ReportWire

Tag: Satoshi Nakamoto

  • The $460 Billion Quantum Bitcoin Treasure Hunt

    [ad_1]

    Earlier this month, researchers claimed a major breakthrough had occurred for quantum computing in terms of proving a verifiable advantage over traditional computers. This was then followed up by Google last week, who claimed to show the first practical application of their quantum technology through the combination of its Willow chip with the Quantum Echoes algorithm.

    Quantum computing is something that can be difficult to grasp, but a key area of importance in terms of this technology’s potential impact on the world is its theoretical ability to break much of the encryption that secures basically everything on the internet today. And yes, that includes Bitcoin.

    In fact, Bitcoin has enabled a massive financial incentive to develop the first sufficiently-powerful quantum computer. Many of the early addresses (basically the equivalent of an account) on the Bitcoin network are secured via encryption that is vulnerable to attack from a quantum computer that is powerful enough, which is why there have already been discussions around how the Bitcoin network more generally can be upgraded to guard against this sort of threat.

    These early Bitcoin addresses, including many that have been connected to Bitcoin creator Satoshi Nakamoto, may also be associated with private keys (passwords to the Bitcoin accounts basically) that are lost or otherwise not accessible to anyone. In other words, they’re sort of like lost digital treasure chests that a quantum computer could potentially unlock at some point in the future.

    Someone with a sufficiently-powerful quantum computer could be able to find the private keys for these addresses by breaking the encryption associated with them. And at current prices, we’re talking about a $460 billion treasure chest of vulnerable bitcoin, according to a previous report from Deloitte.

    Bitcoin itself is not yet vulnerable to quantum computing attacks today, as those computers simply do not yet exist. Additionally, there is already at least one Bitcoin Improvement Proposal (BIP) associated with the quantum threat that would allow bitcoin wallets to preemptively upgrade their software and then quickly push for a soft fork in the case of a security crisis.

    While there is no set-in-stone plan to upgrade Bitcoin to quantum-resistant or completely quantum-secure addresses quite yet, it’s also unclear if or when such an upgrade will actually be necessary. That said, plans and proposals are already being put together to deal with this threat that is still, at this point, strictly theoretical. However, this would be a rare instance where a change to the Bitcoin network’s ruleset is not optional, at least practically speaking, as users would be leaving their coins open to theft by not upgrading.

    In terms of a timeline of when this could become an issue for Bitcoin, experts have generally come to consensus around a timeline of some point in the 2030s.

    For now, the early Bitcoin addresses that are most vulnerable to the quantum threat are referred to as “Satoshi’s Shield” because they could operate as a canary in the coalmine of sorts in terms of the development of a sufficiently powerful quantum computer to break the encryption in Bitcoin and many other online systems.

    https://x.com/cryptoquick/status/1866826898652991844

    Of course, based on bitcoin’s past performance, the current treasure of $460 billion worth of bitcoin could easily grow to more than $1 trillion by the time a sufficiently-powerful quantum computer is built. That said, the way this process would likely unfold would be a large number of smaller treasure chests being unlocked over time rather than a single attacker gaining access to one large chest holding all of that bitcoin. In other words, the cracked bitcoin wouldn’t necessarily all be found at once by the same entity.

    Obviously, it should also be noted that some of this vulnerable bitcoin could be moved to less-vulnerable, already-available address types or yet-to-be-enabled, quantum-resistant addresses by the time the clock strikes midnight on the quantum threat. But again, it’s also likely that the private keys associated with a large amount of early bitcoin are simply forever lost.

    Existing quantum computing startups and projects are obvious candidates for being the ones to crack Satoshi’s early Bitcoin addresses, and some Bitcoin users have even claimed that this is something the U.S. government should get involved with as a sort of new Manhattan Project for the digital age. Notably, the Trump administration is currently in talks related to U.S. government investment in a few quantum computing companies, according to The Wall Street Journal.

    [ad_2]

    Rhett Jones

    Source link

  • Bitcoin’s Creator Just Took A $20 Billion Hit — If He’s Still Watching

    [ad_1]

    They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

    Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

    Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

    So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

    Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

    Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

    Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

    Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

    So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

    [ad_2]

    Christian Encila

    Source link

  • Craig Wright Could Face Perjury Charges for Claiming to be Bitcoin Creator

    Craig Wright Could Face Perjury Charges for Claiming to be Bitcoin Creator

    [ad_1]

    Australian computer scientist Craig Wright’s claims to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto, could lead British prosecutors to charge him with perjury and forgery of documents.

    A new ruling in the Crypto Open Patent Alliance (COPA) vs. Wright case revealed that High Court Justice James Mellor has referred Wright’s misconduct to the Crown Prosecution Service (CPS) for consideration on charging him with perjury for providing false testimony during the trial.

    Wright Faces Perjury Charges

    Judge Mellor found that Wright had lied to bolster his false claim of being Satoshi Nakamoto during the trial. Although Wright has remained insistent for years that he wrote the Bitcoin white paper, the judge ruled that neither of his claims were true in March.

    COPA sued Wright to prove that he was not Satoshi Nakamoto and prevent him from suing Bitcoin developers and related entities that denied his claims. Since 2019, Wright has waged legal war against several developers to silence their criticism and gain ownership of the Bitcoin network.

    Interestingly, he failed to mention anyone to whom he sent bitcoin (BTC) in the network’s early days. Hence, the judge said the evidence in the case overwhelmingly convinced him that Wright was not the creator of the cryptocurrency.

    Following the judge’s ruling on the case, a written judgment that found Wright guilty of grand-scale forgery was filed two months later. Judge Mellor ruled that Wright lied repeatedly and extensively to support his biggest lie of being the Bitcoin creator. As a result of Wright’s forgery, Judge Mellor believes the case merits a referral to the CPS for possible criminal proceedings.

    “I have no doubt that I should refer the relevant papers in this case to the CPS for consideration of whether a prosecution should be commenced against Dr. Wright for his wholesale perjury and forgery of documents and/or whether a warrant for his arrest should be issued and/or whether his extradition should be sought from wherever he now is,” Judge Mellor wrote.

    Wright to Cease Legal Proceedings

    While the case makes its way to the CPS, Judge Mellor has granted certain orders and injunctions against Wright. For six months, the self-proclaimed Nakamoto must post a court notice on his website, Slack, and X accounts.

    In addition, Wright cannot continue any further legal proceedings on the case, and he is prohibited from threatening to engage in legal proceedings as he has done in the past.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    [ad_2]

    Mandy Williams

    Source link

  • Craig Wright questioned on Tulip Trust, denies Kleiman’s role in court

    Craig Wright questioned on Tulip Trust, denies Kleiman’s role in court

    [ad_1]

    Craig Wright’s sixth day of cross-examination saw the judge delve deeper into his connections with David Kleiman and the complex details surrounding the Tulip Trust.

    According to the courtroom conversation noted by BitMex Research, today’s session was marked by intense scrutiny of Wright’s past declarations and his relationship with the late Kleiman, shedding light on the complexities of their partnership and the foundational days of Bitcoin.

    The court pressed Wright on Kleiman’s involvement in the Tulip Trust, a series of trusts that Wright previously claimed were established to manage a significant portion of early mined Bitcoins.

    Wright’s responses fluctuated under questioning from the judge, particularly when confronted with his previous claims that Kleiman was a trustee, a statement he later asserted he had been forced into the declaration under the threat of contempt.

    This prompted a further inquiry from the judge, leading to Wright’s understanding and management of the trust’s documents and his assertion that he never officially acted as a trustee.

    Adding another layer to the day’s proceedings were questions about Wright’s blog posts, specifically one dated January 2009, which could potentially associate him with the creation of Bitcoin. Wright distanced himself from the management and authorship of the blog, attributing it to a third party.

    Wright maintained that the content of his blogs did not conclusively show him as Satoshi Nakamoto, further complicating the narrative around the identity of Bitcoin’s creator.

    Kleiman and his relation to Craig Wright

    David Kleiman was an American computer forensics expert widely known within the cryptocurrency community for his alleged connections to the creation of Bitcoin. Kleiman, who passed away in 2013, was a computer scientist and security expert, having worked in various capacities related to computer security and forensics. 

    After Kleiman’s death, a legal battle ensued between his estate and Wright. The estate claimed that Kleiman was involved in the creation of Bitcoin and, therefore, his estate is entitled to a portion of the Bitcoin fortune that Wright allegedly controls.

    The lawsuit brought Kleiman’s name into the spotlight within the cryptocurrency world, raising questions about his possible role in the development of Bitcoin. Despite these claims and legal battles, there is no definitive proof that Kleiman had a direct role in the creation of Bitcoin. 


    Follow Us on Google News



    [ad_2]

    Mohammad Shahidullah

    Source link

  • Craig Wright admits forging key documents to claim Satoshi Nakamoto identity

    Craig Wright admits forging key documents to claim Satoshi Nakamoto identity

    [ad_1]

    On the fourth day of the COPA v. Craig Wright trial, Wright conceded that many documents he presented to affirm his claim as Satoshi Nakamoto were indeed forged. 

    Highlighting this development, COPA showcased evidence of anachronisms, including fonts that did not exist when the documents were supposedly created, leading Wright to admit their inauthenticity.

    However, Wright shifted blame to several third parties: mistakes by former solicitors, sabotage by ex-employees, hackers compromising his systems, and even the IT environment, which he claimed could autonomously alter documents.

    This casts Wright, who professes to be an information security expert, in an unfortunate light.

    Further complicating his position, Wright could not affirm the authenticity of documents related to the so-called Tulip Trust, previously submitted in the U.S. Kleiman litigation.

    “I have no idea, and I cannot actually vouch for anything being completely real,” Wright said, inadvertently bolstering COPA’s argument. 

    Yesterday, Wright had a surprisingly positive day at the trial, as he caused some concerns for COPA when he comprehensively explained Bitcoin’s network theory and presented a 2008 document citing Bitcoin Cash, which wasn’t launched until 2017.

    However, the court is aware that as an expert computer engineer, Wright has the technical capabilities to alter metadata. The defendant acknowledged showing his university students how to change the metadata of documents. 

    The trial is set to run until mid-March as the crypto community frustratingly waits to see whether the court rules out Wright’s long-winded claim of being Bitcoin’s originator. 


    Follow Us on Google News



    [ad_2]

    Mohammad Shahidullah

    Source link

  • COPA claims visible forgery in Craig Wright’s Bitcoin origin document

    COPA claims visible forgery in Craig Wright’s Bitcoin origin document

    [ad_1]

    On the second day of the Craig Wright v. COPA trial, the plaintiff claimed that Wright had forged the date in his infamous “Nakamoto is the Japanese Adam Smith” document.

    This document is pivotal to the case, as Wright showed it in a video back in 2019, where he claimed to be Bitcoin’s originator, Satoshi Nakamoto. The date stamp on the document shows that it was from 2008, before the Bitcoin whitepaper was published. 

    COPA highlighted that the numeral “08” in the document’s date appeared smaller than the “20” and was not aligned properly, suggesting the document might have been altered or forged. Wright acknowledged the visual discrepancies but maintained the document’s authenticity, stating it had been in his possession for a long time and he couldn’t recall its origin.

    Wright also mentioned not personally managing his Twitter account, which had claimed the document was authentic.

    Craig Wright showing the document of how he came up with the name ‘Satoshi’ in 2019 | Source: Modern Consensus

    COPA presented findings from Mr. Madden, an expert who compared the document to versions found in online archives. Madden noted alignment issues and differences in footers compared to those typical of the 2008 period, which Wright disputed by arguing about the variability of database formats.

    Wright rejected the suggestion that COPA’s expert found the original document, saying it was part of the effort to discredit him. He also emphasized that if the document were forged, it would have been done flawlessly, suggesting he wouldn’t make such amateurish mistakes.

    The trial is set to continue with further testimony and cross-examination. The proceedings are expected to last several weeks, with both parties prepared for a lengthy legal battle​. 

    The legal dispute started in 2016 when Dr. Craig Wright, originally an Australian computer scientist, publicly claimed to be Nakamoto and asserted intellectual property rights associated with Bitcoin. Cryptocurrency Open Patent Alliance (COPA) filed a lawsuit against Wright, seeking a court declaration that the Bitcoin whitepaper is public domain material and that no individual has copyright claims over it or the ‘Bitcoin’ name. 

    Major crypto stakeholders formed the COPA to prevent patent aggression and ensure open access to the technology.


    Follow Us on Google News



    [ad_2]

    Mohammad Shahidullah

    Source link

  • Unidentified wallet sends $1.2m BTC to Satoshi Nakamoto

    Unidentified wallet sends $1.2m BTC to Satoshi Nakamoto

    [ad_1]

    An unidentified individual initiated a transaction on Jan. 5, depositing 26.9 BTC, valued at approximately $1.19 million, into the Genesis wallet — the first wallet ever created on the Bitcoin (BTC) network by the pseudonymous entity known as Satoshi Nakamoto.

    This transaction occurred at 1.52 AM ET, two days after Bitcoin celebrated its 15th anniversary, and was noteworthy because it was impossible to retrieve. 

    On-chain analytics platform Arkham Intelligence reported that before depositing the Bitcoins into the Genesis wallet, the mysterious wallet’s owner funded it through intricate transactions involving diverse addresses.

    Source: Arkham Intelligence

    Arkham Intelligence also revealed that it had traced most of the funds back to a wallet that Binance is believed to own. 

    Just before the transfer to the Satoshi Nakamoto wallet, the mysterious sender withdrew nearly 27 BTC from the Binance exchange, with the wallet’s activity log only recording these two transactions.

    Given that the law requires crypto exchanges such as Binance to have stringent KYC procedures, some believe the identity of the individual behind the transfer to Nakamoto’s wallet is potentially known to the Binance compliance team.

    Reacting to the news, a Coinbase director, Conor Grogan humorously commented, “Either Satoshi woke up, bought 27 Bitcoins from Binance, and deposited them into their wallet, or someone just burned a million dollars.”

    The Genesis wallet, known to be the brainchild of the pseudonymous inventor of Bitcoin, Satoshi Nakamoto, has primarily amassed trivial dust transactions since its inception on Jan. 3, 2009. 

    While it’s theoretically possible that Nakamoto still possesses the private keys to these wallets and could transfer the funds, the prevailing belief is that it’s highly improbable. 

    Evidence supporting this belief is that funds from Nakamoto-associated wallets, including the Genesis block’s funds, have not budged since the Bitcoin inventor’s disappearance in December 2010.

    Initially, when Nakamoto vanished, the Genesis wallet held 50 BTC. However, over the years, the wallet has witnessed an inflow of funds, reaching 72 BTC by the end of 2023. This latest transaction has increased the wallet’s balance to approximately 99.68 BTC, translating to around $4.3 million at current rates.

    In the wake of this unexpected transaction, crypto enthusiasts have put forth several theories about it. 

    Some believe it to be a tribute to the creator of Bitcoin, considering it occurred two days after Bitcoin’s 15th anniversary. Others speculate it could be a massive financial blunder or a costly publicity stunt. 

    At the same time, some perceive it as an attempt to stir euphoria ahead of the anticipated approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).


    Follow Us on Google News

    [ad_2]

    Julius Mutunkei

    Source link

  • Bitcoin’s price comparison on white paper 15th anniversary

    Bitcoin’s price comparison on white paper 15th anniversary

    [ad_1]

    Oct. 31 marks the 15th anniversary of the white paper from Satoshi Nakamoto, the pseudonymous person or persons that introduced the world to Bitcoin.

    Today, the token sits at $34,494 according to data from CoinGecko, the world’s largest data aggregator.

    Bitcoin through the years

    Following the release of the white paper, Bitcoin as a cryptocurrency was launched in 2009, with the first genesis block being mined on Jan. 9. Four years later, the world’s first cryptocurrency was sitting at $204.

    In the next four years, the cryptocurrency reported growth until 2017, where it was reported at $6,369 on Oct. 31 in that year.

    Bitcoin then continued to report consistent growth until 2021, when it grew to $61,837. It was in this year a couple of notable things happened, including El Salvador becoming the first country to adopt the digital asset as a legal tender, before it entered a crypto winter. On Oct. 31, 2022, Bitcoin was reported to be sitting at $20,624.

    A price surge attributed to lack of liquidity

    In October of this year, Bitcoin once again saw growth in what many analysts suggest as being an end to the crypto winter.

    Although several reasons were attributed to this new uptick, analysts in an Oct. 30 report highlight that the surge could be driven by an ongoing liquidity shortage and declining stablecoin market cap.


    Follow Us on Google News

    [ad_2]

    Sarah Jansen

    Source link

  • Jameson Lopp doubts Hal Finney, Satoshi Nakamoto connection

    Jameson Lopp doubts Hal Finney, Satoshi Nakamoto connection

    [ad_1]

    CASA co-founder and CTO Jameson Lopp has called into question claims that well-regarded computer scientist and cryptographer Hal Finney was Satoshi Nakamoto.

    In a speech at the Plan B Forum held in Lugano, Switzerland, Lopp shared his doubts over claims that Finney, who died in 2014, was the man behind the pseudonymous character Satoshi Nakamoto who invented Bitcoin (BTC).

    Lopp acknowledges Finney’s contributions to Bitcoin. Besides Satoshi, Finney was the first person to download and run the Bitcoin software. 

    However, the CASA CTO highlighted a race held on April 18, 2009, in Santa Barbara, California, in which Finney was a participant. The race took place as an email was being sent back and forth between Satoshi Nakamoto and developer Mike Hearn. 

    According to Lopp, it would have been impossible for Finney to participate in an email exchange while focused on a race. Not to mention, there was a Bitcoin transaction confirmed during the same time as this race.

    “You see, for the hour and 18 minutes that Hal Finney was running down this course in Santa Barbara, we can be quite sure that he was not at a computer or other electronic device where he would have been able to do what Satoshi was doing.”

    Jameson Lopp, CASA CTO

    Lopp also noticed something strange when looking into a Swiss IP address linked to Hearn, which lines up with the time he worked at Google’s Swiss offices. It provides further proof that Satoshi was active while Finney was out racing.

    He did a side-by-side comparison of Nakamoto and Finney’s code styles and noticed a lot of differences in their line spacing preferences and overall personalities. With this information, he questioned how one person could have such different coding identities.

    “I’m a software engineer. I know code. And their code was not the same. And in fact, we can look at Hal’s reusable proof of work code. We can compare it to the very first release of the published code for Bitcoin, and several large differences are immediately apparent.”

    Jameson Lopp CASA CTO

    While Lopp’s investigation does not provide definitive proof, it presents an interesting case against Finney as Bitcoin’s creator. The cryptographer died in August 2014 having predicted that Bitcoin’s price could one day go as high as $10 million.


    Follow Us on Google News

    [ad_2]

    Julius Mutunkei

    Source link

  • Reflecting On Satoshi Nakamoto’s Manifesto, The Bitcoin White Paper

    Reflecting On Satoshi Nakamoto’s Manifesto, The Bitcoin White Paper

    [ad_1]

    This is an opinion editorial by Archie Chaudhury, a blockchain enthusiast and previous winner of top prize at the 2021 MIT Bitcoin Expo.

    When Satoshi Nakamoto first published the Bitcoin white paper in October of 2008, the world was reeling from a financial crisis caused by the irresponsibility and negligence of the institutions that controlled our financial system. Hedge funds, central banks and other powerful agents had been all too happy to place over-leveraged bets on the economy, and to profit from the economic losses incurred by the working class when these bets collapsed.

    [ad_2]

    Archie Chaudhury

    Source link

  • On This White Paper Day, Remember What Satoshi’s Original Publication Is And What It Isn’t

    On This White Paper Day, Remember What Satoshi’s Original Publication Is And What It Isn’t

    [ad_1]

    This is an opinion editorial by Shinobi, a self-taught educator in the Bitcoin space and tech-oriented Bitcoin podcast host.

    The Bitcoin white paper is one of the most important documents written this century to everyone reading this. Every Halloween, somewhere in the back of our minds, “this is when it happened” invades our consciousness. It really was one of those random, innocuous moments at the time that just interjected out of nowhere something that would radically shift the dynamics of the world. It laid out the framework of an idea that even today, at a ridiculously tiny size and significance in the world and its economy, has still had a massively outsized effect on this planet.

    [ad_2]

    Shinobi

    Source link

  • Dustin Trammell On The Original White Paper Day, Corresponding With Satoshi And The Growing Need For Bitcoin

    Dustin Trammell On The Original White Paper Day, Corresponding With Satoshi And The Growing Need For Bitcoin

    [ad_1]

    On October 31, 2008, the pseudonymous Satoshi Nakamoto submitted their white paper outlining “Bitcoin: A Peer-To-Peer Electronic Cash System” to Metzdowd.com’s cryptography mailing list. Shortly after the project’s launch in January 2009, a mailing list subscriber named Dustin Trammell began contributing to the project, asking questions and submitting bugs to the paper’s author and becoming one of the first people on earth to be “orange pilled” by Bitcoin’s formative outline.

    “When first reading it, I remember being impressed that someone had discovered a way to prevent double-spending with digital currency,” Trammell recalled. “Being fairly Libertarian minded and interested in alternative currencies and economic systems, I was excited for the software to be released so that I could take a look at it in action.”

    [ad_2]

    Peter Chawaga

    Source link