Association law

Joshua Henslee on Craig Wright’s Bitcoin Association Settlement

Recently, Tulip Trading Limited (TTL) reached a settlement with the Bitcoin Association in the lawsuit of Dr. Craig Wright, arguing that blockchain developers have legal obligations to users, which requires them to act in case of stolen/lost parts. This week, BSV thought leader Joshua Henslee shared his interpretation of the settlement and what it means for the future.

Joshua Henslee’s Thoughts on the TTL-BA Settlement

Henslee begins by recapitulating the colony. He tells us that as part of this, the Bitcoin Association must develop and place software on its website that can be used to freeze/unfreeze the coins.

Henslee predicts the answer of many: that a settlement between the Bitcoin Association and an entity controlled by Dr. Wright means little because he has so much influence over it. However, in Henslee’s view, this is not accurate. The two are separate legal entities in law, and the settlement sets a precedent, showing the world how legal recovery of coins can work.

Henslee believes most miners will comply when big operators like TAAL Distributed Information Technologies Inc. (CSE: TAAL | FWB: 9SQ1 | OTC: TAALF) implement the software. He believes this will show two things; that public opinion doesn’t matter when legal orders fall, and that origin nodes don’t matter at all.

Why Satoshi Made Node Software Open Source

Henslee then pivots to talk about how Satoshi Nakamoto initially made the node software open source and how centralized BTC developers made sweeping changes to both the node software and the Bitcoin protocol. They removed necessary OPCODES, added features that fundamentally changed things (SegWit), and artificially limited block sizes to 1MB.

Looking back, Henslee reminds us that Satoshi said Bitcoin was carved in stone when he took it out. He points out that changing what the creator made, even if you don’t like it or understand it, means it’s no longer what he created. He thinks this point should be obvious and the logical conclusion is that BTC is no longer Bitcoin.

As a career tech and coder, Henslee points out that there seems to be fundamental misunderstandings about technical terms throughout the digital currency industry. He points out that a protocol is a set of rules and that an implementation involves turning this set of rules into code.

He also rejects the idea that the price of a particular token decides the correct implementation of bitcoin, pointing out that Dr. Wright holds the copyright to the bitcoin white paper, which spells out and defines the set of rules. . He notes that miners are allowed to make changes to the node’s software to gain a competitive advantage, but no one is allowed to make fundamental changes to the protocol.

In conclusion, Henslee says he thinks this is a calculated step forward on Dr. Wright’s part. He reiterates that this sets a legal precedent and that once big miners like TAAL implement the Bitcoin Association software, the rest will fall in line.

Analysis: Joshua Henslee calls it okay

Henslee regularly posts videos about events within the BSV ecosystem, so it’s no surprise that he interpreted this event correctly. He is right when he says mere opinions don’t matter in the face of legal orders and when he predicts that for-profit legal entities like miners will comply with said orders.

In the real world, corporations, which miners are, are not fighting over ideological points and risking their businesses defying court orders. They do what is right for their shareholders, especially if they are publicly traded and legally required to do so.

Once again we see how the the code is the law the narrative is a bad joke and how current law will overrule naïve ideas like these time and time again.

Watch: Presentation of the BSV Global Blockchain Convention, BSV Blockchain: A World of Good

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