Says

A long-time btc developer who quit the project in 2016 broke his silence, opening up on the state of the project in a reddit Q&A
06 April 2018   1735

Mike Hearn, after stopping work on bitcoin, joined the banking consortium R3. He expressed his opinion on a variety of issues, including Bitcoin Cash and the debate about the size of the block, which eventually led to the fact that last summer the ways of the developers diverged. This is reported by Coindesk.

It is worth noting, in particular, the words of Hearn about their own attempts to reform the protocol of bitcoin in 2015 and early 2016, which became harbingers of the fork. Together with Gavin Andersen, chief researcher at the Bitcoin Foundation, Hearn introduced a code to increase the block size, suggesting a hard fork, but his project did not go through the voting stage. Later, Hearn left the Bitcoin Core development team, writing that the bitcoin project "failed" due to problems with the community.

However, now Hearn believes that Bitcoin Cash inherited a lot of problems of the original project.

[Bitcoin cash] strongly resembles the bitcoin community of 2014. This is not good.
 

Mark Hearn

Ex-BTC Developer

Hearn also said that Bitcoin Cash, like bitcoin in 2014, is lacks "formalized governance" and communicates mainly through Reddit, where users, he said, can censor unpopular opinions.

Thus, he advised Bitcoin Cash users to "find a replacement" for a forum where the power of the moderator will be limited, and the community's views on future upgrades can be evaluated correctly. In particular, he expressed "alarm" over the fact that Bitcoin Cash plans to conduct hard fork in its срфшт, "with no attempt to measure support"

Nevertheless, he called the Bitcoin Cash community "brave."

"Liberate yourselves from just proceeding along the path Satoshi imagined and be willing to think radical, even heretical thoughts," he concluded.

Coinbase to Appear in San Francisco District Court

Exchange representatives must appear in court due to issues related to BCH trading launch in 2017
07 August 2019   136

San Francisco District Court judge Vince Chhabria ruled that the latter showed negligence and “clear incompetence generated by haste” when it started trading in Bitcoin Cash (BCH) on Coinbase. Now Coinbase, apparently, will be forced to stand trial, Bloomberg reports.

So, at the end of 2017, the exchange opened BCH trading, but was forced to suspend operations after 2 minutes due to high volatility and suspicious price increases - the coin began to grow rapidly several hours before the announcement of Coinbase.

Then the company was accused of insider trading, later crypto enthusiasts even began to find confirmation of this.

According to the judge, the users who bought VSN at inflated prices were primarily affected. He noted that the suspension of trading was too hasty and disrupted the normal functioning of the market.

BCH buyers claim that Coinbase could have announced a bid in advance to prevent a price spike, but it did not. The judge agreed with this opinion and noted that shortly before the launch of BCH trading on Coinbase, the Chicago Mercantile Exchange opened trading in bitcoin futures, which could become a factor of too much market participants' recovery.

According to the publication, Coinbase has not yet commented on the court decision.

Recall that in March 2018, a class action lawsuit was filed against the company, in which Coinbase was accused of “artificially overpricing” Bitcoin Cash through trading based on insider data.