See More

Craig Wright Claimed He Would Reveal a Critical Bug in Bitcoin and Litecoin — Then Didn’t

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram
November 15, 2019, has come to pass, and yet another claim from Craig Wright has proven to be nothing more than conjecture.
One year ago, Wright claimed in a tweet that after a year’s time, he would release details on an alleged unrepairable flaw in both Bitcoin (BTC) and Litecoin (LTC) that essentially renders both coins dead on their feet. According to the so-called ‘responsible disclosure’ tweet, the bug has something to do with the segregated witness (SegWit) upgrade that was rolled out for both Bitcoin and Litecoin in 2017. Wright also mentioned that both cryptocurrencies would be “shown to have no utility” and “are dead” before signing off with “Dead coin walking.” However, despite the warning that Bitcoin and Litecoin would be rendered broken, both Bitcoin and Litecoin appear to be running just fine. The only noteworthy thing that did happen today was a flash-fill of the mempool, which resulted in temporarily higher transaction fees and longer waiting periods for unconfirmed transactions on the Bitcoin blockchain. Fortunately, this was only a temporary issue that has already resolved itself, according to Jochen-Hoenicke.de’s real-time mempool charts. On the more practical side of things, Bitcoin did lose some ground today as its market capitalization fell to just over $153 billion, while its market dominance still hovers around 66%. Similarly, Litecoin is also suffering slight losses, losing just over 3% of its value amid a negative downturn for most cryptocurrency markets. Craig Wright Bitcoin   This isn’t the first time Wright has predicted the demise of Bitcoin and various other cryptocurrencies. Back in May 2019, he created a blog post where he said, “When BTC disappears, it will not disappear slowly, it will disappear in moments.” Similarly, in November 2018 Wright could be seen threatening to crash the Bitcoin market, whereas just days prior, he had threatened Roger Ver because he supported the Bitcoin Cash (formerly Bitcoin ABC) side of the November 2018 Bitcoin Cash fork. Since Craig Wright claims to be sitting on a nest of over 800,000 BTC, one might think that destroying Bitcoin’s credibility and value would be a relatively simple task. After all, he would only need to dump a fraction of his stash to completely crash the Bitcoin market. However, since it is quite clear that Wright isn’t actually Satoshi Nakamoto, this almost certainly won’t happen. Until then, Wright’s threats against Bitcoin are likely to remain exactly that — just threats.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Daniel_userpic_basic.jpg
Daniel Phillips
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
READ FULL BIO
Sponsored
Sponsored