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.

— Calvin Ayre (@CalvinAyre) August 28, 2019

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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.

— 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.

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Is the Creator of Bitcoin Really Quantum AI From the Future?

The world of crypto is filled with mystery, pseudo-anonymity, and conspiracies at every turn. Even the creator of Bitcoin themselves are still unknown, …

The world of crypto is filled with mystery, pseudo-anonymity, and conspiracies at every turn. Even the creator of Bitcoin themselves are still unknown, and any trace of the person or persons behind the first-ever cryptocurrency has vanished from the face of the earth.

And while a number of people have come forth recently claiming to be Satoshi Nakamoto, including a widely publicized three-part reveal event, the latest conspiracy theory suggests that the creator of Bitcoin isn’t human at all, but an advanced AI running on a quantum computer from the future.

Is Satoshi Nakamoto a Rogue AI Hell Bent on Using Bitcoin To Take Over the World?

There have been a number of wild conspiracy theories in the crypto market, and even instances of supposed time travelers coming back to issue warnings about the future as it relates to Bitcoin. Equally as mysterious, is the creator of Bitcoin themselves, who has been the subject of much speculation and the target of imposters seeking to steal the recognition the real Satoshi Nakamoto deserves.

Related Reading | Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies

When you combine wild conspiracy theories about time travel with Satoshi Nakamoto – Bitcoin’s mysterious pseudo-anonymous founder – the end result is a story that’s so far fetched, it’s difficult to believe, but in theory, could be possible.

A conspiracy thread: Bitcoin

— Nick Hinton (@NickHintonn) August 27, 2019

Self-proclaimed artist and philosopher Nick Hinton has shared his thoughts about a potential conspiracy theory involving Bitcoin and its creator.Hinton says that other theories about Satoshi’s true identity involving the CIA are wrong, but entertains the idea that “Satoshi is a rogue artificial intelligence who is trying to take over the world with its network.”

The basis of the theory comes from a specific block that was added to the blockchain with a block hash that features zeros “oddly similar” to the Genesis Block, or the first Bitcoin block ever added to the blockchain. Following the zeros are a series of numbers Hinton says “represent the ‘Exceptionally Simple Theory of Everything’.”

The “simple theory of everything,” Hinton says, isn’t all that simple and “sounds super confusing,” but says that the random string is both “meaningful” and “super rare,” and “should have taken many years to produce.”

This lends to the larger conspiracy theory, that the only way this could have been done, was from the future, or “it was done using a quantum computer.”

Quantum computers are potentially capable of computing in multiple universes at once. Perhaps one of these machines collaborated with universes in the VERY distant future. In fact, the string of numbers at hand would supposedly take 3.3 DECILLION years to come up with, Hinton tweeted.

Related Reading | Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch

Summing it all up, Hinton and others believe that Satoshi is a rogue AI from the future, running on a time-traveling quantum computer. Bizarre, and the stuff movies are made from. But unless proven otherwise, a possibility just like any other conspiracy theory.

Given how crazy this theory is it should be taken with a grain of salt. Hinton also traced back to a sub-Reddit dedicated to “Randonauts,” or a subset of individuals who believe that life is pre-determined, and the only randomness that exists is on a quantum level.

Fitting, as this story is about as random as it gets.

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Judge recommends bitcoin ‘creator’ turn over earnings in lawsuit

The self-proclaimed creator of bitcoin, Craig Wright, has been ordered to hand over half of his bitcoin earnings and intellectual property (IP) — earned …

Wright previously claimed to be Satoshi Nakamoto, the anonymous creator of Bitcoin. Researchers argued otherwise, and eventually, Wright withdrew his claim. According to Motherboard, Wright and Kleiman were either involved in creating Bitcoin or there when it launched. Regardless, it’s believed that they racked up a small crypto fortune.

Wright doesn’t have the best track record when it comes to being honest. His Ph.D. credentials are questionable. Companies he supposedly worked for denied ever working with him, and whether or not he’s the real Satoshi Nakamoto remains to be seen.

As part of yesterday’s ruling, Wright will not be allowed a jury trial. His lawyers will likely appeal the decision, but this could signal an end to the case. Though, this probably isn’t the last time we’ll hear from Wright.

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Satoshi Nakamoto managed to maintain anonymity after a decade of search!

The community is convinced that Satoshi Nakamoto is a pseudonym. One of the Japanese users of the forum once noticed that in Japan it is not …

“I’m busy with other projects now. The case remains in good hands, there’s Gavin and everyone else,” is a message a person or group of people under the pseudonym Satoshi Nakamoto sent to developer Mike Hearn on April 23, 2011. It is considered to be the last or one of the last confirmed contacts with the creator of bitcoin, after which he disappeared just as he appeared – from nowhere to nowhere.

However, the “hunt” for Satoshi began a little earlier: on December 12, 2010, he posted his last post on the forum, in which he stressed that bitcoin is still vulnerable to DoS attacks. At the same time, people began to wonder, “Is this a real person?”

Since then, the search for the creator of bitcoin does not subside: every year the versions become more and more, but the community has not come close to solving. Was he really a libertarian? Did he develop bitcoin on political grounds? Is he Japanese? There are no answers to these questions.

One thing is for sure: Satoshi’s disappearance was a defining moment in the history of bitcoin, as then the community lost a leader dictating all further actions, and for the protocol began a long and exhausting test of sustainability to the censorship he had successfully passed.

Easters in plain sight

The community is convinced that Satoshi Nakamoto is a pseudonym. One of the Japanese users of the forum once noticed that in Japan it is not customary to write a name before the last name, which Nakamoto constantly did. In addition, the creator of bitcoin has never used Japanese words, which convinced most truth seekers that he is not Japanese. However, some assumed that Satoshi originally wanted people to come to this conclusion.

In Japanese, Satoshi means “wise” or “clear thinking.” -Naka can mean “inside” or “relationship” and -moto – “origin,” “foundation,” “foundation.” Together, it turns out something like “clear thinking inside the base.”

Some offered more trivial explanations: a quartet of technology companies Samsung, Toshiba, Nakamichi, and Motorola may form the name of Satoshi Nakamoto, but this seems to be drawn by the ears.

April 5, 1975. It is this date of birth that is listed in Nakamoto’s profile on the P2PFoundation website. Of course, it also found a hidden meaning: on April 5, 1933, U.S. President Franklin D. Roosevelt signed an executive order #6102, better known as an order to confiscate gold from the population. It was not officially suspended until 31 December 1974, the day before the beginning of 1975.

Swiss programmer Stefan Thomas discovered that between 05:00 and 11:00 (GMT) Nakamoto never published anything. This included weekends. Thus, Thomas suggested that Nakamoto lives in the UK. In favor of this version spoke and the features of the almost perfect English language of the creator of bitcoin – he often used words like “bloody,” “optimize” or “color”, which is typical of the British. Satoshi’s genesis unit featured a clipping from the British edition of The Times, which talked about the possibility of a second bailout for banks in the United Kingdom during the 2008 financial crisis.

At the same time, it should not be excluded that Satoshi deliberately left such clues to confuse the traces. According to linguist Adam Penenberg, British English was only a disguise. His own investigation led him to a certain Neil King, an incredibly educated and well-read man who left reviews for 46 books on Amazon, including astronomy, biology, cryptography, linguistics, literature, mathematics, philosophy and Physics. King himself later denied his involvement in the development of bitcoin.

Penenberg also claimed that programmers Vladimir Oxman and Charles Bray were competent enough to create such a system, but they quickly denied it.

Developer Laszlo Heinitz, who bought a pizza for 10,000 BTC in 2010, once said that the bitcoin code is written too well for one person. “I always thought it was almost certainly not a real person.”

“The Bitcoin Tutorial” author Bruce Kleinman agrees with this version. He is convinced that it is impossible to find one person with knowledge of cryptography, network architecture, software architecture, and cybersecurity.

It is noteworthy that one of the most extraordinary members of the community John McAfee added fuel to the fire of this version in 2019, saying that bitcoin was developed by a team from India. However, the seriousness of this statement is highly questionable, given McAfee’s reputation.

Dr. Adam Beck, a creator of the Hashcash algorithm and CEO of Blockstream, strongly disagrees with this statement. He pointed to the constancy in coding and the author’s style of Satoshi in his letters and documents. Back and the longest-serving Satoshi was considered true, as he created a prototype of the Proof-Of-Work algorithm back in the 1990s, and he was quoted as a bitcoin white paper, but he repeatedly rejected these speculations and urged the community to stop hunting.

“It’s not going to do any good,” he said.

In 2011, one of the most famous white hackers in the world, Dan Kaminski, who at one time discovered a critical vulnerability in the DNS protocol, decided to hack bitcoin. He was fully confident in his abilities:

“The formatting of the code was just insane. Only the most paranoid and painstaking programmer on the planet could avoid mistakes,” he said at the time.

Kaminski developed nine approaches to attacking the protocol, but each time he was waiting for the same message: “Attack Removed.”

“I’ve never seen anything like it. He is a world-class programmer with a deep knowledge of the C.I.A. He understands economics, cryptography, and peer-to-peer networks. Either it’s a whole team or this guy is a genius,” the hacker concluded.

In the same year, the new Yorker journalist Joshua Davis was poisoned in search of Nakamoto. Among the visitors to the 2011 Crypto conference, he found nine people from the UK and Ireland. Six of them were a group from the University of Bristol with no experience with peer-to-peer networks, and two more cryptography were unremarkable, but the latter caught Davis’ attention. It turned out to be a graduate of Dublin Trinity College Michael Clear.

He was a college student in 2008, developed software for Allied Irish Banks, and wrote a detailed academic paper on peer-to-peer technologies. Clear was also fluent in the language of the C.E.O., and when asked about the financial crisis, he said that it could have been avoided.

However, Clear eventually denied involvement in the creation of bitcoin but sent Davis to Finland to a man named Vili Lehdonvirt, who, in his opinion, could be Satoshi. Lehdonvirta himself laughed for a long time, but in the end, he answered to the journalist:

“I would like to say that I am Satoshi because bitcoin is a very reasonable invention. But it’s not me.”

In support of his words, he said that he had no experience in cryptography, and his knowledge of cz is severely limited.

Another person, who because of his deep knowledge of the C.I. got into the lens of Satoshi seekers, was the entrepreneur Elon Musk, who likes to attribute all the ingenious inventions on the planet. Musk himself quickly denied the rumors, but in his subsequent statements acknowledged the advantages of bitcoin over paper money.

There is another popular conspiracy theory, according to which bitcoin was created by developers from the U.S. National Security Agency (NSA). In her favor allegedly speaks an article by researchers of the agency called “How to create a mint: cryptography of anonymous electronic money”, published in 1996. However, the community considers this version to be highly implausible since in reality, the NSA’s description was more like David Chow’s eCash system.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

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