Report: 'Satoshi' Tried to Buy Gold, Software from Arrested Businessman

Craig Steven Wright, the man suspected of being Bitcoin's pseudonymous creator Satoshi Nakamoto Satoshi Nakamoto “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi Read this Term, reportedly attempted to buy $84 million worth of gold and software with his bitcoins in 2013.

According to a report byThe Australian, a federal court claim revealed that Wright wanted to make the purchase from Perth businessman Mark Ferrier using his stash of bitcoins. Wright reportedly wanted to build new businesses with the software and gold. He reportedly told Ferrier that he had $100 million worth of bitcoin in his possession.

The two reportedly met at a mining conference and struck a deal whereby Ferrier would supply software from Siemens and banking software from Saudi Arabian conglomerate Dallah Al-Baraka Group. Ferrier would buy the software for his supposed mining company, MJF Mining, and share it with Wright.

Ferrier then allegedly told Wright to invest his bitcoins in gold from Paynes Fine Gold. Wright paid 380,203 BTC for the software and gold. The deal eventually soured and Wright sued Ferrier, but dropped the case last year.

Ferrier was later arrested for allegedly defrauding numerous businesses. He allegedly convinced them to supply equipment to MJF Mining and recruited individuals to work for the company, but never paid them. Wright may very well have been one of his victims.

2013 happened to be a turbulent year for gold, during which it plummeted from near $1,700/oz to below $1,200/oz, a drop from which it has yet to recover.

The jury is still out as to whether Wright is indeed Satoshi. The evidence presented was the best yet in the search for the mysterious figure, but it is also suspected that Wright deliberately tried to mislead the masses.

Among the evidence were documents apparently indicating that Wright was in possession of over 1 million bitcoins, which is similar to the amount reportedly owned by Satoshi Nakamoto according to Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term records. During a few stretches in 2013, bitcoin traded in the ballpark of $100 but swung wildly, particularly in November when it skyrocketed to over $1,100.

At least one of Wright's current business ventures is reportedly insolvent. Ironically, the arrested Ferrier is the son of one of Australia's most prominent insolvency experts.

Not long after last week's revelations, police raided his home and offices. He reportedly has liabilities to the Australian Taxation Office stemming from the way bitcoin was defined for tax purposes at the time.