Developers of Bitcoin accused of deceiving public by Craig Wright in fresh court case seeking $1 billion
Bitcoin's Battle Royale: Craig Wright versus the Crypto world!
Craig Wright, self-proclaimed as the infamous Bitcoin inventor, Satoshi Nakamoto, is firing off another legal salvo! This time he's targeting Bitcoin developers who, in his eyes, have strayed from the original vision of Bitcoin and are seeking a whopping $1.18 billion in damages. But is Wright's Bitcoin Satoshi's Vision (BSV) truly the real Bitcoin?
The new battle cry centers around the introduction of SegWit and Taproot upgrades, both of which advocates argue "fundamentally deviate" from the original vision of Bitcoin. Wright believes these changes have created confusion in the market and misled the public, turning his BSV into the ardent underdog.
Bitcoin Core, the developers of Bitcoin node software, and Jack Dorsey's Square Up Europe Limited, a payment service backing a Bitcoin Lightning Network company, are among those named in the lawsuit. If successful, Wright aims to claim the difference in market value between Bitcoin (BTC) and BSV.
As the drama unfolds, it's essential to understand that SegWit and Taproot have been game changers for Bitcoin. When SegWit launched in 2017, it shook the crypto world with its mission to fix bugs and boost network efficiency. Controversy ensued, leading to the emergence of BSV (as Bitcoin Satoshi's Vision).
Fast forward to 2021, and Taproot took center stage, enhancing privacy, data efficiency, and reducing transaction costs for the network. Although it caused another split, this time the result was Bitcoin Cash.
Despite Wright's insistence, changes to Bitcoin have been widely debated within the crypto community, following the decentralized ethos at its core. Critics argue that any alterations to the protocol are considered through community consensus, and Wright's quest for exclusive intellectual property rights clashes with the open-source nature of the project.
This latest lawsuit is not Wright's first rodeo. In fact, he has taken legal action against the Crypto Open Patent Alliance (COPA), led by Jack Dorsey, over copyright claims to the Bitcoin whitepaper. Previously, a UK court ruled against Wright, deciding he did not invent Bitcoin.
With this history in mind, it seems Wright is fighting an uphill battle to establish BSV as the chosen Bitcoin. However, as the trial unfolds, only time will tell who emerges victorious in this battle of the Bitcoins!
Written by Stacy Elliott.
Editor's note: This story was updated after publication to correct Lanny Tuchmayer's title and place of employment.
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- Craig Wright, claiming to be the inventor of Bitcoin under the pseudonym Satoshi Nakamoto, has leveled a lawsuit against Bitcoin developers who, in his view, have deviated from the original Bitcoin vision, seeking $1.18 billion in damages.
- The focus of the lawsuit centers around the SegWit and Taproot upgrades, with Wright arguing that these changes fundamentally deviate from the original vision of Bitcoin.
- Bitcoin Core, the developers of Bitcoin node software, and Jack Dorsey's Square Up Europe Limited, a payment service backing a Bitcoin Lightning Network company, are among those named in the lawsuit.
- If successful, Wright aims to claim the difference in market value between Bitcoin (BTC) and Bitcoin Satoshi's Vision (BSV).
- Controversy surrounding SegWit and Taproot has been ongoing within the crypto community, with critics arguing that any alterations to the protocol are decided through community consensus, rather than sole intellectual property rights.
- Despite Wright's insistence, the openly debated changes to Bitcoin have been a part of the decentralized ethos at its core, causing splits to result in new cryptocurrencies like Bitcoin Cash.
