Bitcoin, the world's leading cryptocurrency, is currently priced between $41,430 and $42,217. The upcoming halving event in April 2024 is expected to be a transformative moment for Bitcoin. The code of Bitcoin now governs its operation and governance, surpassing the influence of its white paper. While the white paper does not encompass all aspects of Bitcoin as it exists today, such as the 21 million Bitcoin cap and the block size, the community has shown a collective approach to governance beyond just the code. The response to issues like inflation bugs highlights the collaborative nature of Bitcoin's governance. The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, continues to be a topic of interest. Craig Wright has claimed to be the pseudonymous creator, but the true identity remains uncertain.
Craig Wright, a computer scientist defending his claims to be the inventor of Bitcoin, faced cross-examination in the UK High Court. The trial was brought by the Crypto Open Patent Alliance (COPA), which aims to prevent Wright from pursuing further litigation that could intimidate Bitcoin developers. The cross-examination lasted over 30 hours and focused on allegations of forging and manipulating evidence. Opposing counsel Jonathan Hough presented examples of anomalies that suggested Wright had manipulated evidence, but Wright contested all the claims and provided justifications for each. The judge will consider the plausibility of Wright's version of events and the overall balance of probabilities in reaching a ruling. The ruling will impact three related cases brought by Wright against Bitcoin developers and other parties. If the court rules in Wright's favor, he would have control over the Bitcoin network.
The trial has the potential to impact the future of Bitcoin and Wright's ability to assert intellectual property rights over it. The opening arguments focused on Wright's alleged forgery of documentary evidence and the lack of credible evidence supporting his claim. The cross-examination focused on alleged forgeries, including backdated documents, manipulated email communications, and the use of ChatGPT to create additional forgeries. Wright attempted to cast doubt on the credibility of the forensic experts and provided explanations for each alleged forgery. The judge will consider the plausibility of Wright's version of events and the overall balance of probabilities in reaching a ruling. The true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains uncertain despite Wright's claims.
Australian computer scientist Craig Wright has been declared not to be Satoshi Nakamoto, the creator of Bitcoin, by a judge in the UK High Court. The ruling came at the end of a six-week trial in which the Crypto Open Patent Alliance (COPA) asked the court to declare that Wright is not Satoshi. The judge stated that Wright is not the author of the Bitcoin white paper, the person who operated under the pseudonym Satoshi Nakamoto, the creator of the Bitcoin system, or the author of the Bitcoin software. COPA is seeking an injunction to prevent Wright from making further claims as Satoshi Nakamoto. The judgement will be published at a later date.
A UK judge has frozen $7.6 million of assets belonging to Craig Wright, an Australian computer scientist, to prevent him from evading court costs in a recent case. Wright had claimed to be the pseudonymous author of the Bitcoin white paper, but the court found that he was not "Satoshi Nakamoto." The freeze is intended to account for the legal fees of the Crypto Open Patent Alliance (COPA), which won the case against Wright. The judge also noted that Wright had transferred ownership of his shares in RCJBR Holding to DeMorgan, raising concerns that he was trying to evade the costs of his loss. The judge plans to finish writing his judgment and hold a hearing to determine the costs. In another case, Tornado Cash co-developer Roman Storm has filed a motion to dismiss a US criminal indictment alleging that he assisted in money laundering and violating sanctions. The charges relate to allegations that Tornado Cash was used by the North Korean Lazarus Group of hackers to bypass sanctions and launder stolen crypto. Storm's legal team argues that he was a developer providing financial privacy solutions and that the indictment should be dismissed. Merkle Manufactory, a software developer for decentralized social media networks, is reportedly close to completing a funding round that values the company at about $1 billion. Crypto investment firm Paradigm is leading the round for Merkle, which was co-founded by former Coinbase executives Dan Romero and Varun Srinivasan.
Outspoken businessman Dan Pena has recently claimed that Russian President Vladimir Putin is the enigmatic Satoshi Nakamoto, the creator of Bitcoin. Pena asserts that Putin devised Bitcoin around seven to eight years ago as a means to undermine the American economy and disrupt its dominance. However, not everyone believes this theory, with some dismissing it as pure BS. The theory quickly falls apart when considering Putin's history of internet censorship and lack of expertise in English and Western cryptography. While the theory is improbable, it highlights the enduring mystique of Satoshi Nakamoto and our fascination with the shadowy forces that shape the digital world.
Billionaire investor Bill Ackman commented on Bitcoin's soaring price, suggesting that its rise could have implications for energy production, consumption, and the economy. He presented a scenario in which escalating Bitcoin prices trigger a surge in energy consumption, leading to inflationary pressures and a depreciation of the US dollar. Ackman's tweet sparked a discussion within the Bitcoin community, with some challenging his projections and others agreeing that investing in Bitcoin might be prudent. Michael Saylor, a Bitcoin advocate, suggested Ackman consider purchasing Bitcoin for different reasons. Ackman has previously expressed optimism about cryptocurrencies and disclosed being a 'minor investor' in various crypto enterprises. The discourse highlights the ongoing debate about the environmental impact of Bitcoin mining. Bitcoin's price continues to climb, reaching as high as $70,083.05 on March 8. Bitcoin and Ethereum outperformed traditional equities this week, and investors are holding onto their Bitcoin rather than selling, indicating bullish sentiment in the market.