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Bitcoin [BTC]: WikiLeaks provides evidence debunking Craig Wright’s claim to be Satoshi Nakamoto

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Bitcoin [BTC]: WikiLeaks provides evidence debunking Craig Wright's claim to be Satoshi Nakamoto
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Craig Wright, who claims that he is the real Satoshi Nakamoto, the genius behind “Bitcoin”, the cryptocurrency that took the world and more importantly, the government by surprise has been flagged as a “Serial Fabricator” by WikiLeaks, with evidence to back it up.

WikiLeaks known for its notorious leaks just put out alleged proof on Twitter suggesting that Craig Wright fabricated false truths out of thin air, by editing and/or forging. WikiLeaks tweeted,

Craig S. Wright is a proven serial forger of documents claiming that he is the inventor of Bitcoin. He has been repeatedly caught. This has “been independently verified by WikiLeaks at the time of his first claim and subsequently. https://github.com/CultOfCraig/cult-of-craig …”

According to WikiLeaks, Craig Wright, went back to edit his blog dated: August 26, 2008, and edited it by adding an important sentence related to how he was working on cryptocurrency.

His blog mentioned how he was spending his night and also detailed the things he would be involved in, like every other blog. One particular sentence which Craig Wright stated in the blog said,

“Tomorrow – back to the DNS  paper, my statistics dissertation and work
Tomorrow, Wolfgang Amadeus Mozart. Which piece, well that is still undecided”

As per WikiLeaks, Wright, more commonly known by the community as “faketoshi”, changed this sentence to the following,

“Tomorrow – back to the DNS paper, my statistics dissertation and work. I have a cryptocurrency paper out soon. Twenty years. Triple entry book keeping. BDO was good for something.
Tomorrow, Wolfgang Amadeus Mozart. Which piece, well that is still undecided.”

Craig Wright has been a pariah in the cryptocurrency ecosystem and is acknowledged as one by the likes of Ethereum’s Vitalik Buterin and others.

In his recent Medium blog post he mentions how he’s not a fan of WikiLeaks and Assange’s methods. The blog post read:

“More importantly, I am strongly opposed to criminal markets and bucket shops. Ross Ulbricht and others like him are criminals. They are not freedom fighters, they are not libertarians. They simply are predators, and they are all that Bitcoin was designed to make far more difficult.”

Commenting on the the issue, @ewaldkegel, a Twitter user commented:

” If Craig S. Wright really was Satoshi then we would have never known the name Satoshi. Modesty was never among his virtues.”

Another Twitter user,  @vovano_ commented,

“This was a kind guy gone completely crazy ;(#bitcoinSv is the minority chain of a minority chain #bcash)
This is a non event”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Is the scarcity principle a factor in Bitcoin’s valuation or is it just crypto white noise?

Biraajmaan Tamuly

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Is Bitcoin being scarce changes the way we put forward its valuation or is it just Crypto white noise?
Source: Pixabay

The aspect of scarcity is fundamental to the Bitcoin community, with its limited availability often seen as a virtue in a world where governments have unlimited power to print fiat currencies. With the value of Bitcoin increasing day by day, the virtual asset is getting close to its saturation point.

At press time, 17,763,712 BTC were in supply, very close to the 21 million Bitcoin supply cap. However, the last BTC will be minted on 7th May 2140. That is almost 100 years from now. So, there is still a significant period of time before Bitcoin’s production halts for good.

Many in the community have suggested that Bitcoin’s scarcity has genuine value because it makes the virtual asset “deflationary.” In light of Facebook’s announcement of “Libra” coin, it has been argued that it will not generate any circumstantial threat to Bitcoin, solely on the fact that Bitcoin was scarce and Libra was not.

A recent Medium article released by Forbes summed up the scenario. It stated,

“It will take time, but Facebook will greatly accelerate the pace of teaching people about cryptocurrencies. And when this happens, more people will turn to bitcoin for one simple reason — bitcoin is scarce, while Facebook’s cryptocurrency is not.”

Another aspect that explains the importance of Bitcoin’s scarcity value is its comparison with Gold, which is also a scarce commodity. A key model that explains Gold’s intrinsic value in the market is the Stock to Flow ratio.

The S2F ratio of a commodity explains the scarcity value as it is the amount of an asset that is available to the amount that is produced annually. Moreover, the higher the S2F value of an asset, the lesser the inflation rate attached to it. At press time, Gold had the highest S2F value, but Bitcoin was close behind and it was stated that by August 2020, Bitcoins S2F’s value would be 55.2 to Gold’s 62.

However, a significant counter-argument against Bitcoin’s scarcity in the community was put forth, with none other than legendary investor, Warren Buffet, claiming that Bitcoin had no “intrinsic value.”

Recently, Peter Schiff, CEO at Euro Pacific Capital, explained that Bitcoin was not scarce due to the availability of other crypto-assets which made Bitcoin’s scarce value quite redundant since crypto assets, with better properties and characteristics, could be created anytime.

The argument was widely opposed by a majority of the community, with certain crypto-enthusiasts deciding to respond to the post. Twitter user, @Sisko8, said,

“The Mona Lisa is not really scarce, as there is an infinite supply of other paintings with identical or superior painting techniques that can be created out of 3$ paint and canvas, including photocopies of the Mona Lisa.”





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