Craig Wright contends that Bitcoin “fundamentally deviated” from Satoshi Nakamoto’s vision and misled investors following the SegWit and Taproot upgrades.
Craig Wright started a new lawsuit, saying that Bitcoin creators have abandoned the original idea behind the project and that Bitcoin SV is the real Bitcoin.
The claim is requesting that the defendants pay the difference in market valuation between the two coins, which exceeds $1.18 billion.
If Wright’s name is recognizable, it is due to his previous assertion that he was the creator of Bitcoin, Satoshi Nakamoto, which resulted in a legal dispute that he ultimately lost.
According to the recently submitted claim in the UK High Court, the defendants have “fundamentally deviated” from the original vision of Satoshi Nakamoto, the creator of Bitcoin, by introducing the SegWit and Taproot enhancements, which have “altered the original Bitcoin protocol.”
Consequently, he is of the opinion that the defendants have “created confusion within the market” and have “misled the public into believing that BTC retains the attributes of the original Bitcoin.”
The lawsuit names Bitcoin Core, the developers of Bitcoin node software, and Square Up Europe Limited, a payment service that provided funding to a Bitcoin Lightning Network company.
Wright is attempting to determine the market value difference between Bitcoin (BTC) and Bitcoin Satoshi’s Vision (BSV), contending that the latter is the genuine Bitcoin. Upon the submission of the form, Bitcoin was trading at $62,000 (£48,000) and BSV was trading at a mere $65 (£50). Consequently, the claim is seeking a total of $1.18 billion (£911 million) from the defense.
The claim asserts that this is indicative of the “financial consequences of misrepresentation and the subsequent market decline.”
It is undeniable that SegWit and Taproot significantly altered Bitcoin. It was a highly contentious issue when SegWit was introduced in 2017 to address a multitude of flaws and enhance the network’s efficacy. This was so significant that it resulted in the hard schism that gave rise to Bitcoin SV, which stands for Bitcoin Satoshi’s Vision.
Then, in 2021, Taproot enhanced data efficiency and privacy while simultaneously decreasing network transaction costs, resulting in another hard fork. This time, Bitcoin Cash was made after the split.
Wright argues that the modifications to Bitcoin have been so significant that it is now misleading to refer to it as “Bitcoin.” Instead, he contends that Bitcoin SV is deserving of the mononym Bitcoin.
Lanny Tuchmayer, counsel and director of operations at Bergel Magence LLP, stated to Decrypt, “The claim demonstrates a complete misunderstanding of the decentralized ethos that is the foundation of Bitcoin. His concept of exclusive intellectual property rights is in direct opposition to the open-source nature of the project, as any modifications to the protocol are subject to community consensus.”
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