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Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

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Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#31

Post by firethief »

littlestymaar wrote: post #19
sparkie wrote: post #14

Earlier quoted context omitted.

All cryptocurrencies (except Bitcoin) are idiotware. Bitcoin was built on the idea of sound money - as a fix for the serious problem of inflation. Other "cryptocurrencies" are pro-inflation by design. They're based on the idea that "everyone can print money," by simply redefining a few constants and recompiling the code. Their proponents see this as pro-freedom, but free money is worthless money. "Cryptocurrencies" a…

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

There are plenty of reasons it has failed at entering general usage, but deflation isn't even a probable contender.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#32

Post by aey »

littlestymaar wrote: post #19
sparkie wrote: post #14

Earlier quoted context omitted.

All cryptocurrencies (except Bitcoin) are idiotware. Bitcoin was built on the idea of sound money - as a fix for the serious problem of inflation. Other "cryptocurrencies" are pro-inflation by design. They're based on the idea that "everyone can print money," by simply redefining a few constants and recompiling the code. Their proponents see this as pro-freedom, but free money is worthless money. "Cryptocurrencies" a…

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

Imagine I was offering you a way to own piece of a “giant art”. This particular art takes 100 terra-joules of electricity to build. It’s the biggest one in the world. There are enough people in the world that would pay a non zero sum for it.

That’s the crux of store of value. The bitcoin data structure has inherent non zero value just based on the audacious amount of electricity to build it.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#33

Post by tlrobinson »

mrb wrote: post #28
urbanriv wrote: post #6

Earlier quoted context omitted.

Didn't Liberace sue a newspaper for libel when they said he was gay... and then win. I do not know why anyone gives this guy the time of day. There is a way to indisputably prove if he is satoshi and it is the one thing he will not do. It is like if I start telling everyone the Lamborghini in the parking lot is mine, and they ask me to turn it on, and I spend the next 4 years arguing that it is mine instead of just t…

" trigger a massive tax bill " This shouldn't deter him from conclusively proving he is Satoshi. His mere oral claim that he is Satoshi should trigger a massive tax bill anyway. He can't both claim to the world he is Satoshi while telling his tax authority "actually I'm just lying, don't tax me".

Wouldn't that require proving that Satoshi owns the Bitcoin he is suspected to have mined?

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#34

Post by ksaj »

tlrobinson wrote: post #2

> The controversial digital-asset entrepreneur filed a claim in a British court on Wednesday, accusing podcaster Peter McCormack of writing a libelous series of tweets about him in March and April over Wright’s claim that he developed Bitcoin under the pseudonym Satoshi Nakamoto. So does Craig Wright need to prove he's Satoshi in order to win a libel case against someone who says he's not Satoshi?

The real Satoshi posted the word "nour" followed by Wright spouting off in Arabic. So now he's at least proven that he actively monitor's Satoshi's account, and can use Google Search and Google Translate to create a "coincidental" response.

Real proof would have been posting in the opposite order - Craig first, followed by Satoshi. Or even easier, Satoshi could have just posted "Craig" instead of Nour. So easy... this is all such a game to play.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#35

Post by stordoff »

caprese wrote: post #27
pessimizer wrote: post #4

Earlier quoted context omitted.

Britain's libel laws are garbage, so I'm sure he doesn't.

Can you tell me more about that and how to establish jurisdiction in Britain and also collect upon winning? Are judgements in Britain worthwhile, monetarily?

Peter McCormack appears to live in the UK[1], so establishing jurisdiction is straight forward.

Libel damages vary - £24,000, £40,000, to a few hundred thousand[2] - it depends on the facts of the case (though the loser will also have costs to pay).

[1] https://uk.linkedin.com/in/petermccormack1

[2] https://www.pressgazette.co.uk/food-blogger-jack-monroe-wins... ; https://www.lawgazette.co.uk/law/40000-damages-in-twitter-li... ; https://en.wikipedia.org/wiki/English_defamation_law#Damages

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#36

Post by existencebox »

aey wrote: post #3

I find it fascinating that there is a 5 day lag of crypto news to hacker news. I wonder if it’s possible to track this lag across a wide range of industries and information outlets.

As a hobby, I'm actually tracking precisely this sort of question, as well as similar social-structural considerations like "can you create generic models for rampup and dropoff of notable event discussion proliferation/viral events."

Obviously I know the r/bitcoin and friends, but I also know they're broadly gutted whenever they're mentioned in polite company. What would you list as representative or reliable sources of crypto news?

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#37

Post by intertextuality »

littlestymaar wrote: post #19
sparkie wrote: post #14

Earlier quoted context omitted.

All cryptocurrencies (except Bitcoin) are idiotware. Bitcoin was built on the idea of sound money - as a fix for the serious problem of inflation. Other "cryptocurrencies" are pro-inflation by design. They're based on the idea that "everyone can print money," by simply redefining a few constants and recompiling the code. Their proponents see this as pro-freedom, but free money is worthless money. "Cryptocurrencies" a…

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

Deflation is not why bitcoin didn't become a currency; transaction fees had a huge role in it. Imagine having currency but needing to spend $15, $25, $35 per transaction. That was the reality last year. This coupled with the insane hype that bitcoin received (to the point that random people in my friend circles were discussing it), caused people to not use it as a currency at all, but as a hoard.

Now with fees back to normal, time will tell if bitcoin will gain adoption as a currency or if it's too late.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#38

Post by intertextuality »

aey wrote: post #32
littlestymaar wrote: post #19

Earlier quoted context omitted.

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

Imagine I was offering you a way to own piece of a “giant art”. This particular art takes 100 terra-joules of electricity to build. It’s the biggest one in the world. There are enough people in the world that would pay a non zero sum for it. That’s the crux of store of value. The bitcoin data structure has inherent non zero value just based on the audacious amount of electricity to build it.

That has no value at all. Nobody cares that it took "so much energy" to mine that bitcoin block, otherwise bitcoin value would rise infinitely as the mining difficulty increases.

Bitcoin has no inherent value. None. Zilch. Nada. We assign it value completely arbitrarily, hence it going from pennies per bitcoin, to $20k, to $4k.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#39

Post by intertextuality »

shkkmo wrote: post #30
mrb wrote: post #24

Earlier quoted context omitted.

" so far it failed at becoming a money " Bitpay (one of the largest Bitcoin payment processors in the world) processed a record $1 billion in transactions in 2018. This impressive increase of people using Bitcoin to buy real-world products and services shows Bitcoin is doing very well as "money": https://www.businesswire.com/news/home/20190116005701/en/Bit...

1 billion is what, about 1% of supply of bitcoin? So less than that since this includes bitcoin cash as well? > In the past year, the BitPay wallet added integrations with major gift card brands, enabling users to buy gift cards in-app for travel, food, and shopping with Bitcoin and Bitcoin Cash. They don't break out what types of goods/services are being purchased. I wonder to what percentage of their transaction ar…

Not sure why you're being downvoted here; I also would like to see a breakdown of what people are actually buying with bitcoin thru BitPay. To this day I still don't know anyone in real life who actually uses it over any other payment method.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#40

Post by littlestymaar »

mrb wrote: post #24
littlestymaar wrote: post #19

Earlier quoted context omitted.

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

" so far it failed at becoming a money " Bitpay (one of the largest Bitcoin payment processors in the world) processed a record $1 billion in transactions in 2018. This impressive increase of people using Bitcoin to buy real-world products and services shows Bitcoin is doing very well as "money": https://www.businesswire.com/news/home/20190116005701/en/Bit...

What you need to look at is the ratio between the amount in circulation and how much is spent every year. For $1billon in bitcoin this figure is ≈1%. For dollar (I'll take MZM[1] to provide a conservative result, but it would be even higher if you took M0 or just cash), this ratio is over 120%! So really, bitcoin isn't really used as money, and mainly as a highly speculative financial asset.

Also, $1 billion sounds huge, but for a payment medium it's still really low: worldwide, last year that's also the order of magnitude of the transactions made in Vanuatu vatu. As a comparison, PayPal recorded more than 500 billions dollars in transactions last year.

[1] https://fred.stlouisfed.org/series/WMZMNS

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