Craig Wright Claims 2018 Will be the Year of Bitcoin Cash

Craig Wright has always been a controversial figure in the Bitcoin world. After successfully showing the world he is not Satoshi Nakamoto, Wright still makes some interesting comments. In his latest series of tweets, the master of deception focuses on Bitcoin Cash once again In his opinion, 2018 will be the year of BCH as the Bitcoin with the most potential. An interesting train of thought.

Even though most people ignore Craig Wright, he still makes interesting comments. No one can deny Bitcoin in its current form isn’t suitable for anything but being a store of value. That will eventually change for the better, hopefully. However, it is evident we will need to see some changes sooner rather than later. Other competitors are not resting on their laurels whatsoever. Especially Bitcoin Cash may make a significant impact in the coming months.

Craig Wright Continues to Favor Bitcoin Cash

If Craig Wright is to believed, BCH is the Bitcoin fork with the most potential. Some big changes are on the horizon for this popular altcoin as we speak. A non-constrained block size is one of the big developments, to say the least. On-chain scaling is not ideal by any means, but it seems to work for this currency so far. Additionally, we will see web wallets become more secure and potentially improved coin mixers.

Any form of Bitcoin lacks privacy and anonymity by default. This can only be achieved by mixing coins or using altcoins with such functionality. Until now, there has not been much debate regarding Bitcoin Cash and mixers. Such services will always have their place in the market. Craig Wright believes this will help proper Bitcoin Cash to become a globally adopted cryptocurrency. Only time will tell if any of this will come true, though.

The ongoing competition between Bitcoin and Bitcoin Cash has been rather interesting. Both ecosystems offer something the other doesn’t It is not necessarily a matter of which one is better, but rather which one will have the majority of support. For now, that ball is still in Bitcoin’s camp. If Craig Wright is to be believed, this will change in the next year or so. An interesting development to keep an eye on, regardless of one’s feelings toward BCH.

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The crypto-sphere has been awash recently with stories claiming that the creator of Bitcoin is none other than SpaceX founder and Tesla CEO Elon Musk. Nobody really knows the true identity of Bitcoin’s father other than the pseudonym Satoshi Nakamoto and its elusive connotations. Interest has surged in the cryptocurrency which is currently teetering on breaking the ten thousand dollar price level so people are wondering who founded it and how much of it do they hold.

No person or group has stepped forward with a genuine claim to be Nakamoto, though some have falsely tried. Founder of Nchain, Craig Wright, is one such fraudster that claimed to be the creator of Bitcoin at a Future of Bitcoin Conference. Core developers and BTC community members immediately rejected this claim.

Enter Sahil Gupta, a software engineering intern at SpaceX. In a recent Medium post he put forward some arguments for Elon Musk as being the founder, and some are quite convincing. Firstly the capability must be established, the 2008 Bitcoin Whitepaper was written by someone with an extensive understanding of cryptography and economics. Musk has a background in economics and has written production-level internet software for several platforms including Paypal.

The source code for Bitcoin was written by an expert in the C++ language. Again, Elon Musk is a high-level coder and insists that this language is used at his companies. Being a self-taught polymath Musk has been on the leading edge of innovation for at least a decade and has worked on the forefront of projects such as reusable rockets and Hyperloop.

As for motivation, there would have been no better seed for one than during the great recession of 2008. Developing a solution to the banking problem and the deep mistrust people had with them as millions lost investments to unscrupulous bankers would have been high on any philanthropically minded entrepreneur’s list.

Gupta went on to draw similarities with the original paper and the hallmarks of Musk’s reasoning and order of magnitude calculations. He then asked the question of anonymity, “Would Elon have stayed anonymous for 10 years? Probably, on principle.” Bitcoin was created as a peer-to-peer currency that did not need centralization or control by a financial institution or government.

Musk has publically stated that he does not own any Bitcoin but it was widely reported that Satoshi possessed a million of them. This could mean that the Satoshi stash has now gone or that we are still none the wiser about who created it. There were some comparisons to Benjamin Franklin with Musk identifying with the urgent problems that humanity faces such as renewable energy, interplanetary exploration, and artificial intelligence.

But his final argument was the best, would Elon choose a pseudonym that is an anagram for “So a man took a shit?” Of course.

Craig Wright is desperately trying to remain relevant these days. His latest comment on Twitter creates a lot of bad blood, to say the least. At the same time, there may very well be a hidden truth in the message. No one can deny Ethereum isn’t an immutable blockchain any longer. They lost that claim when the DAO bailout forks occurred. No rollbacks have taken place since, but the precedent is still on a lot of people’s minds.

One has to put the Craig Wright statement into perspective. He is talking about why Russian officials are showing an interest in Ethereum. More specifically, the Russian national digital currency will be structured around the Ethereum infrastructure. That in itself is pretty remarkable. At the same time, Wright claims there is a very good reason for this. First of all, he calls Ethereum an inflationary cryptocurrency. That is effectively true especially when the switch to PoS occurs.

Craig Wright Makes a Rather Interesting Point

This inflationary aspect lends itself perfectly for a national digital currency. More specifically, any country looking to create a CryptoRuble for example would appreciate this concept. Fiat currencies have been inflationary from day one. The digital version of this currency will not be different whatsoever. It would also explain why the CryptoRuble team wants to use Ethereum. However, Craig Wright claims there is another reason for this decision as well.

Russia is an oligarchy and they want to control the monetary supply. Issuing a national digital currency will facilitate this procedure quite a bit. However, it can only be done if there is a chance the supply can be modified and rollbacks on the ledger could occur. There is only one “open” blockchain which fits that bill right now: Ethereum. Thanks to the DAO bailout rollback, they have a precedent for a mutable blockchain. That is exactly what a lot of governments would like to have.

The recent talks between Vitalik Buterin and the Russian government only seem to confirm as much. While Craig Wright is speculating out loud, it is difficult to disprove his point right now. It is evident there is a good reason why Russia sees Ethereum as the go-to solution. Bitcoin is well beyond their control, as are most altcoins in the top 10 right now. The only exception is Ethereum. Craig Wright may, for once in recent years, effectively be onto something.

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The concept of mining Bitcoin has always been somewhat controversial. More specifically, there are a lot of conflicting opinions about this concept. There is a high degree of centralization in Bitcoin mining right now. Craig Wright, the self-professed Satoshi Nakamoto, states this was always the plan. Anyone running a non-mining node “is irrelevant|. Another controversial statement that won’t go over well with the Bitcoin community.

No one can deny miners have a lot of “power: in the world of Bitcoin and cryptocurrency. They are the ones responsible for generating new network blocks. They also confirm network transactions, for which they receive transaction fees. Most of those mining efforts originate from China, which leads to a high degree of centralization. It is not an ideal situation by any means, though.

Craig Wright is at it Again

Putting more power into the hands of miners is the last thing Bitcoin needs right now. Surprisingly enough, that is exactly what the SegWit2x chain is all about. Craig Wright, who still claims to be the creator of Bitcoin, thinks it is normal miners control everything. In his recent tweet, he hints at how corporations need to run mining rather than anyone else. A clear favoritism toward centralized solutions, to say the least. It is also another example as to why Wright can’t be Satoshi.

Moreover, stating how non-mining nodes don’t matter is rather troublesome. While no one denies nodes are important, they shouldn’t be run by just the miners. Moreover, no one should tell other people what to do or how to act. Craig Wright is a  very strange individual in this regard. It certainly doesn’t make him more professional in this regard whatsoever. Anyone who even remotely believed he is the creator of Bitcoin will certainly think twice about that right now.

All of this “blind faith” in Bitcoin miners cannot be warranted whatsoever. Granted, there are people with perfectly honest intentions out there. Most mining pools provide a valuable service. However, for a decentralized currency, this focus on centralization isn’t looking great whatsoever. Changing all of this will not be easy whatsoever. If statements like these get enough traction, things aren’t looking great by any means. It will be interesting to see what Craig Wright comes up with next

Craig Wright has almost become a cult figure in the world of Bitcoin. That is not necessarily for the right reasons, though. He continues to claim he is the one and only creator of Bitcoin known as Satoshi Nakamoto. Vitalik Buterin recently asked Wright to “stop being a fraud”. An interesting discussion that will certainly cause some debate among cryptocurrency enthusiasts.

No one knows for sure who the real Satoshi Nakamoto is these days. That is only normal, as this person or group purposefully hid their identity from the public. Over the years, there have been multiple allegations as to who may be behind this pseudonym. One of the more vocal individuals is Craig Wright. Despite his absurd claims, he never succeeded in confirming being Satoshi Nakamoto or not. In fact, he bailed out on providing evidence during a critical time.

Vitalik Buterin Is’t a fan of Craig Wright

All of this has certainly tarnished Wright’s reputation. Moreover, his company keeps filing Bitcoin-related patents, which causes additional friction. To top it all off, Craig Wright continues to claim he is the only Bitcoin creator. This is getting on a lot of people’s nerves, for obvious reasons. Even Vitalik Buterin is seemingly getting tired of these shenanigans. He even went as far as calling Wright a “fraud”, which is some rather harsh language.

While it is true Wright has no evidence to prove he is Satoshi, calling him a fraud may not be entirely correct either. It is true Craig has become a very controversial figure in the cryptocurrency world. Very few people believe anything he says these days, although there is still a loyal following. Riding the coattails of Bitcoin’s success is not something people would have expected from such a renowned individual. Then again, that is exactly what he has done for over two years now.

It is good to see Vitalik Buterin weigh in on this debacle. While a lot of people won’t necessarily agree with him, the words have some truth to them. Buterin states how Wright is a “net harm to the wider cryptocurrency community”. While that remains to be seen, there are certainly others who feel the same. Discussions like these are always interesting to keep an eye on.

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It looks like we have another interesting plot twist in the world of Bitcoin. A fake Twitter account claiming to be Craig Wright has been officially suspended by the social media company. Many people are confused about this, even though it isn’t his real account. It is unclear why the @realcraigwright handle is suspended from the platform, thought. The impersonation of a verified individual may have something to do with it.

Big was people’s surprise when the @realcragiwright Twitter account was suspended all of a sudden. To this day, many people believe the account belongs to Craig Wright. This man still claims to be Satoshi Nakamoto, yet has failed to provide any evidence thus far. The Twitter account in question always tweets about Bitcoin as well, but it is not his real account. Instead, that account can be found here.

Curtain Call for Fake Craig Wright Twitter Account

It doesn’t happen often such fake accounts are suspended from Twitter it is unclear what lead to this decision in the first place. Given the vast amount of followers this fake account has, it is likely someone reported it. Impersonating  a known individual is never  a good idea. Even though some tweets are posted as a jest, uneducated individuals would certainly consider it to be the real Craig Wright.

Although many people remain unconvinced Craig Wright is Satoshi Nakamoto, creating a fake social media account is something else entirely. While no harmful comments were made by this account, Twitter needs to take strong action against such operations. It is unclear if the account will ever come back or not, though. Suspensions of such accounts can last days, if not weeks or months. In most cases, the problem can be solved by proving the user is who they claim to be, but that will be pretty difficult in this case.

All things considered, this suspension will not affect Bitcoin in any way. People who want to follow Craig Wright need to keep an eye on his official Twitter profile. It is possible the fake account will return in the future, though. Never take anything coming from that person seriously by any means. Rest assured this incident will cause a fair bit of confusion for the foreseeable future.

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Most Bitcoin users know all too well who Craig Wright is. He still claims to be the real Satoshi Nakamoto, which is still untrue at this point. A company which used Wright’s research is now sold to a private equity firm. That is rather intriguing, although it is evident this company continues to ride Bitcoin’s coattails. Craig Wright is trying to get his share of the spotlight once again.

This particular business deal puts an interesting light on Craig Wright. Although he firmly believes he created Bitcoin, the rest of the world is not impressed by his evidence so far. It is evident Wright wants to remain a key part of Bitcoin moving forward. Whether or not he will succeed in that mission, remains to be seen. According to Wright, Bitcoin needs to be built into a global system with no king. Not the most shocking statement by any means.

Craig Wright Remains Persona Non-Grata

Craig Wright feels he can make Bitcoin scale to what it is supposed to be. That statement is rather significant, considering scaling has been a lingering issue for some time now. Now that nChain Holdings has been sold to a private equity firm, it is possible Wright may focus more on Bitcoin again. Interestingly enough, nChain Holdings is Wright’s company used to file hundreds of Bitcoin patents. Selling that off to a private equity firm seems a very dubious decision, to say the least.

This new business deal won’t do the reputation of Craig Wright any favors, though. Filing Bitcoin patents has made him a somewhat despised figure in the community. Additionally, failing to prove he is Satoshi Nakamoto tarnished his credibility. It is evident he has some good intentions regarding Bitcoin, but he struggles to make a mark. If he was the real Satoshi, he could easily use that name to address these issues. However, he wants to do so under his actual name. Something isn’t adding up in this regard, that much is evident.

The Bitcoin community is not too pleased with Craig Wright, for obvious reasons. Now that he tries to get the spotlight again, that situation won’t change anytime soon. For the time being, Craig Wright is still not Satoshi Nakamoto. It is highly doubtful he can ever prove otherwise. Even if he did, it won’t matter all that much to the overall Bitcoin community, though. The development of Bitcoin has been “outsourced” many years ago. If Wright wants to make a comeback, he should do so under Satoshi’s name. However, it is doubtful he can, since they are not the same person.

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The Australian computer scientist, Craig Wright who made it to the news last year after claiming to be the creator of Bitcoin, is on a patent filing spree. The self-proclaimed “Satoshi Nakamoto”, who failed to convince a segment of the cryptocurrency community has reportedly joined hands with Calvin Ayre, a Canadian entrepreneur to file for more than 70 patents in various segments including the cryptocurrency and blockchain segment.

A leading news platform, in a report, mentions that the combination of Wright’s brains and Ayre’s bank balance can turn into a formidable force in shaping the cryptocurrency industry. The report further connects the roots of Bitcoin to the gambling industry/applications. It states that the original Bitcoin code might have been developed keeping gambling applications in mind.

The article even informs about an independent review of an earlier version of Bitcoin code, which seems to have found few unimplemented functions that are applicable to poker. The findings don’t dispute the possibility of Craig Wright being the Satoshi Nakamoto or one of the developers involved in the early phase of development.

Reuters has quoted Craig Wright from an unpublished paper from 2015 where he has said,

“The bitcoin blockchain can be scaled up to replace all existing payment system networks to become the world’s single global economic infrastructure.”

Craig Wright is filing the blockchain patents, which might hold the key to the currency’s scalability issues. These patents are allegedly being filed through EITC Holdings, based out of Antigua. Incidentally, Antigua is the place where Calvin Ayre is currently residing and the company, EITC Holdings is said to be headed by some of Ayre’s close associates.

With Ayre’s interest in the gambling industry, the blockchain patents are expected to be utilized to create casino and gambling products in the near future. It is speculated that Craig Wright and his associates will be applying for at least 150 patents which can ultimately go up to 400.

However, none of the patents seem to be approved so far, and there are doubts about whether they will even be enforceable if granted. But it will still create a hindrance when it comes to innovation, provided the developers of any new project have to seek permissions and maybe even offer royalties to continue developing innovative applications of blockchain technology.

Ref: Reuters | Image: NewsBTC

It is not the first time somebody tries to patent the “Bitcoin” term, but no one expected Craig Wright to be among them. Not too long ago, this person claimed he was the creator of Bitcoin, yet failed to provide any credible evidence. As it turns out, he wants to build a patent portfolio around this cryptocurrency, as well as the technology underpinning the protocol.

Craig Wright is perhaps one of the most despised people in the Bitcoin world right now. After falsely claiming he was Satoshi Nakamoto, his credibility took a serious nosedive. Now that he is trying to build a patent empire around Bitcoin and blockchain technology, his reputation will take another significant hit.

Craig Wright Wants To Destroy Bitcoin

For those who still had any lingering doubt as to whether or not Wright is Satoshi Nakamoto, his actions speak louder than words. Bitcoin is designed to be a tool for all people of this world, and patents have nothing to do with this concept. Anyone who tries to patent things regarding Bitcoin and the blockchain does not have the best interests of cryptocurrency at heart, let alone be the creator of this ecosystem.

According to Reuters, Wright has filed over 50 patent applications through EITC Holdings Ltd. All of these filings took place between February 2016 and today. It is interesting to note he was working on his patent empire while making the Satoshi Nakamoto claims, indicating there was something much larger at play than most people anticipated.

400 Patent Applications On The Agenda

This past week, EITC Holdings Ltd – which is run by two of Wright’s associates – filed another 11 patent applications. Even if some of these claims were granted, it would be a significant turn of events in the history of Bitcoin. With so many financial institutions exploring this technology, Wright would make a killing from all of these patents.

Among the applications are projects such as an online content paying mechanism – similar to micro tipping with Bitcoin – and a blockchain-based IoT operating system. Some sources indicate EITC Holdings is planning to apply for a total of 400 different Bitcoin and blockchain-based applications in the coming months.

Despite all of these patent filings, it is important to note Bitcoin and blockchain cannot be controlled through traditional means. Since there is no centralization involved in either protocol, it will be nearly impossible to patent technology that has been in existence for several years.

Source: Trust

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The mainstream media has been having a field day ever since Craig Wright, the Australian computer scientist proclaimed himself to be the Satoshi Nakamoto. After Craig Wright failed to convincingly prove that he and Satoshi Nakamoto are one and the same, the media has painted him as a fraud, trying to manipulate the community and the Australian government by allegedly fabricating the proof. But the discussions and coverage are not limited to the identity of Bitcoin’s creators. Either to overcome the embarrassment (for prematurely publishing the news stating Craig Wright is Satoshi Nakamoto) or to utilize the situation, the mainstream media has started to speculate about the future of bitcoin, its collapse and whether bitcoin is even necessary.

The revelation by Craig Wright was expected to cause some flutter in the market price of bitcoin. However, the decentralized peer to peer digital currency displayed that it has grown out of the shadow of one single person or an entity. The bitcoin pride trend has remained mostly unchanged throughout this month, including the days following Craig Wright’s announcement about being Satoshi Nakamoto and the community’s response to the proof he divulged supporting his identity as the creator of Bitcoin.

btcprice satoshi day

It is assumed that the speculation about significant changes in the bitcoin prices is because of mainly two reasons. It is highly likely that once the actual identity of Satoshi Nakamoto is confirmed, the person or persons who are identified as Satoshi Nakamoto may flood the market with the initial batch of over 1 million bitcoins, which is worth at least $4. 5 billion at current market price. this will lead to an increased supply of bitcoin, leading to a fall in the bitcoin prices. At the same time, with the creator of Bitcoin known to the public, may also lead to a significant increase in the regulatory pressure. Remember the recent lawsuit against Apple by the Federal Bureau of Investigation, attempting to force the tech giant to unlock an iPhone belonging to one of the terrorists? The same scenario may replay in Bitcoin’s case as well.

Depending on the nationality of Satoshi Nakamoto, he/they may come under the eyes of taxation and regulatory authorities demanding taxes for $4.5 billion worth of undeclared bitcoin assets held over a period of almost 8 years. But that is a different story, as only the Satoshi Nakamoto who will be affected and not the entire bitcoin community.

While the last two instances are more likely to lead to a drop in the bitcoin price, there is another likely scenario, driven by the increased/decreased trust factor after the knowledge about Bitcoin’s creators goes public. Depending upon the person(s), the trust factor in the Bitcoin network may either increase or decrease.

However, all these above mentioned scenarios are hypothetical at best. The recent Craig Wright incident is any indication, then the price drop experienced on the day of his announcement is still within the limits, conforming to the existing trend. The fluctuation in the value of the digital currency did not exceed $10, leading to a conclusion that the Bitcoin community now grown big enough, with sufficient users and transactions to correct itself. Factoring in the inherent highly volatile nature of Bitcoin and the available market price data, we can assume that the price fluctuation on the day Craig Wright proclaimed himself as Satoshi Nakamoto was merely a coincidence.

Ref: Blockchain.info (chart)
Disclaimer: The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC.
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