Last Week Today: Bitcoin and Cryptocurrency Weekly Digest for August 19-26

Satoshi Nakamoto Renaissance Holdings, which claims to be a new blockchain company, hired the services of Ivy McLemore, a New York based PR …
  • A new individual claims he is Satoshi in risible PR stunt
  • Liquidity analysis pegs Bitcoin’s market dominance beyond 90%
  • Japanese Amazon launches cryptocurrency wallet and exchange
  • Original faketoshi, Craig Wright loses Kleiman lawsuit

Yes, as we can all see, the price of bitcoin dropped over $550 in a matter of hours on August 28th to see a low of $9,613 BTC/USD after being $10,269 earlier in the day. But, aside from the real time action, let’s recap the last week of bitcoin and cryptocurrency news stories and map out a timeline of what transpired for those who may have missed any important headlines.

Another Satoshi Wannabe Emerges With Sob Story And New Project to Shill

Before getting stuck into this story, it would be remiss not to make it unequivocally clear that this is a story that I would much rather not cover, were it not for the publicity and conspicuity it has been afforded in mainstream media.

With the most notorious claim to the moniker, courtesy of Craig Wright, falling apart at the seams in the middle of a Florida courtroom, it would seem many a wannabe Satoshi is now emboldened to step into the breach with some pretty ridiculous backstories.

Satoshi Nakamoto Renaissance Holdings, which claims to be a new blockchain company, hired the services of Ivy McLemore, a New York based PR agency, to reveal the identity of Satoshi Nakamoto.

A three-part reveal was published last week over the course of three days by the PR firm and it has left many in the crypto community fuming and wondering just how much more blatantly false and downright preposterous these claims are going to get and what it’s going to take to stop the faketoshi farce.

The individual claiming to be Satoshi was revealed by many online to be Bilal Khalid from Pakistan, by looking up the registration for another website he owned, even before he himself came around to revealing his identity in the third installment of his three-part reveal on the website.

Most of the efforts at debunking the claims focused on the use of basic word press, multiple edits and poor choice of words, but all that is really of any relevance is whether he is able to sign a message from Satoshi’s address, which predictably he cannot.

As narrated to Ivy McLemore, Bilal talks about the origins of the Bitcoin idea as everyone knows it, the cryptography mailing list et all., and then explains the provenance of the Bitcoin name as stemming from a disgraced, defunct Pakistani bank, Bank of CredIT and COmmerce INternational (BCCI).

He shows proof of registering a domain named after BCCI in 2008, talks about being paranoid over his identity, says his pseudonym was inspired by Chaldean numerology, thanks Hal Finney and explains how he solved the Byzantine General’s Problem.

In parts two and three, he narrates his life story, which comes across as a cookie-cutter sob story – about how being denied banking services in the UK inspired him to create a currency independent of banks, losing access to his email addresses and his 980,000 bitcoins.

Bilal Khalid, who adopted the alias James Caan in the UK, claims that he mined his bitcoins using a remote computer, which he then transferred to his Fujitsu laptop and then to an Acer laptop. Being of the habit of “never leaving data that was recoverable on any remote PC or laptop,” he then wiped all the data from old devices.

As luck would have it, the Acer stopped working the very next day. He sent it to Acer support, who diagnosed a corrupt hard drive and replaced it. Thus, Satoshi lost his 980,000 bitcoins.

In all of this tedious yarn, where exactly is there any semblance of proof to adduce this individual’s claim to being the creator of Bitcoin?

Ignore the story, but does the reveal consist of any verifiable information at all that only Satoshi and maybe a few early contributors, someone like Andresen, would be privy to?

Everything in the reveal, besides the individual’s life story, is publicly available information. The best thing you could say about this wannabe’s claim is that it can justifiably be argued to warrant a B-grade disaster fiction movie.

Ivy McLemore doesn’t seem like a serious PR firm but if it has any designs on being one someday, it should have simply said to Bilal, “Cool story, bro. But do you have any actual proof?”

Is Bitcoin More Dominant Than What Market Cap Indicates?

We tend to measure Bitcoin’s dominance by calculating the share of its market cap against the combined market cap of all cryptocurrencies but how reliable is the method?

Arcane Research published an analysis last week based on volume and liquidity of the various markets to show that Bitcoin’s actual dominance might be a lot higher than what market cap data suggest. The study claims that the market cap measure is deeply flawed and underestimates the relative strength of Bitcoin.

The argument put forth is that the market cap does not reckon for liquidity, which is the ability to execute large orders in a market without slippage and a tight spread between ask and bid prices. A good indicator of liquidity is volume and the study uses volume to measure the relative dominance of different currencies.

Using this method, which excludes stablecoins as a fiat alternative, thus not being true cryptocurrencies, Bitcoin’s dominance is estimated to be over 90%.

By using volume data only from the top 10 exchanges, which are largely regulated and reputed to not indulge in wash trading, Bitcoin’s dominance using the volume-weighted method is a staggering 92.4%.

Japanese Central Bank “in love” With Blockchain Technology

As inventors of fiber-optic communication, microprocessor, laptop and camera phones, among a myriad other technologies, Japan is widely regarded as the most progressive country in the world for developing and adopting revolutionary technologies. Obviously, you wouldn’t expect Japan to stifle blockchain innovation in the country.

Last week, an executive from Bank of Japan (BOJ) revealed that the country’s central bank is “in love” the technology behind virtual currencies and has no fear of capital outflows through new forms of money, “Because of fear of capital outflows, China regards all financial assets as enemies. But we are not worried about capital outflows. We are in love with the technology behind it (virtual currency) and interacting with the technical community.”

The country’s largest e-commerce platform, Rakuten, often dubbed “Japanese Amazon”, released a wallet last week, first for android devices and a few days later for iOS devices. Along with the wallet service, the app also provides feeless spot trading service for crypto assets.

Rakuten Wallet’s parent company, Rakuten Group, had been seeking regulatory clearance since March and has now obtained license to allow trading of three crypto assets – Bitcoin, Ethereum and Bitcoin Cash.

Customers of Rakuten will be able to deposit Japanese yen to their account and exchange it to any of the three crypto assets using the smartphone app. To encourage users to adopt crypto payments, no fee is charged on crypto to crypto transactions.

This is a major development in Japan, the equivalent of Amazon integrating crypto payments in the US, and shows how progressive Japan continues to set the benchmark for adoption of revolutionary technologies.

Craig Wright Is Found Guilty of Perjury to No One’s Surprise

Since we’re talking faketoshis this week, we might as well round it up with the Kleiman lawsuit involving Craig Wright.

Ira Kleiman, who is the brother of Wright’s erstwhile business partner, late Dave Kleiman, litigated Wright in February 2018 over embezzlement of 1.1 million bitcoins which were mined and jointly held by Wright and Dave Kleiman.

The lawsuit, which has rumbled on for 18 months, seems to have been all but settled. Reports emerged on Monday from courtroom eyewitnesses that the judge had ruled the case in favour of the Kleiman estate.

Wright was found guilty of perjury, falsifying documents and in contempt of court by Judge Bruce E. Reinhart, who rejected all of Wright’s testimony. It was also found that “Tulip Trust”, which was the trust created for holding the coins the pair had mined between 2009 and 2011, does not exist.

In his final ruling, Judge Reinhart awarded the Kleiman trust 50% of intellectual property rights and 50% of bitcoins mined before Dave Kleiman’s passing.

At least, Wright won’t be able to sue anyone that calls him a fraud for libel while he busies himself trying to cough up the 550,000 bitcoins which he likely never mined.

In the immortal words of Walter Scott, “Oh, what a tangled web we weave, when first we practice to deceive!”

Trading Insights

It would be fair to suggest that August has been a pretty mundane month with a lot of sideways movement and relatively little volatility. That may not be a bad thing.

Bitcoin has already spent more days above 10000 than it did back in Dec ’17 to Jan ’18, which shows that it is comfortable at this level and doesn’t feel out of place. A necessary spell of consolidation following a steep upsurge is characteristic of a healthy, mature market.

Last week’s trading closed in red in a short body which indicates that sell pressure has relented once again at the key Fibonacci ratio of .38. This level, near 9400 has proven to be a formidable layer of support throughout the month. The resistance to break still remains 10800.

The weekly chart is showing bearish tendencies on multiple fronts for the first time in nearly six months. Although RSI remains healthy in the bull market zone, there are rumblings which indicate a slide could be imminent. Whether or not it comes to pass, 9400 still remains the support zone to defend for the time being.

Weekly MACD saw bearish convergence this week, with ADX holding high and DI likewise evincing bearish convergence.

On the Daily chart, which has been largely bearish since last week, RSI has formed an ominous M-top formation just above lower bull cycle level of 40.

After showing some signs of mounting a revival, Ethereum has gone back to treading water, struggling to break above 0.019 BTC. Ethereum Classic (ETC) was the best performer among leading altcoins last week, gaining nearly 30%, rising from 55k sats to 70k sats.

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Mystery ‘Satoshi Nakamoto’ Reveal: HODLing $10 billion in Bitcoin

The crypto space is set to be hit with a storm as the “real” Satoshi Nakamoto vows to reveal himself as the true inventor of bitcoin over the next few …

The crypto space is set to be hit with a storm as the “real” Satoshi Nakamoto vows to reveal himself as the true inventor of bitcoin over the next few days.

Not just that, the “real” Nakamoto also claims he’s currently holding 980,000 BTC which is worth more than $10 billion based on today’s price.

A blockchain company called Satoshi Nakamoto Renaissance Holdings promised that the “real” Satoshi would finally reveal himself after being anonymous for more than a decade.

He also promises to unveil his deepest secrets in three installments, starting on August 18 at 4 p.m. ET, while Nakamoto says Part II is scheduled for August 19 at 4 p.m. EDT and the third and final installment will take place on August 20 at 4 p.m. Eastern time.

Another PR Stunt?

Ivy McLemore, the spokesman for the “real” Nakamoto, told CCN that “the three parts will speak for themselves. And the truth will be known.”

He also told CCN that this was by no means just another PR stunt.

The “real” Satoshi Nakamoto will unravel his true identity on this blog, including his life story, where he was born and other personal facts.

He’ll also explain the major role that ciphers and encryption-related Chaldean numerology played in the creation of bitcoin.

He claims to have chosen August 18 because he registered the domain on August 18, 2008.

At the grand finale, the “real” Satoshi claims to unveil a project called Tabula Rasa, “his clean-slate vision for Bitcoin’s transformational rebirth.”

Self-Proclaimed Satoshi

Meanwhile, the other self-proclaimed Satoshi, Craig Wright — suffered a setback this week when a federal judge nullified his motion to dismiss the $10 billion lawsuits filed against him by late computer whiz Dave Kleiman.

In his 2018 lawsuit, Dave’s brother, Ira Kleiman, accused Wright of not sharing 1.1 million bitcoin that Dave and Wright had mined together during their years of collaboration.

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Posted By

Abishek Dharshan

Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.

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    PR firm pushes a clearly fake Satoshi Nakamoto reveal for a quick buck

    As first reported by CCN, a blockchain company called Satoshi Nakamoto Renaissance Holdings has announced it will reveal the true identity of …

    In the course of a few days, the internet has found another claimant to the title of Satoshi, and quickly declared him a fraud. As first reported by CCN, a blockchain company called Satoshi Nakamoto Renaissance Holdings has announced it will reveal the true identity of Satoshi Nakamoto, and nobody is impressed so far.

    On the website they’ve created for this purpose, their Satoshi claimant suggests he will reveal his true identity and some of the mysteries surrounding Bitcoin in three steps. He revealed alleged mysteries surrounding the creation of Bitcoin on August 18, will talk about numerology and his stash of Bitcoin on August 19, and his true identity on August 20.

    The August 18 dump of “secrets,” as told to Ivy McLemore, already has the crypto world left very unimpressed. He indicated he’s of Pakistani origin, currently live in the U.K, and discussed how he created Bitcoin with a lot of help from Hal Finney. He also says he came up with the name Bitcoin from picking letters from “Bank of Credit and Commerce International,” Pakistan’s national bank until it was forced to close in 1991.

    There’s a real strong chance that this new attempt to claim the Satoshi name is a PR stunt, but a company that needs attention and investment to start their own project or token, as has been indicated by some of the press they’ve put out in this announcement. Or it’s someone with a limited understanding of Bitcoin, but a strong understanding of how to work the media to get his 15 minutes of fame.

    So who’s behind this potentially criminal ploy to fraudulently claim to be Satoshi Nakamoto? The PR firm of Ivy McLemore was founded by Ivy McLemore himself, with a brand vision to “to sell products and build corporate brands, helping them capture a market niche.” He’s joined by Michael Jones, head of digital marketing and Vice President, Steven Gillen, Vice President of the firm and former big time crypto investor, and John Reilly, a 35-year veteran of public relations and journalism.

    Why are they trying to pull this stunt off? It’s quite possible they’ve been hired to put out a story to counter Dr. Craig Wright’s. An attempt at a new narrative, before Dr. Wright has shown all his proof that he was the real Satoshi Nakamoto, and continues to be.

    But as Dr. Wright has told CoinGeek, and as the rest of the world is quickly realizing, this is a laughable attempt to fool the world. Simple facts are easily proven wrong. “At its conception, Bitcoin was worth mere cents,” the claimant writes, where Dr. Wright correctly asserts that Bitcoin was worth nothing at conception. He also notes the domain register details they share to “prove” they registered the “” domain are provably wrong, and taken from a point after the domain left the control of Satoshi Nakamoto in any case.

    More information will be coming shortly, from the claimant and surely from the real Satoshi, to show how laughable this story is. In the meantime, the rest of the crypto community is also laughing it up. Charlie Lee, fresh off of his own scandals, is still asking to see someone use the Genesis key, and CCN, who have not indicated they believe Dr. Wright is Satoshi, noted in in their follow up coverage:

    This Satoshi’s outlandish yarn makes the other self-proclaimed Nakamoto — Craig Wright — sound super-credible by comparison.

    Time will tell exactly why this PR firm and their fake Satoshi have created this story. Based on the PR firm’s history, and the nature of everyone’s 15 minutes of fame, they are guaranteed to be looking to make a quick buck out of it. The question is ultimately, how do they plan to do that, and will they be able to trick anyone before they get into some serious trouble for the ploy.

    Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

    Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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