‘Fatal flaw’ set to destroy Bitcoin on Jan. 1, according to Craig Wright ๐จ This article is 5 years old...
‘Fatal flaw’ set to destroy Bitcoin on Jan. 1, according to Craig Wright
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Updated: Jan. 4, 2020 at 3:26 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin could be living out its final hours today if you were to believe Craig Wright. The self-proclaimed Satoshi Nakamoto said last year that there was a “fatal flaw” in Bitcoin which is set to completely destroy it, adding that โthere won’t be any BTC by the end of next year.”
Self-proclaimed Satoshi Nakamoto predicted Bitcoin will die by the end of the year
Craig Wright, the chief scientist at nChain and chief defender at BSV, has been at the forefront of crypto news from 2018. However, few of his front-page appearances were as ridiculous and unbelievable as his prediction for the future of Bitcoin.
Back in 2018, Wright was a guest of The Crypto Show, where he spoke about his alleged creation, Bitcoin. He criticized Bitcoin, which he called ‘Bitcoin Core,” saying that none of the developers that were working on the network really understood it.
“They will learn next year that there is a fatal flaw in BTC and by fatal I mean there won’t be any BTC by the end of next year,” Wright said in the interview.
It’s also worth noting that Wright have the interview on Nov. 12, 2018, just three days before Bitcoin SV, which Wright claim is the forked that follows his original vision, forked from Bitcoin Cash.
Craig Wright’s fearmongering prediction yet to come true
But, with hours left before the end of the year, Wright’s prediction is yet to come true.
Despite its recent price slump and an overall turbulent 12 months, 2019 has been one of the best years for Bitcoin. Almost every single metric was up this year, showing that the network was thriving without much concern for the asset’s value in fiat.
The world’s largest cryptocurrency saw its yearly transaction volume reach its all-time high. The total number of transactions and the network’s hashrate both reached their peaks this year, proving that Bitcoin won’t be magically disappearing any time soon.
This isn’t the only outrageous prediction Wright made for the end of the year. Earlier this year, Wright said that Bitcoin SV is set to see its price rise to over $1,200 by the end of the year. However, what’s more outrageous than his claim that BSV will rise more than 1,100 percent by the end of the day is his prediction for Bitcoin.
He said in a market discussion on Slack:
“A true value of BTC at market will be between 0.10 and 0.20 USD.”
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin SV
$67.5859
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin Cash
$489.857
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.