Calvin Ayre says what’s most important to him is that Bitcoin SV is a technology that can work and scale in a way that Bitcoin and many other cryptocurrencies cannot.
Sitting in a small ballroom of midtown Manhattan’s Sheraton Hotel, Calvin Ayre is trying to remember his last visit to New York City. He can recall throwing a party at the Rainbow Room atop Rockefeller Center and hanging out with bigshot actors, like Bruce Willis and Luke Wilson, but the event was a long time ago. Busta Rhymes performed, and Victoria’s Secret models mingled among the crowd.
In 2012, federal prosecutors unsealed an indictment filed against Ayre claiming he was operating an illegal online gambling business that was taking large volumes of sports bets from Americans. He fought the case from his native Canada and his home on the Caribbean island of Antigua. Five years later, the U.S. government dropped the felony charges filed against Ayre, who pleaded guilty to a minor offense, a single misdemeanor charge.
Either way, investors are not convinced. Bitcoin recently changed hands for $41,000 apiece and carries a market capitalization of $777 billion, according to CoinMarketCap, while Bitcoin SV has a market capitalization of $2 billion. The market value of Bitcoin SV recently ranked below those of such obscure cryptocurrencies as Pancakeswap and Helium. Ayre, who has been involved in Bitcoin since its early days, points a finger at major cryptocurrency exchanges, like Coinbase COIN, +0.
““I think all of what you call crypto will die, a lot of it will be deemed illegal, as regulators start to understand more — a lot of people are going to lose a lot of money.”” When Ayre finally reached a settlement with the U.S. government, in 2017, Rosenstein had joined the Trump administration as deputy attorney general. Ayre pleaded guilty to a single misdemeanor offense of accessory after the fact to the transmission of gambling information, and was sentenced to one year of unsupervised probation and a $500,000 fine. Ayre also agreed not to make a claim on $67 million of funds that government lawyers had seized from companies that processed payments for Bodog.
The developers who thought Bitcoin was being limited by its ability to only process seven transactions per second created a new branch of the network called Bitcoin Cash, with each holder receiving one Bitcoin Cash token for each Bitcoin they owned. A year later, in 2018, Bitcoin Cash split again, creating the digital currency Bitcoin SV, which was publicly championed by Ayre and Wright, and could process thousands of transactions per second.
The event was dutifully covered by CoinGeek, Ayre’s news site dedicated to writing about Bitcoin SV. It is part of the Ayre Group, the largest investor in companies utilizing the Bitcoin SV platform. Ayre says the ability of the software network supporting Bitcoin SV to scale means it can be applied to different kinds of projects attempting to process large amounts of data in a way that is superior to traditional database software.
Wright’s lawyers sent a letter to Vitalik Buterin, the co-founder of the Ethereum ETHUSD, -0.80% network, alleging Buterin defamed Wright by calling him a “fraud.” Buterin said in a video posted online that Wright is using the Satoshi Nakamoto claim as a “marketing strategy” to appeal to those who are aggrieved that the effort to allow Bitcoin to process more transactions per second and become a more robust “peer-to-peer electronic cash system” was blocked.
For his part, Wright declared total victory. “I feel completely vindicated,” he said. “Next there are still more fights; we are going to make everything change from cryptocurrency to digital cash the way it is meant to be. My original invention is coming back.“
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