Will The Real Satoshi Nakamoto Please Stand up
Dave Klieman's estate is suing Craig Wright, who allegedly claims he is Satoshi Nakamoto, for $10B. This case is legitimate with the powerful law firm of Boise Schiller representing the Klieman estate. Most people with any knowledge of the cryptocurrency industry will tell you that Craig Wright is not Satoshi Nakamoto and is a scammer. It's quite easy for him to prove he is Satoshi. He just needs to sign a message coming from a wallet that "Satoshi" controls.
The biggest irony of this case is that the best defense for Craig is to deny he is Satoshi. It's also pretty funny that he is being sued for claims he made at face value, but which no one took at face value. Imagine Craig testifying, "I lied. It was all a ruse. I'm not really Satoshi." WizSec did significant research on the case and the lawsuit cherrypicks the "bitcoin rich list" to make it seem that Craig Wright owns/owned a significant amount of BTC. At the end of the day, it's doubtful this case has any merit. It's probably just a fishing expedition. Can't wait to see how Craig defends himself!
Bitcoin is Still Going Up
Vijay Boyapati wrote an article yesterday about the bull case for Bitcoin. It starts off with:
Alternatively it may seem foolish to invest in a digital asset that isn't backed by any commodity or government and whose price rise has prompted some to compare it to the tulip mania or the dot-com bubble. Neither is true; the bullish case for Bitcoin is compelling but far from obvious.
This seems like an obvious statement especially to an investor like myself, but for traditional investors, there is much doubt whether they should invest in the space. Most investors, especially institutional investors, are concerned about the idea of investing in something which is literally backed by nothing. Bitcoin and other cryptocurrencies should naturally complement any investors portfolio, even if just as a hedge against a global recession. Vijay goes on to write:
Bitcoins are not backed by any physical commodity, nor are they guaranteed by any government or company, which raises the obvious question for a new bitcoin investor: why do they have any value at all?
This worries investors who for years relied on traditional asset valuations such as DCF or CAPM to determine valuations. Imagine running a $10B hedge fund and telling your investors you invested in Bitcoin. They ask, "What is it worth?". Your reply, "I have no clue, but I think it will go up". This is a hard sell to limited partners. When there are billions of dollars at stake, you would ideally like to know what you own is worth and when you plan to sell it. Something that goes against the HODLING philosophy.
50 Cent AKA 50 Bitcoin?
After 50 Cent announced he had made millions holding Bitcoin, I started calling him 50 Bitcoin. Boy, was I surprised when 50 Cent testified that he had no Bitcoin. His lawyer wrote in court documents:
[The] Debtor has never owned, and does not now own, a bitcoin account or any bitcoins, and to the best of his knowledge, none of his companies had a bitcoin account from 2014 to present.
As a general matter, so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting." "This is particularly true when I feel the press report in question is favorable to my image or brand, even if that report is based on a misunderstanding of the facts or contains outright falsehoods
It must be great to be famous. If someone says something good about you, you just don't say anything and people think it's true, but if it's negative, then you adamantly deny. Nothing like eating your cake and having it too. His original Instagram post where he implied he still owned the Bitcoin is down. I guess he learned the hard way to HODL.
Some Other Things I Read Today
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