- The UK High Court rules Craig Wright is not Satoshi Nakamoto.
- The future of Wright’s Bitcoin SV project is uncertain.
- Remaining Bitcoin SV proponents put on a brave face.
The long-simmering controversy over Craig Wright’s claims to be the Bitcoin creator came to a head on March 14, as the UK High Court ruled that Wright is not Satoshi Nakamoto. This ended years of contention involving Wright’s aggressive lawsuits against those who challenged his asserted identity as Nakamoto.
Wright’s stunning downfall has thrown the future of Bitcoin Satoshi Vision (BSV) into disarray. BSV was created by Wright in 2018 based on fulfilling Satoshi’s original vision for Bitcoin as a peer-to-peer electronic cash system. However, with the High Court rejecting Wright’s claims of being Nakamoto, BSV has now lost its core rationale and founding narrative of being the “true Bitcoin.”.
Is Bitcoin SV Done?
After the High Court dismissed Wright’s claims of being Satoshi Nakamoto, remarks revealed that the BSV community is in crisis. AI developer Ryan X. Charles expressed deep regret at being “scammed” by Wright and apologized for touting Wright’s false narratives on social media. Charles rationalized that he was taken in due to the sheer audacity and scale of Wright’s deception.
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“There are many reasons why I believed his scam. One of those reasons was that it seemed implausible that someone would go all-in on a scam so big. Why would someone want to hurt everyone around them and even ultimately themselves?” explained Charles.
The stain on BSV’s credibility has led some to call for the entire project to be rebranded and distanced from Wright’s disgraced persona. “The project needs to be renamed as it is tainted by the person who lied about being Satoshi,” posted one Redditor, suggesting BSV must move on from its founding controversy to have a chance of survival.
This sentiment was echoed by X influencer “ᗪIGIᑎᗩᑌT,” who posted dire on-chain BSV metrics showing transaction count plummeting from a 16.5 million transaction count in mid-January to around 35k at present. With diminishing activity, the chain earned a mere 0.18 BSV ($15) in fees over the last 24 hours, underscoring user abandonment.
While on-chain data paints a bleak outlook for the project, BSV proponents remain outwardly resolute in the face of defeat.
Nothing Changes Despite Craig Wright’s Defeat
Despite the High Court’s crushing blow to BSV proponents, many have doubled down in their support of the project, including development company nChain, which stated that its mission to build business-focused solutions on the BSV blockchain remains unchanged.
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BSV backer Calvin Ayre similarly maintained that the court ruling changes nothing from an enterprise development perspective. Ayre took the opportunity to reiterate his belief that Wright is Satoshi Nakamoto but “will now have to wait longer and spend more to fix his legacy” following the ruling against him.
In the aftermath of the court decision, Wright stated that he will consider his options for appeal once the written court judgment is issued. But podcaster Peter McCormack, whom Wright had previously sued for defamation, asserted Wright has no chance of an appeal being granted.
On the Flipside
- BSV fell 31% to find support at $79.64 on March 17. Its macro uptrend remains intact, suggesting hardcore BSV holders are still around.
- The BSVBTC pair has fallen 97% since its 0.05344 peak in Jan 2020 to just 0.001225.
- Crypto firms that backed Wright’s version of events now face increased scrutiny in light of the High Court debunking.
Why This Matters
The Craig Wright saga underscores the high stakes surrounding Bitcoin’s origin story and “true” vision. While there is merit to Nakamoto’s vision of Bitcoin as a system for peer-to-peer transactions, not as a store of value, that alone cannot justify Wright’s ruthless campaign in claiming Nakamoto’s identity.
Learn more about Coinbase ending support for Bitcoin SV here:
Goodbye Bitcoin SV: Coinbase Dumps Controversial Fork
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