Category Archives: Craig Wright

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More Satoshi Controversy with Phil Wilson Claims

New Zealand programmer Phil Wilson has claimed to be part of the team comprising Satoshi Nakamoto, alongside Craig Wright and Dave Kleinman. Despite Wilson writing a detailed origin story of Bitcoin, former Bitcoin developer Wright has publicly denounced these claims as a fraud.

Wright has already come out publicly and claimed to be Satoshi Nakamoto, going as far as meeting with Bitcoin Foundation Founder Gavin Andresen, and proving his claims by signing a message with one of Satoshi’s private keys. However, the Bitcoin community has largely not been convinced, especially since the signed message was never shared publicly.

More evidence comes from a court case in Florida involving the estate of Kleinman versus Wright. In the case there is a plethora of evidence indicating that Kleinman and Wright invented Bitcoin and then mined 1.1 million Bitcoins together.

Now, Wilson is saying he worked with the two and claims it was his project that ultimately turned into Bitcoin. According to him, the duo were developing electronic cash and it wasn’t successful. Wilson created the Bitcoin project, which Wright and Kleinman joined later, to collectively be known as Satoshi Nakamoto.

Wilson asserts that he deleted all evidence that he was Satoshi to avoid government prosecution and there is no way for him to prove that his story is true. Wright says Wilson is a fraudster, scammer, extortionist, and he is a ‘scam-toshi’, and had no involvement in Bitcoin’s development.

Further, Wright says hard drives were stolen in 2015 containing info about Bitcoin’s early development, and Wilson obtained this stolen data. Wright says “easter eggs” of incorrect information were kept in the hard drives just in case they were stolen, and Wilson’s story includes critical mistakes due to these easter eggs.

It doesn’t really matter what’s true and what’s false, since Bitcoin is decentralized, and the only thing that matters is that it was created and it is functioning.

 

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Orphan Blocks Are Healthy for Bitcoin

The chief scientist of blockchain research and development company nChain, Craig Wright, has written up an analysis of orphan blocks and determined that although miners complain about them, they increase the health of the Bitcoin mining network by incentivizing miners to invest in increased connectivity.

A block is a collection of the most recent transactions on the Bitcoin network collected together and cryptographically hashed. An orphan block is a duplicate block that has the same block number as another block, but is rejected when the main chain chooses the other block. Orphan blocks occur naturally when miners find blocks at similar times, but can also be caused by an attacker with a large amount of hash power attempting to reverse transactions with a 51% double spend attack.

Orphan blocks are a rare occurrence; only two have occurred since the beginning of 2018. Regardless, miners still complain about orphan blocks, especially when they experience them first hand. They successfully solve a block, receive the block reward, only to have it yanked away minutes later when the main chain has chosen another block. This results in a loss of the block reward of BTC 12.5 Bitcoins currently worth USD 80,000, enough of a loss to frustrate miners.

As Craig Wright points out, there is no true loss of mining reward due to orphan blocks on average. There are always 2016 blocks every two weeks and, therefore 2016 block rewards, regardless of how many orphan blocks occur.

Orphan blocks actually increase the health of the Bitcoin network since they give miners a good incentive to have proper connectivity infrastructure. A natural orphan block occurs due to a lack of efficient network communication combined with two pools finding blocks within a minute of each other. Both pools broadcast their block, but the pool with better connectivity will win since its block will propagate across the network faster.

Therefore, orphan blocks should not be viewed as a flaw in Bitcoin’s protocol, rather they are a benefit since they encourage connectivity of the mining network, increasing the speed, efficiency, and security of the Bitcoin network.

 

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