The UK High Court has allowed Craig Wright’s lawyers to pursue legal action against the bitcoin.org website for copyright infringement. Wright is infamous for claiming to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, without ever providing proof of the claims.

Legal action was sparked when the owner of bitcoin.org, known only as “Cobra,” denied Wright’s demand to remove the whitepaper from his website. The case will force judges to take a view on whether Wright is the creator of Bitcoin.

You’re wrong if you think you can bully me you creepy loser. If I have to give up my pseudonymity to defend Satoshi’s whitepaper, arguably the most important paper of the 21st century, then so be it. https://t.co/YpqXlD8DlP

— Cøbra (@CobraBitcoin) April 22, 2021

The Bitcoin whitepaper is Wright’s intellectual property

The incident started in January this year after Cobra refused Wright’s demand to remove the whitepaper from his website, with Cobra stating at the time Wright has no claim on the whitepaper and duly stuck to his guns.

Cobra said Wright’s claims of authoring the paper can be easily verified as false. Adding that the step is an abuse of the U.K. legal system.

“Seems like he’s trying to abuse the UK courts to make them try to censor the white paper and harass small websites like us providing education content with his behaviour.”

Wright’s lawyer, Simon Cohen, insists the purpose of the case is not to restrict access to the paper, silence, or intimidate people. Instead, it’s about protecting Wright’s intellectual property.

If you want to contribute to https://t.co/1dtx7wYjP2‘s legal defence against’s CSW’s copyright claims over the whitepaper and alleged ownership of the domain.

We have a donation address: 3E8ociqZa9mZUSwGdSmAEMAoAxBK3FNDcd.

We can’t let this continue. Fuck Craig.

— Cøbra (@CobraBitcoin) January 21, 2021

In the mix, Cohen also brought up the long-running dispute on Bitcoin in-fighting. Wright believes his creation, Bitcoin Satoshi Vision (S.V.), is the true Bitcoin.

“Similarly, Dr Wright does not wish to restrict access to his white paper but does not agree that it should be used by supporters and developers of alternative assets, such as bitcoin core, to promote or otherwise misrepresent those assets as being bitcoin, given that they do not support or align with the vision for bitcoin as he set out in his white paper.”

Bitcoin S.V. forked from Bitcoin Cash in 2018, which itself forked from Bitcoin in 2017. It claims more stability and scalability than its predecessors by having a bigger block size. This enables it to handle more transactions, making it suitable for blockchain enterprise solutions.

Who is Satoshi Nakamoto?

The identity of Satoshi Nakamoto is cryptocurrency’s most enduring mystery. Revelations on insiders spilling the beans, evidence of moving Satoshi’s Bitcoins, and talk of Satoshi being a woman, and so on have all, so far, proven unfounded.

Recently, the author of The Mastermind, Evan Ratliff, conducted an interview. In it, Ratliff discusses the case for Paul Le Roux, an international arms and drugs dealer, being Nakamoto.

Le Roux is in prison on charges of importing narcotics into the U.S. and in violation of the Food, Drug, and Cosmetic Act. His incarceration roughly coincided with when Nakamoto vanished from public contact.

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The price of bitcoin has taken a horrible turn. The world’s number one digital currency by market cap – after reaching a new all-time high last week following Coinbase’s debut on the Nasdaq – has dropped roughly $8,000 in just a matter of days that has brought the asset down to roughly $55,000 per unit at the time of writing. It was recently trading as high as $63,000.

Bitcoin Falls Following an End to Coinbase Hype

In addition to bitcoin, other major altcoins including Ripple’s XRP, Dogecoin, Cardano and Ethereum have also taken serious tumbles. The entire event has been summed up as a “flash crash,” meaning there was a swift and sudden dip in the digital asset space that appears to have affected most of the world’s mainstream cryptocurrencies. As much as $300 billion has disappeared from the overall crypto market cap within a short period.

The bitcoin price has arguably been affected the most, with a ten percent dip at press time. Many analysts – including Mike Novogratz of Galaxy Digital fame – are now warning crypto traders that a “washout” could be occurring in the coming future, meaning assets could drop in price even further over the next few weeks.

In a recent interview, Novogratz says:

In the next week, certainly we could have some volatility because of the excitement around Coinbase… I have seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there is a lot of frenzy right now. That never ends well, and so we will probably have a washout at one point.

The recent price surges can likely be attributed to anticipation from Coinbase’s public debut on the stock market. As one of the world’s largest and most popular cryptocurrency exchanges, Coinbase decided in late 2020 that it would engage in an initial public offering (IPO), meaning it would unveil stock that investors could trade.

This marked the first time a company in Coinbase’s shoes would make such a move, and traders got excited when they found out that they could begin purchasing Coinbase stock as early as April 14 of this year. The news caused many of the world’s leading cryptocurrencies – including bitcoin and Dogecoin – to spike to new levels.

This Momentum Is Hard to Maintain

However, as we have seen in the past, when currencies rise to such heights within relatively short periods, the momentum proves a little overwhelming, and the assets in question cannot sustain the growth they are being put through. As a result, they dip almost immediately after the hype dies down, and the higher they have gone prior, the harder they tend to fall.

Before the unveiling of the stock, Novogratz claimed the Coinbase IPO was the “Netscape moment” of the blockchain world and would likely cause several other bitcoin and crypto-based firms to follow suit and issue stocks of their own.

Tags: bitcoin, coinbase, Ethereum

The week is set to end on a negative note for Bitcoin, while altcoins are managing to contain the bearish move that has been holding the bull’s recovery attempts in check for a week now. 

Should prices remain at current levels over the next two days of the weekend, it will be the worst week for bitcoin since the beginning of the year. 

Previously, only the last week of February had seen declines of more than 20%. 

In the case of Ethereum, however, the drop in the last few hours spoils the celebration of the new absolute records set yesterday, but does not break the positive trend that has accompanied the bullish price structure since the beginning of November. 

Should prices hold above USD 2,200, it would be the fourth consecutive week with a positive close. This has not been the case for Ethereum since last December.

There are few other positive weekly sales among the major altcoins. Solana (SOL), one of the alternative blockchains to Ethereum, is performing very well and is currently posting new all-time highs with prices above 40 USD and a double-digit weekly gain. 

Monero (XMR) has also performed surprisingly well, bucking the trend of the other main privacy coins, rising above USD 4,500 and posting a gain of over 25% since the start of the week. Since the beginning of the year, Monero’s performance has exceeded 550%.

On the opposite side, XRP disappoints, falling from the highs reached last week and losing more than 50% of its value and revisiting the levels of the beginning of the month, undoing all the gains accumulated in the central days of April.

Total collateralized value on DeFi is back below $54 billion, the lowest level in ten days. This is due to the loss in value of both Bitcoin and Ethereum, the tokens most commonly used as collateral in decentralized finance protocols. In fact, both the number of Ether and Bitcoin remain unchanged. 

This is a sign that users have not been frightened by the declines nor are there any excess closures due to lack of margining of collateralized positions for open loans.

Bitcoin

After more than a month, Bitcoin’s capitalization falls below $1 trillion. The price revisits $47,500, levels of early March, slipping more than 25% of the Fibonacci retracement from the October lows and recent highs. It is necessary to wait the next few days to understand where the decline will find the basis to attract purchases again and develop a rebound in line with the beginning of the next monthly cycle useful to evaluate the structure of the current six-month cycle.

Ethereum

Ethereum has fallen by 20% in less than 24 hours. A lunge that does not undermine the bullish structure that for over four months confirms the strength of a trend that began last fall. In the medium term, it is important to follow the holding of 1,900 USD, which is about 20% away from current prices.

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