Bitcoin: Satoshi Nakamoto’s code-switching lawsuit is “nonsense”

© Reuters – Craig Wright, who claims to be bitcoin inventor Satoshi Nakamoto, has filed a lawsuit in a London court. By this, he seeks to force Bitcoin developers to integrate into their code a function for recovering lost BTCs.

That complaint was dismissed last year, which is why Wright appealed to the court. The latter confirmed on February 3, 2023 that its request was justified and that this case should be tried.

The crux of the matter is whether the blockchain engineers working on the open-source project have fiduciary duties to BTC owners. The developers claim that this is not the case, as they do not provide their service under a corporate structure.

Wright sees things differently because from his perspective, bitcoin holders trust developers to make good decisions on their behalf. According to him, this also implies that transactions can be undone and that access to wallets is possible in the event of loss of the private key. The Court of Appeal agreed with this view and said:

“(…) that the case raised raises a serious question that must be taken to court. (…). If the decentralized management of Bitcoin is really a myth, there are many arguments in favor of it. the claim that bitcoin developers, while acting as developers, owe fiduciary obligations to the true owners of those assets”.

The technical director of , David Schwartz, thinks nothing of this complaint. Developers only conduct an open dialogue about the code they have created. Make them personally responsible for it East “total nonsense”.

Craig Wright named 16 bitcoin developers in the lawsuit he filed who already owe him and his company Tulip Trading Ltd a portion of the fees. justice :

“This is an appeal process. This part is over. The developers already owe me a seven-figure sum.”

If the court were to decide that there must be a feature that undoes transactions and allows access to wallets without possessing the private key, Wright would then claim the Satoshi Nakamoto wallet. This contains 111,000 bitcoins worth $2.5 billion.

He himself claims to have voluntarily destroyed the private key in 2016, so that no one can force him to prove that he is indeed the inventor of bitcoin, Satoshi Nakamoto.

Bitcoin price technical benchmarks

Bitcoin is currently up 1.47% with a price of $23,205, while the weekly gain stands at 0.56%.

The cryptocurrency rallied from the support of the 38.2 percent Fibo retracement of the $22,771 area. The upside move, however, met resistance at the 23.6 percent Fibo retracement of $23,319. Only if this resistance is breached on the day’s close can we expect a test of the recent high of $24,207.

Bitcoin (BTC/USD)

Until this is the case, consolidation will continue. A sustained decline below the 38.2% Fibo retracement would shift focus to the 50% Fibo retracement of $22,327 and the 61.8% Fibo retracement of $21,883.

By Marco Oehrl

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