Craig Wright files libel claim against Roger ‘Bitcoin Jesus’ Ver

Roger ‘Bitcoin Jesus’ Ver is the latest target in Dr. Craig Wright’s pursuit of justice against those that seek to deny his claim to being the individual behind the pseudonym Satoshi Nakamoto, the founder of Bitcoin.

On Thursday, Ver, who resides in Japan, attended a hastily organized Bitcoin Cash (BCH) confab at a London watering hole. Billed as a ‘social event without formal talks, panels or debates,’ it ended up being slightly more than that when Ver was served with legal papers by Dr. Wright’s representatives.

Wright’s legal claim for libel against Ver is based on a video Ver posted to Bitcoin.com’s official YouTube channel on April 15. The video, titled ‘Special Message to Craig Wright,’ featured Ver stating to the camera that “Craig Wright is a liar and a fraud. So sue me. Again.”

On May 1, Wright’s attorneys sent a letter to Ver and Bitcoin.com warning them that legal action would follow unless Ver agreed to make a public apology for his allegations against Wright.

The video was ultimately deleted after one of Ver’s Twitter followers pointed out that posting libelous material in Japan is both a civil and a criminal offense, punishable by up to three years in prison. However, Ver has yet to issue the necessary apology to Wright, either via his personal online accounts or via Bitcoin.com.

As a result, Ver was served Thursday with Wright’s libel claim, which was filed with the UK’s Royal Courts of Justice, Queen’s Bench Division. Wright is seeking £100k in monetary damages as well as an injunction restraining Ver and any of his affiliated entities from making further allegations of this nature.

For the record, prior to Thursday’s action, Wright had never taken legal action against Ver, so it’s unclear what the ‘again’ portion of Ver’s video refers to. Regardless, it seems both unfair and unwise for Ver to lay blame for his other legal problems at Wright’s door.

It’s equally unwise to assume that one can publicly disseminate falsehoods to attack a competitor – Wright is the driving force behind the Bitcoin Satoshi Vision (BSV) protocol, which boasts a capacity for on-chain scaling that poses an existential threat to BCH and other cryptocurrencies – without expecting that competitor to pursue all legal means of defending his reputation.

BSV was recently the target of a campaign to delist the technology from numerous crypto exchanges, including some with connections to Ver, who played an active role in this anti-competitive mob action. It’s worth noting that this campaign resulted in a brief surge in the value of BCH at the direct expense of BSV.

It’s also worth noting that Ver publicly supported Wright’s Satoshi claims right up until the point that Wright broke off from Ver’s BCH camp to launch BSV. Ver will soon have an opportunity – in a court of law – to offer a final opinion on what he truly believes regarding Wright’s claim.

While we await Ver’s decision, and for the overall crypto industry to move beyond its adolescent antics, crypto advocates of all stripes are invited to attend the CoinGeek Conference in Toronto on May 29-30, where the focus will be on technology, not lawsuits.

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Investment community: crypto exchanges delisting Bitcoin SV ‘sets dangerous precedent’

The traditional investment community is taking a stance against plans by some cryptocurrency exchanges to delist Bitcoin Satoshi Vision (BSV).

On Tuesday, the Toronto-based FRNT Financial issued its daily update for institutional investors, in which it addressed the push by some crypto exchanges to delist BSV in response to BSV backer Dr. Craig Wright’s efforts to defend himself against critics who publicly accused him of being a fraud.

FRNT’s story of the day for April 16 noted that the Binance crypto exchange had announced plans to delist BSV on April 22. Some other exchanges have announced similar plans, based largely on social media howls of outrage after Wright filed defamation and libel claims against some crypto critics with large Twitter audiences.

FRNT’s main takeaway from the controversy is that “certain actors specifically are setting a dangerous precedent in the delisting of BSV. Objectively, the only complaints one could have with the Craig Wright camp are 1) disagreeing with the content of his free speech and 2) disagreeing with his implementation of the current legal system. Given the impact that trading venues can have on the visibility and price of a coin, such a subjective delisting sets a precedent which has the potential to increase the space’s vulnerability to manipulation. If a coin can be delisted due to some not approving of a community / person’s legal activities, what’s to say that a similar narrative cannot be created in the future simply to support a malicious actor’s monetary interest.”

For years now, the Crypto Twitterati has attempted to demonize Wright and his claim to be the individual behind the Satoshi Nakamoto pseudonym and part of the original team that developed Bitcoin technology. Wright’s decision to take legal action against some of his more virulent critics was not taken lightly, and was done with the full realization that the retaliation would be swift and strong.

But, as evidenced by his recent legal filing aimed at Blockstream co-founder Adam Back, Wright appears confident in his ability to prove his claims in court. Wright appears equally confident that the BSV protocol’s ability for massive on-chain scaling will ultimately prove itself as the only Bitcoin capable of meeting the needs of a global financial platform.

But don’t take his word for it. CoinGeek invites supporters of all cryptocurrency and blockchain projects to join us in Toronto at the latest CoinGeek Conference on May 29-30 for what promises to be a lively debate on the future of money.

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The Bitcoin Ambassador

Calvin Ayre would like to present to the world his unique credentials as the planet’s only official Bitcoin ambassador.

Calvin Ayre is a celebrated entrepreneur who has played a pivotal role in the development of several industries, including a successful stint in the online gambling industry that ultimately landed his picture on the cover of the 2006 Forbes’ ‘billionaires’ issue.

In August 2017, the government of Antigua and Barbuda took note of Ayre’s rising stature in the emerging blockchain/cryptocurrency sector and appointed him a Special Economic Envoy with responsibility for advising on economic cooperation and commerce between Antigua and Barbuda and other sovereign states where blockchain technology is being utilized.

There’s no doubt that Ayre, a noted history buff, was honored to receive this designation. Throughout history, ambassadors have provided valuable assistance in lessening the likelihood of minor disagreements between nations developing into more serious fights. Then again, some ambassadors have brought their office no great honor by taking undue advantage of a perk known as diplomatic immunity.

Diplomatic immunity, which effectively puts a government’s appointed representatives above the law in the countries in which they serve, has resulted in all sorts of flagrant law-breaking over the years, ranging from the banal ($18m in unpaid parking tickets run up by United Nations diplomats in New York City) to the infinitely more serious (a US embassy staffer shooting two Pakistani citizens dead on a street in Islamabad).

So, to assuage the concerns of the global community, here are the things that the Bitcoin Ambassadayre will and won’t do. Starting with the latter, Ayre won’t drive blind drunk through your city streets (apart from motorcycles, jet-skis or stock cars on closed tracks, Ayre hasn’t driven himself anywhere for years). Nor will he light up a fat cigar midway through an international flight while guffawing loudly and humming the main title theme to ‘Homeland.’

On the flip side, Ayre will continue to travel the world while singing the praises of Bitcoin Satoshi Vision (BSV), the only true Bitcoin due to its unique capacity for the massive on-chain scaling that will realize the promise in Satoshi Nakamoto’s 2008 Bitcoin white paper.

Ayre will also continue to bend the ears of decision makers around the globe regarding BSV’s future as the next evolutionary step in the long history of cash and commodities. And when the global merchant class finally falls in line, Ayre will be happy to play host to his governmental guests and pay the bar tab with BSV. Now, there’s a diplomat for you…

Ayre’s latest CoinGeek Conference is scheduled to kick off in Toronto on May 29-30. The future of money awaits in Toronto, and it’s easy to register and use the world’s new money to register—and you’ll even get a discount if you use Bitcoin SV via Coingate.

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Disinformation campaign v. Calvin Ayre claims crypto casualties

The libelous disinformation campaign targeting Calvin Ayre is claiming more casualties, except this time it’s the attackers who are paying the price.

Last week, lawyers for CoinGeek founder Calvin Ayre launched a legal action against cryptocurrency news site Coin Rivet, which had published several articles alleging that Ayre was guilty of improper sexual conduct with underage girls during a trip to Cuba.

On April 4, Coin Rivet editorial director Darren Parkin informed Ayre’s attorneys that the site had pulled the offending articles offline, along with Coin Rivet’s social media references to the articles, “as a gesture of goodwill.”

It’s worth noting that, while Coin Rivet may have pulled its offending articles offline, partner content reposts of these same articles on mainstream news sites such as Yahoo remained online until Ayre’s own media sites pointed out this discrepancy.

Parkin also claimed that an article written by Coin Rivet’s Helen Bennicke – who bragged about personally alerting law enforcement agencies regarding the allegations made against Ayre because “to do nothing would feel immoral” – was “withdrawn from publication within 15 minutes of being published.” Parkin further claimed that Bennicke had “left the employment of Coin Rivet just days” after the offending post was published.

The removal of Bennicke’s “opinion” article doesn’t negate the fact that someone – and given Parkin’s status as editorial director, that dubious honor would appear to be his own – approved the article’s publication in the first place. The fact that the article made it online at all suggests at least some tacit approval of the article’s subject matter.

Parkin’s letter claimed that Coin Rivet now considers the matter closed, but the site has yet to address Ayre’s pursuit of a public apology for spreading these false allegations, although such public contrition won’t undo the damage caused by what Parkin referred to as this “unfortunate episode.”

Parkin and Coin Rivet CEO Sheba Karamat – as well as other individuals at crypto blogs that published similar articles – are about to discover that this ‘episode’ is anything but over, as Ayre’s attorneys have responded with a new letter seeking more info on “whether others at Coin Rivet were driven by a dishonest agenda” in deciding to publish these articles.

Ayre is rightly outraged by the fact that these articles not only cast aspersions on his good name, they also sullied the reputations of the female members of the dance troupe in the social media images that sparked this unjustified uproar.

Ayre has been publicizing similar ‘lifestyle’ promotional material for nearly two decades now, and the internet is awash in hundreds if not thousands of images and videos of Ayre with girls in bikinis. The fact that these recent images generated such controversy is both curious and revealing.

Ayre is one of the major public proponents of the Bitcoin Satoshi Vision (BSV) protocol and its unique capacity for massive on-chain scaling. Ayre maintains that BSV offers the only real hope for a cryptocurrency becoming a truly global financial platform and not just another buy-and-forget form of ‘digital gold.’

Ayre’s support for BSV has made him an easy target for supporters of rival cryptocurrencies, who clearly hope that any mud that sticks to Ayre will simultaneously tarnish BSV’s public image.

Ayre’s latest CoinGeek Conference is scheduled to kick off in Toronto on May 29-30. Crypto trolls are welcome to attend, but we suspect they won’t, as spreading disinformation is a lot easier to do from the safety of one’s basement. For more open-minded and less conflicted individuals, the future of money awaits in Toronto.

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Anti-scaling trolls use DDoS, fake scandals to attack Bitcoin, Satoshi truth!

Cryptocurrency charlatans are going to increasingly extreme lengths to ensure the general public doesn’t learn their terrible secret.

On April 3, the cryptocurrency news site CoinGeek.com came under a distributed denial of service (DDoS) attack, in which a website is bombarded by data from thousands of vector points simultaneously. The aim of a DDoS attack is to overload a website’s systems to the point that its functionality is impaired or, even better, knocked offline entirely.

DDoS attackers generally have one of two motives. Primarily, they target websites engaged in some form of commerce, with the aim of blackmailing the site’s operator into paying a ransom to restore the site’s functionality and thus ensure its business isn’t disrupted. The other motive for targeting a site for DDoS attack is to prevent the general public from seeing information the site contains.

CoinGeek conducts no financial operations; it’s strictly a news site for individuals interested in cryptocurrency technology. So what information does it contain that certain individuals don’t want the general public to learn?

For one thing, CoinGeek founder Calvin Ayre has made no secret of his support for the Bitcoin Satoshi Vision (BSV) protocol as the one true Bitcoin. All other cryptocurrency alternatives lack BSV’s capacity for massive on-chain scaling, leaving them with (a) no clear path to becoming a truly global financial system, and (b) no future. Small wonder, then, that these would-be rivals would seek to limit access to BSV truths.

Bitcoin, as specified in the 2009 white paper by inventor Satoshi Nakamoto, was always intended to massively scale. Demonstrating that capacity to scale, as BSV backers continue to do, will be what attracts the application development that will in turn attract a critical mass of consumer interest in Bitcoin. 

Ayre has also thrown his support behind Craig Steven Wright, the lead scientist at technology research firm nChain and the man with the most obvious claim to being the real figure behind the Satoshi Nakamoto pseudonym. BSV opponents are desperate to convince the public that Wright isn’t Satoshi, because the alternative would mean that their respective cryptocurrencies are heretical to Bitcoin’s original mission.

Ayre’s support for BSV has also resulted in far more personal attacks, including a recent effort to associate his name with sexual impropriety. These efforts came to an abrupt halt on April 2 when Ayre’s attorneys commenced legal action against the prime offenders, who quickly pulled the offending material from their platforms, evidently unwilling or unable to prove their claims in court.

Ayre is determined that these attacks will not deter him from his mission to ensure the public learns the truth about BSV, which will be the focus of his upcoming CoinGeek Conference in Toronto on May 29-30. Ayre invites all those whose minds are open and determined to ignore the crypto censors to join him in Toronto for an open and honest discussion of the future of money. 

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Party like a rock star with Bitcoin Cash

Do you like to party? Are you into cryptocurrencies (specifically Bitcoin Cash)? Then get ready for the greatest fusion since chocolate met peanut butter.

CoinGeek.com, the cryptocurrency news site founded by Calvin Ayre (pictured above right), recently invited some special guests to party with the site’s staff in Bangkok, Thailand, ahead of the Satoshi’s Vision Conference in Tokyo that got under way on March 23.

The party, which was held at the SO Sofitel Bangkok Hotel, was organized by BB Experience, a group that has established itself as the go-to organizers of memorable events that, like their name, must be experienced to be truly appreciated.

BB Experience has been around since 2011 and have put on literally thousands of insanely memorable events at hotspots around the globe for a variety of high net-worth clients. But crypto fans will be interested to learn that the group has now begun accepting payments in Bitcoin Cash (BCH).

The CoinGeek group took full advantage of this new payment channel, happily transferring BCH 16.5320791 (roughly US$15k at the time of payment) to BB Experience, who quickly got to work plotting a bespoke event that met Calvin’s requirements.

The BB Experience crew had their work cut out for them, as gaming industry professionals know all too well that Calvin Ayre is no slouch in the party-planning arena. No less an authority than Playboy magazine described his 49th birthday bash as “a surreal party with a bizarre mix of post-apocalyptic characters, statuesque European models, midgets and live pigs.”

The Bangkok party featured no live pigs, but did feature models whose impressive torsos served as the most elegant serving dishes for sushi, local delicacies, dim sum, dessert and no shortage of libations. There were also dancers (floor and pole), drinking games, various other types of ‘shows’ and, oh yeah, a midget (little person, actually, but we’re following Playboy’s lead here), before everyone finished the night in the jacuzzi.

CoinGeek.com cannot recommend BB Experience highly enough to anyone looking to host a thoroughly memorable event, and who wants to pay for that event with Bitcoin Cash, the only Bitcoin variant that remains true to the original vision of Satoshi Nakamoto. (Come for the dancing girls, stay for the low transaction fees and swift processing time.)

CoinGeek staffers would also like to thank the fine folks at the Soiftel Bangkok Hotel for having that defibrillator on standby. Also, has anyone seen our pants?



Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Dr. Craig Wright sued for $10.2b by brother of early Bitcoin advocate

Dr. Craig Wright, cryptocurrency pioneer and currently chief scientist of blockchain technology research and development firm nChain, is being sued for $10.2b by a relative of one of Bitcoin’s earliest advocates.

On Monday, word broke that Ira Kleiman, brother of deceased Bitcoin pioneer Dave Kleiman, had filed a federal lawsuit in the Southern District of Florida accusing Wright of acquiring via nefarious means some “hundreds of thousands” of Dave’s Bitcoins, along with “valuable intellectual property rights of various blockchain technologies.”

The complaint notes that Wright and Dave Kleiman shared a “longtime interest in cyber security, digital forensics, and the future of money,” and their early collaboration allowed them to accumulate “a vast wealth of bitcoins from 2009 through 2013,” the year Kleiman died following a long battle with MSRA.

The complaint says Kleiman’s family was ignorant of his Bitcoin holdings, because “for reasons not yet completely clear, [Kleiman and Wright] chose to keep their involvement in Bitcoin hidden from most of their family and friends.”

The complaint alleges that, following Dave’s death, Wright “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him.” The complaint further alleges that Craig “backdated these contracts and forged Dave’s signature on them.”

Ira Kleiman claimed Wright reached out to him after Dave’s death, confirming the pair’s Bitcoin activities but explaining that Dave had signed away his rights to the assets in exchange for a stake in an Australian company worth “millions.” The complaint calls this explanation “a lie” because this company “went bankrupt” following a dispute with the Australian tax office.

The complaint alleges that Wright had amassed a stash of around 1.1m Bitcoins, of which “at least 300,000” belonged to Dave. However, the plaintiff believes he’s entitled to all 1.1m Bitcoins mined by both Wright and Dave, which were “wrongfully converted” by Wright after Dave’s death. Ira is seeking the return of these Bitcoins – or their equivalent value in fiat currency – as well as numerous technology patents, plus interest and court costs.

It’s worth noting that Ira himself has no connection to the world of cryptocurrency and the legitimacy of the documentation he’s presented to support his claims is a matter of some debate within the crypto community.

Moreover, it’s long been rumored that Dave kept his Bitcoin stash on a hard drive with the highest level of encryption available at the time. This hard drive is currently in Ira’s possession, which would further call into question the capacity for anyone to access its contents.

Putting aside the dubious merits of Ira’s allegations, what doesn’t appear to be in dispute is Wright’s rightful place as a key figure at the genesis and early development of Bitcoin. Sadly, the heights that the cryptocurrency markets have since attained is also why we can likely expect more of these lawsuits to emerge in future.

After news of the lawsuit broke, Wright was queried on Twitter as to what the lawsuit was all about, to which he replied with a single word: “Greed”.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Zeroedge crypto casino will likely live down to its name

ZeroEdge hopes to become the online gambling industry’s default cryptocurrency, although its chances of achieving this goal are close to, er, zero.

ZeroEdge Bet plans to commence a pre-initial coin offering (ICO) of its Ethereum-based Zerocoin cryptocurrency token at the end of this month. The token will be used exclusively on the ZeroEdge platform, which plans to offer 0% house edge casino games and fee-less sports exchange betting.

Technically speaking, ZeroEdge’s house edge isn’t always zero, as its slots carry a house edge of 0.01% while other games require players to play “a perfect strategy” in order to achieve a zero house edge. Since this scenario is unlikely, the site acknowledges that human frailty “will induce the house edge inadvertently.”

At any rate, this lack of a traditional house edge means ZeroEdge’s business model is based on the theory that, as more bettors buy and use Zerocoin – the supply of which will be fixed at 777m – the token’s value will increase, which will not only enrich ZeroEdge’s backers, but also (theoretically) players.

In fact, ZeroEdge suggests that Zerocoin is ideal for individuals who don’t actually want to use their tokens to gamble. Buy-and-forget investors are advised to get in early, as “the most inexpensive Zerocoin will ever be is during the initial crowd-sale.”

ZeroEdge also hopes to eventually spawn a network of white-label gambling sites, each of which will be required to hold a certain amount of Zerocoin tokens, further boosting demand.

By its own admission, ZeroEdge’s business model depends on perpetual growth – a rather optimistic market cap table included in its white paper tops out at 3m monthly users – which will be hard to achieve without a serious marketing campaign.

ZeroEdge says it will allocate 40% of its ICO proceeds to “mass-scale marketing” but the company appears to be betting more on the belief that positive word-of-mouth will create “a virtuous loop of more attention creating more demand” for its token.

Spoiler alert: it won’t. Launching a new gambling site is hard enough without adding the additional hurdle of requiring users to buy a proprietary token from parties unknown that can’t be used for any other purpose.

Not to mention Ethereum’s inherent security concerns, scaling challenges and its anti-dilution issues, which will make appreciation of this token an even steeper uphill climb.

What’s more, the online gambling industry already has a default cryptocurrency, Bitcoin Cash (BCH), which not only has the advantage of speedy transactions and low processing fees, but it can also be used for a host of other purposes as is, without the need for further conversion.

One final observation: ZeroEdge claims that part of the rationale behind its 0% house edge is that the gaming industry is contributing to gambling addiction without doing enough to mitigate problem gambling activity. ZeroEdge’s apparent solution to this ‘indefensible” situation isn’t to pledge money to support problem gambling treatment, but to reduce gambling operator income.

Among ZeroEdge’s long-term goals are “entering the fiat gambling market,” which seems unlikely, unless the company is willing to change its name to SomeEdge. Regardless, one hopes this shift into the traditional gambling world they despise so much will be accompanied by a suitably large contribution to problem gambling mitigation programs.

Bottom line: there are enough ‘me too’ tokens out there that are fated to leave investors licking their wounds, and the value of Zerocoin will ultimately live down to its name.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Roger Ver launches Bitcoin Cash Games online casino

Longtime cryptocurrency advocate Roger Ver has expanded his online gambling site to accept Bitcoin Cash (BCH) wagering.

Last September, Ver’s cryptocurrency portal Bitcoin.com launched Bitcoin Games, an online casino platform that utilized the old legacy Segwit Bitcoin (BTC) token. The platform has now branched out with a BCH-compatible variation, Bitcoin Cash Games, offering the same online casino experience but with vastly lower fees.

As Ver’s official announcement of the launch stressed, “the BCH network and currency has proven itself to be reliable while also offering transaction fees so cheap ($0.01 or less) they are practically non-existent.”

Bitcoin Cash Games’ game palette includes provably fair video poker, keno, craps, roulette, dice, slots and blackjack, each providing a 99% expected return. There’s also a referral program that allows players to earn up to 25% of the site’s house edge by enlisting new players.

Usage of the platform (and its native Android mobile app) is entirely anonymous, and thus requires no registration. However, US residents are restricted to free-play action with ‘test credits’ due to their government’s reliably paranoid regulatory environment.

Ver, who was affectionately dubbed ‘Bitcoin Jesus’ for his early advocacy of cryptocurrency adoption, has over the past year become an even more ardent advocate for BCH . These days, Ver might more accurately be described as ‘Bitcoin Moses’ for helping to lead his people out of BTC bondage toward the BCH promised land.

Bitcoin.com’s decision to expand its online casino’s reach to the growing BCH community was undoubtedly driven at least in part by BTC users’ unwillingness to pay through the nose for every spin of the roulette wheel.

In fact, Ver might be better served by shuttering the original Bitcoin Games platform and redirecting its customers to links where they can convert their increasingly anachronistic Segwit BTC tokens for BCH, aka the cryptocurrency that people actually use.

Regardless, CalvinAyre.com heartily congratulates Ver for providing the BCH community with another solid online casino option and wishes him luck in his latest endeavor. (Hey, does this article mean we qualify for the referral program?)

Beware online gambling sites bearing initial coin offerings

A new online social sportsbook is the latest to jump into the proprietary alt-coin pond, although it remains to be seen whether its customers will be the ones who end up taking a bath.

Forbes recently profiled Vancouver-based FansUnite, a social sports betting site that currently allows users to wager with free-play credits. However, the site has larger ambitions of taking real-money wagers starting next year via a proprietary digital currency it’s calling the FansUnite Token (FAN).

The company says it intends to hold a Token Generation Event – aka an initial coin offering – that will allow customers to acquire FAN. The company acknowledges that FAN’s real-world value will be “tied to the speculative value of the FansUnite Token itself on the open market as well as the utility and use of the FansUnite Token on the FansUnite platform.”

Customers in the US and Canada won’t be allowed to participate in the Token Generation Event, and FansUnite’s sportsbook platform will remain inaccessible inside the US. But FansUnite co-founder Duncan McIntyre told Forbes that his site’s “new and compelling value proposition” meant FansUnite was “perfectly situated” to capitalize on the imminent legalization of US sports betting.

Maybe, maybe not. For the moment, FansUnite’s business model is firmly locked in affiliate/tout mode. The company gets its betting lines directly from internationally licensed online sportsbook Pinnacle, and has ‘partner’ deals with Pinnacle, Bet365 and SportsInteraction should FansUnite punters wish to wager with real money.

FansUnite also relies on its ability to sell monthly subscriptions to ‘Pro Picks’, i.e. wagering choices made by FansUnite bettors who have shown “consistency and profitability” in their prognostications.

So far, so familiar. As for the FAN alt-coin plans, that’s also familiar, but in a more eyebrow-raising fashion. With the value of Bitcoin soaring, initial coin offerings are breeding like rabbits, yet the real-world value of these alt-coins remains suspect, as does the motives of some of the individuals announcing these ICOs.

Ask yourself one question: what value is a coin that you cannot spend anywhere except some theoretical future online sportsbook put up by guys with no experience in creating or running an online sportsbook?

If FansUnite was truly sincere in its desire to offer customers quick and simple money movement, all they need to do is incorporate a Bitcoin Cash (BCH) payment option, as an increasing number of existing, proven online sportsbooks have already done. Given the massive on-chain scaling capacity of BCH, which allows for speedy transaction processing with minimal transaction fees, what more do you need?

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Beware online gambling sites bearing initial coin offerings

A new online social sportsbook is the latest to jump into the proprietary alt-coin pond, although it remains to be seen whether its customers will be the ones who end up taking a bath.

Forbes recently profiled Vancouver-based FansUnite, a social sports betting site that currently allows users to wager with free-play credits. However, the site has larger ambitions of taking real-money wagers starting next year via a proprietary digital currency it’s calling the FansUnite Token (FAN).

The company says it intends to hold a Token Generation Event – aka an initial coin offering – that will allow customers to acquire FAN. The company acknowledges that FAN’s real-world value will be “tied to the speculative value of the FansUnite Token itself on the open market as well as the utility and use of the FansUnite Token on the FansUnite platform.”

Customers in the US and Canada won’t be allowed to participate in the Token Generation Event, and FansUnite’s sportsbook platform will remain inaccessible inside the US. But FansUnite co-founder Duncan McIntyre told Forbes that his site’s “new and compelling value proposition” meant FansUnite was “perfectly situated” to capitalize on the imminent legalization of US sports betting.

Maybe, maybe not. For the moment, FansUnite’s business model is firmly locked in affiliate/tout mode. The company gets its betting lines directly from internationally licensed online sportsbook Pinnacle, and has ‘partner’ deals with Pinnacle, Bet365 and SportsInteraction should FansUnite punters wish to wager with real money.

FansUnite also relies on its ability to sell monthly subscriptions to ‘Pro Picks’, i.e. wagering choices made by FansUnite bettors who have shown “consistency and profitability” in their prognostications.

So far, so familiar. As for the FAN alt-coin plans, that’s also familiar, but in a more eyebrow-raising fashion. With the value of Bitcoin soaring, initial coin offerings are breeding like rabbits, yet the real-world value of these alt-coins remains suspect, as does the motives of some of the individuals announcing these ICOs.

Ask yourself one question: what value is a coin that you cannot spend anywhere except some theoretical future online sportsbook put up by guys with no experience in creating or running an online sportsbook?

If FansUnite was truly sincere in its desire to offer customers quick and simple money movement, all they need to do is incorporate a Bitcoin Cash (BCH) payment option, as an increasing number of existing, proven online sportsbooks have already done. Given the massive on-chain scaling capacity of BCH, which allows for speedy transaction processing with minimal transaction fees, what more do you need?

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Beware online gambling sites bearing initial coin offerings

A new online social sportsbook is the latest to jump into the proprietary alt-coin pond, although it remains to be seen whether its customers will be the ones who end up taking a bath.

Forbes recently profiled Vancouver-based FansUnite, a social sports betting site that currently allows users to wager with free-play credits. However, the site has larger ambitions of taking real-money wagers starting next year via a proprietary digital currency it’s calling the FansUnite Token (FAN).

The company says it intends to hold a Token Generation Event – aka an initial coin offering – that will allow customers to acquire FAN. The company acknowledges that FAN’s real-world value will be “tied to the speculative value of the FansUnite Token itself on the open market as well as the utility and use of the FansUnite Token on the FansUnite platform.”

Customers in the US and Canada won’t be allowed to participate in the Token Generation Event, and FansUnite’s sportsbook platform will remain inaccessible inside the US. But FansUnite co-founder Duncan McIntyre told Forbes that his site’s “new and compelling value proposition” meant FansUnite was “perfectly situated” to capitalize on the imminent legalization of US sports betting.

Maybe, maybe not. For the moment, FansUnite’s business model is firmly locked in affiliate/tout mode. The company gets its betting lines directly from internationally licensed online sportsbook Pinnacle, and has ‘partner’ deals with Pinnacle, Bet365 and SportsInteraction should FansUnite punters wish to wager with real money.

FansUnite also relies on its ability to sell monthly subscriptions to ‘Pro Picks’, i.e. wagering choices made by FansUnite bettors who have shown “consistency and profitability” in their prognostications.

So far, so familiar. As for the FAN alt-coin plans, that’s also familiar, but in a more eyebrow-raising fashion. With the value of Bitcoin soaring, initial coin offerings are breeding like rabbits, yet the real-world value of these alt-coins remains suspect, as does the motives of some of the individuals announcing these ICOs.

Ask yourself one question: what value is a coin that you cannot spend anywhere except some theoretical future online sportsbook put up by guys with no experience in creating or running an online sportsbook?

If FansUnite was truly sincere in its desire to offer customers quick and simple money movement, all they need to do is incorporate a Bitcoin Cash (BCH) payment option, as an increasing number of existing, proven online sportsbooks have already done. Given the massive on-chain scaling capacity of BCH, which allows for speedy transaction processing with minimal transaction fees, what more do you need?

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.