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Bitcoin SV [BSV] lead proponent Craig Wright in the news again as he claims he “was Satoshi”

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Bitcoin SV [BSV] lead proponent Craig Wright in the news again as he claims he “was Satoshi”
Source: Unsplash

nChain Chief Scientist Craig Wright has claimed that he “was Satoshi,” the infamous pseudonym behind the anonymous founder of Bitcoin [BTC] who surfaced in 2009 with the whitepaper that gave birth to the world’s first cryptocurrency.

This stark announcement by Craig Wright has certainly enraged the collective community with some planning on launching legal cases against him. Wright has done this before, the last occasion when he claimed he was Satoshi Nakamoto was back in November 2018. In an email to Roger Ver, Wright claimed he was the founder of Bitcoin, but this claim was dismissed as it was said in the heat of the Bitcoin Cash hardfork.

Now, in a Medium post titled “Careful what you wish for…,” Wright spells out his journey with the Bitcoin world, concluding with the revelation. He begins the piece likening himself to the Apple genius, Steve Jobs, and goes on to state that,

“When he started, Jobs was the outsider. He was rejected, and fought to grow what he was building each and every day. The attempted building of an alternative version of what I created goes against all I stand for. Yet, I allowed myself to get into such a position.”

Wright stated that, according to him, the intention behind Bitcoin was not to “help an anonymous money-transfer system,” and he did not want to operate outside the purview of the law. He further suggested that he despised people like Julian Assange, the man behind Wikileaks and Ross Ulbricht, the man behind Silk Road, the marketplace of the Darknet which became infamous for the rampant sale and purchase of guns, drugs and explosives, among others.

He described them as,

“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.”

According to Wright, the Bitcoin blockchain is able to be controlled and should operate within the legal framework of its existence. It ought to be simple to trace, especially when the law has been breached, it should allow for a paper trail so that it can be audited effectively.

Wright’s vision of Bitcoin and the blockchain that powers it is one that is enshrined to the letter of the law and does not allow for any illegal activity. Bitcoin is a permanent and unalterable evidence ledger and hence, all information can be verified. He added:

“Bitcoin is an immutable data store, that is something that honest government desires.”

Silk Road was never the resultant application of Bitcoin, he said, adding that that, “No blockchain will ever be crime friendly.” He stated that Bitcoin is the cure from corruption and the ongoing increase in crime is due to its complete transparency of information transfers between the participants in the blockchain.

He went on to add,

“Silk Road was poison to me. I saw a decade of work corrupted, twisted, and for a time I despaired. Bitcoin was like a child to me. I saw a child who had lost their way and become the worst thing they could be.”

Wright also shed light on why Bitcoin’s cap stayed at 1MB as the creation of off-chain channels would allow extra information to be deleted and hence the law could be circumvented. He stated that this would allow the creation of another Silk Road.

He added:



“Bitcoin is the mirror of what I see, a world of work. We are stewards to wealth. We do not own it, it owns us, and we have to sacrifice daily to make the information flow to retain the right, not the privilege to help maintain the plumbing that is the conduit of life.”

Craig Wright concluded the blogpost stating that he was not going to list the names of the people who helped him get to Bitcoin, but he clearly stated that it was his, ‘idea, design, and creation.’

His final words in the post were:

“I was Satoshi.”





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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