Category Archives: Satoshi Nakamoto
What happens when 1% of Bitcoin holders control 99% of BTC supply? – Cointelegraph
Bitcoin first came into existence on Jan. 3, 2009 when Satoshi Nakamoto mined the genesis block, minting the first cryptocurrency. In the years since, some wallet addresses have amassed a large portion of the supply.
According to the Blockchain Council, more than 19.71 million Bitcoin (BTC) have been awarded to miners in block rewards. Nakamotos white paper dictates only 21 million are available, meaning most Bitcoin is already in circulation.
BitInfoCharts data shows that around 1.86% of wallet addresses over one million hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.
Speaking to Cointelegraph, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, said any concentration of BTC ownership among a small number of addresses presents both challenges and benefits.
On one hand, it raises concerns about market manipulation, centralization and liquidity constraints, she said.
Bowler says that for the broader BTC ecosystem, the concentration of crypto underscores the importance of continued efforts to promote decentralization and enhance market stability to mitigate potential risks associated with uneven wealth distribution.
Nakamotos original BTC white paper proposed a decentralized system for peer-to-peer transactions without going through a financial institution or intermediary. His goal was to take financial control back from the elites.
According to data from Exploding Topics, just over 46 million BTC wallets hold at least $1 in value. Less than half of these wallets have more than $100 worth of crypto.
BitInfoCharts data shows only four wallets hold between 100,000 and 1 million BTC, totaling 688,681 BTC. The next 100 largest owners possess a combined total of 2,464,633 BTC. Together, these 104 addresses account for about 15.98% of the total supply.
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Bowler speculates that if the entire BTC supply were to ever be accumulated by a small group of whales, it would change the whole ecosystem.
The concentration of 100% of Bitcoin in a few addresses would fundamentally alter the dynamics of the Bitcoin ecosystem, she said.
At the same time, Bowler says these theoretical holders could have unprecedented power over the BTC network and its future. She believes the result would likely damage BTCs reputation and drive users toward more decentralized alternatives.
Related: The last Bitcoin: What will happen once all BTC are mined?
If 100% of Bitcoin is in the hands of the few, it is likely that interest and development on the network would fade, she said.
Phillip Lord, president of crypto tap payment app Oobit, told Cointelegraph that if a small number of addresses owned most of the BTC, these whales would gain even more control over the market, but they still couldnt change the Bitcoin Network or protocol.
This centralization could potentially impact the market, as these addresses could influence Bitcoins price through large transactions, he said.
Whales already wield significant influence over BTC market dynamics, with their massive holdings giving them the power to sway supply and demand. As a result, traders and other people in the space tend to keep an eye out for any transactions by whales.
When whales increase their BTC stash, prices tend to soar, while selling off portions of their holdings can lead to declines.
Lord says there is a distinction between BTC as a cryptocurrency and the Bitcoin network, which serves as the projects decentralized infrastructure.
While individuals can own BTC as a token, the Bitcoin network operates on decentralized architectural principles.
Lord thinks the protocol or code could be changed, but it requires a decentralized consensus process, not control over most of the BTC. Changes are proposed through Bitcoin Improvement Proposals (BIPs), which the community then discusses and reviews.
For a change to be implemented, it must gain broad support from miners, developers and node operators, Lord said.
Jonathan Hargreaves, global head of business development at Web3 ecosystem Elastos, which developed the Bitcoin layer-2 solution, told Cointelegraph that any concentration of wealth among the top 1% remains a central global economic issue.
According to data from United Kingdom-based nonprofit organization Oxfam International, 81 billionaires have more wealth than 50% of the world combined.
Related: How 1,500 new Bitcoin millionaires per day deal with getting rich
If BTC went down that path, Hargreaves said the concentration could lead to centralization. That could potentially alter the foundational principles of Bitcoin, which aimed to redefine the social contract toward a global consensus.
He doesnt think any amount of BTC will provide extra control over the network, though, and the only additional benefit would be wealth.
Bitcoin and decentralized currencies initially promised greater inclusion, but this goal has not materialized as anticipated, Hargreaves said.
Certain aspects of the BTC code have been modified or removed in the past. Operation Concatenate (OP_CAT), an opcode that allowed users to combine two data sets into a single transaction script, was disabled in 2010 by Nakamoto over security concerns.
Hargreaves says the governance model relies on community consensus, involving developers, node operators, miners, the core development team and technicians, akin to typical open-source projects.
The concentration of ownership itself may not pose a direct threat, but the centralization of funds could potentially erode these principles over time, Hargreaves said.
Sasha Ivanov, founder of the Waves Tech ecosystem, said that at this stage, there are no mechanisms to provide fair distribution and prevent the traditional Pareto distribution of wealth, where top holders have all the BTC.
Recent:Is government oversight non-negotiable for the future of crypto?
He thinks whale addresses having the most supply of a given asset provides them material benefits since they can indirectly control the price and engage in market manipulation.
Large holders have the financial means to skew the development in the direction they see fit, he said.
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What happens when 1% of Bitcoin holders control 99% of BTC supply? - Cointelegraph
Legendary Trader Peter Brandt Highlights Major Bitcoin Problem By U.Today – Investing.com
U.Today - historian Pete Rizzo has brought attention to a statement believed to have been made by the pseudonymous creator of Bitcoin, Satoshi Nakamoto, on July 5, 2010.
This statement, as relevant now as it was then, reads: "Bitcoin uses cryptography and a distributed network to replace the need for a trusted central server. Escape the arbitrary inflation risk of centrally managed currencies. Bitcoin's total circulation is limited to 21 million coins."
This quote succinctly encapsulates the revolutionary principles that underpin Bitcoin: decentralization, cryptographic security and a finite supply designed to counteract inflationary pressures typical of fiat currencies.
Rizzo reflects on the enduring truth of these words, stating, "Satoshi Nakamoto on Bitcoin, exactly 14 years ago. True at $0.01, true today." This sentiment echoes the timelessness of Satoshi's vision, as Bitcoin continues to operate under the same principles that were laid out over a decade ago.
Since Satoshi's statement, Bitcoin has undergone significant evolution, becoming the leading cryptocurrency and a store of value often referred to as "digital gold."
Bitcoin started trading less than a cent 14 years ago, and its value has risen significantly, reaching a record high of more than $73,700 in mid-March.
Crypto analyst Ali has recently turned the spotlight on Bitcoin's three-day chart, and it appears the market is serving up a delectable setup for bulls. The chart is currently showcasing a bullish reversal doji candlestick, a classic technical pattern that often whets the appetite of traders looking for a trend reversal.
Ali noted, "Bitcoin is looking like a snack in the 3-day chart. The development of a bullish reversal doji candlestick, combined with a buy signal from the TD Sequential."
If these technical signals prove accurate, Bitcoin could be set for a significant price increase. The market continues to watch these developments closely, as a confirmed bullish reversal could attract more buying interest and drive BTC prices higher.
This article was originally published on U.Today
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Legendary Trader Peter Brandt Highlights Major Bitcoin Problem By U.Today - Investing.com
Ripple CTO Says Satoshi Nakamoto Likely Held Huge Amount of XRP. Here’s why – Times Tabloid
David Schwartz, the Chief Technology Officer (CTO) of Ripple, made a noteworthy claim during his 2021 deposition in the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC). Schwartz suggested that Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), likely held a significant amount of XRP in 2017.
This statement has reignited speculation about the connection between XRP and Satoshi Nakamoto. While the details surrounding Nakamotos identity remain a mystery, Schwartzs comments during the legal proceedings have drawn renewed interest.
Schwartzs deposition sheds light on a key difference between Ripple and Bitcoin. He highlighted Ripples concentrated efforts in developing a real-world payment system utilizing XRP. In contrast, no similar focus on building a dedicated payment system was observed for Bitcoin.
Furthermore, Schwartz pointed out that Ripples level of control over XRP distribution grants the company a strategic advantage compared to its competitors. However, he acknowledged the difficulty in definitively tracking Bitcoins distribution due to its decentralized nature.
Despite this acknowledgment, Schwartzs core claim regarding Satoshi Nakamotos potential XRP holdings remains a significant point of discussion.
Schwartzs suggestion has fueled ongoing speculation about a potential link between him and Satoshi Nakamoto. Several past events have contributed to this theory, and Schwartzs recent deposition has only intensified the discussion.
One such coincidence lies in the timelines surrounding the development of XRP Ledger (XRPL) and Satoshi Nakamotos apparent disengagement from the Bitcoin project. In 2011, Nakamoto indicated their intention to pursue other endeavors, which coincided with the year Schwartz expressed interest in exploring new ventures.
Following Nakamotos departure from Bitcoin, a significant development unfolded in 2012. Schwartz, along with Arthur Britto and Jed McCaleb, embarked on the creation of XRPL. The launch of XRPL in the same year as Ripples debut further strengthens the coincidental timeline. Moreover, Ripple adopted XRPL as its core blockchain solution.
Interestingly, historical records show that Satoshi Nakamoto expressed admiration for the initial concept of Ripple, a decentralized payment system proposed by Ryan Fugger in 2004. It is important to clarify that this praise was directed towards the original Ripple concept, not the current XRP iteration developed by Ripple Labs.
Another interesting detail is the date of the pre-released Bitcoin code shared by Satoshi Nakamoto: November 16, 2009. This particular date coincides with Schwartzs birthday. While intriguing, its crucial to remember that these coincidences, along with Schwartzs recent statement, do not provide concrete evidence to confirm his identity as Satoshi Nakamoto.
The ongoing legal battle between Ripple and the SEC has brought David Schwartzs claims regarding Satoshi Nakamotos potential XRP holdings back into the spotlight. While the possibility is intriguing, its essential to distinguish speculation from verifiable evidence.
The true identity of Satoshi Nakamoto likely remains a secret, and further developments in the SEC case or independent breakthroughs may be required to shed more light on this ongoing mystery.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the authors personal opinions and do not represent Times Tabloids opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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Ripple CTO Says Satoshi Nakamoto Likely Held Huge Amount of XRP. Here's why - Times Tabloid
Dormant Bitcoin miner sends $3m to Binance after 14 years of inactivity – crypto.news
A rare Satoshi era Bitcoin miner address woke up after being dormant for 14 years, sending over $3 million worth of BTC to Binance.
An early Bitcoin miner moved 50 BTC, equivalent to $3.05 million, marking a rare transaction from the Satoshi era. According to data from Lookonchain, the address 1PDTDm3Jcm sent the funds to Binance on Jun. 27.
Blockchain transaction history indicates that the miner obtained 50 BTC in July 2010, a few months after the Bitcoin network launched.
A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.
The miner earned 50 $BTC from mining on July 14, 2010.
Address: 1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne
The Satoshi era address refers to addresses that were active during the early days of the Bitcoin network, specifically from the time when the first cryptocurrency was created by Satoshi Nakamoto in 2009 until around 2011, which is when Satoshi Nakamoto mysteriously disappeared.
This is not the first instance of old Bitcoin wallets reactivating. Several addresses from the Satoshi era have shown activity since early 2023. In July of last year, a wallet dormant for 11 years transferred $30 million worth of Bitcoin to other wallets. In August, another wallet moved 1,005 BTC to a new address.
In March 2024, another long-inactive miner transferred funds after 14 years, with part of the transaction ending up at the crypto exchange Coinbase.
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Dormant Bitcoin miner sends $3m to Binance after 14 years of inactivity - crypto.news
‘Satoshi perjuror’ must be referred to DPP, court hears – Law Gazette
The cryptocurrency entrepreneur whose false claim to be bitcoin inventor Satoshi Nakamoto has filled more than 80 days of court hearings should be prosecuted for perjury, the High Court heard yesterday.
Dr Craig Wright had mounted a five-year campaign of litigation terrorism, Jonathan Hough KC told a one-day hearing following Mr Justice Mellors ruling last month that the Satoshi claim was fabricated. In defending his position Wright produced hundreds of forged documents and made literally thousands of lies under oath, Hough said. If there were ever a case for a referral of the papers to the authorities with a view to prosecution, it is that of Dr Wright in this case.
Court 15 in the Rolls Building was hearing an application for a court order by a US-based trade body whose action resolved the so-called Satoshi identity issue, along with costs applications in four other cases which had hinged on Wrights assertions about the intellectual property in bitcoin.
Hough, for the Crypto Open Patent Alliance (COPA), asked the judge for injunctive relief, including, as well as costs on the indemnity basis:
The draft application also included a request for permission to dispense with personal service as Wright is understood to be out of the country but in contact with his solicitors, City firm Shoosmiths.
For Wright, Craig Orr KC argued that many of the unprecendented terms sought by COPA were unnecessary. Rather, they were motivated by a desire for revenge and a desire to punish and humiliate Dr Wright, he said. Any order barring Wright from repeating his claim to be Satoshi would infringe his article 10 right to free speech, Orr said. He told the judgethat, even following a criminal conviction for a serious crime, it would be unheard of to injunct a defendant against asserting their innocence.
Meanwhile Wright had nointention of threatening or pursuing future proceedings, and no wish to waste time and resources debating the point.
However the court heard that on the very day of the hearing, Wright had posted a YouTube video in which he referred to authoring the seminal Satosh white paper first describing bitcoin.
Scheduling a further hearing next Friday, Mellor said that he would deal with the costs applications before ruling on injunctive relief.
This article is now closed for comment.
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'Satoshi perjuror' must be referred to DPP, court hears - Law Gazette
Bitcoin’s Big Breakout Coming Soon? Satoshi’s Ally Predicts When – TradingView
Bitcoin's price has been pretty steady at around $70,000 for a while now, since mid-May. Despite this, the cryptocurrency's price has shown minimal movement, fluctuating within a narrow 6% range. This period of low volatility has frustrated market participants, particularly as Bitcoin's all-time high of $74,000 remains tantalizingly close yet seemingly out of reach.
The lack of movement in the price has seriously annoyed traders and investors, and there has been a lot of talk about price manipulation.Adam Back, who is a contemporary of Bitcoin's mysterious creator Satoshi Nakamoto, addressed these concerns in a recent discussion.
Back suggested that the current price suppression could be down to certain sellers who urgently need cash and are offloading theirBitcoin holdings. He said that these sellers, who might not be willing or able to wait for higher prices, have a limited amount ofBTC to sell. Once they have sold all their holdings, the market might start to move up again, says the developer.
someone is selling, who doesn't want to hodl for a higher price - eg need money now for some reason - just got to wait until they run out of #bitcoin to sell. they can only sell once! Adam Back (@adam3us) June 6,2024
These comments match what a lot of people in the cryptocurrency community are feeling. Many think that things like institutional investors and trading platforms like ETFs and Coinbase might be influencing the market. The idea is that these entities, possibly in collaboration with official agencies, are trying to keep prices stable or suppressed for their own strategic advantage.
When breakout?
However, Backs perspective offers a glimmer of hope in the current market conditions. The idea that current sellers' influence is temporary suggests that once their selling capacity is depleted, Bitcoin could resume its upward trajectory.BTC to USD by CoinMarketCap
This view lines up with how the price has moved historical, as there have often been periods of consolidation before big price surges.
Summing up, while the current trading range and low volatility are testing the patience of market participants,Bitcoin's price could break free from its current stagnation, potentially reaching new highs once the immediate liquidity needs of these sellers are met.
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Bitcoin's Big Breakout Coming Soon? Satoshi's Ally Predicts When - TradingView
What Is The Genesis Block? History, Purpose And Mysteries, Explained – CCN.com
Key Takeaways
Blockchain technology is an attempt to create a public ledger using a decentralized system that records transactions across many computers so that the record cannot be altered retroactively.
A blockchain is a distributed ledger that maintains a list of records documented in blocks. Each block is cryptographically linked to the block that comes before and after. A block stores a cryptographic hash of the previous block using the timestamp and transaction data. This means that because all blocks are inherently connected neither can be changed without changing prior blocks.
Transparency and trust in the network, without the need for a central authority, are the result of this cryptographic connection of blocks. Essentially this means that at the time of this article, we are on block 846474 and this block is connected to the very first block, also known as the genesis block.
The genesis block, also known as Block 0, is the very first block created in a blockchain network. For Bitcoin, it was mined by the mysterious creator, Satoshi Nakamoto, on January 3, 2009. This block is unique because it does not reference any previous block, establishing the initial point of the blockchain.
The Bitcoin genesis block not only kick started the Bitcoin network but embedded within the block held a significant message:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Satoshi Nakamoto
It is believed that this cryptic message was made to serve as a timestamp for Bitcoin and a commentary on the financial instability that Bitcoin aimed to address. The genesis block laid the groundwork for the blockchains immutable ledger, making sure all subsequent transactions and blocks are built on this foundation.
The Bitcoin genesis block was mined during a time of the great recession, following the 2008 financial crisis. Block zeros creation by Satoshi started a revolutionary concept of a peer-to-peer electronic cash system, aiming to offer an alternative to traditional banking and financial systems that are reliant on centralized entities prone to failure.
The pseudonymous creator of Bitcoin, Satoshi Nakamoto, mined the genesis or first block created on the Bitcoin blockchain. Nakamotos identity remains unknown and by creating the genesis block, Nakamoto not only initiated the Bitcoin network but set a precedent for decentralized finance.
The act of mining the genesis block was a monumental moment, symbolizing the launch of a new era in digital money and the concept of blockchain technology.
The Bitcoin genesis blocks embedded message The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. was a cryptic message that metaphorically positioned Bitcoin as the antidote to the economic conditions that laid ahead of it, reflecting the financial crisis and the subsequent bailouts of banks in 2008.
This message highlights the motivation behind Bitcoins immaculate creation to offer a decentralized and transparent alternative to the existing financial system, free from the control and failures of central authorities.
The Bitcoin genesis block is a uniquely produced structure containing several key elements being; a version number, a timestamp, the previous block hash (which is all zeros for the genesis block), a Merkle root (a hash of the root of the Merkle tree of all transactions in the block), the difficulty target, a nonce, and the block reward.
One of the main differences between the genesis block and subsequent blocks is the absence of a previous block reference. The genesis blocks previous block hash field is set to all zeros, illustrating that there is no block which comes before block zero. This unique aspect distinguishes block zero as the starting point of the entire Bitcoin blockchain.
Another significant difference is the hardcoded nature of the genesis block in the blockchain code. Unlike other blocks that are dynamically generated through mining processes, the genesis block is explicitly defined in the Bitcoin software. This hardcoding ensures that all nodes in the Bitcoin network start with the same initial block, providing a common foundation for the blockchain.
The hidden message in Bitcoins genesis block emphasized the instability and failures of traditional banking systems, leading cypherpunks and early adopters to view Bitcoin as a safer and more reliable store of value and compare it to digital gold.
Bitcoin was forever to become a global hedge against economic uncertainties and geopolitical risks, prompting investors to diversify portfolios and protect wealth. The message inspired the creation of numerous other cryptocurrencies.
The true identity of Satoshi Nakamoto, the creator of Bitcoin and the Bitcoin genesis block, remains one of the biggest mysteries in the crypto world. Various theories suggest Nakamoto could be an individual or a group of people.
Some speculate that prominent figures in cryptography or early Bitcoin developers might be Nakamoto. Despite numerous claims and investigations, Nakamotos identity remains unidentified, adding an element of intrigue and mystery to Bitcoins origins.
The Bitcoin genesis block and its embedded message symbolized an alternative future. Where fiat currencies are not the only option available to society. The message clearly had a profound impact on the cypherpunk community, reinforcing the ideals of decentralization, transparency, and financial freedom.
Finding the Bitcoin genesis block is quite straightforward using a blockchain explorer.
Genesis blocks are found in all blockchain networks, and each has a set of unique characteristics. For example, Ethereums genesis block, created by Vitalik Buterin and his team, was launched on July 30, 2015. Unlike Bitcoins genesis block, Ethereums genesis block did not contain a hidden message but laid the groundwork for smart contract functionality and decentralized applications.
Other blockchain networks also have distinctive genesis blocks.
For example, the Litecoin genesis block, created by Charlie Lee, launched on October 7, 2011, mirrors Bitcoins structure but with modifications to improve transaction speed and efficiency. Litecoins genesis block did not contain an embedded message.
The Bitcoin genesis block, mined by Satoshi Nakamoto on January 3, 2009, marks the start of blockchain technology and decentralized finance.
The first block has embedded, within it, a message citing a newspaper article in which the banks are receiving a bail out. The message laid the foundation for a new era of financial transparency, autonomy, and innovation.
The genesis block is referred to as block 0 in the Bitcoin blockchain.
The Genesis Block rule dictates that the first block in a blockchain has no predecessor.
The Bitcoin genesis block reward was 50 Bitcoin, although these coins are unspendable.
The Bitcoin genesis block was mined by Satoshi Nakamoto, but the identity of Nakamoto remains unknown.
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What Is The Genesis Block? History, Purpose And Mysteries, Explained - CCN.com
That Guy Claiming to Be Satoshi Nakamoto Just Got Beat Down by a Judge – Futurism
"He is not nearly as clever as he thinks he is." Please Stand Up
Craig Wright, the Australian computer scientist who has long claimed to be Bitcoin's mysterious creator Satoshi Nakamoto, has been declared a fraud.
AsWired reports, a judge in the United Kingdom has ruled that Wright perpetrated a long-running scheme, including extensive document forgery, in service of the lie that he was Nakamoto.
In his scathing rebuke, High Court Justice James Mellon eviscerated the Aussie prevaricator, saying that although "many of Dr. Wrights lies contained a grain of truth," he's told too many over the years to keep them straight.
For the better part of the last decade, the Aussie fraudster has claimed to anyone who will listen that he was the original author of the 2008 white paper that led to Bitcoin's invention. When asked to prove it, Wright has provided various excuses, including that he "stomped on the hard drive" that contained the smoking gun but a lack of hard evidence hasn't stopped him from testifying in multiple countries that he's the real Nakamoto.
Beyond that outlandish insistence, the Aussie programmer also founded his own cryptocurrency, called Bitcoin Satoshi Vision, and sued people who challenged his claim to fame. With this latest judgement, which was brought after a group of crypto firms called Crypto Open Patent Alliance (COPA) sued to set the record straight, continuing his shenanigans will be difficult.
"It is clear that Dr. Wright engaged in the deliberate production of false documents to support false claims and use the Courts as a vehicle for fraud," Mellor wrote in his ruling. "I am entirely satisfied that Dr. Wright lied to the Court extensively and repeatedly. All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto."
In mid-March, the same British judge ruled in a rare snap decision in the COPA suit that evidence of Wright not being Nakamoto "is overwhelming," and this final judgment seems to be the nail in the coffin of the Aussie fabulist's "reign of terror," as one user on X-formerly-Twitter called it.
"Dr. Wright presents himself as an extremely clever person," Mellor wrote in the more recent ruling. "However, in my judgment, he is not nearly as clever as he thinks he is."
Wright, to his end, announced on X that he plans to appeal the ruling, but with the evidence stacked so thoroughly against him, it seems that his house of cards may finally have tumbled for good.
More on Bitcoin:Many Consumers Expect Bitcoin to Crash and Burn
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That Guy Claiming to Be Satoshi Nakamoto Just Got Beat Down by a Judge - Futurism
The Cult of Satoshi: Like its creator, BSV faithful are in it purely for the tech – CoinGeek
U.K. Judge James Mellors written ruling that Craig Wright isnt Satoshi Nakamoto, the pseudonymous author of the 2008 Bitcoin white paper, has (predictably) set off a celebratory deluge of dunking from the social media accounts of Wrights longtime critics.
But the reality is that the tweets and blog posts slamming Wright have never really stopped since Mellor issued his initial rulingin mid-March. And its unlikely that Mellors written ruling will mark the end of these attacks.
Because the fight against Wright was never about him. It was all about stopping further adoption of the BSV Blockchaintechnology he supports. Thats because BSV, unless sabotaged by external forces, poses an existential threat to the technologies promoted by the members of the Crypto Open Patent Alliance(COPA) that brought the suit against Wright.
Due to Wrights high profile, COPA appears to have elevated him into being BSV. Stop Wright, their thinking went, and BSV will be forced to follow him offstage. Their reasoning here was way off base, but that shouldnt be all that surprising given how badly they also misinterpreted Satoshis plan for Bitcoin.
COPAs members are in lockstep agreement that Bitcoindespite the white paper defining it as peer-to-peer electronic cashwas never intended to serve as a global currency. Instead, Bitcoin was meant to be digital gold that doesnt do anything beyond (allegedly) perpetually increase in value. Thats the mindset that led the developers at BTC Core to strip the Bitcoin protocol down to its barest bones, resulting in the BTC token they promote with such zeal.
BSV supporters, on the other hand, believe that Bitcoinin the form of BSV, the only locked protocol that remains true to Satoshis original blueprint and can trace its unbroken history back to the Genesis blockcan easily serve as a low-cost digital payment system.
Furthermore, BSVs unparalleled ability to scale allows it to handle the immense data management needs of enterprises, government agencies and Web3 applications at a cost that makes such systems not just feasible but desirable.
Which is why COPA and other similarly deluded prospectors wont stop their attacks. By proving that Bitcoin is capable of delivering actual utility, disrupting both the ad-driven model of Silicon Valleys social media giants and the U.S.-based digital payment models, BSV offers a welcome alternative and exposes the rot at the core of these movements.
Utility v. futility
BTCs reputation took some serious hits this month due to the unprecedented direct attacks by Iran against Israel followed by Israels retaliatory strikes. In both instances, BTCs value cratered as sellers sought refuge in more stable products, aka fiat cash, directly undermining the safe haven mantra so relentlessly promoted by the digital gold team.
Take Michael Saylor, founder of COPA member MicroStrategy (NASDAQ: MSTR) and owner of around 1% of all the BTC that will ever be issued. With his entire net worth caught up in BTC, its perhaps no surprise that Saylor is the biggest booster of the digital gold myth, to the point that hes been accused of threatening to retaliate against anyone who dares suggest that BTC might be good for anything else.
Matt Odell, managing partner of BTC infrastructure investment outfit Ten31, recently posted a cryptic all-caps noteon decentralized social media protocol Nostr that claimed Saylor HAS ACTIVELY KILLED DEALS TO SUPPORT DEVS. HE IS PROUD OF IT.
Odell previously claimedthat ONE OF THE BIG ETFs [exchange traded funds] WAS GOING TO DONATE TO OPEN SOURCE DEVS. SAYLOR TOLD THEM IF THEY DID IT HE WOULD CRUSH THEM SO THEY PULLED OUT OF THE COMMITMENT.
Whatever the reality behind these claims, Saylor did go on CNBCseveral weeks prior to declare that people refer to [BTC] as a digital currency, and thats an unfortunate historical artifact. Saylor likened BTC to digital property and argued that BTC doesnt have to be a currency. Nobodys trying to buy a cup of coffee with a fraction of their building on Fifth Avenue.
Saylors defense mechanisms appear sufficiently robust to allow him to deny evidence that directly contradicts those beliefs. For instance, Saylor tweeted Chaos is good following Irans recent military strike against Israel, even as BTC shed more than 10% of its value.
The reality is that BTC is a hobbled former shell of Bitcoin and thats just the way everybody in BTC seems to want it. Well, they can have it. They can and will continue to talk about Wright, for all the good it will do them. No one in BSV is thinking all that much about COPA v Wright; the focus here is where its always been: real-world utility.
By contrast, the rest of the crypto sector is stagnant. Nobody wants to do anything but make lots of money in the shortest period possible without doing anything of benefit to anyone else. Relentless hype cycles drive tokens higher and instill FOMO in the general public, followed by the inevitable crash in which the noobs get rekt and the whole process resets.
Take the current memecoin madness on Solana. Its like the whole 2017 initial coin offering (ICO) debacle never happened. Except this time the coin issuers arent even bothering with white papers detailing how their project will change the world.
As Travis Kling remarked earlier this year, I actually think there is LESS expectation this time around that any of this shit does anything or will EVER do anything People want to gamble on vaporware and next year looks like a good year to be in the casino.
Cult following
COPA and its minions like to portray BSV as the Cult of Craig. If anyone is trapped in a Cult of Craig its COPA. Theyre the ones who cant seem to escape the hypnotic control he appears to wield over them.
It would be far more accurate to describe BSV as the Cult of Satoshi. BSV supporters seem to be the only ones that believe Satoshi was right and that when he departed the stage, he left us his blueprints, which are all we need to understand what were building and where were going.
COPA and their ilk all think Satoshi was wrong, that they know better the intentions behind his creation. BSV backers know that Satoshis vision was rooted in utilitybe it for low-cost microtransactions or data processingnot establishing a new category of financial elites.
If you really want to know why the BSV community was willing to listen to Wright in the first place, ask yourself this: who else at that time was advocating for a return to Bitcoins original vision? Who else was offering a utility-focused alternative to number go up?
The tires on a Formula 1 might be a wonder of modern technology but for all their engineering wizardry, nobodys really improved on the wheels original conceptor purpose. No ones trying to reinvent the wheel because reinvention is unnecessary if you got it right the first time. That is, unless youd prefer the wheel be some proprietary technology that only you control.
Perhaps its nave to believe that the world will ultimately coalesce around a single blockchain. But well keep working towards that goal regardless, based on our belief that when the world is ready, BSV will be there. Whatever Wrights faults, he will ultimately be vindicated as his faith in the original Bitcoin technology proves correct.
By staying true to the original Bitcoin protocol, BSV is the only blockchain that can rightly be labeled Bitcoin. As such, in a post-Mellor world, people have one of two options: believe the judge is wrong and Wright is Satoshi and Satoshi created BSV, or believe the judge is right and Wright is not Satoshi and Satoshi created BSV. Either way, Satoshi invented Bitcoin and BSV is the worlds only enterprise blockchain.
Well leave you with a quote from this sites founder, Calvin Ayre:
An English court has concluded that Craig is not Satoshi. Despite this, the fact remains that Craig was a driving force behind realizing Satoshis vision through the BSV blockchain. He was the only individual that seemed interested in fulfilling Satoshis vision of a scalable blockchain that enabled low-cost peer-to-peer payments.
We accept the decision that COPAs mysterious unknown Satoshi invented BSV because its never really mattered to us who Satoshi was. All that matters is the amazing vision he/she had. The further development of that vision will ensure that the technology writes the true historyas well as the future. Long live Satoshi.
New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
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The Cult of Satoshi: Like its creator, BSV faithful are in it purely for the tech - CoinGeek
Aussie Who Said he Invented Bitcoin Lied on ‘Grand Scale’: Judge – Asia Financial
A judge at Londons High Court ruled on Monday that a computer scientist who said he invented Bitcoin lied extensively and repeatedly and forged documents on a grand scale to support a false claim.
Australian Craig Wright had long claimed to have written the foundational text of bitcoin a 2008 white paper published under the pseudonym Satoshi Nakamoto.
But Judge James Mellor ruled in March that the evidence Wright was not Satoshi was overwhelming, after a trial in a case brought by the Crypto Open Patent Alliance (COPA) to stop Wright suing bitcoin developers.
Mellor gave reasons for his conclusions on Monday, stating in a written ruling: Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is.
The judge added: All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.
Judge Mellor said that Wrights actions in suing developers and his expressed views about bitcoin also pointed against him being Satoshi.
Wright, who denied forging documents when he gave evidence in February, said in a post on X: I fully intend to appeal the decision of the court on the matter of the identity issue.
COPA whose members include Twitter founder Jack Dorseys payments firm Block described Mondays ruling as a watershed moment for the open-source community.
Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.
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Aussie Who Said he Invented Bitcoin Lied on 'Grand Scale': Judge - Asia Financial