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Tether has announced that it will fully support Peter McCormack in defending a libel suit brought by self-proclaimed Satoshi, Craig Wright.

By pretty much any standard, Craig Wright easily became the most controversial person in crypto over the years. For a long time now, Wright has been at the center of a suit brought against him by the Kleiman estate, representing Dave Kleiman, Wright’s former business partner.

Wright has also proclaimed himself as the real Satoshi Nakamoto, creator of Bitcoin, and has even gone ahead to bring legal action against people who have refuted this claim. A few months ago and in his usual fashion, Wright brought a libel lawsuit against popular podcaster Peter McCormack for refuting the former’s claim, and has demanded $140,000.

Now, the Tether company – equally as controversial as Wright – has announced that it will throw all of its support behind McCormack, against Wright.

In a tweet posted on Friday, Tether general counsel Stuart Hoegner has said that the company will fully stand behind McCormack in what it considers a “frivolous and vexatious litigation.” According to Hoegner:

“Craig Wright’s claims to be Satoshi Nakamoto have been rejected by many. Tether also rejects them. Wright has had myriad opportunities to prove that he is Satoshi and has not definitely done so.”

Hoegner further adds that regardless of how uncomfortable the case becomes, Tether is in it for the long-haul.

“Litigation can be drawn-out and expensive, but we are committed to the long game. We admire Peter’s conviction and are humbled to support his defense against what we see as frivolous and vexatious litigation,” stated he.

McCormack was initially served back in April when McCormack refuted Wright’s usual Nakamoto claims and repeatedly called him “Faketoshi” on Twitter. Furthermore, Wright uploaded a paper to the Social Science Research Network (SSRN), which he claimed to have been written back in 2007 before Bitcoin or its whitepaper was released. However, McCormack found that the document’s metadata showed August 2019.

McCormack has since taunted Wright in a tweet saying:

“I’ve totaled up all my stuff – house, car, Bitcoin, clothes, Metallica records. I reckon I can pull together £250k. I’ll give you all that. You incur no legal fees. I will bow at the CSW (Craig Steven Wright) alter if you send me $1 of Bitcoin from the Genesis block.”

Tether has now joined an already long list of crypto community members, who have had enough of Wright and all his moves. Back when McCormack was served, many in the community pledged their support and promised to donate several amounts, to help support McCormack. Even Binance CEO Changpeng Zhao, suggested a charity program to raise funds to the cause.

Craig’s long-running case with the Kleiman estate also took a new turn recently, after Wright declared that he would not be financially capable of paying the settlement put out against him. Wright was required to give up half of all Bitcoins mined as well as intellectual property dated before 2014 and initially did seem cooperative enough. However, a recent filing revealed that Wright had no way to pay, and seemed to reopen a case that was already slowly reaching some resolution.

Tolu Ajiboye , 2019-11-11 11:59:11 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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