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[ via GlobalCryptoPress.com ] - Craig Wright, the controversial figure who claims to be Bitcoin’s creator, Satoshi Nakamoto, is cracking following the defeat of his landmark case as been handed a suspended prison sentence by a UK court.
Wright’s one-year sentence for contempt of court won’t see him behind bars unless he breaches court orders in the next two years. While the average person would make sure to comply, Wright's recent behavior has us wondering if he's capable of controlling himself long enough to stay free man.
Over-Emotional, Irrational, and Digging his Hole Deeper...
Wright has seemingly become driven by emotion rather than calculated legal strategy, his recent irrationality and impulsiveness seem to be a clear indication that the mounting legal defeats are taking their toll.
First, immediately after the court dismissed his lawsuit, he filed another - a move seen as Wright blatantly disregarding the court’s previous orders.
But that was just the beginning as Wright then did something anyone in their right mind knows is always a bad idea, and will never help someone make their case - he skipped attending the hearing addressing his first violation.
At first it seemed like Wright may have immediately realized his mistake and agreed to attending the rescheduled hearing. But hopes Wright was returning to reality soon faded as he joined the hearing via video link, demanding an insane £240,000 to attend, to cover his "costs and lost earnings".
These actions painted a picture of someone incapable of maintaining composure in the face of legal setbacks.
The Claim That Won’t Die...
These most recent troubles were ignited when Wright attempted to sue a group of Bitcoin developers for £900 billion (around $1 TRILLION in USD), the most recent, but far from the first lawsuit Wright has attempted.
For years, Wright has insisted he is the mysterious creator of Bitcoin, Satoshi Nakamoto, despite a mountain of evidence to the contrary. This self-proclaimed identity has been central to his legal battles and public persona, yet it has consistently crumbled under scrutiny.
The High Court in London dismissed his lawsuit, calling it baseless. In the wake of this ruling, an advocacy group made up of individuals and companies who want to protect Bitcoin's open source status, called the Crypto Open Patent Alliance (COPA) called for Wright to be held in contempt of court. The grounds for this claim come from his ruling from the court explicitly barring him from filing new lawsuits that were based on his claim to be Nakamoto.
The UK Legal System Has Had ENOUGH...
Judge Mellor ripped into Wright, calling his tactics "malicious and manipulative".
The court highlighted years of distress caused by Wright’s relentless legal threats against developers and bloggers, noting that his claims were founded on lies and forgeries. The judgment emphasized Wright’s attempts to mislead both the legal system and the public.
Wright’s unhinged behavior has earned him a one-year suspended sentence for contempt of court, along with orders to pay £145,000 (about $180,000 USD) within 2 weeks.
While he narrowly avoided prison thus far, he must follow court orders exactly as instructed for the next 2 years if he wants to stay out.
A Tarnished Legacy...
The crazy part is, Wright truly did contribute to the creation of Bitcoin. He was among the small group of original developers who volunteered their time and skills to help whoever the real Satoshi is - Wright does deserve credit for helping to launch the first cryptocurrency.
Wright could have been a respected figure in the crypto and tech world with the true story of his role in Bitcoin's creation. Ironically, people who launch the most vicious attacks at Wright for being a fraud would probably be among his biggest fans.
This seems to be an example of a poor choice made years ago, perhaps made impulsively - mix this with a prideful person who struggles to admit when they're wrong, and you get this ridiculous never-ending spectacle.
Wright had to be aware of several obvious methods the real Satoshi could use to prove his identity, Wright knew he couldn't perform any of them, and that people would demand this of anyone making this claim. The most important being the ability to open the wallet belonging to Satoshi.
Surely the real Satoshi would carefully back up the private key needed to access his wallet, of which over $90 Billion USD worth of Bitcoin sits untouched for 14 years.
But during a case he filed in Norway, where Wright attempted to sue someone from the crypto community on Twitter for calling him a scammer, Wright claimed he could no longer access the Satoshi wallets since he 'stomped out' the hard drives they were saved on. The man he was suing was a public school teacher with 8000 followers, Wright lost.
Where Do We Go From Here?
It seems Wright has taken things so far, he's reached the point where having him face real, life changing consequences is the only response left. Wright has proven his willingness to create a never ending cycle of baseless lawsuits that waste both government and private citizens funds addressing - failing to win a judgement in his favor has proven not to be a deterrent.
Since Wright begun his crusade, only his worst traits have evolved. What started with him at least portraying an image of someone making calculated legal moves, has been replaced with someone unable to control themselves long enough to consider the results of their increasingly impulsive actions.
I guess what I'm trying to say is - my money is on Craig going to jail! He needs to obey every demand of the court for 2 full years, and I just don't see his personality changing enough to pull it off.
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Via GlobalCryptoPress.com | When it comes to Trump’s stance on crypto, you’ll find polar opposite perspectives depending on who you talk to. Ask a Trump supporter in crypto, and they’ll tell you he’s the savior of the industry, the one who’ll pass pro-crypto laws that turn America into the global crypto capital. On the flip side, his critics are quick to claim that his pro-crypto talk was just a vote-getting tactic, and now that the election is over, they argue, we shouldn’t expect much action.
Today we’re focusing only on what Donald Trump himself has said about crypto-related policies.
While tech industry members and his campaign have discussed additional policies, and claimed they have Trump's support - we're excluding those here.
The majority of these came from Trump's crypto-focused speech at the Bitcoin 2024 conference in Nashville (watch the full speech here). Trump shared a lineup of pro-crypto policies that sparked significant interest within the digital currency world. Here’s a breakdown of each proposal he laid out:
Fire SEC Chair Gary Gensler: Trump pledged to remove Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), appointed by the Biden administration. Gensler has a reputation in the crypto community as a regulator with an aggressive stance toward digital assets. Many crypto advocates feel his policies have created more confusion than clarity, especially regarding whether certain tokens should be classified as securities. By replacing Gensler, Trump is signaling a potential shift to a more crypto-friendly regulatory environment, potentially making it easier for crypto companies to operate without fear of sudden legal challenges.Create a Government Stockpile of Bitcoin: Trump introduced the idea of establishing a “strategic national Bitcoin stockpile.” He suggested that his administration would hold onto all the Bitcoin the U.S. government currently possesses or acquires. This government-owned Bitcoin—much of which has been seized from criminal cases and is valued at more than $5 billion as of 2023—would supposedly act as a reserve. The concept is similar to traditional stockpiles of gold or oil, but Trump did not clarify how it would be used, whether it’s a practical move, or how the crypto industry at large views this initiative. This idea raises questions about the government’s long-term strategy for digital assets and what a Bitcoin reserve might mean for the stability of the currency.Launch a Crypto Advisory Council: Trump proposed forming a “Bitcoin and Crypto Presidential Advisory Council” composed of crypto-friendly experts and advocates. According to Trump, this council would “write the rules” for the industry rather than leaving it to those who don’t support it. This advisory body could provide direct input to the White House on crypto issues, helping to bridge the gap between government and industry and potentially crafting regulations that align more closely with the goals of crypto innovators.Block the Federal Reserve from Developing a Digital Currency: Trump reaffirmed his opposition to Central Bank Digital Currencies (CBDCs), which many countries are exploring as a digital alternative to traditional currencies. Trump’s stance aligns with a broader hesitance in the U.S. crypto community to adopt a government-controlled digital dollar, seen by some as a potential infringement on financial freedom. He referred to CBDCs as a “dangerous threat to freedom,” and vowed to prevent the Federal Reserve from developing one if elected. This position is supported by a recent bill passed in the House aiming to restrict the Fed from moving forward with a CBDC. By opposing a digital dollar, Trump positions himself as a defender of private digital currency in contrast to government-controlled alternatives.
WHAT A TRUMP PRESIDENCY COULD MEAN FOR CRYPTO
There’s definitely a bullish wave in the crypto market right now, largely fueled by optimism around Trump’s policies. If he keeps his promises, we might finally get the regulatory clarity that’s been missing for years. Back in 2017, key industry voices were already pushing for clear rules, yet somehow, things have only gotten murkier.
Here’s the current situation: the U.S. government won’t clarify which existing laws apply to crypto. If you unknowingly cross an invisible line, you may find out only when the SEC files a lawsuit against you. Case in point: Coinbase was vetted by the SEC before going public, ensuring it was fully compliant with regulations. Then, a year later, without any changes to Coinbase’s operations, the SEC suddenly sued them for operating as an unlicensed securities exchange. The lack of consistency and transparency from SEC Chair Gary Gensler has frustrated many in the industry.
And while Gensler’s SEC targeted companies like Coinbase and Kraken, which have made genuine efforts to comply, FTX’s Sam Bankman-Fried was able to operate under the radar until his house of cards collapsed. In a functional regulatory environment, companies should be able to present their plans to regulators, who, in turn, would provide guidance on what’s legal—something that’s long overdue in the crypto sector.
This kind of regulatory clarity, especially the ability to operate without the looming threat of a government lawsuit, could be transformative for crypto businesses. Right now, no crypto-focused company in America can be sure it’ll survive another year without a sudden legal challenge.
WILL HE FOLLOW THROUGH?
Trump’s reputation isn’t one of breaking campaign promises; quite the opposite, his critics often take issue with the fact that he follows through on them.
With Republicans now controlling all branches of government, they likely won’t need much, if any, Democratic support to pass legislation. And if they do, there are pro-crypto Democrats who might align on these issues.
All things considered, we'll have to say YES, odds are Trump’s proposed crypto policies will actually materialize under his administration.
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Author: Oliver Redding
Seattle Newsdesk / Breaking Crypto News
GlobalCryptoPress.com
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[ via GlobalCryptoPress.com ] At first glance, the Pi Network seemed promising — a new token backed by Stanford-educated developers, claiming technical superiority and offering free mining through a mobile app. The excitement was palpable, and since its 2019 launch, tens of millions have downloaded the app, accumulating free Pi tokens by simply pressing a button daily.
Now, almost six years after launch, users continue to earn Pi tokens the same way. But there's a glaring problem—those coins aren’t tradeable, and no exchange supports them. Despite the hype, the only recent development is that Pi now has an actual token on a blockchain, though it remains non-tradeable. Oddly, to finally launch their token they're simply implementing tech that has existed from on day 1.
So, what took 5 years? Or, does Pi Network's true business model revolve around a user base believing the 'official launch' is right around the corner - while deliberately avoiding the launch as long as possible.
Years Waiting for What?
As Pi Network prepares for its much-anticipated mainnet launch, supposedly scheduled for December, more details have surfaced. It turns out that Pi will be using the Stellar Consensus Protocol (SCP), a well-established blockchain technology created by the Stellar network.
While most users don’t understand the implications, it’s a significant revelation. Rather than developing their own proprietary technology, Pi is simply leveraging open-source code from the Stellar blockchain, which launched in 2014, five years before Pi.
This isn’t inherently wrong - Stellar is a legitimate blockchain and there's a lot of upsides to using their technology - but the issue lies in Pi’s portrayal of their work. They’ve led users to believe they were busy developing something new and revolutionary.
Basically - Pi users have waited 5 years for them to launch using someone else's 10 year old technology.
No, You Didn't Mine Anything...
Pi Network calls it mobile mining, and the "mine coins from your smartphone!" has been a major reason for people to sign up in the first place.
But the fine print will tell you this has always been and always will be a 'simulation' - in other words, you're playing a video game. There is a way to really mine Pi tokens now, but it requires running their node software - and of course, you'll need a real computer if you want to run it.
If millions of phones were actively validating transactions (mining), this wouldn't be necessary.
Not Adding Up...
Pi Network claims a user base of over 60 million worldwide, but this doesn’t align with the reality of only 6 million active wallets. Even more striking is that only 0.16% of these wallets show any activity—a level of engagement that's unusually low for a supposedly active blockchain.
If the "60 million" figure is accurate, it likely refers to total signups over time rather than active users. This number may include accounts created years ago, opened once, and subsequently abandoned, leading to inflated statistics that don’t reflect the current state of user engagement.
Pi’s Future Value...
Pi fans searching for the token on CoinMarketCap often share their excitement to find a coin labeled “Pi” priced at $34.45. However, this is misleading. The listed coin appears to be a scam, a completely unrelated token using the Pi name and logo. The official Pi team has made it clear, their tokens cannot currently be transferred, and they have no listing on any exchange - so ignore this.
With no trading happening, all users can do is speculate, and the Pi Subreddit is full of this. Pi supporters engage in wildly optimistic price predictions. Most estimates fall somewhere in the range of $10 to $100, which is already insane. Then there's the extremes, speculating as high as $1,000 per token guided by flawed reasoning like "if Pi becomes half as popular as Bitcoin...." These are guesses out of thin air, based on nothing.
Pi should be looked at like any other coin that gave away large portion of it's supply to anyone willing to press a button, aka 'Tap To Earn'. If you look at what happens when these coins start to be traded, we see a huge number of holders simply unloading their supply as soon as possible, and the value immediately crashing. Here's what happened with two recent launches of tap-to-earn tokens:
PIXELVERSE Token Chart
HMSTR Token Chart
Then, there's still so many free coins still in circulation, any time the coin begins to gain value, there's a long line of people still waiting to dump theirs, keeping the price down forever.
But really, just use your head. Ask yourself, if millions of people just got something for free, now they're saying you should want this thing too, except you will have to pay them real money for it - would you? There's nothing to motivate people who didn't get free coins, to spend their money to buy them from you.
So, What Are the Pi Owners Up to?
While they haven't sold any Pi tokens, they may have found creative ways to monetize people wanting free ones.
With millions of people reportedly opening the Pi app each week to “mine” tokens by pressing a button, they’re also being served ads. This monetization model could be quite lucrative for Pi Network, especially if users are unaware they can disable the ads. On mobile apps, ad revenue can quickly add up when multiplied by millions of daily users.
But advertising may only scratch the surface of the Pi Network’s potential revenue streams. There’s a bigger concern: user data, which brings me to my next point...
Privacy Concerns...
When users sign up for Pi, they are agreeing to share a broad range of personal data. Pi Network collects browsing history, chat messages, comments, likes, location data (including GPS and Wi-Fi information), contact lists, device details, and more. This data can be shared with third parties, affiliates, professional advisors, service providers, and even governments.
With the introduction of Pi’s Know Your Customer (KYC) process, users are now required to submit government-issued IDs and selfies to verify their identity. This level of data collection makes Pi’s user database a goldmine for data brokers and facial recognition services.
Plus, KYC isn’t a legal requirement for projects that aren’t selling tokens via pre-sales, making Pi's decision to implement it a bit more questionable.
From a legal standpoint, it is no different from points earned in a video game — no one has traded them or purchased them, they have no known value - it's a strange situation to be requiring full ID verification for.
The Bright Side?
To be fair - I can confidently give Pi Network the title of 'The Least-Evil Scam in Crypto". In fact, I don't think they've even broken any laws.
Unlike others, Pi Network has not asked users to invest any real money. While they may be exploiting anticipation for free crypto, collecting valuable data, and serving ads - they haven’t deceived people into losing funds.
Ultimately, while users may waste time pressing buttons, at least they haven’t been tricked into handing over their hard-earned money (but I guess they do waste the time spent earning it).
While there are some privacy concerns, this unfortunately is so common, in most cases Pi is probably just one of several apps on users phones with privacy policies asking for way too much.
In my research for this story there was fairly large amount of people who have been pressing that button daily for years, accumulating thousands of free Pi tokens, and excited for the official launch where they believe they can sell them for $50 each. So, the disappointment some will be feeling once the coins become tradeable seems to be the only real consequence.
What's Next?
Pi claims this will happen in December, but if I'm correct on how they're currently profiting, the day the coins become tradeable, and worthless, is the day people stop opening up the app to 'mine' them. This means no more ad money for the Pi guys.
So - the last thing they want to do is actually launch.
If I had to bet on what will happen this December, I would say that Pi fans will be getting an excuse for them having to delay the launch... you know, as usual.
We'll see soon enough. Who knows, maybe I'll be eating my words as thousands of new millionaires who earned their fortune pretend-mining Pi coins mock me for being so wrong.
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Author: Ross Davis
Silicon Valley Newsroom
GlobalCryptoPress.com | Breaking Crypto News
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