Tag: craig wright

Is the Price of Bitcoin Satoshi Vision (BSV) Driven by Fake News?

The Bitcoin Satoshi Vision (BSV) price chart is peculiar to analyze. Given the state of cryptocurrency investment, it is safe to say that a large influencer of crypto value is derived from speculation, and BSV is plagued by speculation as its chain leader, Craig Wright, continues to claim that he is Satoshi Nakomoto—the anonymous original creator of Bitcoin. Analyzing BSV over the last year, there were two major surges in price and they both appear to be driven by intriguing public announcements or as some in the community would adamantly say: fake news. 

Source: CoinMarketCap

The First Surge: Craig Wright is Granted U.S. Copyright

On May 21, 2019, news sites reported that Craig Wright had United States copyright registrations for the Bitcoin (BTC) white paper authored by Satoshi Nakomoto. 

Upon hearing the news via CoinGeek that Wright had been granted copyright registrations for the original Bitcoin Whitepaper by the U.S. Copyright Office, I had had very mixed reactions. While I, and many others in the crypto space, would like to know the true identity of Nakomoto – it was difficult to picture Wright as the anonymous author of the whitepaper that kick-started it all.  

With many believing that the U.S copyright office had vindicated Wright and his claims, the price of BSV shot up from around $61 to nearly $230. The price would be short-lived, however, as the U.S. copyright office would go on to release a statement that emphasized that the agency, “does not investigate the truth of any statement made,” and BSV slowly made its way back down throughout June and July. 

As highlighted in an article from Bitcoin.com published on May 23rd,  anyone can apply for registration of anything at the copyright office and unless someone else makes the same claim it is unlikely there will be much contention. 

The Second Surge: Wright Claims Access to Tulip Trust

As would be expected, an inventor of Bitcoin would have large holdings in BTC. Wright and his late partner David Kleiman had previously brought to light a draft of a contract that described the Tulip Trust which is estimated to hold around 1.1 million Bitcoin which is worth approximately 10 billion U.S dollars.  Following the death of David Kleiman, Wright revealed that the contract further outlined the Bitcoin held should be granted entirely to himself which has led to an ongoing battle with Ira Kleiman, David’s brother. 

On Jan 10th, 2020, Wright was issued a court order that compelled him to unlock the Tulip Trust. The order stipulated that he has until February 3rd to provide the keys to the Tulip Trust, with the public keys required via bonded courier before the end of January.

As reported by Blockchain.News, on Jan. 14 Wright seemed to instigate the second surge in BSV’s price when he filed a notice of compliance with the court which stated, “Dr Wright notifies the court that a third party has provided the necessary information and key slice to unlock the encrypted file, and Dr.Wright has produced a list of his bitcoin holdings, as ordered by the Magistrate Judge, to plaintiffs today.

Following the filing of compliance, the price of BSV surged up to a high of $459 and lead to BSV being the 4th highest ranked cryptocurrency in terms of market cap, surpassing Bitcoin Cash.

As the key slice itself has not been produced, Wright’s announcement of the court filing is being viewed by many as an attempt by Wright to further manipulate the price with sensational news. As Wright was a trailblazer for the Bitcoin Cash fork, many in the community are still suspicious and believe he is instigating an exit scam and has driven the price up through speculation.  

While the technology behind BSV is not technically bad or uncompetitive with other cryptocurrencies, it is clear the milestones of BSV price are mainly driven by deliberately sensationalized and perhaps misleading news. Other sources have also cited wash-trading as the main contributor to the increased price. 

One thing is clear, is that Wright’s reputation has been suffering as he continues to make sensational headlines. Major exchanges like Binance and Kraken have already delisted BSV coin. Wallets like Blockchain.com wallets have also ended their support for  BSV.

Wright in Conflict with Satoshi’s Final Message

Perhaps the evidence that Wright is not Satoshi is in the Bitcoin creator’s final message “It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.”

Satoshi clearly realized the power of the technology he was bestowing upon the world and he apparently wanted none of the praise and none of the scrutiny. Juxtaposed to the outlandish character of Craig Wright and his desperate need to be recognized, we feel confident that Wright is not Satoshi. 

Image via Shutterstock

Did Satoshi Nakamoto Move His Bitcoin Yesterday? No, But Craig Wright Shot Himself in the Foot

On Wednesday a Twitter bot reported that a Bitcoin transaction came from a wallet that possibly belonged to Satoshi Nakamoto, the anonymous creator of the network and author of the Bitcoin whitepaper.

The recorded movement came from an address containing coins that were mined barely a month after the launch of the Bitcoin mainnet in 2009, at this time it is suggested that only three people could have known about BTC, one of them being Satoshi.

Beyond the age of the wallet, there is really no indication that this movement was Nakamoto.

Not long after the Whale Alert bot tweeted, the Bitcoin network experienced a 7% sell-off. In a tweet of his own, Bitcoin software engineer Jameson Lopp dismissed the BTC transaction pointing to the script behind the account.

The “Patoshi Pattern” is the name given to the analysis used to determine which blocks were most likely mined by Nakomoto. According to the hash rate analysis, it is still possible but unlikely that the transaction was performed by Nakomoto himself.

Craig Wright Shoots Himself in the Foot

The always controversial Craig Wright, the instigator of the BSV fork, has denied moving the 40 BTC from one of the original Satoshi wallets despite listing the wallet among the 16,000 wallets he allegedly owns and has provided in a court document.

The address, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh was listed in a court document in the Kleiman vs Wright lawsuit.

Calvin Ayre, the BSV billionaire, tweeted that he had spoken with Craig Wright and he has denied moving the 40 BTC from the 11-year-old address.

Ayre’s revelation may prove tricky for Wright. Although Wright did provide the list of addresses he has insisted that he does not have access to the private keys. If he had moved the coins there would have been strong legal ramifications but consequently, by denying he moved BTC from a wallet he claims to own he has all but proven he is not Nakamoto and has provided false information to the courts.

Perhaps in the unlikely chance that Nakamoto did move the coins himself, it was his goal to expose this alleged con artist once and for all.  

Image via Shutterstock

COPA Sues Self-Declared Bitcoin Founder Craig Wright

Cryptocurrency Open Patent Alliance (COPA), an initiative created by Twitter CEO Jack Dorsey’s payment company Square, has moved to sue Craig Wright over the Bitcoin white paper.

Craig Wright, an Australian programmer and the creator of hard fork Bitcoin SV and its underlying token BSV, made waves in the crypto community with his claim of being the creator of Bitcoin (BTC) and the identity behind Satoshi Nakamoto, the anonymous BTC founder.

COPA moved to file a lawsuit with the UK’s High Court of Justice, refuting Wright’s ownership to the Bitcoin white paper and his claims of being the rightful author. The crypto organization tweeted:

“Today, COPA initiated a lawsuit asking the UK High Court to declare that Mr. Craig Wright does not have copyright ownership over the Bitcoin White Paper. We stand in support of the Bitcoin developer community and the many others who’ve been threatened for hosting the White Paper.”

The non-profit organization, which is designed to protect blockchain and crypto-based companies from patent hoarding trolls, is seeking an injunction from the Court, so that Wright cannot claim ownership to the Bitcoin white paper. This will enable anyone that has published the official document to be protected legally.

Currently, COPA has a copy of the white paper posted on its official website. COPA’s lawsuit against Wright comes as a response to the latter’s claim that he has copyright over the Bitcoin white paper. In January, Wright’s attorneys sent letters to COPA, Bitcoin.org, and Bitcoincore.org notifying them of Wright’s intention to sue to “enforce his copyright in the White Paper.”

COPA responded, demanding evidence to the claim. “Please explain on what basis you assert that your client is the individual behind the pseudonym ‘Satoshi Nakamoto’ and is the author of the White Paper,” COPA wrote.

COPA’s request for an injunction comes as a response to Wright’s claims of being the Bitcoin founder.

The Cryptocurrency Open Patent Alliance was created by Square in 2020 to enhance cryptocurrency and blockchain companies’ growth and innovation and to protect them against patent trolling. Patent trolling is a practice through which a company attempts to stifle the competition and reap profits by locking up the patent and suing others for copyright infringement.

From 2020 to now, COPA has grown and its members include reputable crypto firms such as Coinbase, Kraken, OKCoin, Blockstream, and MicroStrategy.

Self-Acclaimed Bitcoin Inventor Craig Wright Vindicated in Kleiman Lawsuit

A federal jury in Miami has vindicated self-acclaimed Bitcoin (BTC) inventor Craig Wright in a lawsuit involving him and his late business partner, Dave Kleiman.

As reported by CNBC, Wright is meant to pay the sum of $100 million in compensatory damages to W&K Info Defense Research. The two men allegedly co-founded this company.

The lawsuit was filed by Dave Kleiman’s brother, Ira Kleiman who alleged that Craig Wright has usurped the majority of the intellectual property that was featured behind the early days of Blockchain technology. The funds under contention involved a 1.1 million BTC that was said to be mined by Satoshi Nakamoto, which the Kleiman estate wants a huge cut.

The jury granted the $100 million damages compensation, however, it cleared Craig Wright of all other charges, a position that the Australian entrepreneur said has shown that he is not a fraud. Wright noted that he has tried to reach a settlement with Ira Kleiman in the past, but he refused his offers.

“I feel remarkably happy and vindicated,” Wright said in the courtroom hallway after the verdict was announced. “I am not a fraud, and I never have been.” He added that he had offered Kleiman’s estate, represented by Dave’s brother Ira Kleiman, “12 million many years ago, which if he had taken that then in Bitcoin when bitcoin was $200, and he kept it – you can do the  math.”

The lawyers representing the Kleiman’s, Vel Freedman, said his team, too, was happy with the verdict: “We just won $100 million!”

Craig Wright has always maintained the stance that he is Satoshi Nakamoto, the pseudonymous developer credited to have published the Bitcoin whitepaper back in 2008. While Wright said he can prove his identity as Satoshi, many industry stakeholders have disputed the claims in part because some of the original coins attributed to early have not moved in years.

UK Court of Appeal Examines Copyright Claims over Bitcoin File Format

The UK Court of Appeal has been examining a claim related to the copyright of the Bitcoin File Format. The case is an appeal from an order of Mellor J, dated 7 February 2023, which refused to grant the Claimants permission to serve the claim form on Defendants outside the jurisdiction of England and Wales. The claim form is centered around an alleged infringement of copyright in a work referred to as the Bitcoin File Format.

The First Claimant, Dr. Craig Wright, asserts that he is the creator of the Bitcoin system, the author of the original Bitcoin source code, and the author of a document known as “the White Paper”. He alleges that he made the White Paper public on 31 October 2008 under the pseudonym Satoshi Nakamoto. This claim is one of four in the Business and Property Courts involving Dr. Wright, with a common issue being whether it was Dr. Wright who adopted the pseudonym Satoshi Nakamoto when announcing the creation of the Bitcoin system. This issue is set to be determined at a trial in January 2024.

Dr. Wright claims that he owns the copyrights in two original literary works: the Bitcoin File Format and the White Paper. He also alleges to be the owner of database rights in three databases related to the Bitcoin blockchain. The Second and Third Claimants are companies controlled by Dr. Wright, which have joined the case in the event they own some or all of the rights claimed.

Dr. Wright has raised objections to two “airdrops”, which he claims made significant changes to the Bitcoin system without his consent. The first airdrop occurred on 1 August 2017, resulting in what Dr. Wright refers to as the BTC Network. The second airdrop occurred on 15 November 2018, creating another new peer-to-peer network, the BCH Network. Dr. Wright alleges that the operation of the BTC blockchain and the BCH blockchain results in the extraction and/or re-utilisation of all or substantial parts of the databases in which he claims to own database rights.

The outcome of this case could have significant implications for the copyright status of the Bitcoin File Format and other similar digital assets. Legal and cryptocurrency experts are closely monitoring the case. The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains a mystery. Dr. Wright’s claims have stirred controversy in the crypto world, and the case’s resolution may provide some clarity on these contentious issues.

nChain CEO Departs Accusing Dr. Craig Wright of Fraud

Christen Ager-Hanssen, the Group CEO of blockchain technology company nChain, has announced his resignation, effective immediately. Ager-Hanssen took to social media on September 30, 2023, to detail the reasons behind his departure, highlighting a series of serious concerns he reported to the nChain board. Among these, he alleged a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder and raised concerns about the ultimate beneficiary shareholder and the real individuals behind DW Discovery fund registered in Cayman. The former CEO also mentioned that the chairman had been taking instructions from shadow directors, which he found unacceptable.

Evidence against Dr. Craig Wright

A notable part of Ager-Hanssen’s revelation was his assertion that he had discovered compelling evidence against Dr. Craig Wright, a controversial figure in the blockchain community who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Ager-Hanssen stated that the evidence he found suggests Wright manipulated documents to deceive courts about his identity as Satoshi. This led Ager-Hanssen to believe that Wright is not Satoshi and is likely to lose his ongoing legal battles. He expressed regret for not having recognized these issues earlier, referring to Wright as “#Faketoshi” in his tweets.

Reactions from the Crypto Community

Ager-Hanssen’s disclosure generated a significant reaction from the cryptocurrency community. Several individuals, including Ray Youssef and Rahul Sood, supported his decision to come forward with the information. Others inquired about his past support for Wright and what changed his perspective. Ager-Hanssen acknowledged that he was misled into believing that Wright was part of the group that created Bitcoin.

A Look Back at Algorand

Some commentators also touched on Ager-Hanssen’s past involvement with Algorand, suggesting that he should have stayed with the project, regarded by some as superior blockchain technology. Ager-Hanssen admitted his mistake and expressed openness to exploring scalable technologies moving forward. The discussions also delved into the broader implications of the former CEO’s allegations on the Bitcoin SV (BSV) community, which largely rallied around Wright’s claims in the past.

Future Endeavors

Although the immediate future remains uncertain for Ager-Hanssen, he expressed gratitude for the support received and hinted at his willingness to explore other opportunities in the blockchain space. The narrative underscores a significant event in the ongoing saga surrounding the true identity of Satoshi Nakamoto and adds another layer to the controversies enveloping nChain and Dr. Craig Wright.

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Craig Wright's Settlement Offer in Bitcoin Litigation Sparks Debate Over Decentralization

Dr. Craig Wright, who claims to be Satoshi Nakamoto, the creator of Bitcoin, has made a significant move by offering a settlement to the Crypto Open Patent Alliance (COPA) and other key parties in the ongoing legal confrontations over Bitcoin. This move comes amidst his efforts to assert his claims over Bitcoin’s original vision and its decentralized nature.

Wright’s settlement proposal, outlined in a letter published on his personal blog, suggests waiving his database rights and copyrights related to BTC, BCH, and ABC databases, offering an irrevocable license to his opposing parties. The central claim revolves around the decentralization of Bitcoin, a core principle Wright emphasizes as being threatened by potential centralization from entities like Meta. The settlement terms also include a demand that COPA and others refrain from creating, copying, or forking Bitcoin, and publicly acknowledge the cryptocurrency’s intended purpose as per Wright’s interpretation.

The response from the crypto community has been mixed, with some seeing the offer as an attempt by Wright to reinforce his claim as Satoshi Nakamoto and steer Bitcoin’s future. Critics argue that Wright’s actions could be construed as an effort to centralize control over Bitcoin, contradicting the cryptocurrency’s decentralized ethos.

However, Wright’s focus remains on the fixed, immutable protocol of Bitcoin, which he argues is key to maintaining its decentralized nature. He stresses that the stability of this protocol ensures that no single individual or group can unilaterally alter Bitcoin’s fundamental aspects. This perspective aligns with his broader argument against extensible systems, which he believes could lead to power dynamics undermining decentralization.

The essence of Wright’s argument lies in the immutability of Bitcoin’s protocol, which he views as critical for preserving its decentralized structure. This resistance to changes, he posits, is what differentiates Bitcoin from more flexible systems where rules and protocols are susceptible to alterations by limited parties.

In response to the settlement offer, members of COPA and other involved parties must decide whether to engage in settlement discussions or continue the legal battle. They have until 4pm on January 31st to review and accept or deny Wright’s offer.

The outcome of this settlement offer and the ongoing debates over decentralization in the crypto world underscore the complex dynamics at play in the governance and future direction of Bitcoin and similar digital currencies.

UK Court Rules Against Craig Wright's Claims of Being Satoshi Nakamoto

The UK High Court judge has dismissed the claims made by Australian computer scientist Craig Wright that he is the pseudonymous creator of Bitcoin, known as Satoshi Nakamoto. The case, which has been one of the most controversial claims in the history of cryptocurrency, saw Judge James Mellor reach a conclusion that Wright did not, in fact, create the Bitcoin system.

The identity of Satoshi Nakamoto has been a mystery since the inception of Bitcoin, with the whitepaper introducing the digital currency published under this pseudonym in 2008. The absence of a definitive identity behind Bitcoin has led to multiple claims over the years, but Craig Wright’s assertions have been the most persistent. Wright has, on several occasions, asserted that he is the mind behind the whitepaper that laid the groundwork for the blockchain technology that underpins cryptocurrencies.

Judge Mellor’s ruling is expected to be detailed in a written statement, which will include the reasons behind the conclusion that Wright is not the creator of Bitcoin. This decision comes after a series of legal battles involving Wright, who has taken several individuals and entities to court over the denial of his claims. The legal proceedings have scrutinized evidence presented by Wright, but the scrutiny has not swayed the court’s decisions in his favor.

The ruling has significant implications not just for Wright but also for the cryptocurrency industry as a whole. It reaffirms the anonymous and decentralized nature of Bitcoin’s origins, which many see as a core tenet of its philosophy. The decision also highlights the challenges involved in proving the identity of someone involved in the creation of a technology designed to be autonomous and without a central authority.

Looking back, this is not the first time Wright has faced legal challenges in relation to his claims. The crypto community has been largely skeptical of Wright’s assertions, which has led to a fractious relationship between him and other industry figures. Other cryptocurrency exchanges and developers have been fined or reprimanded by authorities for various reasons, but this case is unique due to its focus on the identity of Bitcoin’s creator.

The broader implications of the ruling may open discussions on the legal recognition of digital identities and the proof required to substantiate claims in the highly speculative and technologically complex field of cryptocurrencies. Additionally, it may influence future legal disputes where the identity of individuals behind key technological innovations is in question.

The court’s decision is a reminder of the ongoing debates and legal complexities surrounding the blockchain and cryptocurrency space. As the industry continues to evolve, the legal framework and recognition of digital and anonymous contributions remain areas of considerable interest and dispute.

As the crypto community awaits the detailed written ruling from Judge Mellor, the case of Craig Wright versus the identity of Satoshi Nakamoto appears to have reached a significant milestone, with the court’s dismissal of Wright’s claims likely to resonate within the industry for some time.

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