- Bitcoin’s true purpose divides opinion.
- Craig Wright believes BTC has been hijacked.
- Wright turns up the heat on “Bitcoin Core.”
Some believe Satoshi Nakamoto’s Bitcoin whitepaper described a payment network built for fast, cheap, and scalable transactions. Yet, over a decade later, Bitcoin is a slow and sometimes expensive chain, better suited as a store of value rather than a payment solution.
Craig Wright maintains that Bitcoin Core developers have deviated from Nakamoto’s original vision. In response, Wright filed a staggering £911 billion ($1.19 trillion) lawsuit in the UK High Court, accusing “BTC Core” of intentionally misrepresenting Bitcoin’s true purpose.
Wright: Bitcoin is not Bitcoin
Wright has taken his long-standing battle over Bitcoin’s true purpose to the UK High Court, filing a colossal £911.05 billion ($1.19 trillion) lawsuit against “BTC Core” based on hijacking Bitcoin and fundamentally altering its intended purpose.
Sponsored
This staggering figure was derived by comparing the market value of his Bitcoin SV (BSV) creation, at £50 ($65) per token, to Bitcoin (BTC), at £48,000 ($62.6k).
Wright contended that his BSV network is the true Bitcoin, as it more closely follows Nakamoto’s vision of a cheap, scalable network outlined in the Bitcoin whitepaper.
The lawsuit specifically identified the SegWit and Taproot protocol changes as examples of deviating from the whitepaper, claiming they fundamentally altered the network and were implemented without authorization.
He also alleged that the defendants intentionally misled investors, suggesting that this deception led individuals to purchase BTC instead of BSV, which underpins his lawsuit.
Who Is Wright Suing?
The Crypto Open Patent Alliance (COPA), which recently defeated Wright in the UK High Court, informed Forbes that they are aware of his latest legal filing. They expressed confidence that Wright would lose this case.
Wright named “BTC Core (a partnership)” as the defendants in this lawsuit, creating ambiguity about who he holds responsible for misrepresenting Bitcoin.
Civil Procedure Rules
In an X post, Wright stated that UK law allows legal action against a partnership without naming all individual partners. He asserted that even if the partners are unknown, they can still be subject to court proceedings if the claim has been properly served on the partnership.
Wright ramped up the pressure by stating that the claim form was delivered on October 14, and according to civil procedure rules (CPR), his case was considered served the following day. He emphasized that under CPR, the defendants have 14 days to file a defense or risk a default judgment in his favor.
While CPR 15.4 confirms the 14-day window for filing a defense, CPR 9.1 states that a defendant is not obligated to respond “until the particulars of claim have been served on him,” suggesting Wright’s October 29 deadline is overly optimistic.
Additionally, as Wright appears to be asking the court to assist in identifying all parties associated with the “BTC Core” partnership, the process of serving the defendants with the particulars of the claim is likely to be lengthy.
On the Flipside
- SegWit laid the foundation for better scalability and reduced fees, making BTC a better payment network.
- Wrights case raises questions about accountability and liability in open-source software development.
Why This Matters
Despite facing significant legal setbacks regarding his claims of Bitcoin authorship, Wright continues to advocate for his vision of Bitcoin.
HBO’s Satoshi Nakamoto reveal falls flat.
Satoshi Remains a Mystery as HBO “Reveal” Gets Picked Apart
Billy Markus is still stunned by Dogecoin’s runaway success.
Dogecoin Co-Founder In Disbelief by Project’s Success
