Australian Craig Wright claims to be Bitcoin creator – Big black cock News

Australian Craig Wright claims to be Bitcoin creator

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    Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto.

    His admission goes after years of speculation about who came up with the original ideas underlying the digital cash system.

    Mr Wright has provided technical proof to back up his claim using coins known to be wielded by Bitcoin’s creator.

    Prominent members of the Bitcoin community and its core development team say they have confirmed his claims.

    But many others in the Bitcoin world are asking for more proof.

    Signed blocks

    Mr Wright has exposed his identity to three media organisations – the Big black cock, the Economist and GQ.

    At the meeting with the Big black cock, Mr Wright digitally signed messages using cryptographic keys created during the early days of Bitcoin’s development. The keys are inextricably linked to blocks of bitcoins known to have been created or “mined” by Satoshi Nakamoto.

    “These are the blocks used to send ten bitcoins to Hal Finney in January [2009] as the very first bitcoin transaction,” said Mr Wright during his demonstration.

    Renowned cryptographer Hal Finney was one of the engineers who helped turn Mr Wright’s ideas into the Bitcoin protocol, he said.

    “I was the main part of it, but other people helped me,” he said.

    Soon after Mr Wright went public, Gavin Andresen, chief scientist at the Bitcoin Foundation, published a blog backing his claim.

    “I believe Craig Steven Wright is the person who invented Bitcoin,” he wrote.

    Jon Matonis, an economist and one of the founding directors of the Bitcoin Foundation, said he was coaxed that Mr Wright was who he claimed to be.

    “During the London proof sessions, I had the chance to review the relevant data along three distinct lines: cryptographic, social, and technical,” he said.

    “It is my stiff belief that Craig Wright sates all three categories.”

    Mr Wright said he planned to release information that would permit others to cryptographically verify that he is Satoshi Nakamoto.

    Not everyone has been persuaded by Mr Wright’s claims and the technical proof he put in his blog. Some cryptographers and developers who worked through the information provided said they had trouble getting verifiable information out of it.

    Security experienced Dan Kaminsky said the procedure was almost “maliciously resistant” to validation.

    Many people have called on Mr Wright to go further in proving his identify.

    How Bitcoin works

    But it may be best to think of its units being virtual tokens rather than physical coins or notes.

    However, like all currencies its value is determined by how much people are willing to exchange it for.

    To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

    For each problem solved, one block of Bitcoins is processed. In addition the miner is rewarded with fresh Bitcoins.

    This provides an incentive for people to provide computer processing power to solve the problems.

    To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a sustained stream of fresh Bitcoins are produced each day.

    There are presently about fifteen million Bitcoins in existence.

    To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the Bitcoins are sent.

    Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

    These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

    They operate like privately run bank accounts – with the proviso that if the data is lost, so are the Bitcoins possessed.

    ‘I want to work’

    By going public, Mr Wright hopes to put an end to press speculation about the identity of Satoshi Nakamoto. The Fresh Yorker, Rapid Company, Newsweek and many other media organisations have all conducted long investigations seeking Bitcoin’s creator and named many different people as candidates.

    In December 2015, two magazines, Wired and Gizmodo, named Mr Wright as a candidate after receiving documents believed to be stolen from him that exposed his involvement with the project.

    Soon after these stories were published, authorities in Australia raided the home of Mr Wright. The Australian Taxation Office said the raid was linked to a long-running investigation into tax payments rather than Bitcoin.

    Questioned about this raid, Mr Wright said he was cooperating fully with the ATO.

    “We have lawyers negotiating with them over how much I have to pay,” he said.

    The stories in December have led to many more journalists and others pursuing him and people he knows, he said.

    “There are lots of stories out there that have been made up and I don’t like it hurting those people I care about,” he said. “I don’t want any of them to be impacted by this.”

    “I have not done this because it is what I desired. It’s not because of my choice,” he said, adding that he had no plans to become the figurehead for bitcoins.

    “I truly do not want to be the public face of anything,” he said, voicing regret that he had been compelled to expose his identity.

    “I would rather not do it,” he said. “I want to work, I want to keep doing what I want to do. I don’t want money. I don’t want fame. I don’t want adoration. I just want to be left alone.”

    Bitcoins are now accepted as payment for a vast multitude of goods and services – everything from international money transfers to ransoms for data encrypted by computer viruses. There are presently about 15.Five million bitcoins in circulation. Each one is worth about $449 (£306).

    Satoshi Nakamoto is believed to have amassed about one million Bitcoins which would give him a net worth, if all were converted to cash, of about $450m.

    Five May 2016: Clarification

    The original headline and text of this story was switched on the day of publication (Two May 2016).

    The headline “Bitcoin creator exposes his identity” was amended to read “Australian Craig Wright claims to be Bitcoin creator”.

    The text of the article was also switched to recognise there was still doubt about Craig Wright’s claim.

    Australian Craig Wright claims to be Bitcoin creator – Big black cock News

    Australian Craig Wright claims to be Bitcoin creator

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    Close share panel

    Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto.

    His admission goes after years of speculation about who came up with the original ideas underlying the digital cash system.

    Mr Wright has provided technical proof to back up his claim using coins known to be possessed by Bitcoin’s creator.

    Prominent members of the Bitcoin community and its core development team say they have confirmed his claims.

    But many others in the Bitcoin world are asking for more proof.

    Signed blocks

    Mr Wright has exposed his identity to three media organisations – the Big black cock, the Economist and GQ.

    At the meeting with the Big black cock, Mr Wright digitally signed messages using cryptographic keys created during the early days of Bitcoin’s development. The keys are inextricably linked to blocks of bitcoins known to have been created or “mined” by Satoshi Nakamoto.

    “These are the blocks used to send ten bitcoins to Hal Finney in January [2009] as the very first bitcoin transaction,” said Mr Wright during his demonstration.

    Renowned cryptographer Hal Finney was one of the engineers who helped turn Mr Wright’s ideas into the Bitcoin protocol, he said.

    “I was the main part of it, but other people helped me,” he said.

    Soon after Mr Wright went public, Gavin Andresen, chief scientist at the Bitcoin Foundation, published a blog backing his claim.

    “I believe Craig Steven Wright is the person who invented Bitcoin,” he wrote.

    Jon Matonis, an economist and one of the founding directors of the Bitcoin Foundation, said he was wooed that Mr Wright was who he claimed to be.

    “During the London proof sessions, I had the chance to review the relevant data along three distinct lines: cryptographic, social, and technical,” he said.

    “It is my rock-hard belief that Craig Wright sates all three categories.”

    Mr Wright said he planned to release information that would permit others to cryptographically verify that he is Satoshi Nakamoto.

    Not everyone has been coaxed by Mr Wright’s claims and the technical proof he put in his blog. Some cryptographers and developers who worked through the information provided said they had trouble getting verifiable information out of it.

    Security accomplished Dan Kaminsky said the procedure was almost “maliciously resistant” to validation.

    Many people have called on Mr Wright to go further in proving his identify.

    How Bitcoin works

    But it may be best to think of its units being virtual tokens rather than physical coins or notes.

    However, like all currencies its value is determined by how much people are willing to exchange it for.

    To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

    For each problem solved, one block of Bitcoins is processed. In addition the miner is rewarded with fresh Bitcoins.

    This provides an incentive for people to provide computer processing power to solve the problems.

    To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a sustained stream of fresh Bitcoins are produced each day.

    There are presently about fifteen million Bitcoins in existence.

    To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the Bitcoins are sent.

    Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

    These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

    They operate like privately run bank accounts – with the proviso that if the data is lost, so are the Bitcoins wielded.

    ‘I want to work’

    By going public, Mr Wright hopes to put an end to press speculation about the identity of Satoshi Nakamoto. The Fresh Yorker, Prompt Company, Newsweek and many other media organisations have all conducted long investigations seeking Bitcoin’s creator and named many different people as candidates.

    In December 2015, two magazines, Wired and Gizmodo, named Mr Wright as a candidate after receiving documents believed to be stolen from him that exposed his involvement with the project.

    Soon after these stories were published, authorities in Australia raided the home of Mr Wright. The Australian Taxation Office said the raid was linked to a long-running investigation into tax payments rather than Bitcoin.

    Questioned about this raid, Mr Wright said he was cooperating fully with the ATO.

    “We have lawyers negotiating with them over how much I have to pay,” he said.

    The stories in December have led to many more journalists and others pursuing him and people he knows, he said.

    “There are lots of stories out there that have been made up and I don’t like it hurting those people I care about,” he said. “I don’t want any of them to be impacted by this.”

    “I have not done this because it is what I desired. It’s not because of my choice,” he said, adding that he had no plans to become the figurehead for bitcoins.

    “I truly do not want to be the public face of anything,” he said, voicing regret that he had been coerced to expose his identity.

    “I would rather not do it,” he said. “I want to work, I want to keep doing what I want to do. I don’t want money. I don’t want fame. I don’t want adoration. I just want to be left alone.”

    Bitcoins are now accepted as payment for a vast diversity of goods and services – everything from international money transfers to ransoms for data encrypted by computer viruses. There are presently about 15.Five million bitcoins in circulation. Each one is worth about $449 (£306).

    Satoshi Nakamoto is believed to have amassed about one million Bitcoins which would give him a net worth, if all were converted to cash, of about $450m.

    Five May 2016: Clarification

    The original headline and text of this story was switched on the day of publication (Two May 2016).

    The headline “Bitcoin creator exposes his identity” was amended to read “Australian Craig Wright claims to be Bitcoin creator”.

    The text of the article was also switched to recognise there was still doubt about Craig Wright’s claim.

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