Craig Wright Who Claimed to be Satoshi Nakamoto has Been Sued for 10 Billion

  • Patrick Thompson
    ⭐ Features

    Craig Wright – the man who claimed to be Satoshi Nakamoto back in 2015 and even provided evidence for the claim – has been sued for over $10 billion.

Craig Wright Who Claimed to be Satoshi Nakamoto has Been Sued for 10 Billion
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Dr. Craig Wright – the man who claimed to be Satoshi Nakamoto – has found himself in the crosshairs of a lawsuit worth over $10 bln. Ira Kleiman has filed a lawsuit on behalf of his late brother Dave Kleiman against Wright. A 2015 report from Gizmodo stated that the documents Gizmodo had gathered on Dave Kleiman included a draft of a contract created in 2011 in which Wright entrusts 1.1 mln Bitcoin to Kleiman, however, the contract stated that the money was to be returned to Wright sometime in the future.

However, Ira Kleiman is arguing that the terms of the contract have been manipulated. Kleiman argues that Wright forged Dave Kleiman’s signature and backdated the contracts between Kleiman and Wright so that Wright could deceptively obtain access to the 1.1 million Bitcoin that are now worth $11,440,000,000. In addition to the complaint filed for forging the contracts, Kleiman claims that Wright also infringed upon Dave Kleiman’s intellectual property associated with Bitcoin.

It is no secret that both Craig Wright and Dave Kleiman were early developers on the Bitcoin Project, however, it is not clear whose intellectual property is placed where in regards to the Bitcoin project. Gizmodo reports obtaining an email from Craig Wright to Dave Kleiman in which Wright requests Kleiman’s assistance editing a paper for a new currency wright was creating,

I need your help editing a paper I am going to release later this year. I have been working on a new form of electronic money. Bit cash, Bitcoin... You are always there for me Dave. I want you to be a part of it all.

Evidence like the dialogue above provided a reason for the crypto community to believe that Craig Wright was Satoshi Nakamoto. As early as December 2015 there were claims that Wright was actually Satoshi. Gavin Andresen - an early Lead Developer of Bitcoin and one of the founders of the Bitcoin Foundation –  even provided support for the claim that Craig Wright is Satoshi Nakamoto. Andresen says that in a private meeting with Wright in London, Wright signed a message to Gavin with a private key from the first block ever mined on the Bitcoin network – a task that only Nakamoto himself would be able to do since Nakamoto should be the only one to possess this private key. However, this feat caused some to claim the whole ordeal was a hoax. Individuals stated that the task that Wright pulled off with the private keys does not prove anything. The negative pushback to the claim that Wright was Nakamoto caused Wright to eventually give up trying to prove the claim. On may 16, 2016, Wright posted on his website,

I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. When the rumors began, my qualifications and character were attacked. When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this. I know that this weakness will cause great damage to those that have supported me, and particularly to Jon Matonis and Gavin Andresen. I can only hope that their honor and credibility is not irreparably tainted by my actions. They were not deceived, but I know that the world will never believe that now. I can only say I’m sorry. And goodbye

Since then, Wright has given up trying to proof that he is Nakamoto. When Wright was questioned about the lawsuit by twitter user BrianGamblin, Wright replied that his prosecutors were doing this out of greed.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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