As Dr. Craig Wright ramps up his efforts to recover the bitcoins (BTC) stolen from him in 2020, he recently received support from the Bitcoin Association (BA). As a reminder, the leader of Tulip Trading Limited (TTL) seeks to engage the legal responsibility of blockchain developers in this litigation. According to him, the latter must better protect the wallets of users, reports Tech Telegraph.
A deal that should weigh in the balance
In one of his recent bitcoin (BTC) news videos, renowned bitcoin activist, Joshua Henslee lifted the lid on the deal between Dr. Craig Wright and the Bitcoin Association, which brings together the players in the Bitcoin SV ecosystem. The association advocates for a more stable bitcoin market and a more regulatory-compliant ecosystem.
According to the agreement, he explains, both parties approved the need for the Bitcoin Association to put in place a tool that will allow bitcoins (BTC) to be frozen or unfrozen, depending on whether they are subject or not litigation, like the theft of Dr. Wright’s cryptos. For the consultant, this position is legitimate and can help to better manage this type of difficulty. He also believes that it also has the potential to set a precedent.
He goes on to explain that if properly defended, this position can lead to a convincing result, especially if most miners, who have a significant influence in the development of cryptocurrency (such as TAAL Distributed Information Technologies), support it. Moreover, they will have no choice but to comply, he analyzes.
“In the real world, corporations, which miners are, are not fighting for ideological reasons and are unlikely to challenge court orders. They do what is good for their shareholders, especially if they are publicly traded and legally required to do so,” did he declare.
The distortion of the founding principles of bitcoin (BTC)
According to Joshua Henslee, the upstream problem which is the theft of 111,000 bitcoins (BTC) from Tulip Trading Limited (TTL) is a consequence of the distortion of the thought and the initial protocol of Satoshi Nakamoto, during the creation of the bitcoin (BTC). He pointed to the fact that Satoshi Nakamoto made the bitcoin protocol open source first and blamed centralized cryptocurrency developers for drastically changing some of its aspects. Otherwise, Dr. Wright’s problem would have already been solved.
“To change what the creator has made […] means that it is no longer what he created. This point should be obvious and the logical conclusion is that BTC is no longer Bitcoin”Henslee said.
Determined to regain possession of his bitcoins (BTC) which were stolen from him two years ago, Dr. Craig Wright has a major argument, which could swing the court’s decision in his favor. It is that of the low reliability of the bitcoin (BTC) protocol as it stands today and the importance of instilling greater confidence in users.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.