Jeff Garzik, one of the early bitcoin developers and the CEO of blockchain startup Bloq, has been served a subpoena relating to ongoing Craig Wright vs. Ira Kleiman lawsuit.
Craig Wright has reportedly filed over 100 blockchain-related patents since 2017, in addition to some pertaining to smart contracts and digital assets.
Craig Wright, an Australian computer scientist who has sometimes claimed to be Bitcoin (BTC) creator Satoshi Nakamoto, has reportedly applied for a slew of blockchain-related patents since 2017. Tech news site The Next Web (TNW) published its research regarding Wright’s patent filings on March 18.
TNW reports that, since August 2017, the World Intellectual Property Organization (WIPO) has published 155 patent applications filed by Wright. As with the United States Patent and Trademark Office, the WIPO publishes patent applications to notify the public that there is a potential new technology in a certain industry or space.
Wright will only receive proprietary control over the patents’ contents if they are formally awarded by the WIPO. Per TNW, whether the WIPO awards a patent is dependent on if the office deems it sufficiently innovative.
TNW states that the term “blockchain” was used in patent titles 114 times, while “cryptocurrency” was only mentioned six times and “Bitcoin” was never mentioned. References were also made to smart contracts and digital assets.
Some have argued that Wright is a “patent troll” who is attempting to amass blockchain-related patents not to use them, but to extract rents from companies that want to apply the technology. Marc Kaufman, an attorney who co-chairs the Blockchain Intellectual Property Council at the U.S. Chamber of Digital Commerce, told Fortune:
“His tactics and activities have all the marks of being a patent assertion entity or what’s pejoratively known as a troll. I’m not aware of his companies having any products.”
Last year, Wright was sued for $4 billion when the estate of David Kleiman — a computer scientist and cyber-security expert, whom many suspect to have been one of the developers behind Bitcoin and blockchain tech — claimed that Wright stole billions of dollars worth of Bitcoin.
According to the plaintiffs, Wright recognized that the family were unaware of Kleiman’s wealth and “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.”
In a recent development in the case, software engineer and Bitcoin pioneer Jeff Garzik was subpoenaed by a U.S. District Court. The subpoena calls Garzik to appear in court and with any evidence regarding the “personal theory” that Kleiman was Satoshi Nakamoto. The subpoena also orders Garzik to provide all communications, agreements and documents related to both Wright and Kleiman.
Craig Wright, the force behind Bitcoin Cash SV and the instigator of the disastrous Bitcoin Cash hard fork of Nov 2018 (that cost Bitmain’s Jihan Wu his job), is no stranger to controversy. He no longer entertains testifying and surprisingly is at pain when the Satoshi topic is revived.
While he claims to be the brains behind Bitcoin as the pseudonymous but elusive Satoshi Nakamoto, he recently threatened to “end” the popular CNBC Show CryptoTrader hosted by the interestingly inquisitive Ran NeuNer should he dare bring it up again. It is so because:
“People sit there saying, “You have to tell me (if he is Satoshi).” Why? I don’t have to tell you anything. I have my right to privacy. I can say what I will or won’t. I’m not asking you to give me money or support me. I don’t want your support. I don’t really care. I don’t need your investment. I’m not raising capital. I’m not getting a cent from you. Therefore, you have no right to know. The end.”
The Rise and Rise of Scams and New Coins
Even though the start was shaky, the resulting discussion turned out to be quite substantive as Craig gave his two cents of what he thinks of decentralization and why Bitcoin Cash SV is the only true coin in the midst of fakes.
As the immortal swordsman, Connor MacLeod, as depicted in (his favorite?) the film, Highlander, Craig is playing a duo-role. Firstly, he won’t shy away nor bow out as the maverick founder, Satoshi albeit without private keys. Secondly, he is a battle tested character, an immortal warrior, fighting for the eventual survival of the real Bitcoin now that alternatives working under the guise of decentralization are cropping up.
He warned that all these new coins and ICOs are nothing but pure scams that must end. In his analysis, coins like BTC “will never be the gold of the future. It’s not even Bitcoin.” Others like Tron will after pumping –with nothing more than marketing to show off, will “crash harder.”
According to Professor Faustus, Bitcoin as he earlier championed is designed to complement bankers and will act as a clearing house, not replace them. All this decentralization talk is to him “idiocrasy squared.” And it is not about decentralization, he has a problem with Ethereum which as we know is creating a smart contracting platform ran by a decentralized Turing complete virtual machine gifting it the ability as a world’s first super computer.
Craig takes issue saying Ethereum as a project is a “scam and a lie” as he hits on the network claims of high efficiency:
“There is no such thing as a token for a supercomputing mechanism. That is a scam and a lie. There is not one token that gives you a single compute cycle for anything less than a million times the cost [of a conventional computer]. You would actually be more efficient to buy a Raspberry Pi than you would be to buy a thousand dollars’ worth of compute cycle on Ethereum.”
Privacy? What Privacy?
Being a maximalist that he is, Craig further goes on to say anonymous coin is pure hogwash. In fact, he revealed that he is working on a tech that will just show how transactions on networks as ZCash and Monero are traceable. With a killer tech on his hands that will be directly accessible to law enforcers, Craig will demonstrate that privacy in ZCash and similar platforms is “as private as running through Times Square with your pants around your ankles.”
Perhaps it’s about time we sit and watch what Craig has up his sleeves. He has his reservation of privacy coins, will remain controversial and if he manages to expose ZCash transaction, then his coding skills will no longer be questioned leading him closer to the King himself, Satoshi.
The post Controversial Craig Wright Has the Technology to Make ZCash and Monero Completely Traceable appeared first on Ethereum World News.
A U.S. court has denied crypto entrepreneur Craig Wright’s attempt to dismiss a lawsuit alleging he misappropriated at least 300,000 bitcoin.
A South Florida District Court judge says David Kleiman’s estate has sufficiently alleged Wright may have stolen hundreds of thousands of bitcoins.
In the latest stage of an ongoing legal battle over Wright’s alleged theft of Bitcoin (BTC) from the estate of deceased crypto developer David Kleiman, a South Florida District Court judge denied an application to have the charges thrown out.
The case originally came to court in February, with Kleiman’s family alleging Wright stole up to 1.1 million BTC after he passed away.
After Kleiman’s death in 2013, Wright had contacted his estate, claiming to want to help dispose of the Bitcoin fortune.
Wright in part did so, but did not return the funds, the family says. In an amended lawsuit supported by judge Beth Bloom, a figure of 300,000 BTC is now circulating.
“The Court finds that Plaintiffs have sufficiently alleged a claim for conversion,” the court document confirms, continuing:
“The Amended Complaint alleges that Defendant converted at least 300,000 bitcoins upon Dave’s death and transferred them to various international trusts, which was an unauthorized act that deprived the Plaintiffs of the bitcoins therein. Accordingly, Plaintiffs’ claim for conversion… survives Defendant’s Motion to Dismiss.”
Wright has until Jan. 10 to respond to the counts which remain outstanding.
The crypto community breathed a sigh of relief after the Bitcoin Cash (BCH) hash wars reportedly ended on the 23rd of November. The Hash Wars that had officially started on the 14th of the same month, were due to two factions of the BCH community not agreeing on which upgrade to implement. This then led to a bitter battle between one camp led by Craig Wright (Bitcoin SV) and another by Roger Ver and Jihan Wu. The two camps eventually settled to fork the BCH blockchain.
Mr. Wu is the current CEO of Bitmain which is a company that specializes in designing ASIC chips for Bitcoin mining. The company also operates two of the largest Bitcoin mining pools: BTC.com and Antpool.
Signs of Trouble at Bitmain
The initial signs of trouble at Bitmain started right before the Hash Wars when it was reported that Jihan Wu had lost his seat as the company’s board executive director after a board reshuffle. Jihun was reportedly replaced by Zhan Ketuan. The reason for the reshuffle was not explained but on the same day, 90,000 miners were hurriedly deployed in China’s far-western region of Xinjiang to mine Bitcoin Cash ABC – the current BCH.
After the Hash Wars were over, it was rumored that the Q3 financials of Bitmain indicated that the company had made losses amounting to $740 Million. This amount excluded the cost of financing the hash wars. The unconfirmed losses by the company has led many to speculate that the pending IPO is an exit strategy by execs at Bitmain.
According to research by a team at Bitmex, the joint loss by both camps due to the BCH hash wars could well have exceeded $10 Million. Bitmain has also closed down its Israeli Blockchain development center, citing crypto market conditions.
Pending Law Suit Against Bitmain
Soon after the hash wars, UnitedCorp launched a suit against Bitmain, Bitcoin.com, Roger Ver, Kraken Bitcoin Exchange and others, claiming they had hijacked the Bitcoin Cash Network after the November 15th hard-fork.
Rumors that Bitmain is Liquidating its BCH
Additional rumors circulating on Crypto Twitter indicate that Bitmain might be liquidating its BCH stash to pay off supplier debts totaling $600 Million. One such tweet can be found below.
No-Action speaks louder than words. Its clear Jihan has abandoned the BCH project And not just that, info we have Bitmain is secretly liquidating its BCH stash to pay off supplier debts – some $600 mln pic.twitter.com/N6NHXgDvmJ
— BTCKING555 (@btcking555) December 14, 2018
The same twitter user was the one who informed the crypto community about the potential $740 Million in Q3 losses made by Bitmain. The user also had this to say in a recent tweet.
PREDICTION: Bitmain will finish the year with NEGATIVE $1,2-$1,5 BLN NET INCOME and cement its place as most money losing company in the industry
If the reports of Bitmain’s financial woes turn out to be true, it explains why Bitcoin Cash has continually fallen from the number 4 spot on coinmarketcap.com, to its current number 7 ranking. Before the hash wars, BCH was trading at around $500. The digital asset is now valued at $86 indicating a 83% drop in value in a period of one month.
What are your thoughts on the drop in value of BCH? Could it be linked to the ‘troubles’ Bitmain is facing? Please let us know in the comment section below.
[Image courtesy of stuff.co.nz]
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The post Is Bitcoin Cash (BCH) Losing Value Due to Bitmain’s Alleged Financial Woes? appeared first on Ethereum World News.
Findings from a test by an online persona known as “reizu” revealed four nodes control 75 percent of the BSV hashrate.
Bitcoin Cash SV (BSV), a new fork of Bitcoin Cash (BTC), faced new controversy on Dec. 8 after a researcher reportedly showed how any user could spend the same coins twice on its network in a “0-conf transaction.”
Bitcoin Cash, which was created in a hard fork from Bitcoin (BTC) in August 2017, uses 0-conf (or zero-conf) to allow almost instant transactions, meaning they are almost always confirmed in the following block.
In a multi-phase test including a video demonstration posted to Vimeo, the user, known as “reizu,” succeeded in “double spending” BSV tokens in a “0-conf transaction,” demonstrating the network’s vulnerability to attack and disproving major proponent Craig Wright’s claims (in reference to BCH) that “only miners” could do so.
The double spending demonstration was filmed with POP!, a point of sale (PoS) retail application that includes double spending detection.
“I’ve done many double-spending on the Bitcoin SV network,” reizu wrote in a Dec. 8 post on Honest Cash, a BCH-based social network created after the November hard fork. Honest Cash’s information page notes that the site was created in response to the censorship they reportedly observed on other platforms during the Nov. 15 hard fork.
BSV has faced difficulties from the outset since it came into being mid-last month.
During its first week, a blockchain reorganization gained the network considerable negative publicity as high-profile critics accused it of centralization, in contrast to Bitcoin’s (BTC) decentralized network.
As part of the investigation, reizu also reported signs the BSV network was “very centralized.”
“After a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes,” his post continued.
Out of a total of 450 nodes, reize concluded that just four control 75 percent of the network’s total hashrate.
Technical woes have so far failed to halt BSV’s success among investors meanwhile, with the fork overtaking rival Bitcoin Cash ABC (BCH) in market cap Friday.
At the onset of the hash war that followed the Bitcoin Cash hard fork of November 15, Bitcoin SV seemed to be almost losing totally to its then formidable rival, BCH ABC. The two sprang out from different chains to become separate cryptos as BCH broke up during the eventful fork.
In essence, Bitcoin SV is meant to fulfill the vision of Satoshi Nakamoto. According to Craig Wright and his team, the network is better off without being lumped up in extra layers of off-chain scaling solutions. Instead of that, BSV will be expanded to increase its storage space and block size to accommodate more nodes.
Bitcoin SV: The Current State
At the moment, BSV blocks are the smallest of the three Bitcoin versions. This is mainly due to lack of a sustained transaction volume on the chain. Craig wants to change that.
Just like Satoshi, Craig has a vision for BSV. In a recent tweet, Craig announced that BSV is keeping a two-year target to achieve up to 4 million TPS and build a Terranode network. It’s common knowledge within the Bitcoin community that BSV really needs to expand its transaction space. In fact, the first plan drawn after the hard fork centered on boosting BSV’s block space to 128MB.
To achieve these goals, Craig’s team plans to forge partnerships with various big corporate institutions to bring them onboard and boost the transaction volume on the network. Also, low transaction fees backed up with enough block space will attract various blockchain-based developers to the BSV network.
Craig Wright’s projections may be realist, but BSV must put up a tough fight in an industry where every crypto is fighting tooth and nail to stay relevant. For one, BSV is expected to face a huge task in going up against the likes of Bitcoin, Bitcoin Cash, NEO, and Ethereum.
In terms of cost, it’s hard to determine the resources to be invested in achieving Craig’s goal of a 1 TB storage space in two years. At present market rates, the figure stands at $300 per hour. However, this cost could be reduced by at least 40% by use of economies of large scale. If Craig’s projections come to fruition, the crypto space will benefits as a whole since a good percentage of global transactions will be happening on a blockchain network.
The post Craig Wright: Bitcon SV Will Be Processing 1 TB Blocks Within The Next Two Years appeared first on Ethereum World News.
Apparently, a wallet that had been inactive for almost five years moved 111,114 BTC to various exchanges around the world with the aim perhaps of promoting trading in the popular crypto-market after a recent bullish trend in Bitcoin prices. Reddit User Sick_Silk published after a very deep research
For years, the wallet, 1933phfhK3ZgFQNLGSDXvqCn32kgFQNLGSDXvqCn32k2buXY8a has been the scope of many curious enthusiasts as its owner has remained in the shadows, generating much speculation in the community (also earning the nickname of “wallet 1933ph”, “1933x” or simply “wallet 1933)”; however, a bitcointalk post of October 14, 2013, mentions that it could be related to DPR (Dead Pirate Roberts) the pseudonym that the authorities were able to attribute to Ross Ulbricht, founder of Silk Road, after his trial.
“Long story short, I think, if my analysis is not wrong, the address 1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a belongs to DPR. He used a tumbler to mix his coins but looks like it wasn’t good enough to hide the trail. I just used a shortest path something to find the path that leads to the final destination. So here is the trail:
1LDNLreKJ6GawBHPgBB5yfVLBERi8g3SbQS (tx: afeecd8e47d6c3912d6c2e5e5f7a2ceafdecc9d4ad221480fe90847c23f81c8892) -> ->
1BG9jDV3pA1MsJUnvRyWuA2b7PfGd4MZaw (tx: acb4608da3e06bb787682c7b2f5c4808b831301617cdf5986fd2693970c8040e) -> -> ->
12h6TzwPNBvDnppbsqpyXwwW4oo5UUKaKSa (tx: fb059f1acfe0399ca2d5090ff9264dfe88b918230c01f09391eaefa83082f4fb) -> ->
1EG9HJG9aGqzgGujfNQMiNbyqpKnFxafvE (tx: f3b6040fd5c2f70d4be82e5a97b9fcad67a1ebdfa20af8c7915b82afdd8aaa174) -> -> ->
1AHki5AbZYiz4fHkGSTVKN3T1Tv5PwZpnh (tx: 758b776dec1851a94a94a6c4ee1782aaf7210a59ae1e8c184d2b469d8039ff1773c) -> ->
15TEAwEMxVS3BK718HhwgJg7nxwyJ2ib9y (tx: 70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081) -> ->
It is important to note that although there is a ‘link’ between the transactions, the use of a coin mixer makes it very difficult to confirm with absolute certainty the suspicions of “assortmentofsorts” (the OP). However, such statements cannot be refused with total confidence either.
It is also important to mention that the wallet appears in a stocks sales contract that Dave Kleiman made to Craig Wright on April 2, 2013, so some have commented that it could be a movement of Bitcoins by Mr. Wright prior to the launch of Bitcoin SV, a Bitcoin Cash fork that aims to consolidate as the “true vision” of Satoshi Nakamoto.
According to the research, the owner of the famous wallet moved the 4-year-old dormant bitcoins through several transactions that ended in 3 significant exchanges with substantial trading volume: 11114 reached a Bitfinex wallet: 1Kr6QSydW9bFQG1mXiPNNNu6WpJGmUa9i1g
Likewise, 4421 were transferred to a Binance wallet 1NDyJtNTjtNTjmwk5xPNhjgAMu4HDHigtobu1s for a period from 21 August to 2 September:
Finally, a smaller amount of only 210 BTCs made it to a Bitmex wallet:
So far there has been no significant market reaction to this sudden move, Bitcoin (BTC) remains stable at a price above $7.2k with bullish trends in 1-day candles.
The Bitcoin Cash community has had a hectic week, and the gap between two large factions seems to have reached a point where the differences are irreconcilable. This seems to be the only conclusion one can draw after hearing the statements of the most important figures within the Bitcoin Cash ecosystem, especially after the Bangkok Miners Summit of 2018.
The critical event had the purpose of contrasting views on both sides and determining which changes are necessary and safe for the blockchain, as well as which changes should be avoided. Of course, both supporters of the Bitcoin ABC proposal and supporters of the Bitcoin SV proposal were invited.
However, shortly after the debate began, Craig Wright, one of the most critical Bitcoin SV advocates left the meeting, leaving many without the opportunity to argue the merits or disadvantages of Bitcoin SV.
Craig Wright Leaves the Bitcoin Cash Miners Meeting
After leaving what he called a “bullshit” meeting, Craig Wright had an interview with Hayden Otto, anchorman of YouTube’s Crypto Strategies channel, with whom he talked about several points, including various controversial aspects that have caused division within the community.
In short, some proposals for change seem to be seeking the profit and control of certain power groups. He compared Bitcoin ABC’s refusal to push a 128MB block to Bitcoin’s (BTC) “philosophy” of not increasing the blocksize and relying on layer-twoo solutions.
He sharply criticized Jihan Wu for his damaging actions and took the opportunity to promote the advantages of joining the pool he is developing for Bitcoin SV, as it prevents a chain split, has a better profit distribution, and costs are meager.
Roger Ver Speaks Out
Roger Ver also raised his voice in this regard. He was a little disappointed by the lack of consensus and the attitude of Craig Wright, but he considers that the ability to “fork off” that a person has when they disagree with a change proposed by the majorities is precisely what gave birth to BCH.
On “Wormhole,” the initiative proposed by Bitmain, Roger Ver considers that a token burn is a good thing because it increases the ratio of demanders concerning the offer; however, he refrained from issuing more comments, claiming he did not fully understand the issue.
So far the supporters of each proposal seem adamant about not getting a common point, even though Mr. Ver considers that there is a large area of agreement. Bitcoin Cash remains relatively stable at around $600