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Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

theguardian.com

21–30 of 161 posts

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#21
post #12

From the article: > Guardian Australia understands the raids are not related to the claims that Wright may have been involved in the creation of bitcoin, but are related to an Australian Tax Office investigation. So the story is that the Australian Tax Office just happened to be running an investigation looking into some facet of Craig Wright's finances. An investigation that apparently revealed some sort of abnormal…

gwern is responding on this /r/bitcoin thread https://www.reddit.com/r/Bitcoin/comments/3vzgnd/bitcoins_cr...

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#23

> Guardian Australia understands the raids are not related to the claims that Wright may have been involved in the creation of bitcoin, but are related to an Australian Tax Office investigation. Seems like a hell of a coincidence for these two things to happen on the same day...

There is a strong incentive for SN to stay anonymous now: extortion, GBH threats, kidnapping, tax evasion, etc. This could be some guy feigning humblebragging to fool prospective customers, or the vaguest individual Wired decided to hoist the label onto because it garners eyeballs in a Daily Mail way that's hard to repute. The raid is explained because many governments want evidence for tax evasion and evading the co…

Your autocorrect is funny today.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#24
post #7

Whether he is Satoshi or not, the only rational thing to do at this point is say he is not

At this point, if he is Satoshi, he would probably be better off coming out of the closet. If you read through the McGrath-Nichols documents about the Hotwire bankruptcy and how the R&D tax credits dispute killed Hotwire, it's clear the ATO has it out for Wright. I bet that whatever this raid is about, it's about something like R&D tax credits again ( http://www.businessinsider.com.au/the-australian-who-may-hav... sa…

> But if he's Satoshi, he can take the moral high ground and wage a media campaign to shame the ATO into dropping the case and maybe finally correctly treating Bitcoin as money.

How does this help? If they treat it that way, wouldn't Wright have a huge income tax debt?

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#25

> Guardian Australia understands the raids are not related to the claims that Wright may have been involved in the creation of bitcoin, but are related to an Australian Tax Office investigation. Seems like a hell of a coincidence for these two things to happen on the same day...

There is a strong incentive for SN to stay anonymous now: extortion, GBH threats, kidnapping, tax evasion, etc. This could be some guy feigning humblebragging to fool prospective customers, or the vaguest individual Wired decided to hoist the label onto because it garners eyeballs in a Daily Mail way that's hard to repute. The raid is explained because many governments want evidence for tax evasion and evading the co…

> control SN = control BTC

It's a decentralized, open-source protocol. SN couldn't do anything to it if he wanted to.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#26
post #8
post #6

What would be the problem if he were Satoshi Nakamoto? He'd rather deserve the Nobel prize.

I think the possible reason for raiding him is to catch up on tax obligations from having accrued so much undeclared wealth. I don't know if there are other crimes for which they intend to charge him, but that's the first one that pops to mind. Also, they've obviously had meetings in advance of "what do we do if we determine the identity of Satoshi", because this raid was FAST.

You don't have to pay taxes on capital gains until you sell the asset. Satoshi hasn't sold his hundreds of millions of dollars in Bitcoin, they're just sitting there on the blockchain where they were mined.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#27
post #7

Earlier quoted context omitted.

At this point, if he is Satoshi, he would probably be better off coming out of the closet. If you read through the McGrath-Nichols documents about the Hotwire bankruptcy and how the R&D tax credits dispute killed Hotwire, it's clear the ATO has it out for Wright. I bet that whatever this raid is about, it's about something like R&D tax credits again ( http://www.businessinsider.com.au/the-australian-who-may-hav... sa…

> But if he's Satoshi, he can take the moral high ground and wage a media campaign to shame the ATO into dropping the case and maybe finally correctly treating Bitcoin as money. How does this help? If they treat it that way, wouldn't Wright have a huge income tax debt?

> wouldn't Wright have a huge income tax debt?

Yes, but presumably he can pay it out of his Bitcoin fortune. He has to deal with that at some point anyway, and by going public now, he gains additional leverage on his VAT or tax credit or whatever the ATO has decided to get him for this time.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#28
post #3

The bitcoins that Satoshi Nakamoto own are worth about ~400 million USD. There are also a ton of coins missing from Mt. Gox and Silkroad. Maybe it’s all related somehow? Anyhow, it's clear why the authorities would be interested: potentially there are hundreds of millions of USD on the line. This said, this is horrible for Craig Wright if he is innocent...

How would mt. gox's missing coins be connected? The reason people know how much satoshi has is because those coins haven't moved from their original address.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#29
post #25

Earlier quoted context omitted.

There is a strong incentive for SN to stay anonymous now: extortion, GBH threats, kidnapping, tax evasion, etc. This could be some guy feigning humblebragging to fool prospective customers, or the vaguest individual Wired decided to hoist the label onto because it garners eyeballs in a Daily Mail way that's hard to repute. The raid is explained because many governments want evidence for tax evasion and evading the co…

> control SN = control BTC It's a decentralized, open-source protocol. SN couldn't do anything to it if he wanted to.

He could sell off his massive holdings of BTC and cause another crash.

Re: Reported Bitcoin 'founder' Craig Wright's home raided by Australian police

#30
post #21
post #12

From the article: > Guardian Australia understands the raids are not related to the claims that Wright may have been involved in the creation of bitcoin, but are related to an Australian Tax Office investigation. So the story is that the Australian Tax Office just happened to be running an investigation looking into some facet of Craig Wright's finances. An investigation that apparently revealed some sort of abnormal…

gwern is responding on this /r/bitcoin thread https://www.reddit.com/r/Bitcoin/comments/3vzgnd/bitcoins_cr...

Thanks for the link. The timing is suspicious, but it's certainly plausible that while the ATO's actions aren't related to an investigation into Wright's bitcoin holdings, that the Wired article acted as a trigger to move up the timeline of the raid.

If that's what happened perhaps they were moving quickly to preserve evidence of whatever else they were investigating in advance of the hordes of people on their way to break into the house and steal whatever computer hardware they could find hoping to gain access to the "Satoshi's Stash" bitcoins.

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EDIT: Too funny... I posted this and then saw another comment (https://news.ycombinator.com/item?id=10702038) by imron (https://news.ycombinator.com/user?id=imron) posted before mine that described almost the exact same conclusion (nearly word for word). Props to them for beating me to the punch!

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