The cryptocurrency markets continued climbing over Wednesday and Thursday with some consolidation at certain levels. Bitcoin Core (BTC) was up by around 1% to the $5,240 level at press time on Thursday with turnover gradually creeping up and the price appearing quite well supported. Ethereum (ETH) also showed a considerable increase over the past few days, breaching the $170 mark and appeared to be once again charging towards the $180 level. Ripple (XRP) began a considerable move upwards where it breached the $0.34 level after days of tottering around at the $0.32 mark and this might be indicating a rise in the medium term.
Other cryptocurrencies with larger market caps also showed some positive movement overall. Litecoin (LTC) was up by 2% to the $81 level whilst BCHABC settled at the $309 level and was practically flat.
Bitcoin SV (BSV) appeared to be turning the corner after having dropped substantially over the past few days and was up by around 3% to the $56 level.
EOS was also up by a rather minimal 1% to the $5.50 level, whilst Cardano (ADA) was relatively stable at the $0.082 mark on the back of a miniscule 1% increase. Undoubtedly the star performer across the board was Binance Coin (BNB), which continued rising inexorably and posted a healthy 5% increase to trade at the $20.60 level which was an all time high for this year. NEO once again traded above the $11 mark, whilst Stellar (XLM) was up by 3% to trade at the $0.117 level.
Currencies with smaller market caps also showed some increases with Ethereum Classic (ETC) increasing only slightly by around 1% to the $6.26 mark, whilst IOTA was up by a more considerable 3% to the $0.31 level. Other coins which showed notable increases included ZIL which was up by 5%, ZRX, LINK and BAT—these were up by between 4 and 6%. Others such as WAVES, VET, IOST and QTUM showed much more conservative increases of between 1% and 2%.
With CoinGeek Toronto just around the corner, I wanted to sit down with our Founder, Calvin Ayre, to get his thoughts on some of the latest topics surrounding the Bitcoin SV ecosystem and why our readers should consider joining him at the conference.
Craig Wright is Satoshi Nakamoto
Since the creator of Bitcoin, “Satoshi Nakamoto,” revealed his technology to the world in January 2009, the question of who is behind the pseudonym has been a popular debate amongst crypto enthusiasts.
“Bitcoin was invented as a direct solution to government interference and people’s ability to spend their money where they want to in the gaming industry. So Bitcoin actually comes from the gaming industry,” Ayre explained.
“Craig’s got a background in the gaming industry, I have a background in the gaming industry and one of my close personal friends from the gaming industry actually knew Craig, another Australian gentleman, when he invented Bitcoin,” he said.
“Subsequent to that, I was introduced to Craig, and Craig has demonstrated in a number of other ways so that there’s no doubt in my mind that Craig is Satoshi Nakamoto and Craig is going to be proving that in court this year,” Ayre revealed.
Going to court to stop internet trolling
When asked for more details on going to court, Ayre explained that in an effort to squash endless digital trolling, both himself and Wright have engaged the same law firm to assist in obtaining relief and helping to set the facts straight.
“Essentially what [the trolls] are trying to do is defraud Craig of his own legacy and defraud the rest of the planet of the truth about the true power of original Bitcoin which is now, today, BSV,” Ayre said.
“Craig is forced to go to court right now to basically stop the other side from lying. Craig is more than happy to defend his technology and that’s where the conversation should be, but these attacks on Craig because he’s overweight or because he’s a fraud of some sort, that his university degrees aren’t true- that’s just not true. That’s just not real,” he explained.
“And no amount of attacking Craig for these crazy arguments is going to make their technology work. So these people that are conflicted and have interests in other technical platforms, that are threatened by the power of real Bitcoin SV, what they need to do instead of wasting their time unlawfully attacking Craig, is go back and fix their stuff,” Ayre added.
Scale it and they will come
While there are plenty of opinions flying around Wright’s reveal of his true identity, no one can deny Bitcoin SV’s unique ability to scale massively which has been achieved in a relatively short period of time.
“It’s absolutely true. I’m a business owner and entrepreneur, and I know for a fact that I would not invest in a platform for an application development if I didn’t know it could already handle the volume that I anticipate from the success of my project. And that’s just business 101 and that applies to the gaming industry and it applies to all industries,” Ayre explained.
“In just a few months we’ve got a platform that can regularly mine 128 MB blocks and if you look at the other platforms, BCH ABC’s largest block is 4.5MB, BTC Segwit is 2.5MB and Litecoin is 1.5MB and original Bitcoin, BSV, is regularly doing 128. We think by the middle of the year it will be 500MB and between 1 and 2GB blocks by the end of the year,” he revealed.
“So I don’t know what these other platforms are going to do, but to me, instead of attacking Craig, they should focus on figuring out on how to make their technology work because right now, none of them work,” Ayre added.
Big blocks: Why should we care?
While mining several 128MB blocks on the BSV chain is big news for crypto enthusiasts, the average person out there may not understand the significance.
“Scaling removes the incentive for forking, so the technology is not going to fork anymore, scaling allows the transaction volume that will create the financial incentive for miners to continue to mine which creates the security on the network, so the security is enhanced by the scaling,” he said.
“Scaling gives the confidence to enterprise and start-up development to aim their application development at that network which is going to stimulate the transaction volume that’s necessary to attract the security and at the end of the day, just like there’s no need to be two internets, there will only be one platform. And that platform has to, by definition, be the one that scales,” he added.
“So all these business models that you can dream of, that could possibly be done with frictionless micro-transactions on the internet can only be done on BSV and I think that everyone should applaud that, its going to make our lives better,” he said.
Focus on utility, not price
Despite being around for 10 years now, plenty of people are still fixated on the price of Bitcoin (and other crypto currencies) and they often mistake a higher price for a superior technology.
“The prices of tokens out there today are artificial. They are not real. Fundamental, long-term value of a token is created by utility and utility only. All this other fluff, promotional fluff that’s out there, or FUD, to me they’re a bunch of Ponzi schemes, they’re trying to talk people into buying these things to make the price go up,” Ayre explained.
“Real utility, you don’t have to promote it, it goes up because it becomes in demand because it can be used for something. That’s utility and that’s BSV, the only one that’s got true, underlying utility. I think its significantly undervalued from that perspective and I tell people that if you are interested in investing, then you invest in utility, you don’t invest in price,” he added.
Coming to North America for the first time, CoinGeek’s next conference will take place on May 29th-30th in Toronto, Canada, this time with a special focus on massive on-chain scaling.
“This is the third [conference] I’ve done and I’m going to be doing lots more, the next one after this of course is in Seoul in Asia, and I’m going to be doing these around the world,” Ayre confirmed.
“We originally started them to talk about different aspects of platform and it dawned on us that what we really needed to talk about is scaling because that’s the one area where people that are supporting these other technologies that don’t work are very confused,” he said.
“Craig said [Bitcoin] would scale, Bitcoin was born an adult and now he’s got control of Bitcoin again and he’s proving that he was right and I think that’s pretty much the end of the story,” he added.
Johannesburg – April 17, 2019: South African-based Bitcoin company, Centbee, announced today that it has closed its Series A round with entrepreneur Calvin Ayre, founder of Antigua-based investment firm, Ayre Ventures and CoinGeek. Ayre, who has invested £1 million (R18.3 million), announced that, “Centbee has a track record of making Bitcoin easily usable and accessible to everyone including merchants and consumers. They support the original Bitcoin protocol in the form of Bitcoin SV, and have demonstrated an extraordinary ability to attract users and we’re proud to support their further growth.” The deal was facilitated by nChain, leading blockchain advisory, research and development firm, which previously took an equity stake in Centbee in January 2018.
Jimmy Nguyen, Chair of nChain Group’s Strategic Advisory Board and Founding President of the Bitcoin Association (which advances Bitcoin SV’s global ecosystem) remarked: “Centbee has one of the most user-friendly Bitcoin wallets and merchant payment solutions we have seen. It is built using the original Bitcoin protocol, now alive only in the form of Bitcoin SV, which has a plan for massive blockchain scaling. This enables Centbee to offer low fees and fast transaction speeds. We will continue to work with Centbee as it sparks greater merchant and consumer adoption of Bitcoin BSV in Africa and worldwide.”
Ayre’s investment is part of a broader collaboration to advance the Bitcoin SV ecosystem. nChain will also support Centbee with its technical consulting services and access to its vast intellectual property portfolio (which is aimed at benefiting growth of the BSV blockchain).
Centbee is a Bitcoin wallet provider that makes it easy for consumers to acquire, store and spend Bitcoin with retailers and other merchants. Centbee supports Bitcoin SV because it is the only blockchain that fulfils the original Bitcoin design and protocol. Based in South Africa, Centbee was founded by co-CEOs, Lorien Gamaroff and Angus Brown. Gamaroff is a leading expert in blockchain technologies and cryptocurrencies. He has consulted and advised regulators and corporates internationally and is highly regarded globally as an educator and presenter. Brown has 20 years’ experience in payments and banking including the role of CEO of eBucks.com, a world-first bank-backed digital currency created in 2000.
“Centbee has made it easy for customers to buy Bitcoin SV easily at over 50 000 till points in South Africa,” says Brown. “Through this, we will help people move money simply and cheaply across borders to support family and friends. The investment will be used for product development, scaling and growth.”
Gamaroff is pleased with the progress made over the last few months at Centbee, “Our development roadmap is well defined with exciting payment and remittance products coming to market this year. We look forward to the next phase in our growth and development.”
Centbee is a gold member of AlphaCode, powered by Rand Merchant Investment Holdings, which identifies, partners and grows disruptive and scalable fintech businesses. Head of AlphaCode, Dominique Collett said: “We are delighted that Centbee has attracted the interest of two of the world’s most prestigious investors in the cryptocurrency and blockchain space. It certainly augurs well for the growth and development of Centbee and Bitcoin SV globally.”
The Centbee Wallet is available in the Apple and Google Play stores.
For Centbee and AlphaCode media enquiries: Michelle K Blumenau [email protected] or call +27 83 273 9891.
ABOUT AYRE GROUP: Founded by entrepreneur Calvin Ayre, the Ayre Group has investments and interests across the world. With a passion for content and publishing, fintech, real estate and property in seven countries around the world, Ayre Group supports and drives the world’s most disruptive innovations.
ABOUT NCHAIN GROUP: The nChain Group is the global leader in advisory, research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of Bitcoin SV, the original Bitcoin protocol as represented in Satoshi Nakamoto’s whitepaper – focusing on Bitcoin SV as the true Bitcoin.
ABOUT CENTBEE: Centbee is a fintech startup based in South Africa, that builds products and services that make it easy to send, store and spend Bitcoin. Their vision is to help users pay for real-world goods and services using Bitcoin payment processes. The Centbee wallet, available in the App Store and Google Play store, enables the purchase of Bitcoin SV at till-points in over 50 000 retailers across South Africa. Centbee Remit makes it easy to send money across borders in less than one minute.
ABOUT BITCOIN SV: Bitcoin Satoshi Vision (BSV) is the only Bitcoin implementation that follows the original Satoshi Nakamoto whitepaper, and conforms to the original Bitcoin 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.
ABOUT BITCOIN ASSOCIATION:Bitcoin Association is the leading global organization for Bitcoin business. It brings together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin ecosystem to advance the growth of Bitcoin commerce. Bitcoin Association supports Bitcoin SV (BSV) as the original Bitcoin. As an inclusive organization, it welcomes companies and organizations who support or wish to learn about BSV and Satoshi Vision, even if you also support other cryptocurrency or blockchain projects.
UPCOMING: COINGEEK TORONTO CONFERENCE – May 29-30, Toronto, Canada
Come learn more about what Bitcoin can do with “No Limits” and the latest on-chain scaling developments with Bitcoin SV at the CoinGeek Toronto conference May 29-30. It’s easy to register. And pay with the world’s new money and you’ll receive a discount by using BSV via Coingate.
The Bitcoin SV (BSV) project continues to do what no other blockchain thought possible—scale on chain in a massive way that puts it in line with what is seen by the world’s major credit card companies. The project has been steadily working on different aspects of the “Roadmap to Genesis” and Steve Shadders has issued an update on the progress. To say that BSV is capable of doing what no other blockchain can do would be an understatement of epic proportion.
According to the latest information, the roadmap from last August until the second quarter of this year has seen all of the items fulfilled, or close to being completed, except for one, parallel block validation. This was put on the back burner in favor of other network improvements that were expected to provide a greater return on investment.
Coming soon will be a network upgrade called Quasar. It is currently scheduled for July 24 and centers on increased scaling capabilities. According to Shadders, “We have previously signalled an intent to raise the cap to 512MB however after consultation with the Bitcoin Association (the owner of the Bitcoin SV project) and miners representing a significant majority of hash rate it has been decided that the Bitcoin SV software will implement a default of 2GB in July.“
The logic behind the increased default is simple. By raising the cap, and allowing miners to set a limit of 512MB, the network will be able to see more scaling as it becomes necessary without having to introduce additional upgrades or forks.
The next big upgrade following Quasar is scheduled for February 4, 2020. It will provide a number of protocol restoration changes designed to return the network to the original Bitcoin protocol. It is aptly called Genesis and is scheduled for “11 years, 1 month and 1 day after the original Genesis block.”
The announcement continues, “The Genesis upgrade will also address scaling. We believe that by late in 2019 the Bitcoin SV node software will have implemented all of the safety mechanisms required to allow us to eliminate the block size cap altogether and let miners manage it without intervention from developers. So long as those changes are completed we intend to bring the planned date for allowing unlimited block size forward by almost a year and lift the cap completely in the Genesis upgrade.”
Unlike blockchains such as Bitcoin Cash that allowed developers to make all the decisions, BSV is publishing data in order to receive community feedback before moving forward. This creates a completely transparent network that is truly decentralized and built by the community, not by a few individuals who want to control the entire ecosystem.
Since the idea of Bitcoin was first conceptualized, it was known that one thing stood in the way of major adoption for cryptocurrency to be seen as viable alternative to fiat. While major credit card networks and other services, such as PayPal, have networks that can handle tens of thousands of transactions simultaneously, Satoshi Nakamoto recognized that Bitcoin needed to be able to scale greatly to reach those levels. He also understood that on-chain scaling was possible and discussed it in the original Bitcoin white paper. Those that understand the importance of the original Bitcoin vision have ensured that it remains intact, which is why Bitcoin SV (BSV) exists today. In proving that Satoshi was correct, the BSV blockchain has routinely proven that large blocks were possible and that the blockchain is more efficient than is the Bitcoin Core (BTC) blockchain, which now has virtually no similarities with the original Bitcoin.
Bitcoin SV En Español tweeted yesterday, “83000 tx block on BSV, would have taken 28 blocks on BTC chain.” Included in the tweet was a link to the block on Blockchair, showing when the transaction occurred and by whom, svpool.com.
While on-chain scaling and big blocks are possible, certain blockchains, such as BTC, have decided that they knew more than Satoshi and have come up with solutions such as the Lightning Network (LN) to handle transactions. LN settles transactions off the chain, which results in a break in the information consistency of a transaction. It also adds a separate step in the verification process that is neither warranted nor necessary.
BTC has, in fact, discussed reducing the block size, a further example of certain developers believing they are more adept than Satoshi and what was clearly outlined in Bitcoin’s whitepaper. It’s an example of how certain individuals have too much control of a blockchain, which undermines the decentralization that was to be an inherent part of a cryptocurrency network.
BSV continues to innovate, both through its blockchain and its cryptocurrency. It is proving how everything Bitcoin was meant to be is possible and the BSV supporters have shown their determination in helping Bitcoin to succeed. It’s unfortunate that other blockchain projects haven’t been able to maintain a higher ethical compass.
After Binance made their announcement to delist Bitcoin SV (BSV), Kraken soon followed with a poll asking Twitter users what they should do. Now, not only have they announced they will follow mob-rule and also delist BSV, but they’ve apparently disabled BSV withdrawals as well.
In their announcement, they claimed they would allow trading until April 29, with withdrawals available until May 31. An anonymous Kraken user has alerted us that it appears BSV withdrawals, and really all withdrawals, are currently unavailable at the exchange.
This source provided CoinGeek with a screenshot of their Kraken withdrawal page, with a red banner at the top indicating that withdrawals are currently disabled. We’ve independently confirmed that regardless of the cryptocurrency, withdrawals just seem to not be working at this time.
For users of Kraken, no matter if they support the decision to delist or not, this will be a frustrating experience. For those that are on the clock though, and want to get their BSV out of the site and move it to private wallets or exchanges that aren’t playing a public relations game for the mob, it’s especially frustrating.
The anonymous user had the following to say about the situation:
“I find it completely idiotic that any exchange would delist BSV considering its market cap. Clearly the people running Binance and Kraken want to play God with other people’s money and do not care about their customers.
“I decided to move all of my BSV from Binance, Kraken and Poloniex today. Binance was very slow but eventually sent it. Poloniex was very fast and even though they will continue to list it I just prefer to keep the coins in a wallet now.
“As you can see by the screen shot, Kraken has decided to disable withdraws for BSV. Why would they do that when they just decided to delist it? I am pulling all my funds out of that place ASAP and never looking back. Clearly they are very reactionary and did not plan for the volume of BSV withdraw requests.”
This is the problem with these exchanges. They aren’t truly interested in what’s best for the cryptocurrency industry, they’re looking to win a news cycle by playing to the masses. They picked their target, Dr. Craig Wright, and as a result are causing financial harm to well-meaning cryptocurrency investors. They ultimately don’t have their customer’s best interests at heart.
Calvin Ayre’s CoinGeek adds further £1,000,000 investment in the CentBee wallet: ”Centbee has a track record of making Bitcoin easily usable and accessible to everyone including merchants and consumers. They support the original Bitcoin protocol in the form of Bitcoin SV, and have demonstrated an extraordinary ability to attract users and we’re proud to support their further growth.”
The Centbee wallet, available in the App Store and Google Play store, enables the purchase of Bitcoin SV at till-points in over 50 000 retailers across South Africa.
A lot of attention has been paid lately to the legal battles of Dr. Craig Wright, chief scientist of nChain, and creator of Bitcoin under the pseudonym Satoshi Nakamoto. What gets lost in the news cycle is the serious development behind Bitcoin SV (BSV), even though it is the bigger and more important story long term.
James Edwards, editor of Zero n0nCense, recently tweeted several times about the development of BSV. After visiting the Slack channel of BSV, it caused Edwards to question if delisting the crypto is the right move. He went so far as to compliment the legitimacy of their work, and comment that BSV belongs in the crypto industry.
Idk. I'm not even trying to be devil's advocate, but their Slack looks extremely fucking legitimate and I've looked at a lotttt of projects and devs in this space (Bitcoin included).
I think they belong here. Its CSW that's the problem.
This is an impartial observer to the BSV space, not Wright’s side per se, but admiring the work of the project nonetheless. This is because ultimately, what Wright does online will mean very little when compared to the eventual success of the Bitcoin project.
Edwards has many tweets about the delisting of BSV, and went so far as to look into other hypocrisies by the howling mob, including a failure to delist Bitcoin Cash (BCHABC) after it had its own controversies and the shadier side of Binance that no one wants to admit.
He also took a hard look at Satoshi’s own words, taking a deep dive into forum posts, and comparing them against the development of Bitcoin. There’s a lot in there that points to the vision that BSV is now following.
Although Edwards said he doesn’t believeWright was Satoshi, he pointed out that there are enough smart people behind BSV to make it a worthwhile project.
Ultimately, he doesn’t need to believe Wright, and Wright isn’t begging anyone to believe him. The only thing the man is trying to do is defend himself against false accusations coming from those who fear him, and ask for a chance to prove the truth of what he claims. In the meantime, BSV keeps working towards the original vision of Satoshi, with a stable protocol and massive blockchain scaling.
If you also believe in the scaling plans of Bitcoin SV, why not join the CoinGeek Toronto conference this May 29-30. Registering only takes a few moments, can you can save money by using Bitcoin SV with Coingate.
Several cryptocurrency exchanges have recently made the decision to drop support for Bitcoin SV (BSV), ostensibly because it hasn’t continued to meet the exchanges’ listing criteria. If that were the real reason, the majority of the cryptocurrencies on the market today would be dropped. The real reason why Binance, Kraken and others have decided—possibly illegally—to no longer support BSV is because of childish retaliation against Dr. Craig Wright for his assertion that he is Satoshi Nakamoto. Fortunately, there are some exchanges that aren’t falling for the elementary school playground antics and won’t change their position. One of these is the Argentina-based crypto exchange SouthXchange.
SouthXchange confirmed in a tweet, “Official statement regarding Bitcoin SV: Coins are delisted mostly due to technical reasons. At the moment BSV meets our listing criteria, so it will remain listed in SouthXchange.”
Binance CEO Changpeng Zhao, also known as CZ, admitted that he was moving to delist BSV over Wright’s assertions. Kraken and ShapeShift both decided to join his gang and remove BSV, as well. Curiously enough, all three are involved in some type of litigation or disputes. Kraken is being sued by a former employee over allegations he wasn’t paid according to an agreement and has also come under fire for possibly offering services in New York without a license.
Binance has been accused of manipulating prices on its exchange on more than one occasion. It has plans to introduce a decentralized exchange (DEX), which were recently found to have the presence of bots that can manipulate prices. The company has also been sued for breach of contract and has refused to grant access to its financial statements.
ShapeShift has seen its trading volumes drop significantly as a result of decisions made within the organization and by its founder, Erik Voorhees. ShapeShift, as well as Kraken, are also involved in a major lawsuit alleging extreme price manipulation during the hard fork of Bitcoin Cash (BCH) last year.
It seems like the only exchanges that have decided to drop BSV are those that have a personal grudge against some facet of the digital currency’s space. As pointed out by FRNT Financial in Toronto, Canada, the move is setting a “bad precedent” and could lead to greater manipulation. The company asserts, “If a coin can be delisted due to some not approving of a community / person’s legal activities, what’s to say that a similar narrative cannot be created in the future simply to support a malicious actor’s monetary interest.”
Fortunately, there are those that get the bigger picture and don’t succumb to the immaturity displayed by certain individuals. BSV, the original and only true Bitcoin, lives on and will flourish.
The cryptocurrency markets remained at a relatively stable level on Wednesday morning at press time although there were some exceptions with Bitcoin Core (BTC) climbing considerably and settling at around $5,180 at press time. Ethereum (ETH) was also up by a relatively more conservative 2% to the $165 level, whilst Ripple (XRP) continued its rather staid march settling at just over the $0.32 mark—a level that it has been playing around with over the past few weeks.
Other coins with large market caps had somewhat mixed fortunes but the majority showed slight increases. After climbing to a peak of around $312, BCHABC settled at the $310 level although further selling pressure could see it lose slightly in the stakes. Litecoin (LTC) was ahead on Tuesday where it climbed to the $82 level but eventually fell back below the $80 mark at press time on Wednesday. Cardano (ADA) remained relatively stable at the $0.082 level or a 1% increase, whilst EOS climbed above the $5.60 level on the back of a 1.5% increase. NEO was up by a similar 1% to the $10.80 level, whilst Bitcoin SV (BSV) somewhat stemmed its steep losses of the past days to settle at the $55 mark.
Other coins such as Stellar Lumens (XLM) showed a similar slight increase where it was up by around 2% to the $0.1145 mark. Conversely, IOTA was down by the same 2% to just above the $0.30 level. Smaller market cap coins also had mixed fortunes with NANO and HOT showing relatively strong increases of 5% and 6% respectively. ETC and DASH remained stable at the $6.20 and $118 level respectively, whilst CELR, THETA and ONG showed considerable increases with the latter rising by no less than 12% and probably the best performing currency of the past 24 hours. ZIL, XMR and WAVES were also up from between 1% and 5% respectively.
FRNT’s story of the day for April 16 noted that the Binance crypto exchange had announced plans to delist BSV on April 22. Some other exchanges have announced similar plans, based largely on social media howls of outrage after Wright filed defamation and libel claims against some crypto critics with large Twitter audiences.
FRNT’s main takeaway from the controversy is that “certain actors specifically are setting a dangerous precedent in the delisting of BSV. Objectively, the only complaints one could have with the Craig Wright camp are 1) disagreeing with the content of his free speech and 2) disagreeing with his implementation of the current legal system. Given the impact that trading venues can have on the visibility and price of a coin, such a subjective delisting sets a precedent which has the potential to increase the space’s vulnerability to manipulation. If a coin can be delisted due to some not approving of a community / person’s legal activities, what’s to say that a similar narrative cannot be created in the future simply to support a malicious actor’s monetary interest.”
For years now, the Crypto Twitterati has attempted to demonize Wright and his claim to be the individual behind the Satoshi Nakamoto pseudonym and part of the original team that developed Bitcoin technology. Wright’s decision to take legal action against some of his more virulent critics was not taken lightly, and was done with the full realization that the retaliation would be swift and strong.
But, as evidenced by his recent legal filing aimed at Blockstream co-founder Adam Back, Wright appears confident in his ability to prove his claims in court. Wright appears equally confident that the BSV protocol’s ability for massive on-chain scaling will ultimately prove itself as the only Bitcoin capable of meeting the needs of a global financial platform.
But don’t take his word for it. CoinGeek invites supporters of all cryptocurrency and blockchain projects to join us in Toronto at the latest CoinGeek Conference on May 29-30 for what promises to be a lively debate on the future of money.
On April 16, Dr. Craig Wright, the man behind the pseudonym Satoshi Nakamoto and a member of the team that created Bitcoin, continued his legal fight to defend himself against harassment by filing legal papers against Adam Back, CEO of Blockstream, for defamation and libel.
Back (pictured above left), who invented Hashcash in the 1990s and co-founded Blockstream, has said in the past that it’s clear “from a tech perspective” that Wright (pictured right) was not Satoshi. He then tweeted on April 10 that Wright had published “fake proofs” and forgeries while also alluding to the idea that Wright had committed tax fraud.
It’s worth remembering that Back has long opposed Wright’s efforts to expand the size of individual blocks on the Bitcoin blockchain. Back preferred limiting the number of possible transactions per block and forcibly herding users onto Blockstream’s Lightning Network side-chain, a model that primarily benefited Blockstream, not end users.
That’s why Wright’s attempt to prove he is Satoshi Nakamoto is so threatening, and why Back would attempt to deny it. With Satoshi himself providing guidance on what Bitcoin could be, Blockstream’s plan appears all the more misguided.
Wright’s legal team’s request is simple and exactly what he’s requested of his other harassers. Back merely has to retract his statements, not make them again, apologize and acknowledge the statements were false. If Back doesn’t comply, Wright will be happy to take him to court.
That might be that the only way to settle all of this, and end the harassment of Wright. That’s why Wright has turned to legal recourses not only against Back, but also against Ethereum co-founder Vitalik Buterin, who has also alleged that Wright is not Satoshi. Wright is ready to stand up in court and prove that he’s Satoshi, and he dares his detractors to be adults about the whole thing and face him in a court of law. It might prove to be an ugly affair, but it’s the fairest way to end this mess once and for all.
The question is if Wright’s detractors will be willing to do just that. They have so much to gain by not allowing Wright to irrefutably prove his Satoshi identity that they may want to find a way out. As damaging as a market downturn would be, Satoshi revealing himself, and proving that his original vision, now reborn as Bitcoin SV (BSV), was the right course all along, would prove far more damaging to them in the long run.
Wright will prove he’s Satoshi, either by telling his story in his own time, or stepping up in court. Regardless, BSV, through its massive on-chain scaling, will prove to be a superior protocol than either Blockstream’s Bitcoin Core (BTC) with its Lightning side-chain or Ethereum. BSV has already demonstrated that Satoshi’s original vision of massive scaling is not only possible, but is a successful strategy for electronic cash and immutable data ledgers.
If that original Satoshi Vision sounds right to you, even if you currently support other cryptocurrency or blockchain projects, then attend the inclusive CoinGeek Toronto conference, happening May 29-30. You can register to hear about the massive scaling plans that the BSV development team has coming, and the opportunities they will bring. Better yet, you can save money on your registration by using Bitcoin SV through Coingate.