Class action threat against Bitcoin SV for ‘defrauding’ supporters

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR …

A British podcaster has proposed a class action lawsuit against Bitcoin Satoshi Vision for falsely claiming Satoshi’s endorsement.

In the wake of the stunning – but hypothetical at this stage – $5 billion judgment against Dr Craig “Satoshi” Wright, British podcaster Peter McCormack has proposed a class action lawsuit against Wright’s Bitcoin SV.

British podcaster Peter McCormack

McCormack, who is currently fighting a defamation battle against Craig Wright for calling him a “fraud”, said he will propose a class action lawsuit to his legal team for those who bought Bitcoin SV under the impression Wright is Satoshi Nakamoto and felt ‘defrauded’.

“I am thinking that a class action lawsuit would only be right for falsely claiming a technology is Satoshi’s Vision when CSW is not Satoshi,” he Tweeted this morning.

“This has affected a lot of people. I’ll be talking to both my US lawyers and those who have been defrauded.

“Let’s Wright this Wrong.”

50% of nothing is still nothing

Despite Judge Reinhart finding Craig Wright had lied, potentially falsified documents, and concocted a frankly “inconceivable” story about the whereabouts of more than one million Bitcoin – he nevertheless ruled the Kleiman family was entitled to 50% of the hypothetical stash.

(Wright is being sued by Ira Kleiman – bother of Wright’s late business partner Dave – for attempting to appropriate more than a million BTC held in a family trust).

Craig Wright

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR ever had access to the coins in question.

In fact, the Judge doesn’t even believe the ‘Tulip Trust’ – in which the coins are supposedly held – exists.

“The totality of the evidence in the record does not substantiate that the Tulip Trust exists,” said Judge Reinhart. “Wright’s testimony that this trust exists was intentionally false”

In fact, there’s plenty of evidence cited in the case that suggests Wright simply copied a bunch of wallet addresses from the blockchain that had made large transactions and claimed them as his own or Kleiman’s.

If Wright doesn’t have any coins, and never did, it would make his pronouncements that $2 billion of Bitcoin would need to be dumped to pay estate tax completely hollow.

Bitcoin SV holds up remarkably well

Bitcoin SV has held up remarkably well given the judgment – which Bitcoin SV booster Calvin Ayre claimed vindicated Wright as Satoshi and proved he had access to the Satoshi stash.

It’s currently got a $2.25 billion market cap.

Class action has supporters, but also doubts it could succeed

Plenty of followers were on board with the class action proposal including The Crypto Monk and Bitcoin Podcast host Joe Blackburn.

However, McCormack is likely to face a few hurdles with his class action.

As Jameson Lopp, creator of Statoshi and CTO at Casa pointed out, Wright didn’t call Bitcoin SV ‘Satoshi’s Vision’ but rather “Satoshi Vision’ “which could mean any number of things.

“Craig’s 5D chess is already way ahead of you”

Sorry but Craig’s 5D chess is already way ahead of you. He didn’t call it “Satoshi’s Vision” but rather just “Satoshi Vision” which could mean any number of things.

— Jameson Lopp (@lopp) August 28, 2019

And of course, McCormack first needs to win his own case against Wright – though that’s looking more likely after a UK judge dismissed Wright’s similar defamation case against Bitcoin Cash’s Roger Ver on the grounds it was ‘weak’ and ‘inappropriate’.

$10,000 bet Wright won’t move Satoshi coins

McCormack is also offering a $10,000 bet to any Bitcoin SV booster, that Wright won’t move any of the Satoshi coins within the space of a year – and offered 2-1 odds saying they could put up $5,000 as their stake.

Open bet available for any $BSV CSW cultist of the belief that Craig has the Satoshi coins.

I’ll put up $10k that none of these coins will be moved by CSW within a year, I’ll even offer you 2-1 odds, so $5k for you.

Money locked in escrow, paid out 1 year today.

— Peter McCormack (@PeterMcCormack) August 28, 2019

In a strange bit of timing, Craig Wright released a book yesterday called The Art of Bitcoin AND a new promotional campaign began for another book called Behind The Mask: Craig Wright and the Battle for Bitcoin by journalists Byron Kaye and Jeremy Wagstaff.

Ayre claimed the book would receive heavy promotion when Wright moves the coins out of the Tulip Trust.

“They started promoting the book that will have the background of Craig creating #Bitcoin. It’s nice timing to be out at the same time as Craig gets the Satoshi coins out of Tulip Trust. Also good timing with Judge just ruling Craig is Satoshi.”

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

Related Posts:

  • No Related Posts

Calvin Ayre Claimed The Court Ruled Craig Wright Is Satoshi, Invented Bitcoin But Was Wrong

Calvin Ayre has claimed that his business partner Craig Wright has been proved in court to be Satoshi Nakamoto, the creator of Bitcoin. He lied.

The controversial duo responsible for Bitcoin Satoshi Vision (BSV) has come under the fire of the crypto community once more. Calvin Ayre has claimed that his business partner Craig Wright has been proved in court to be Satoshi Nakamoto, the creator of Bitcoin. He lied.

This is just the most recent of the duo’s controversies. Craig has been on the spotlight since he affirmed that he was the creator of Bitcoin, which almost no one believed. Ayre is somewhat less controversial, but this time he made a mistake when he claimed that the judge ruled that Craig was Satoshi.

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

According to him, during the case in which Craig is being accused of stealing $10 billion worth of BTC from his late partner, the judge understood that Craig invented BTC. However, the judge has absolutely not said that in any moment of the judgment.

Crypto Twitter promptly attacked Ayre by affirming that this was not the truth. At the moment, it is unknown how Ayre came to this conclusion despite all the proof that this is not what happened.

The Bitcoin SV Fiasco

The reputation of both Ayre and Wright took a hit last year when they decided to hard fork from Bitcoin Cash (BCH) back in November and create their own token. BSV had a pretty rocky history since then and several problems.

At the moment, the token is considerably less valuable than BCH. BCH is the 4th largest token by market cap with the price of $294 per token and BSV is only the 9th largest one, with the price of $126 USD.

Related Posts:

  • No Related Posts

A $10000 bet Craig Wright can’t move Satoshi’s Bitcoin

The self-proclaimed Satoshi Nakamoto has officially lost the Kleiman case, with the judge ordering him to pay half of his pre-2014 Bitcoin to the estate …

Earlier this week, Wright lost the Kleiman case and was ordered by a judge to give away half of his Bitcoin holdings to the Kleiman estate. British podcaster Peter McCormack said he was willing to bet $10,000 that Craig Wright won’t be able to move the Bitcoin associated with Satoshi Nakamoto, even offering 2 to 1 odds to anyone willing to take the bet.

Wright vs Kleiman case ruling gets an interesting twist

The Craig Wright saga might not be coming to an end, but it sure is getting more interesting by the day. The self-proclaimed Satoshi Nakamoto has officially lost the Kleiman case, with the judge ordering him to pay half of his pre-2014 Bitcoin to the estate of his former partner.

And while the ruling itself didn’t come as a surprise due to Wright’s notoriety, Wright’s reaction to the court’s decision is something few expected. Contradicting previous claims that he is unable to access the fortune he mined in Bitcoin’s early days, Wright said he “has no choice” but to pay out almost $2.5 billion worth of BTC.

Many of his supporters warned about the potentially devastating consequences this could have on the crypto market, given that the Kleiman estate would have to dump around 40 percent of the coins to pay, or roughly $1 billion, to cover estate taxes.

This prompted British podcaster Peter McCormack to come up with an interesting offer to those who believe Wright is Satoshi Nakamoto. McCormack, who is currently embroiled in a libel lawsuit with Wright, said bet $10,000 that none of the coins associated with Satoshi Nakamoto will be moved within a year.

Open bet available for any $BSV CSW cultist of the belief that Craig has the Satoshi coins.

I’ll put up $10k that none of these coins will be moved by CSW within a year, I’ll even offer you 2-1 odds, so $5k for you.

Money locked in escrow, paid out 1 year today.

— Peter McCormack (@PeterMcCormack) August 28, 2019

He even offered 2 to 1 odds for the bet, saying the money would be immediately locked in escrow and paid out at the end of August next year to anyone that accepted the bet.

Crypto community mocks Wright as he begins book promotion

The crypto community welcomed McCormack’s call for the bet, with many pointing out he could have easily increased the odds to 100:1 to make things even more interesting. Some have even suggested that he opened up a prediction market for the bet.

@hodlhodl can you open a prediction market on this? I yes, this can bring quite some attention to your product.

— zender 🛡 use your full node! (@zndtoshi) August 28, 2019

While everyone was mocking Wright and discussing the repercussions of McCormack’s bet, Calvin Ayre was busy promoting a new book about Wright. The book, titled “Behind the Mask: Craig Wright and the Battle for Bitcoin,” written by Byron Kaye and Jeremy Wagstaff, describes a “thrilling, stranger-than-fiction story of Craig Wright.”

Calvin Ayre, a Canadian gambling tycoon and one of the biggest investors in Craig Wright and Bitcoin SV, broke the news about the book on Twitter. Ayre said that the promotion couldn’t have begun at a perfect time, as the book will be released at the same time when Wright is set to get his alleged coins out of the “Tulip Trust.”

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

McCormack responded to Ayre’s tweet with a quote from the judge’s ruling, who explicitly said that the existence of the “Tulip Trust” wasn’t supported by any evidence at all.

“The totality of the evidence in the record does not substantiate that the Tulip Trust exists. Combining these facts with my observations of Dr. Wright’s demeanor during his testimony, I find that Dr. Wright’s testimony that this Trust exists was intentionally false.” https://t.co/3dBwzztC02

— Peter McCormack (@PeterMcCormack) August 28, 2019

Bitcoin SV |BSV

Updated: Aug 29 at 1:31 am PDT

$122.13

-8.27%

Bitcoin SV, currently ranked #9 by market cap, is down 8.27% over the past 24 hours. BSV has a market cap of $2.18B with a 24 hour volume of $310.71M.

Chart by CryptoCompare

Bitcoin SV is down 8.27% over the past 24 hours.

Like what you see? Get more Craig Wright isn’t Satoshi news in your inbox…

Subscribe to CryptoSlate Recap, our daily newsletter containing the top stories and analysis.

Sign up to stay informed

Filed Under: U.K., Bitcoin, People of Blockchain, Price Watch

Priyeshu GargPriyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Related Posts:

  • No Related Posts

Researcher: Craig Wright refusing to move his coins in 2016 should have been a major red flag

… after acquiring his failed Australian ventures, was for Wright to confirm his identity as Satoshi Nakamoto after nChain’s project started getting traction.

Newly published court documents showed Craig Wright refused to move his alleged Bitcoin holdings during his 2016 London proofing session, even after his associate Robert MacGregor repeatedly asked him to do so. Crypto researcher SeekingSatoshi believes this should have been a major red flag both for MacGregor and Calvin Ayre, who bought out Wright back in 2015.

Wright refused to move his Bitcoin holdings back in 2016

The Craig Wright saga just keeps on giving. Crypto researcher SeekingSatoshi shared court documents that showed Wright’s refusal to move his Bitcoin holdings went back to 2016. The crypto researcher previously debunked Wright’s claims of using between 60 and 100 computers to mine Bitcoin in January 2009.

Researcher debunks Craig Wright’s claims of heavy Bitcoin mining during BTC’s early historyResearcher debunks Craig Wright’s claims of heavy Bitcoin mining during BTC’s early history
Related: Researcher debunks Craig Wright’s claims of heavy Bitcoin mining during BTC’s early history

The court documents SeekingSatoshi shared on Twitter showed the email correspondence between Craig Wright and Robert MacGregor, the founder and CEO of nTrust, the company that bought out Craig Wright. The correspondence took place in April 2016, when Wright moved to London to begin working on the newly created nChain.

The deal MacGregor and Calvin Ayre struck with Wright after acquiring his failed Australian ventures, was for Wright to confirm his identity as Satoshi Nakamoto after nChain’s project started getting traction.

However, Wright refused to move any of the coins he claimed he owned, saying doing so could be “trouble in many ways.” Nevertheless, in one of his emails, he went on to explain the lengthy process of getting consent from the trustees he said controlled his holdings.

Both MacGregor and Ayre ignored a massive red flag

MacGregor, who was at the time in charge of nChain and owner of the rights to Wright’s Satoshi story, didn’t seem to understand why Wright refused to move even the tiniest bit of his allegedly huge Bitcoin wealth. He even went on to suggest that after he gained the consent from all of his trustees, he should send a certain amount of bitcoin to them.

As each trustee was in charge of one address, that had a part of the key Wright needs to unlock his holdings, they would be able to send the BTC back to Wright. That way, MacGregor explained, the trust assets would be completely protected and all the necessary key slices would be secured.

SeekingSatoshi criticized MacGregor for not standing his ground when he asked Wright to prove his identity. He believes this should have been a major red flag both for him and for Calvin Ayre, another associate of Wright’s who was heavily invested in nChain.

Robert McGregor should have held his ground when he requested Craig move coins during the 2016 London proofing session.

The fact that Craig refused is a massive RED FLAG that Rob and Calvin Ayre should NOT have ignored.

I thought these guys were supposed to be pros 🤦‍♂️ pic.twitter.com/7DcOBgERy2

— SeekingSatoshi (@jimmy007forsure) August 12, 2019

Instead, the two stuck with Wright despite the serious questions raised in their correspondence. While MacGregor has ultimately distanced himself from Wright, Ayre is still one of the few vocal supporters he has left.

Craig sold his soul. Calvin and Rob McGregor worked together (joint venture) to buy out Craig, his IP and the Satoshi story/life rights. Once Craig was relocated in London, Calvin and Rob divided up the spoils. Fast forward Rob has sold of his spoils and Calvin is left with CSW

— SeekingSatoshi (@jimmy007forsure) August 12, 2019

Like what you see? Subscribe to CryptoSlate Recap

Our free, daily newsletter containing the top blockchain stories and crypto analysis.

Sign up to stay informed

Filed Under: Bitcoin, People of Blockchain

Priyeshu GargPriyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Related Posts:

  • No Related Posts

Bitcoin Miners Earn More in a Day than BSV and BCH Do in 1 Year Combined

In one day, Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined.

In one day, Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined.


Bitcoin is King

According to a Friday (August 2, 2019) tweet from “Shakepay,” Bitcoin miners earned $540,000 in transaction fees. This figure is more than four times the $130,000 earned by miners on the BSV and BCH chains combined over the past 12 months.

On July 31st, Bitcoin miners earned $540K in tx fees.

In the last *12 months* BSV and BCH miners have only earned $130K in tx fees. Combined. pic.twitter.com/4wbQr3DiIs

— Shakepay – Buy/Sell Bitcoin 🇨🇦 (@shakepay) August 2, 2019

Data from BitInfoCharts.com shows a far greater median transaction value on the BTC chain than the other two. Much like the trend with transaction fees, the value of BTC transactions per day outstrips that of BSV and BCH combined by a wide margin.

Bitcoin regularly posts $500,000 in transaction fees alone on a daily basis. BCH miners, by comparison, see under $200 in transaction fees per day. Back in April 2019, BSV miners were still running at a loss, five months after the chain split.

Bcash has collected $156 in fees over the last 24 HRS .

LMFAO ROFL

Bcash is an unsustainable affinity scam.

— AwyeeBitcoin 🌮 (@DeaterBob) August 2, 2019

The top-ranked crypto is still some way off from the likes of Visa in terms of the daily transaction load. Thus, for BCH and BSV, the distance to the pinnacle of global payments appears even more insurmountable.

But for now, BTC remains the king of low fee money transfers. A few days ago, a bitcoin whale moved multiple $468 million transactions for less than $400 in fees – a far cry from the more than $1.6 million it would have cost using mainstream remittance avenues.

The revelation of the massive gap in transaction fee earnings provides further proof of Bitcoin’s primacy over the forked chains. While touted as improvements, the likes of BCH and BSV have yet to show any ground-breaking results to justify the strong arguments that necessitated their emergence.

BSV is a Weather App

As previously reported by Bitcoinist, 96% of Bitcoin SV transactions come from a weather app. With the talk of increasing the block size limit to 2GB, some have taken to troll BSV with funny commentary surrounding huge transaction blocks for weather reporting.

Earlier in the year, exchanges like Binance delisted BSV in response to the cyberbullying campaign of its proponents — Craig S. Wright (CSW) and Calvin Ayre, against people debunking the former’s claim to being Bitcoin creator — Satoshi Nakamoto.

Where bitcoin gets the bulk of the retail and institutional interest, BCH and BSV hardly get a mention.

Do you think BCH and BSV will ever be able to seriously compete with Bitcoin for dominance of the crypto market? Let us know in the comments below.


Images via Twitter @shakepay and @DeaterBob. Shutterstock

Related Posts:

  • No Related Posts