Utopia Talk / Politics / "Satoshi Nakamoto" wins

murder Member	Mon Dec 06 18:40:21 In fact he's been winning for years to the tune of $54 billion. --------------------------------------- Miami jury rules in favor of Craig Wright, who claimed to invent bitcoin PUBLISHED MON, DEC 6 20214:59 PM EST > Australian computer scientist Craig Wright prevailed in a Miami civil case that pitted him against the family of his late business partner and computer forensics expert, David Kleiman. > At stake was half of both the 1.1 million bitcoin mined and held by Satoshi, a cache currently worth around $54 billion. A man who has claimed to be the inventor of bitcoin just won a major U.S. court case, saving him from paying a former business partner tens of billions of dollars in the cryptocurrency. Australian computer scientist Craig Wright implied in a 2016 blog post that he was Satoshi Nakamoto, the pseudonym used by the person or persons who developed bitcoin. Many in the crypto community are skeptical of Wright’s claim, in part because he has not moved any of the early bitcoin presumed to have been mined by Satoshi. On Monday, Wright prevailed in a Miami civil case that pitted him against the family of his late business partner and computer forensics expert, David Kleiman. At stake was half of the 1.1 million bitcoin mined and held by Satoshi, a cache currently worth around $54 billion. The estate also claimed rights to some of the intellectual property behind early blockchain technology. The prosecution argued that Kleiman was a co-creator of bitcoin, alongside Wright, entitling him to half of Satoshi’s assumed fortune. A federal jury in West Palm Beach sided with Wright and declined to award any of the bitcoin to Kleiman’s estate. However, Wright was ordered to pay $100 million in compensatory damages over a breach in intellectual property rights related to W&K Info Defense Research LLC, a joint venture between the two men. That money will go to W&K directly, rather than to the Kleiman estate. “This has been a remarkably good outcome, and I feel completely vindicated,” Wright said in a video posted to Twitter immediately following the verdict. The Satoshi Nakamoto mystery The mystery surrounding the founding of bitcoin is a big part of why this South Florida civil suit drew so much attention. In 2008, just as the financial crisis was taking hold in the U.S., Satoshi Nakamoto published a nine-page white paper detailing a vision for bitcoin — a “peer-to-peer electronic cash system” that would function outside the reach of governments. A few months later, Nakamoto released software that allowed users to mine for the cryptocurrency. Mining for cryptocurrencies is the computationally intensive process by which new tokens are created and transactions of existing digital coins are verified. In the early days of bitcoin, it was possible to mine for it on a home PC. At the time, winning a block yielded a reward of 50 bitcoin. Today, the process requires specialized equipment, is mostly done at scale by professionals, and thanks to an anti-inflationary measure baked into the code, the block reward is down to 6.25 bitcoin. Nakamoto, who could be one person or a consortium of coders, remained on the scene until 2011, at which point he abruptly left the project after emailing a fellow developer to say that they had “moved on to other things.” Before vanishing, the enigmatic creator is believed to have mined as many as 1.1 million bitcoin. Had Wright lost the case, he would have had to produce the Satoshi cache of coins in order to pay the estate. But Wright did say that he would prove his ownership were he to win at trial. He also promised to donate much of his bitcoin fortune to charity, were he to prove victorious. http://www...-bitcoin-claimed-inventor.html
nhill Member	Tue Dec 07 11:44:39 He's a nobody to me unless he moves the Satoshi mined coins. Let's see if he makes good on his claims. My money is on no.
murder Member	Tue Dec 07 12:55:02 You'd think that one side or the other would have to prove that he actually has possession of the "coins" before the case moved forward.
nhill Member	Tue Dec 07 15:04:12 One would certainly hope…
Sam Adams Member	Tue Dec 07 15:28:42 How do you prove ownership of bitcoins again? A consensus of the bitcoin houses keep track?
nhill Member	Tue Dec 07 15:39:34 Public key cryptography. Same tech used to prove to your web browser that Facebook is actually Facebook. The Bitcoin is registered to a public address and to prove ownership you provide the private key.
nhill Member	Tue Dec 07 15:43:11 Ownership is recorded in the blockchain based on 51% consensus of operators in the network. Theoretically you could obtain enough computing power to override the consensus (by obtaining over double the current power). It’s a legitimate attack vector, but expensive to execute and not at all clear how to profit, as nobody would want to buy Bitcoin after a successful and sustained attack. Most likely people would create a new version of Bitcoin that restored the original owners, should the attack take place.
nhill Member	Tue Dec 07 15:46:49 It’d cost about 2 million USD per hour to execute. If someone (or state) with deep pockets wanted to fuck up the crypto world for a while, they could certainly do so.
Nimatzo iChihuaha	Tue Dec 07 15:55:45 Nhill Would a hybrid mechanism like verus be more resistant? http://doc...of-power.html#hybrid-consensus
nhill Member	Tue Dec 07 16:19:46 Yes. It's clear how to get 51% of the computing power. You just buy it. It's not clear how to get 51% of the staked tokens, and, often, impossible, as not that many are available on the open market.
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