Unleashing the Crypto Battlefront: Bitcoin SV vs. Mainstream Bitcoin
Bitcoin developer Craig Wright alleged deceit in a fresh $1 billion lawsuit, claiming fellow developers misled the public concerning his role in the creation of digital currency Bitcoin.
Welcome to the great crypto debate! Craig Wright, a familiar name in the crypto world, has launched yet another legal crusade. He's taking on Bitcoin developers, arguing that they've strayed from the original vision of Bitcoin and maintaining that Bitcoin SV (BSV) is the true successor to Bitcoin's throne.
This new legal battle values the difference in market valuation between the two coins at an astonishing $1.18 billion! You might recall that Wright previously made headlines when he claimed to be Satoshi Nakamoto, Bitcoin's creator. Unfortunately for him, he ultimately lost that legal battle.
The UK High Court claim asserts that developers deviated from the original Bitcoin protocol by introducing the SegWit and Taproot upgrades, pointing out that these changes are a far cry from the original vision set out by Satoshi Nakamoto. Wright argues that these alterations have perpetuated confusion in the market, leading the public to believe BTC still retains the attributes of the original Bitcoin. Named in the lawsuit are Bitcoin Core, developers of Bitcoin node software, and Jack Dorsey's Square Up Europe Limited, a payment service that backs a Bitcoin Lightning Network company.
Wright seeks the difference in market value between Bitcoin (BTC) and BSV, arguing that the latter truly embodies the legacy of Bitcoin. At the time of filing, Bitcoin was trading at around $62,000 while BSV hovered at just $65. Consequently, the claim seeks a total of $1.18 billion from the defendants.
However, it's worth noting that SegWit and Taproot significantly changed Bitcoin. When SegWit launched in 2017 to fix bugs and enhance network efficiency, it sparked heated debate, leading to the creation of Bitcoin SV. Meanwhile, Taproot, released in 2021, improved privacy and data efficiency, while reducing transaction costs. The result of that fork was Bitcoin Cash.
Wright insists that these modifications altered Bitcoin so substantially that it's no longer accurate to call it Bitcoin. Instead, he advocates, BSV deserves the mononym Bitcoin. Lanny Tuchmayer, lawyer and general manager at X-Copper, shared his perspective, suggesting that Wright's claims contradict the decentralized nature of Bitcoin and the open-source ethos that lies at its core.
This isn't the first time Wright has waged legal battles concerning Bitcoin. Previously, he was entangled in a dispute with the Crypto Open Patent Alliance (COPA), a Jack Dorsey-backed organization, as well as a group of Bitcoin Core developers. The contention centered on Wright's claim to be the inventor of Bitcoin and, consequently, the copyright holder of the Bitcoin whitepaper. In early 2023, a UK court ruled definitively that Wright is not Satoshi Nakamoto and determined that he orchestrated a fraud on various courts and entities, further denting his credibility.
Given the recent court decisions and growing skepticism regarding the legitimacy of Wright's assertions, Tuchmayer expressed doubts about Wright's chances of success in this current legal battle. Stay tuned for more updates in this captivating saga of crypto criticisms and courtroom confrontations!
Edited 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, a key figure in the crypto sphere, claims that Bitcoin SV (BSV) is the true successor to Bitcoin's throne, as he accuses Bitcoin developers of deviating from the original vision.
- The UK High Court lawsuit asserts that the SegWit and Taproot upgrades, which were introduced by Bitcoin developers, are a departure from the original Bitcoin protocol, and Wright argues that these changes have caused market confusion.
- Bitcoin Cash resulted from a fork caused by the SegWit decision, while Bitcoin SV was born from the split due to the implementation of the Taproot upgrade.
- Lanny Tuchmayer, lawyer and general manager at X-Copper, has expressed doubts about Wright's chances of success in this current legal battle, given the recent court decisions and growing skepticism regarding the legitimacy of his claims.
