Bitcoin thought leader Joshua Henslee released this video sharing his thoughts on the Wright vs. McCormack judgment in which Dr. Craig Wright won all 15 counts but was only awarded £1 ($1.22) in damages. What happened, and what does it mean? Check out the video or read our written summary below.
The verdict: Craig Wright wins all 15 counts
Henslee begins by stating that Dr. Wright won all 15 counts in the case. However, he views the case as a distraction and isn’t as interested in it compared to the upcoming COPA vs. Wright or the Passing Off lawsuits.
Henslee notes how the “crypto media,” which he rightly states is just a propaganda machine, jumped on the fact that Dr. Wright was only awarded £1 in damages and ran with that rather than focusing on the fact he won all 15 counts.
“It’s not really indicative of what happened,” he says.
Henslee points out that, while the £1 in damages was less than ideal, nobody has focused on the fact that the U.K. operates on a “loser pays” basis, meaning McCormack will have to pay Dr. Wright’s legal fees, which are likely to be substantial.
“This is probably going to bankrupt him,” Henslee notes.
Overall, Henslee would like to see the industry move past all of the personal lawsuits. While he does understand that these individuals caused Dr. Wright harm, he feels the lawsuits are a distraction and often make all parties look bad. However, he admits he is not a lawyer, and these cases could be a setup for something bigger.
McCormack dropped his truth defense
After calling Dr. Wright a fraud publicly on multiple occasions, McCormack was presented with what he himself called a “crazy amount of evidence” that Dr. Wright is Satoshi Nakamoto. Soon after, he dropped the truth defense, saying that he could no longer afford to defend his initial claims, shutting down Dr. Wright’s chance to present his evidence at trial.
Henslee reflects that this may ultimately work out in Dr. Wright’s favor in the long run. His enemies keep folding when they have to meet him in court, and slowly, it’s going to start sinking in with those thinking for themselves that there has to be a reason for this. It also allows him to keep his evidence under wraps for when it really counts.
The entire space needs to be cleaned out
Henslee reflects that no matter how many times Dr. Wright wins or whatever good he does, the industry media will spin it and paint it in a negative light. “The industry needs a nuke,” he says, noting how it’s extremely difficult for the truth to come out as things stand. He reflects on how the malinvestment, crime, and fraud are too deep-rooted, and it simply has to be cleaned out for forward progress to occur.
Did Dr. Wright present false evidence in court?
One of the main angles the industry media has focused on post-trial is the idea that Dr. Wright presented false evidence in court. This is, they say, the reason he received such a small sum in damages.
However, Henslee wants to know why he has not been charged with perjury if he supposedly does this repeatedly. Presenting false evidence in court is a crime, yet, after all these years, Dr. Wright has never been charged in any matter related to Bitcoin court cases.
Key takeaways from Joshua Henslee’s video
The key takeaways from this video are that, while the outcome of this trial was less than ideal in terms of damages awarded, it was a clear victory for Dr. Wright on all counts. Yet, the dishonest, biased crypto industry propaganda machine still has painted it in a light that attempts to discredit Dr. Wright and protects their interests.
In the end, McCormack dropped his defense when presented with the evidence that Dr. Wright is Satoshi Nakamoto. His backers, including Tether, stopped funding him, and he lost on all 15 counts. That’s all that matters, this case is resolved, and it’s on to the next one.
Check out all of the CoinGeek special reports on Wright v McCormack.
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.