Friday, February 21, 2020

How to lose money without owning it : 101 By Craig Wright

The Takeaway:

Craig Wright, the self-proclaimed creator of bitcoin, seems to have lost the battle in the Kleiman vs. Wright case. He must forfeit 50% of his bitcoin holdings to Kleiman. The crypto community speculates the impact of the court ruling on bitcoin. The possession of the crypto coin by Ira Kleiman certainly hints at a decline in its price with more chances of bitcoin liquidation.

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The legal battle between Craig Wright and David Kleiman could end up turning Craig’s world upside down with Kleiman carrying the day. According to the reports, Florida Federal Judge Bruce Reinhart has ruled in favor of David by rejecting Wright’s testimony, declaring that he committed perjury with falsified documents. The court has reportedly ordered the self-proclaimed Satoshi to turn over 50% of the bitcoin holdings and the intellectual property that he held before December 31, 2013, to the estate of Kleiman. Further, Wright cannot oppose the orders but can appeal, which, seemingly is on the cards considering half of his worth is into play.

 

Save the popcorn; there can be more.

This is not the end. The case has not yet concluded. If Wright’s attorney doesn’t file any objections, Reinhart’s order will be adopted by the District Judge, Beth Bloom, before getting finalized. But, this decision does point to an end of an extending trial.

 

These are my bitcoins!

The case arose as a dispute over the ownership of bitcoin and bitcoin-related intellectual property. In 2018, Ira Kleiman, David’s brother, accused Wright of stealing hundreds of thousands of bitcoins after his sibling’s demise. Several declarations state that Craig and David Kleiman mined a substantial amount of the cyber currency together. Where Craig denied the partnership, David was no more to make any confirmations.

 

Craig Wright likes to beat around the bush

Ira, in his very first step of interrogations, queried Wright to identify the “public keys and addresses” of any cryptocurrency he owned. In response, Wright disputed the inquiry, stating it as an irrelevant, harassing, oppressive and unneeded for the case. But, the Plaintiffs took a stronghold of the request and denied the further movement of the case. As per the court’s orders, the self-professed bitcoin inventor did produce a list but none from December 31, 2013. Wright was consistent in his inability to comply with the requests. All he presented was the fake evidence of Tulip Trust, alleged encrypted file, and incapacity to identify his bitcoin holdings, which the judge has conclusively rejected. Sadly, Craig Wright just paints black.

 

Craig’s supporters: A mirage?

A large group of people supported Craig Wright. He was presumedly sitting on cloud nine as he even sued those who disagreed with him as Satoshi Nakamoto.

Yes, he did!

What next?

Well obviously, those lawsuits came to nothing.

But this week frames a colorless picture for Wright. Not only is he pushed off the edge by his opponent, but also stands alone with just one supporter. I think others just vaporized!

The only soldier of Craig’s army who stands by his side today is Calvin Ayre. This major supporter seems to sustain on the other side of the world. Ayre continues to argue that Craig is “The Nakamoto.”

He tweeted:

This tweet grabbed attention as responses came flowing as soon as it was updated, though nothing more than contentions.

 

Code red for Bitcoin

In an exclusive conversation with Modern Consensus, Wright said that he has no choice but to hand over $5 billion in bitcoin to Ira. He stated that he spent more on the project than David. As the outcome, he should unquestionably own more bitcoins than him; but now it’s a 50/50 division. The court decision flung some bitcoin users into a bustle of concerns that Kleiman estate might sell the bitcoins and cash the price, which would lead to a fall in the coin’s price.

 

Craig’s erroneous “Judgement.”

On the other hand, Wright thinks that the judge implied that he is Satoshi. According to him, the judge ruled that Satoshi Nakamoto was a three-person collaboration possibly comprising of Wright, David, and an unknown third person. Also, he admits that the judge won’t declare him Satoshi; however, asking him to give 50% share of his bitcoins to Kleiman seems to be an acceptance towards the inventor. But, to no wonderment, the US copyright registrations do not recognize Wright as Nakamoto.

 

Craig “Wright” – A living Oxymoron?

If Craig is actually the bitcoin originator, why doesn’t he sign the genesis block? Or he can even showcase some transactional activity from Satoshi’s account to prove himself. But he does nothing and then sues the critics! Dr. Wright, why not take an uncomplicated road to travel on? After avoiding the steps to prove yourself, you lash out at people calling you “faketoshi” and “fraud,” not fair Sir!

 

Are you kidding me!

Something unmissable in the interview was Craig’s contradictory statement. He said, “Now the kids are going to know that we have the other $5 billion. And it really sucks. Imagine that!”

Umm… Dr. Wright haven’t you claimed to be the creator of the most successful cryptocurrency? And did not you publicize your wealth on social platforms? Are these “facts” not already known to your kids?

 

Dr. “Wright,” doing too much wrong?

Craig Wright, a controversial name in the crypto world, left no chances of putting a double whammy on. He faked documents on Bitcoin creation including contracts, email correspondences, and Bitmessages to move Kleiman’s assets under his control. He put forward a 2012 trust document which used a font copyrighted in 2015. Besides this, the computer scientist also forged David’s signature to get hold of his property of bitcoins. A mail he submitted as a piece of evidence in the litigation was found to be another part of the bogus act.

Along with being a liar, he is also a plagiarist. A paper written by him included a good amount of copied data, as revealed by a user:

New plagiarism from Craig Wright — at least 40% of a recent paper was intentionally and blatantly plagiarized from r/btc

 

Let’s sail the ship of Craig’s mockery

Although the case is in the final analysis, the end is explicit. The crypto world took over social media like a swarm of bees, buzzing around with comical comments.

A user tweeted how 50% of zero is still zero!

Another user uproariously posted, “The CSW halving came early.”


Do you fear a BTC crash on account of liquidation of bitcoins worth billions by Klieman or Wright?

Or do you believe BTC’s price will remain unaffected as Craig Wright digs his own grave?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Cheng Wei Chan
Cheng Wei Chan
Cheng is an AI & APP Engineer based in Taipei City, Taiwan. After completing his graduation in Computer Science from National Taiwan University, he dedicated his life into researching and writing about technologies such as blockchain, cryptocurrency, artificial intelligence and application development.

1 Comment

  1. The conclusion I’m left with is that Wright is the kind of sleazeball whose only talent is finding people with actual talent and leeching off them. Ira Kleiman has gone to enormous expense to recoup .5 million BTC, which makes me think that whatever else Wright says, those BTC do exist. The fact that he’s trying to avoid paying them is par for the course.
    As for crashing the market…why on earth would Kleiman sell half a million BTC in one fell swoop? I can see him selling a few hundred and rolling around in coke and hookers for a while but all of them? I doubt it.

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