© Reuters
Investing.com – The was the world’s first cryptocurrency, and to this day it is still unclear who is behind the pseudonym of its developer, Satoshi Nakamoto.
There are, however, people, like Craig Wright, who claim to be the founder of Bitcoin. Wright first made this claim in 2016 and has provided the crypto community with various clues over the years to prove it, but no real proof has been forthcoming to date.
Read also: Bitcoin could fall to $10,000 if this threshold gives way
After being branded an impostor by the Twitter account (NYSE:) Hodlonaut in March 2019, he took legal action and a lawsuit was set up, which culminated in a hearing yesterday in Norway. Wright can only refute the charlatan charges by presenting clear evidence that he is indeed the inventor of the .
A valid argument would have been to prove that he is in possession of the private keys of the Nakamoto wallet. But he explained in court that he deliberately destroyed the hard drive containing the keys by stepping on it.
According to his reasoning, keys cannot prove a person’s identity. He destroyed the hard drive in 2016 so he wouldn’t have to provide this evidence in the future:
“I didn’t want to support the discussion that you need keys to confirm your identity. Yes, you can argue it’s a risk, but I think it’s the most important thing I’ve ever done in my life.”
Next, Wright explained that ultimately all he cared about was for the court to understand that bitcoins can be seized by criminals by court order.
“The whole point I’m trying to make, and will make, is that bitcoin doesn’t have encryption.
I want it known that these lies, these slanderous accusations that law enforcement cannot seize bitcoin from criminals, are false.”
What Wright is trying to force in court is a court order to access Satoshi’s wallet by saying:
“It was stolen from me…I take measures so that thieves do not take advantage of it; thieves should not take advantage of stolen goods”
If it is really possible to appropriate bitcoin by court order without being in possession of the keys, then BTC as an instrument of criminal activity would be history.
Technical thresholds to watch on Bitcoin
Bitcoin may have recovered yesterday from its decline below the psychological threshold of $20,000, but it still remains below the 61.8% Fibo retracement of $20,523.
As long as this is the case, the support of the psychological level can be attacked again at any time. Below that, room for an extension of losses towards the 78.6% Fibo retracement of $19,251 would increase.
Only if one manages to sustainably break above the 61.8 percent Fibo retracement is a recovery towards the 50% Fibo retracement of $21,417 possible.
By Marco Oehrl