The Granath v Wright trial in Norway is over. We basically saw a professional internet troll trying to justify his intense campaign of cyber-bullying of a fellow human being. From what we could hear of Granath and his witnesses, there seems to be the idea that hurting a person online is alright if enough anonymous psychopaths agree on social media.
This was not the first time Dr. Craig Wright faced opponents in court for abnormal online behavior. A while ago, Dr. Wright successfully protected himself against defamation by a well-known “crypto influencer.” At least, in that case, the malicious actor has been active under his real name and not trying to hide like Norwegian Magnus Granath was trying to do with his Hodlonaut Twitter handle.
Dr. Wright is Satoshi Nakamoto, the inventor of Bitcoin—just in case you did not know yet. The following articles can help you understand the history of Bitcoin and its creator:
Satoshi Nakamoto is analyzing social media manipulations on an academic level
Dr. Wright has been through a lot of targeted online harassment by certain BTC groups. Instead of backing down, he defends himself in courts and—at the same time—studies the nature of such social media abominations.
In 2021, Dr. Wright published a paper titled “An exploration of ingroup behavior and social psychology in developing socially abhorrent behaviors in social media and financial systems,” in which he explores the problems of mob mentality results via mechanisms of social media. To understand that long-titled paper better, we can easily take Bitcoin SV and the history of the BSV blockchain concerning public perception as a real-life example.
In the paper, Dr. Wright states:
Malicious actors have utilized technology to leverage existing psychological behaviors and create tribalistic responses that allow for the automated approach to controlling and manipulating individuals online.
The tribalistic responses have been witnessed in how the original Bitcoin, as in the BSV blockchain, was treated by various digital asset exchanges back in 2019. While the exchanges were deciding to delist BSV from their platforms, they first ensured to have “social media on their side.” One of these exchanges even made a public poll, pretending to “ask the public” on Twitter whether BSV should be delisted or not.
Why is asking the crowd a problem? Distortion of truth and low quality of outcome
Let me remind you how a digital asset exchange makes money. Hint: not by hosting Twitter polls, but by offering services to customers. When BSV was delisted, the exchanges that expunged BSV decided against their business model and customers because they gave up on potential trading fees, which they would have earned by letting BSV be traded just like all the other digital assets.
I cannot investigate how much influence the social media response had on the exchanges or vice versa. But the key takeaway here is that tribalistic moves have played a role in delisting BSV. I called it collectivism back then, but Dr. Wright’s reference to tribal structures is more accurate.
All of this tribalistic behavior by the “delist BSV!” exchanges has led to a £9.9 billion class action lawsuit with an outcome that will probably find plain and straightforward market manipulation done by the exchanges that were involved.
Dr. Wright’s paper goes into many more details than just the utilization of social media. In one part titled “Delusion of Crowds,” a reference to another researcher is made that shows how brainstorming in groups leads to less quality results than brainstorming done by individuals. Taking this back to the digital asset sphere, we can see how all these ideas concerning so-called decentralized finance (DeFi) by the “crypto crowd” has led to nothing of quality.
Satoshi is taking them down one by one—in court, and academics
There is no other way than to directly fight online harassment and not back down. The cyberbullies should have read our articles concerning Bitcoin and identity, as well as about evidence with Bitcoin, to understand that Satoshi Nakamoto will not sign anything just because an online mob demanded it.
Instead, the online mob will have to learn the hard way that there are no “likes,” “retweets,” and “thumbs up” emojis in court to help them. Dr. Wright’s paper concludes with this:
The ability for malicious actors to use anonymous social systems and technology has allowed for the creation of criminal groups that target political systems, financial systems and generally cause dilemmas that result in lost economic opportunities for many people and may even go as far as causing personal harm. In providing access to a wide variety of platforms that can be tied to fake and manipulable sources, such as those controlled in asymmetrical systems using bots, authoritarian and socially deviant actors can manipulate others to polarise and partisanise groups (…).
Furthermore, Dr. Wright published another paper titled “Forensic Profiling of ‘Cryptocurrency’ Criminals,” in which he states:
(…) the concept of financial fraud, including Ponzi schemes, is analyzed against the types of individuals acting in this deception. (…). Finally, it is noted that ambivalence must exist with regard to either regulators or law enforcement. The regulators either fail to act because of ignorance of the problem or fear of acting and disrupting a novel industry.
So, Satoshi Nakamoto is literally assisting law enforcement against crypto scams with his academic works. There is a sad part to all this, though. Imagine if the “crypto” people would have been educated enough to understand the original Bitcoin as in the BSV blockchain. This technology would have been prospering already, but instread it will now take us years to wake up these ridiculous tribes to their real opportunities in Bitcoin.
However, we are getting there: famous economist George Gilder publicly called Bitcoin SV the epitome of the information economy not too long ago. Recently Latif Ladid, founder of the IPv6 Forum, introduced Craig Wright at the Global IoT Summit in Dublin. Patent-rich blockchain firm nChain—where Dr. Wright is chief scientist at – published a CBDC playbook that has Satoshi’s handwriting all over it
Watch Granath vs Wright Satoshi Norway Trial Coverage Livestream Recaps on the CoinGeek YouTube channel.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.