US Senator Spots Major Loophole Following China’s Bitcoin Mining Crackdown

U.S Senator Spots Major Loophole Following China’s Bitcoin Mining Crackdown, But Will The U.S Tap In?

By Adrian Klent – June 30, 2021

Cynthia Lummis, a US senator representing Wyoming recently took to Twitter to express her opinion on the recent developments with China-based miners, who have relocated. She called the actions of the Chinese government a serious mistake, while also noting that their actions are a huge opportunity for the USA, that is if more people in government understood digital assets. “…but we must be careful not to make equally stupid mistakes in our handling of financial innovation” she added, advising the US government to really reconsider its attitude towards cryptocurrencies.

In what is being described as the biggest infrastructural relocation experienced in any industry, Bitcoin miners shut down in China have been making their way to other countries with a more welcoming environment.

Following the massive crackdown by the Chinese government on Bitcoin miners in the country, they have been forced to find greener pastures to establish their businesses.

While a number of them found their way to China’s nearby neighbor, Kazakhstan, a lot of them are beating a path to the USA, as well as Central Asian, Northern European, and Eastern European nations according to a CNBC report.

Notably, the places the miners are choosing to relocate to are being guided by energy costs. Bitcoin mining is an energy-consuming process, so for the miners to be competitive they need access to a cheap electricity supply. Several US states can easily pass these criteria, and reports have shown that miners are already making moves in their direction.

The benefits for the USA, or any other country that chooses to accommodate the Chinese miners, could be enormous if they take the opportunity presented by the situation. The capital investment could be very incentivizing. Also, the benefits for the power grids could include more efficient energy use as well as increased revenue, not forgetting the jobs that will be created as well.

However, one point can be raised against the US in its uncertain policies for cryptocurrencies. Chinese miners might be wary of the political climate of the USA towards crypto.

Already, several US states have shown interest in welcoming the Chinese miners and have openly extended invitations to them. Texas, Florida, Maryland, and Wyoming have all started their interest. Texas has the cheapest electricity rate of the bunch, though their power grid has been described as fragile. Despite that, it has been reported that several big mining companies have relocated to Texas including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, and Riot Blockchain.

With the current situation of things, the US can position itself to become the new hub for Bitcoin mining. However, to solidify their position, there is still work to be done. The regulatory environment for Bitcoin has already been created in several states, but at the federal level, Bitcoin still needs advocates.

Notably, with personalities like senator Lummis championing the course of Bitcoin more progress may be made toward greater adoption. Lummis earlier in May proposed an amendment to a bill to include blockchain technology in the US government’s prioritized projects in the next few years.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin Compared to Playing Lottery

Why This U.S. Congressman Compared Bitcoin Investment With Playing The Lottery

By Reynaldo Marquez – June 30, 2021 in Bitcoin Reading Time: 2 min read

The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.

Adam Cochran, a partner at Cinneamhain Ventures, made a detailed summary of the event. The members of the Committee made their opening statements with Congressman Tom Emmer defending Bitcoin and the potential of blockchain technology to create more trust and transparency in traditional systems.

Similarly, Emmer criticized the lacked clarity on regulation and the danger of U.S. companies leaving to other territories consequently. The representative called for answers on a key topic: the classification of digital assets and whether they will be treated as securities, commodities, or currencies.

However, not every member of the Committee was an advocate of Bitcoin. Representative Brad Sherman claimed that “he would rather people make ‘bets’ in equity markets or the California lottery” than invest in BTC or cryptocurrencies. He added:

(…) the only advantage of crypto is avoiding KYC and its supported by anarchists for tax evasion.

Representative Anthony Gonzalez seemed to support cryptocurrencies and encouraged everyone to listen to the opinions of all the members in the Committee and not just the hostiles ones. He classified the idea of investing in the California lottery over Bitcoin as “ridiculous”.

Does Bitcoin Need New Regulations?

Amongst the speakers, Valkenburgh’s presentation highlighted the importance of Bitcoin as a tool that aids different human rights causes around the world. He cited the Nigerian Feminist Coalition in Nigeria to demonstrate the power of receiving money with a censorship resistance network anywhere in the world.

Valkenburgh believes there is sufficient regulation in the crypto industry. His argument had two main points: over the past 10 years, several federal and local governments issued their own legislation towards this new asset class. He added that technologies within the blockchain are a type of regulation.

(…) onramps, offramps and exchanges, are money transmitters, banks and trusts, and are all under the BSA, report to FINRA and require KYC/AML.

In BTC’s decade of existence, there have been no reports of a U.S.-based exchange that has suffered major losses. Regulators in this country have swiftly punished fraud, money launders, and other crimes related to the industry.

Valkenburgh thinks that central bank digital currencies (CBDCs) from China and other “totalitarian governments” will launch in the coming years. Thus, he called on the U.S. Congress to accept financial inclusion or “cede” the influence of these governments. Representative Warren Davidson agreed.

At the time of writing, BTC trades at $34,856 with losses in the lower timeframes. The first cryptocurrency by market cap has experienced a downtrend in the past days and could face further unless it makes a significant push towards former highs.


BTC moving sideways in lower timeframes. Source: BTCUSD Tradingview

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The original article was written Reynaldo Marquez and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

China-based miners Relocating

U.S Senator Spots Major Loophole Following China’s Bitcoin Mining Crackdown, But Will The U.S Tap In?

By Adrian Klent – June 30, 2021

Cynthia Lummis, a US senator representing Wyoming recently took to Twitter to express her opinion on the recent developments with China-based miners, who have relocated. She called the actions of the Chinese government a serious mistake, while also noting that their actions are a huge opportunity for the USA, that is if more people in government understood digital assets. “…but we must be careful not to make equally stupid mistakes in our handling of financial innovation” she added, advising the US government to really reconsider its attitude towards cryptocurrencies.

In what is being described as the biggest infrastructural relocation experienced in any industry, Bitcoin miners shut down in China have been making their way to other countries with a more welcoming environment.

Following the massive crackdown by the Chinese government on Bitcoin miners in the country, they have been forced to find greener pastures to establish their businesses.

While a number of them found their way to China’s nearby neighbor, Kazakhstan, a lot of them are beating a path to the USA, as well as Central Asian, Northern European, and Eastern European nations according to a CNBC report.

Notably, the places the miners are choosing to relocate to are being guided by energy costs. Bitcoin mining is an energy-consuming process, so for the miners to be competitive they need access to a cheap electricity supply. Several US states can easily pass these criteria, and reports have shown that miners are already making moves in their direction.

The benefits for the USA, or any other country that chooses to accommodate the Chinese miners, could be enormous if they take the opportunity presented by the situation. The capital investment could be very incentivizing. Also, the benefits for the power grids could include more efficient energy use as well as increased revenue, not forgetting the jobs that will be created as well.

However, one point can be raised against the US in its uncertain policies for cryptocurrencies. Chinese miners might be wary of the political climate of the USA towards crypto.

Already, several US states have shown interest in welcoming the Chinese miners and have openly extended invitations to them. Texas, Florida, Maryland, and Wyoming have all started their interest. Texas has the cheapest electricity rate of the bunch, though their power grid has been described as fragile. Despite that, it has been reported that several big mining companies have relocated to Texas including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, and Riot Blockchain.

With the current situation of things, the US can position itself to become the new hub for Bitcoin mining. However, to solidify their position, there is still work to be done. The regulatory environment for Bitcoin has already been created in several states, but at the federal level, Bitcoin still needs advocates.

Notably, with personalities like senator Lummis championing the course of Bitcoin more progress may be made toward greater adoption. Lummis earlier in May proposed an amendment to a bill to include blockchain technology in the US government’s prioritized projects in the next few years.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Are Bitcoin and Lottery Similar?

Why This U.S. Congressman Compared Bitcoin Investment With Playing The Lottery

By Reynaldo Marquez – June 30, 2021 in Bitcoin Reading Time: 2 min read

The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.

Adam Cochran, a partner at Cinneamhain Ventures, made a detailed summary of the event. The members of the Committee made their opening statements with Congressman Tom Emmer defending Bitcoin and the potential of blockchain technology to create more trust and transparency in traditional systems.

Similarly, Emmer criticized the lacked clarity on regulation and the danger of U.S. companies leaving to other territories consequently. The representative called for answers on a key topic: the classification of digital assets and whether they will be treated as securities, commodities, or currencies.

However, not every member of the Committee was an advocate of Bitcoin. Representative Brad Sherman claimed that “he would rather people make ‘bets’ in equity markets or the California lottery” than invest in BTC or cryptocurrencies. He added:

(…) the only advantage of crypto is avoiding KYC and its supported by anarchists for tax evasion.

Representative Anthony Gonzalez seemed to support cryptocurrencies and encouraged everyone to listen to the opinions of all the members in the Committee and not just the hostiles ones. He classified the idea of investing in the California lottery over Bitcoin as “ridiculous”.

Does Bitcoin Need New Regulations?

Amongst the speakers, Valkenburgh’s presentation highlighted the importance of Bitcoin as a tool that aids different human rights causes around the world. He cited the Nigerian Feminist Coalition in Nigeria to demonstrate the power of receiving money with a censorship resistance network anywhere in the world.

Valkenburgh believes there is sufficient regulation in the crypto industry. His argument had two main points: over the past 10 years, several federal and local governments issued their own legislation towards this new asset class. He added that technologies within the blockchain are a type of regulation.

(…) onramps, offramps and exchanges, are money transmitters, banks and trusts, and are all under the BSA, report to FINRA and require KYC/AML.

In BTC’s decade of existence, there have been no reports of a U.S.-based exchange that has suffered major losses. Regulators in this country have swiftly punished fraud, money launders, and other crimes related to the industry.

Valkenburgh thinks that central bank digital currencies (CBDCs) from China and other “totalitarian governments” will launch in the coming years. Thus, he called on the U.S. Congress to accept financial inclusion or “cede” the influence of these governments. Representative Warren Davidson agreed.

At the time of writing, BTC trades at $34,856 with losses in the lower timeframes. The first cryptocurrency by market cap has experienced a downtrend in the past days and could face further unless it makes a significant push towards former highs.


BTC moving sideways in lower timeframes. Source: BTCUSD Tradingview

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The original article was written Reynaldo Marquez and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Cryptocom Becomes a Global Partner of Formula 1

Crypto.com Becomes a Global Partner of Formula 1

JOHN P. NJUI   •   CRYPTOCURRENCY •   JUNE 29, 2021

  • Formula 1 has announced a global partnership with Crypto.com
  • Crypto.com is now a global partner and inaugural partner of the new Sprint series of 2021
  • The partnership will kick off on Saturday 17th July at Silverstone
  • Crypto.com and Formula 1 will work together for the remainder of the 2021 season
  • More crypto projects are inking sponsorship deals and partnerships with sports organizations

Formula 1 has announced a global partnership with Crypto.com that will kick off on June 17th at the Silverstone event of the Formula 1 British Grand Prix.

According to the official announcement by Formula 1, Crypto.com will become a Global Partner and Inaugural partner of the Sprint series of 2021.

The new Sprint series events by Formula 1, will see ‘drivers battle it out over 100km on Saturday afternoons of the selected Grand Prix weekends, with the result from the Sprint then deciding the starting grid for Sunday’s full distance Grand Prix.’

Crypto.com will additionally have a trackside presence at every race for the remainder of the 2021 Formula 1 season.

Crypto.com To Also Become the Offical Cryptocurrency Sponsor and NFT Partner of the Formula 1

As part of the partnership between the two organizations, Crypto.com will also become the official crypto sponsor and NFT partner of Formula 1 as explained in the following statement.

As F1® continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1®.

Mirroring the fan-first approach F1® has adopted to engage with new audiences, Crypto.com aim to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership.

Crypto.com will also present a brand new award, which will be announced ahead of the Belgian Grand Prix.

Crypto.com Continues to Ink Sports Sponsorships

The partnership between Crypto.com and Formula 1 joins a budding list by the crypto company which was the first in its industry to partner with an F1 team: Aston Martin Cognizant Formula One. Crypto.com was also the first to partner with an NHL team – the Montreal Canadiens – and the first to partner with a football league, Lega Serie A.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin and Crypto Trading Platform

Powerhouse Broker Launching Bitcoin and Crypto Trading Platform With Fidelity, Standard Chartered

By Daily Hodl Staff • June 29, 2021 // ALTCOINS // BITCOIN

The world’s largest inter-dealer broker, TP ICAP, says it’s launching a new crypto trading platform to meet a surge in demand.

Founded in 2004, the London-based provider of market infrastructure acts as an over-the-counter intermediary between banks and investment houses in the daily trading of currencies, interest rate swaps, commodities, shares, and bonds.

The new platform, which is subject to registration with the UK Financial Conduct Authority, has already started to onboard clients and will officially launch in the second half of the year, by which time TP ICAP expects to announce additional liquidity providers.

It will be a collaborative effort involving Fidelity, the Standard Chartered-owned Zodia Custody, and global financial liquidity provider Flow Traders to ensure clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class.

TP ICAP launched its Digital Assets business in 2019, allowing clients to trade crypto asset derivative products. Simon Forster, co-head at Digital Assets, says that demand for cryptocurrencies is growing and TP ICAP’s entrance into the market is a natural evolution for the company.

“Client demand to trade spot crypto assets is significant and growing, with interest coming from our traditional customer base across the different asset classes we operate in. But to date many of our clients have been prevented from accessing crypto asset markets due to current limitations in market infrastructure, with most execution venues requiring pre-funding and also acting as custodian.

This poses challenges from a conflict of interest perspective and results in fragmented liquidity. Our partnership, and resultant new platform, is a natural evolution in market structure that will make digital assets, such as Bitcoin, more accessible for the wholesale market.”

According to a report by Reuters, the company has sustained revenue declines in various areas of its business, including energy and commodities, resulting in a 9% drop in first-quarter revenue to $668 million compared to $773 million for the same period in 2020.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Allen.G

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Does Bitcoin Needs More Time To Recover?

Here’s Why Bitcoin Needs More Time To Recover, According to Crypto Trader Cantering Clark

By Daily Hodl Staff • June 29, 2021 // BITCOIN

Popular crypto trader and analyst Cantering Clark believes Bitcoin is due for an extended cooldown period before continuing its historic bull run.

After a powerful rally to a high of $64,804, Bitcoin took a sharp 50% correction in May following a wave of bad news, including fears of China crackdowns on miners and Tesla restricting BTC payments.

Cantering Clark shares his outlook on the market with his 59,100 followers, expecting a long road ahead before Bitcoin sees new all-time highs.

Right now we are in a bear market. I think BTC sees new highs again. I am highlighting how absurd it is to expect them very soon. [The] only possibility is a major macro catalyst…

Bitcoin spent over a year trending with conviction off of the March 2020 lows.

It has been just a little over a month post breakdown.

Some of you think it just resumes from here. Nah, sit down. This is going to take a while.”

Despite the bearish market sentiment, Cantering Clark shares some insights as to why higher prices may be on the horizon.

“Just food for thought.

-Bitcoin is 55% off the highs

-Shorts are paying an exorbitant amount (annualized) to remain short

-The market seems homogeneously bearish

-There has been a ton of FUD (fear, uncertainty, doubt) recently, and we still find ourselves in the range.”

At the time of writing, Bitcoin is trading just over $34,652, according to CoinMarketCap.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/alphaspirit.it

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Crypto.com Becomes a Global Partner of Formula 1

Crypto.com Becomes a Global Partner of Formula 1

JOHN P. NJUI   •   CRYPTOCURRENCY •   JUNE 29, 2021

  • Formula 1 has announced a global partnership with Crypto.com
  • Crypto.com is now a global partner and inaugural partner of the new Sprint series of 2021
  • The partnership will kick off on Saturday 17th July at Silverstone
  • Crypto.com and Formula 1 will work together for the remainder of the 2021 season
  • More crypto projects are inking sponsorship deals and partnerships with sports organizations

Formula 1 has announced a global partnership with Crypto.com that will kick off on June 17th at the Silverstone event of the Formula 1 British Grand Prix.

According to the official announcement by Formula 1, Crypto.com will become a Global Partner and Inaugural partner of the Sprint series of 2021.

The new Sprint series events by Formula 1, will see ‘drivers battle it out over 100km on Saturday afternoons of the selected Grand Prix weekends, with the result from the Sprint then deciding the starting grid for Sunday’s full distance Grand Prix.’

Crypto.com will additionally have a trackside presence at every race for the remainder of the 2021 Formula 1 season.

Crypto.com To Also Become the Offical Cryptocurrency Sponsor and NFT Partner of the Formula 1

As part of the partnership between the two organizations, Crypto.com will also become the official crypto sponsor and NFT partner of Formula 1 as explained in the following statement.

As F1® continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1®.

Mirroring the fan-first approach F1® has adopted to engage with new audiences, Crypto.com aim to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership.

Crypto.com will also present a brand new award, which will be announced ahead of the Belgian Grand Prix.

Crypto.com Continues to Ink Sports Sponsorships

The partnership between Crypto.com and Formula 1 joins a budding list by the crypto company which was the first in its industry to partner with an F1 team: Aston Martin Cognizant Formula One. Crypto.com was also the first to partner with an NHL team – the Montreal Canadiens – and the first to partner with a football league, Lega Serie A.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin to 160K by Year End?

‘Bitcoin will go all the way to $160,000 this year,’ says Celsius CEO

The highs for Bitcoin are yet to be seen this year, says Alex Mashinsky.

            JUNE 26, 2021


Image courtesy of CoinTelegraph

Although the price of Bitcoin (BTC) continues to hover around $30,000, industry experts are noting that there is a bullish long-term view.

To put this into perspective, Alex Mashinsky, chief executive officer and co-founder of Celsius – the centralized cryptocurrency lending platform – told Cointelegraph at Bitcoin 2021 in Miami that he sees Bitcoin reaching $160,000 this year, or possibly a bit lower. “We haven’t seen the highs yet for 2021,” Mashinsky said.

Mashinsky further remarked that the crypto market was bound for a correction, following Bitcoin’s recent all-time high of over $63,000:

“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”

‘Elon Musk is manipulating the market’

In addition to discussing the price of Bitcoin, Mashinsky commented on Elon Musk’s recent tweets about Bitcoin. According to Mashinsky, Musk is not helping the crypto community, but rather manipulating the market. As such, he noted that Musk is simply a “tourist” in the land of crypto.

Mashinsky also noted that Tesla accepting Bitcoin payments will benefit Musk, but not consumers:

“If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it's worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it's not good for you.”

Celsius moves business operations to the U.S.

Roni Cohen Pavon, chief revenue officer at Celsius, further told Cointelegraph that Celsius will be moving its business operations from the United Kingdom to the United States in the coming months.

According to Cohen Pavon, the shift to the U.S. was promoted by the recent regulatory uncertainty in the U.K. for crypto companies. “We came to the conclusion that the U.K. is not the most stable place for Celsius in terms of regulations and geopolitical perspectives,” he said.

Although Celsius has had a physical office in the U.S. since 2019, Cohen Pavon explained that Celsius will now become a limited liability company, or LLC. “Nothing changes with our services – we are now an LLC instead of Celsius Network Limited. I believe the transition to engage as a U.S. entity will be completed by early or mid August.”

Watch the whole interview here!

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Original article posted on the CoinTelegraph.com site, by Rachel Wolfson.

Article re-posted on Markethive by Jeffrey Sloe

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Craig Wright Wins Bitcoin White Paper Lawsuit

Self-Professed Bitcoin Creator Craig Wright Wins Lawsuit Over White Paper Copyright Infringement Claim

By Brenda Ngari – June 28, 2021

The self-proclaimed — and often hotly disputed — bitcoin inventor has scored a legal victory in his lawsuit against the publisher of bitcoin.org, who goes by the moniker Cobra. Wright had sued in order to claim control of the rights of the seminal white paper that laid out the technology for what is now the world’s oldest cryptocurrency, bitcoin (BTC).

Wright Granted Default Judgement

Bitcoin educational site bitcoin.org must take down all references to the bitcoin white paper from its website for U.K visitors, following a remote ruling by a High Court today. Cobra lost the battle via a default judgement because he chose not to give up his pseudonymity while defending himself in court.

Besides removing the bitcoin white paper from his site, Cobra will also be required to publish a statement on the bitcoin.org site which acknowledges today’s judgement. Additionally, Cobra will pay Wright’s legal costs amounting to £35,000 (equivalent to $48,655).

In February this year, Wright’s legal team initiated legal proceedings against Cobra. The crux of the lawsuit is that Wright is the author of the Bitcoin white paper and thus no one besides himself should be authorized to host and publish the paper. The attorney’s demanded that Cobra scuttle the white paper from the site as he allegedly infringed on his copyright to the academic paper.

Wright even sent out a series of letters to Bitcoin Core developers and maintainers for hosting the bitcoin white paper, claiming that he was merely trying to protect his intellectual property. These letters provoked an outroar from the crypto community, with several companies and businesses hosting the paper on multiple web portals in move to castigate Wright.

This Legal Win Doesn’t Necessarily Prove Wright Is Satoshi

For years on end, Craig Wright has maintained that he is Satoshi Nakamoto. However, most people in the cryptoverse don’t believe his claim at all. The Bitcoin white paper, entitled “Bitcoin: A Peer-to-peer Electronic Cash System” was published by Satoshi Nakamoto roughly 13 years ago under an MIT license. It was then distributed across the globe in different forms.

In a move that somehow shocked bitcoin observers, Wright registered in April 2019 for United States copyright for the bitcoin white paper as well as the code on which bitcoin is based. He is currently mired in several court cases that he has filed against various prominent bitcoiners who have publicly disparaged his bitcoin creation claims. Wright has, however, failed to conclusively prove that he indeed invented bitcoin.

Cobra, for instance, suggested that the Australian nChain Chief Scientist and Bitcoin SV proponent should provide a known PGP public key which would make it possible for him to cryptographically show that he is the one and only Satoshi Nakamoto. Alternatively, Wright can access Satoshi Nakamoto’s BTC wallet that is believed to hold 1 million BTC — a cache that is worth around $34 million based on today’s prices — that has not been moved in over 10 years.

Winning in court today does not remotely prove that Wright is the author of the bitcoin white paper as anyone can register a copyright claim. More importantly, the victory does not make him legitimately Satoshi Nakamoto.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe