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Peter McCormack doubles down; issues response to Craig Wright and Calvin Ayre’s legal notice

Peter McCormack doubles down; issues response to Craig Wright and Calvin Ayre’s legal notice

There’s never a dull day in the cryptocurrency realm, especially with the likes of Calvin Ayre and Craig Wright. The BSV proponents have been issuing notices to several prominent players in the cryptocurrency community for accusing Craig S Wright of falsely claiming to be Satoshi Nakamoto.

Peter McCormack, the host of the WhatBitcoinDid podcast, is one of them. McCormack received a letter from Ayre and Wright on April 12, instructing him to withdraw his previous tweets accusing Wright of being a fraud, refrain from repeating those statements, and apologize to Wright via a tweet and in an open court statement.

McCormack took on the legal challenge, tweeting,

“I believe that claiming to be Satoshi and promoting a fake version of bitcoin is fraudulent. I believe this is in the public interest. Let’s go to court.”

The larger cryptocurrency community firmly backed McCormack, providing him with financial support and even donating Bitcoins [BTC] for his legal troubles. Returning the favor, McCormack appealed to the community to donate to @hodlonaut’s  crowdfunding campaign. @Hodlonaut is another target of Ayre’s legal notices.

On April 14, McCormack formally replied to Ayre’s letter, by issuing his own. The letter, hilariously curated, reiterated McCormack’s earlier statement that Wright is a fraud and is falsely claiming to be Satoshi Nakamoto.

The podcast host stated that he had a team of “15 lawyers” willing to represent him on a pro-bono basis. Mimicking Wright’s approach of exulting himself, McCormack referred to himself as,

“The King of Bedford, respected Mommy Blogger, Thought Leader, Nobel Winner, Grammy Nominee, Dolphin Trainer, Instagram Influencer, Giraffe, Tech Titan, Lord of the Dance, and “Recognized” journalist.”

McCormack’s letter alleged that what Craig Wright was claiming to portray, and claimed to have done during the emergence of bitcoin in 2008, were completely false. The letter read,

“He did not play an integral part in the development of bitcoin; it is highly questionable that he can in face code. He did not produce the report ‘bitcoin: A Peer-to-Peer-Electronic Cash System in October 2008’ He did not send the first bitcoin to Hal Finney in January 2009 and did not play an integral part in the development of bitcoin.”

Addressing Wright’s legal counsel with respect to the defamation charge, McCormack said that the “burden of proof is on your client to prove he has suffered serious harm as a consequence of the alleged defamation”.

McCormack listed his own set of requirements that Wright must adhere to prove his claims. Firstly, evidence, besides the “same nonsense he has published time and time again” to prove that Wright is, in fact, Satoshi Nakamoto. Or else, Wright should delete all “online publications” that claim he is the bitcoin creator and never repeat the “fraudulent claims”, McCormack stated.  Wright must also agree to write “an apology to everyone in bitcoin”, stop “issuing bullying letters”, and cease his legal pursuit of Hodlonaut, he added.

McCormack further added that he is “prepared to wave the entitled to damages and costs” if Wright adheres to the above instructions. McCormack will “pursue proceeding against” the bitcoin SV spearhead, if these are not adhered to, or if he doesn’t get a response by May 7.

The letter concluded,

“His attempts to silence and bully people to protect his fraud and lies is an attack on bitcoin. I have a large and experienced legal team, and we are ready, willing and excited by the prospect of going to court and once and for all exposing Craig Wright for the fraud he is.”

Ayre’s behaviour has been categorized as “bullying” by many. Binance CEO Changpeng Zhao attested to Craig Wright being a “fraud” and even threatening to delist bitcoin SV. Anthony Pompliano, went one step further, appealing to all exchanges to “delist BSV”.

The post Peter McCormack doubles down; issues response to Craig Wright and Calvin Ayre’s legal notice appeared first on AMBCrypto.

Published at Mon, 15 Apr 2019 18:41:26 +0000

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Bitcoin Cash (BCH) Value Triples In Less Than Two Days

After hovering around $300 for weeks after its initial fork, bitcoin Cash (BCH) skyrocketed to triple its value over the last two days.


On August 1, the bitcoin blockchain forked to little fanfare. Although the new bitcoin Cash (BCH) token quickly spiked to around $1000 in its opening hours, it soon after tumbled into a stagnant holding level around $300. In the meantime, Bitcoin surged past $4000 and posted all-time highs on a nearly daily basis. The question on everyone’s minds: Sell or hold their BCH?

Now it seems we have our answer. Like a phoenix rising from the ashes, BCH surged past previous highs to over $1000 on Saturday morning. It has since stabilized at $800 and is trading at $788.14 as of press time.

Bitcoin Cash price chart

BCH’s trading volume also recently surpassed that of BTC. CoinMarketCap now shows BCH edging out BTC trading volumes by a margin of roughly 300 million. In the meantime, BTC price has been sliding down, although it has yet to dip below its $4000 benchmark.

Bitcoin Cash vs Bitcoin

The Canary in the bitcoin Mine

Thanks to bitcoin Cash’s new price, mining the BCH blockchain is now more profitable than mining legacy BTC. Additionally, block 479,808 on the BCH blockchain will likely adjust the difficulty for BCH mining downwards by 50% sometime this weekend.

Following this adjustment, bitcoin Cash miners will earn more than double mining BCH than they would legacy BTC. As miners switch to the new blockchain, the increased hashpower and lower transaction fees on the BCH blockchain will likely drive more investors to bitcoin Cash.

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Although profitability on the BCH chain could potentially skyrocket over the weekend, other factors may encourage miners to remain on the BTC chain. For one, miners are paid and extra 1.5 BTC per block on the legacy bitcoin blockchain, leading to much higher rewards. Additionally, miners earn rewards on the BTC chain much faster than the BCH chain- bitcoin takes about 17 hours whereas bitcoin Cash takes about 34 hours.

As South Korea Goes, So Goes The Market

Increased demand from South Korea is also driving up prices. Trading jumped to ten times its previous volume prior to the surge, much of it in South Korean won. In fact, data from CoinMarketCap shows that roughly $2.1 billion of BCH’s $3.5 billion trade volume (around 60%) is coming from just three South Korean exchanges – Bithumb, Coinone, and Korbit.

BCH South Korean market

Analysts previously surmised that increased international tensions between the US and North Korea were the driving factor behind BTC’s rally last week. Caught in the middle of this fiery rhetoric is South Korea, a current hotspot for digital currency trading.

With cryptocurrencies slowly becoming a new (if unlikely) safe haven from government turmoil, there now seems to be a growing connection between crypto trading and regional turmoil.

This was previously demonstrated in Africa, particularly in Nigeria, where the nairi lost nearly 40% of its value overnight due to crashing oil prices. Google Trends showed increased interest in bitcoin immediately following the crash, indicating an interest from Nigerian citizens in moving their money to a safer reserve currency.

This is also now being fully demonstrated in Venezuela, which is currently undergoing a sheer economic apocalypse. Prices for consumer goods in the South American country have skyrocketed a whopping 741% from early 2016 to early 2017. Venezuelan online travel agency Destinia will now only accept Bitcoin for payment citing “increasing restrictions” and economic woes in the country.

Do you think a new “flippening” is in the making? Will BCH overtake BTC in the near future? Tell us your predictions in the comments below.


Images courtesy of CoinMarketCap, Bloomberg

The post Bitcoin Cash (BCH) Value Triples In Less Than Two Days appeared first on Bitcoinist.com.