Craig Wright Promised to Crash The Bitcoin Price… So, What Now?
Craig Wright Promised to Crash The Bitcoin Price… What Do We See Today?
There are many halving predictions yet to come true — among them Satoshi claimant Craig Wright’s “long-term advance notice” from 2018 when he was going to crash the Bitcoin price.
The warning appeared in a Slack group that Wright uses to communicate with his supporters, and his scheme is quite interesting to read.
Dismissed at the time
Wright’s sell-off threat appeared before the much-hyped fork of the Bitcoin Cash blockchain to create Bitcoin SV.
Although some indeed believed that these events would actually happen, it was dismissed by many at the time as typical Wright boasting and self-promotion.
Rolling iceberg gathers no moss
Wright stated that the sale would consist of a rolling iceberg order on a single exchange followed by significant orders on other exchanges. Iceberg orders are divided into smaller lots with visible and hidden parts, the hidden parts only becoming apparent when the visible parts have been executed.
This was going to significantly crash the BTC price and be matched with a 10x leveraged short to capitalize on this.
Simultaneously, Wright was going to disrupt the network hash, rejecting all transactions other than “unrecognised SegWit TXs to miners and our own Exchange Txs.”
This was to achieve with the addition of 51% of network hash power before the price crash, although no further details on how this would be accomplished were provided.
Computer says “No“
Bitcoin’s third halving event occurred as scheduled. The hashrate has so far been relatively unaffected, and unless Craig Wright was responsible for the weekend’s Bitcoin price drop, then we can only assume that the halving he’s going to use to fulfill his intentions is the one due in 2024.
Looks like everyone can relax again… for another four years, at least.