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Australian Craig Wright Identifies Self as Bitcoin Creator

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Bitcoin

Craig Steven Wright, an Australian entrepreneur, identified himself as the creator of bitcoin almost five months after he was outed in media reports as the man behind the virtual currency.

Wright said in a blog post and interviews with three media organizations that he developed the original bitcoin software under the pseudonym Satoshi Nakamoto, a claim that’s been disputed by others. Wright provided technical evidence, including the original encryption keys, that have been confirmed by prominent members of the bitcoin community, the BBC reported.

Wright was named as the creator of bitcoin by both Wired and Gizmodo in December, which he said caused unwanted attention on his work and family. A white paper on the virtual currency was released under the name of Nakamoto in 2008 detailing the concept of peer-to-peer electronic cash before software was rolled out in early 2009. More than one other person has previously been identified as the original creator.

“Some people will believe, some people won’t and to tell you the truth I don’t really care,” he said in a video clip posted to the BBC’s verified Twitter account. “I don’t want money, I don’t want fame, I don’t want adoration. I just want to be left alone.”

Skeptical Observers

Before Monday, Wright had stayed silent on the December reports, which cited e-mails, deleted blog posts and documents. He also revealed himself as bitcoin’s creator to the Economist and GQ magazines, the BBC said.

The evidence Wright provided didn’t completely dispel all doubts about his claim to be Nakamoto, according to the Economist. The magazine said Wright did not definitively show he had control over an original stash of bitcoin suspected to be owned by Nakamoto. He also had a potential personal interest in influencing debate within the bitcoin community, and claiming he is Nakamoto would strengthen his argument, the magazine said.

Jonathan Underwood, a technical adviser to bitcoin startup bitbank Inc., said the proof Wright posted on his blog was a signature from an old transaction and not evidence that the Australian actually controls Nakamoto’s private bitcoin keys.

“I didn’t believe Craig was Satoshi when it was news last December, and I still don’t believe it,” said Underwood.

Yuzo Kano, who runs a bitcoin exchange in Tokyo, is also skeptical of Wright’s claims.

“The key he posted on his blog is actually publicly available information,” said Kano, who quit Goldman Sachs Group Inc. to open BitFlyer Inc. in 2014. “This doesn’t prove at all that he holds the private keys.”

Moving Mainstream

Bitcoin’s libertarian roots, with no central issuing authority and a public ledger to verify transactions, has become more mainstream with its adoption by merchants around the world. Its underlying technology has also drawn interest from banks including Goldman Sachs and Citigroup Inc.

Advocates have promoted bitcoin as a global, decentralized currency for the Internet age, and venture capital investments in companies affiliated with the technology topped $1 billion last year. Yet the instrument has proven volatile, its role in money laundering and other illegal activity is a constant source of questions, and the price fluctuates with each regulatory clampdown or criminal investigation.

New bitcoins are generated all the time, when operators of number-crunching computers called miners solve complex equations and record every transaction. The number of bitcoins that can be generated, however, is limited by design in the digital currency’s underlying software, and the built-in scarcity mechanism means ever more powerful computers are needed to mine the currency.

Computing Background

When Wright was first identified, he was living in a modest home on a quiet tree-lined street in the suburb of Gordon, about 13 kilometers from Sydney’s central business district.

His then social-media profile suggested a man with an enthusiasm for virtual currency and computing. In addition to numerous college degrees and a stint as a chef, his now-deleted LinkedIn profile listed him as the chief executive officer of DeMorgan Ltd.which has researched bitcoin, proposed a bank for the currency, and offers wallet and exchange services.

Wired’s evidence for naming Wright as the currency’s creator included 2008 blog posts discussing bitcoin, along with e-mails, transcripts and accounting forms that corroborate the link. The tech magazine also cited a 2014 administrator’s report into Hotwire Preemptive Intelligence Pty., which indicated the e-payment software firm was backed by A$30 million ($23 million) of bitcoin owned by its managing director Wright.

The New York Times and New Yorker magazine have both tried to find the person behind the pseudonym. In a 2014 cover story, Newsweek identified the real Satoshi Nakamoto as a California physicist, who denied the report.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Markets

Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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