A former lead developer for the Bitcoin network has postulated a possible future for the world’s most popular cryptocurrency, which includes an epic price prediction. Software developer Gavin Andresen published a recent blog post called “A Possible BTC Future” in which he predicts the demise of the Bitcoin network. Before Bitcoin (BTC) meets its end, it will have reached a price of $6 million per coin in 2061, Andresen predicts. Before you get too excited, he added that $1 million dollars today will be worth $6 million in the next 40 years due to massive inflation. The former Bitcoin client …

Reddit’s r/Cryptocurrency community revived an interesting piece of Bitcoin (BTC) history on Sunday with a new thread reminiscing about the time that American software developer Gavin Andresen gave away 19,700 BTC. A thread started by u/GroundbreakingLack78 took the Reddit community all the way back to June 2010 when Andresen first launched the so-called Bitcoin faucet website. Using the domain “freebitcoins.appspot.com,” Andresen gave visitors the opportunity to earn 5 BTC per day just by solving a captcha, which is a program intended to distinguish human from machine input. User u/GroundbreakingLack78 explained: “To fuel the first faucet, Andresen loaded it with 1,100 …

The deposition of Gavin Andresen in the Kleiman v. Wright case unveils numerous new details about Craig Wright’s efforts to prove he is Satoshi Nakamoto. The deposition included questions about the proof session during which Wright allegedly signed a message with a private key from an early Bitcoin block. The deposition took place on February 26 and 27 2020. Though Kleiman’s attorney, Velvel Freedman, presented Andresen with dozens of questions, Andresen had little to share about his own diligence in authenticating Wright’s claims. We have grouped questions and responses by topic to make them more coherent. Didn’t talk about Satoshi …

The litigating parties in the Kleiman v. Wright case have presented a joint witness list, which includes Andreas Antonopoulos, Gavin Andresen, Wright’s ex-wife, and a confidential witness. The parties have requested 36 witnesses in total. The high profile crypto case that has enchanted the crypto community for years is scheduled to go to trial in late August. The witnesses are split into fact and expert witnesses. Notable witnesses Some of the notable fact witnesses include: Gavin Andresen, former chief scientist of Bitcoin (BTC) foundation, Kimon Andreou, who co-authored a book with late Dave Kleiman, Ira Kleiman, Dave Kleinman’s brother and …

The recently released deposition of Gavin Andresen in the case of Kleiman v. Wright sheds new light on the personalities of Craig Wright, Satoshi Nakamoto, and not least of all, Andresen himself. Craig Wright called himself a fraud In an email to Andresen, Wright apparently admitted to being a fraudster: "I am a fraud, but I am a fraud that is free to work on what I need to do." Perhaps this admission (now in public domain) will make further lawsuits more challenging for Wright. Andresen may have had an early hint about BSV In a 2016 email to Andresen, …

Recently released depositions suggest that Gavin Andresen now has doubts that Craig Wright is Bitcoin creator, Satoshi Nakamoto. The depositions, which are connected to Wright’s case against the estate of his alleged business partner, David Kleiman, show that Andresen was asked if he still believed that Wright is Satoshi. Andresen said he did initially believe Wright to be the creator of Bitcoin — or at least one-third of a group calling themselves Satoshi Nakamoto — but later on felt that he had been, in his words, bamboozled. Andresen said: “There are places in the private proving session where I could …

Why did Bitcoin fork and split? The inability of the community to find consensus regarding a proposal to increase the block size resulted in a user-activated hard fork of the Bitcoin blockchain in August 2017. While numerous proposals advocating a change to the block size limit had failed to gather the support required to manifest change, transaction fees had skyrocketed by mid-2017. During August 2015, the average BTC transaction fee was just $0.50. However, by June 2017, median fees had increased 10x to approximate $5. With nearly half of the world’s population living on less than $5.50 per day, high …

Three of China 's biggest mining pools – F2Pool, BTCChina Pool and Huobi Pool – maintain that the Bitcoin Core development team should strive for consensus, and will therefore not support a switch to Bitcoin XT. Given Core developer Gavin Andresen's latest proposal and the current hash-rate distribution on the Bitcoin network, a network wide shift from Bitcoin Core to Bitcoin XT to allow bigger blocks seems infeasible, for now. Lacking consensus among Core developers to raise the block size limit, Andresen has recently shifted his efforts to Mike Hearn's Bitcoin Core fork, Bitcoin XT. In a newly released proposal, …

Bitcoin Core developer Gavin Andresen today proposed a hard fork change for Bitcoin XT in order to allow for an increased block size limit on the Bitcoin network. So far, however, it has failed to appease most critics of his previous proposals to increase the block size limit. Hard Fork It is widely agreed that at some point an increase of the block size limit will be needed to allow the Bitcoin network to handle more than seven transactions per second. The Bitcoin Core development team, however, has so far not been able to reach consensus on the correct timing …

Two of China's biggest bitcoin exchanges - BTCChina and Huobi - have criticized Bitcoin Core developer Gavin Andresen's proposal to raise the block size limit to 20 megabytes by next year. Speaking to Cointelegraph, both BTCChina as well as Huobi indicated that they believe any increase in Bitcoin's block size limit should be approached conservatively. While both exchanges recognize that the current one megabyte block size limit is probably too small for Bitcoin to reach mainstream adoption, they are skeptical of Andresen's proposal. BTCChina and Huobi shared concerns that a jump to 20 megabytes might be too big, while suggesting …

It’s tough to make predictions, especially about the future. Throw a dynamic and interconnected social-technical distributed currency network into the mix, and even the famously epigrammatic Yogi Berra would be at a loss to package the issue in an appropriately pithy witticism. The core developers of the Bitcoin protocol face a difficult technical decision. How they decide to respond to an impending 1MB limit on the maximum block size allowed in the blockchain will fundamentally impact how and even whether the technology can be used for everyday purchases or institutional transfers, by average people or professional investors alike. There are …

In an announcement made on the Bitcoin development mailing list, Bitcoin core developer and Bitcoin Foundation chief scientist Gavin Andresen suggested that, if the development community could reach no consensus on increasing the one-megabyte block size limit, he would shift his efforts from the main Bitcoin implementation (Bitcoin core) to the alternative Bitcoin-Xt implementation. Such a move could represent a watershed moment for Bitcoin as a whole, as it would mean that its former lead developer would effectively leave his own project to join a forked version. Bitcoin-Xt is a patch placed on top of Bitcoin core and developed by …