Square’s COPA Takes Craig Wright to Court Over White Paper Copyright Claims

Controversial entrepreneur Craig Wright, known for publicly identifying himself as Satoshi Nakamoto, the Bitcoin inventor, is being sued by the Cryptocurrency Open Patent Alliance (COPA) over claims to his ownership of the Bitcoin white paper.

Craig Wright Sued by Square’s COPA

COPA, the cryptocurrency group committed to patent sharing and headed by payments firm Square, filed the lawsuit against Wright in a High Court based in the U.K.

The group asks the court to affirm that Wright does not own the Bitcoin white paper and the use of the white paper doesn’t infringe on any copyright held by Wright.

COPA is also seeking an injunction that would restrain Wright from ever claiming he authored the document. The group also asks for an order that would require him to foot the bill for disseminating information that he is not the owner.

The Bitcoin white paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was published by Satoshi Nakamoto under an MIT public license in 2008 and is distributed widely in many forms around the world.

Before this lawsuit, the Australian computer scientist who has claimed to be the pseudonymous Bitcoin inventor Satoshi Nakamoto since 2016 had sent out a cease-and-desist notice to Square. The notice sent through Wright’s representatives and dated January 21, 2021, had demanded that Square stop hosting the Bitcoin whitepaper on its site.

COPA had responded on Square’s behalf, demanding Wright to prove that he was indeed Satoshi Nakamoto, the whitepaper’s creator. Wright did not respond with the proof by the February 19 deadline set by COPA.

Square was not the only one Wright sent letters to as he gave the same cease-and-desist notice to Bitcoin developers, Bitcoin.org and Bitcoincore.org.

While Bitcoincore.org’s hastened to remove the white paper from the site, Bitcoin.org’s pseudonymous owner Cobra refused to do so, arguing that the Bitcoin whitepaper was published under the MIT license, allowing for free distribution.

The self-proclaimed Bitcoin investor claims ownership of the whitepaper because he filed a copyright claim in 2019 with the US Copyright Office for the original Bitcoin code and the BTC whitepaper.

However, simply filing a claim does not necessarily mean that the assignation of ownership is final.

COPA Representing Bitcoin Developers In Case Against Wright

Wright seems to have been the one blowing the legal trumpet by sending out notices through his representatives. However, it looks like his legal crusade has taken a twist with this lawsuit filed by COPA.

Now, COPA represents the Bitcoin community, particularly developers in the fight against the white paper publication. The group said,

“We stand in support of the Bitcoin developer community and the many others who’ve been threatened for hosting the White Paper.”

Established in September 2020 by Square to prevent patent trolling, the members include crypto exchanges Coinbase, Kraken, OKCoin, MicroStrategy, Blockstream, BitPay, among others.

Beyond the white paper, Wright has also previously filed a lawsuit demanding Bitcoin developers give him access to stolen Mt. Gox funds.

He had alleged that 110,000 bitcoin was stolen from him through wallets connected to the Mt. Gox hack. Through his law firm Ontier LLP, Wright wrote a letter addressed to Bitcoin Core contributors demanding them to give him access to two wallets even though they had no control over the network’s wallets.

According to Wright, the stolen wallets were linked to the hack that gulped 800,000 BTC from the world’s then most popular bitcoin exchange in 2014, Mt. Gox.

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Author: Jimmy Aki

Diehard Bitcoin Believers are What makes BTC so Valuable: AngelList Founder

The world’s largest cryptocurrency is known for being programmable money and a limited supply of 21 million BTC.

The digital gold is slowly climbing up the ranks of the largest asset by market cap. It is portable, fungible, and, most importantly, censorship-resistant.

In 2020, the leading cryptocurrency attracted legendary investors, celebrities, and companies to adopt it as a safe haven asset, a hedge against inflation.

But according to AngelList founder Naval Ravikant, who is a crypto and DeFi proponent, it’s not the institutions that have been coming in masses to Bitcoin this year or even the miners who are responsible for securing the network that make it valuable.

It is because of the bitcoin community that’s simply crazy about it.

“Bitcoin isn’t valuable due to tech or miners or exchanges or institutions. Bitcoin is valuable in direct proportion to diehard believers that agree to transact directly with each other under its rules,” said Naval on Twitter on Friday.

“Someone, somewhere, is always ready to give you their house for Bitcoin. It’s the best such ruleset ever designed. Its believers are ideological,” he added.

Many still don’t believe in this digital asset, which can’t be printed mindlessly by the central banks, but this is the side you need to be on to, according to Ravikant, who’s an investor in both Bitcoin and Ethereum.

“Betting against Bitcoin has been, and will continue to be, an expensive proposition.”

And if you think you can change his mind, that is impossible because it can only be changed if Bitcoin suffers an “irrecoverable technological failure.” Since it was created in 2009, bitcoin has been running non-stop, with its running time being 99.9%.

“Certain attacks due to lack of fungibility and failure of Bitcoin to upgrade in response. Emergence of a better technological platform with a diehard user base” are other reasons that could change Ravikant’s mind about the flagship cryptocurrency, but in his opinion, “they’re each unlikely and priced in.”

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Author: AnTy

New Payments Platform Australia (NPPA) Sues Ripple for ‘PayID’ Trademark

An Australian financial services firm, known as New Payments Platform Australia (NPPA), has sued Ripple Labs over a trademark infringement allegation that involves the PayID brand.

The lawsuit, which was filed last week in a federal court in New South Wales, alleges that Ripple Labs infringed on Australia’s Trademarks Act of 1995 as well as the country’s consumer law for the usage of the PayID trademark brand.

NPPA is a consortium that was founded by 13 banks, consisting of the Reserve Bank of Australia, Citi, ING, ANZ, and HSBC. The firm controls a remittance network within Australia, allowing for real-time payments among customers from various banks.

NPPA states that it launched the PayID brand in February 2018 and used about AU$3.3 million for an aggressive advertising campaign to make the platform mainstream. More than 90 small and large Australian banks, including other financial institutions, have so far joined the platform.

Adrian Lovney, NPPA’s CEO, states that he found out that Ripple, in June, introduced a similar PayID branded platform in Australia in line with the giant payments Open Payments Coalition and has partnered with about 40 companies across the world.

The court paper also alleges that 3 of the 40 partners within Ripple’s OTC are located in Australia, including BTC Markets, FlashFX, and Independent Reserve.

Lovney alleges that there is evidence to suggest that the three Australian firms wrongly believed that there was a connection between the services provided by the NPPA and those offered by Ripple, as per the PayID trademark. The lawsuit explains:

“PayID is the brand, name, and trademark used by NPPA to identify both the NPP’s Addressing Service and the account proxies/aliases that form part of the Addressing Service.”

According to NPPA, about 5 million PayIDs have so far been registered, which forms a crucial part of Australia’s NPP, a platform designed and managed by NPPA.

The court has already given NPPA the greenlight to serve Ripple Labs a notice outside of Australia.

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Author: Joseph Kibe

Kraken’s Crypto Facilities Becomes UK’s First FCA Approved Futures Exchange

Crypto Facilities which is also known as Kraken Futures has announced that it has received approval to start derivatives trading services mostly to institutional investors.

On Monday, the firm announced that it had received a Multilateral Trading Facility (MTF) license from UK’s financial watchdog, Financial Conduct Authority (FCA). According to the firm, the license will enable institutional investors to easily trade on the futures platform. The license means that the firm will enhance its clientele to investors that could have been barred by the UK laws from using unapproved exchanges.

In a statement shared with Bitcoin Exchange Guide, Kraken’s co-founder and CEO, Jesse Powell, explained that the firm has been pursuing the licensing as the firm is determined to ensure cryptocurrency is accessible to everyone. He stated,

“This particular license means that a sophisticated class of investors, limited by their own requirements to interface with a regulated venue such as an MTF, will now have access to crypto derivatives in Europe for the first time. More participants means more liquidity and a better experience for everyone.”

The firm also stated that the license makes Crypto Facilities the inaugural and the only approved derivatives company providing exposure to leveraged cryptos within the European Union.

Powell explained that sophisticated clients now have an opportunity to access crypto derivatives within the European Union which is a big step in the region.

Although the UK plans to exit the EU before the end of the year, the talks are not yet over and it remains unclear how regulatory issues will be handled after the exit. Majority of companies are hoping that passporting will be revoked.

The FCA had early this year warned against stern penalties on crypto derivatives platform BitMEX arguing that the company was luring UK customers even without its approval.

The Francisco-based Kraken bought out Crypto Facilities in February last year for an undisclosed amount which analysts estimated to be more than $100 million. At the moment the firm provides upto 50x leverage on various futures products such as Bitcoin, XRP, Bitcoin Cash, Ether and Litecoin.

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Author: Joseph Kibe

Ripple And SBI Holdings to Launch ODL Service For RippleNet Using XRP in Asia in 2020

The joint venture of Ripple Asia and SBI Holdings, also known as SBI Ripple Asia, has announced its plans of launching On-demand Lqiuiduty (ODL) solutions using XRP in Asia this year.

Ripple has made a name for itself because of its cross-border remittance solutions, also known as RippleNet. The firm has seen many takers for its technology, which uses XRP for liquidity on the ledger to facilitate instant cross-border transactions at a minimal cost.

The ODL solutions have been quite a hit, and given Asia is emerging as one of the fastest-growing crypto hubs, the joint venture between Ripple and SBI holdings wants to push for its adoption further.

The announcement was made by the CEO SBI Ripple Asia, Adam Traidman, during an interview on June 18, where he talked about the popularity of Ripple in Asia and how expanding ODL services would be the right move as it offers much cheaper cross-border remittance services. He said;

“I expect that probably later this year, and into next year, things are going to move into wider spread production.

I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility.”

Traidman also believes that introduction of ODL would eliminate currency fluctuations and the pre-funding requirement for making cross-border transactions. He explained ODL services wouldn’t gain the same adoption and popularity in the United States as it is increasing in Asia and Japan.

The reason for this is the US offers low-cost cross-border remittance service, so the people over there don’t need a system like ODL, while in Japan, its not only costly to send money across the border, but it also takes around a whole day. Traidman said,

“ODL can be used to convert the Japanese yen to XRP in real-time in Japan, and a family in Vietnam can immediately exchange the XRP for Vietnamese dong.

In this way, the price movements of the Japanese yen and the Vietnamese dong are almost unaffected.”

Ripple’s On-Demand-Liquidity(ODL) has seen a massive jump in use and volume, which is evident from the fact that the bulk of transactions has tripled over the first quarter of 2020, while the US Dollar transactions have risen by 294%.

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Author: James W

Power Ledger To Build P2P Renewable Energy Trading Platform in Thailand

PowerLedger, an Australian blockchain startup known for its work in the field of renewable energy, has partnered with Thai Digital Energy Development (TDED) which is a public-private joint venture.

The partnership was announced on May 25th, which would see the development of an energy platform that would enable environmental commodification and peer-to-peer trading renewable energy trading.

The platform would offer blockchain-based transactive energy solutions, virtual power plants, issuance of renewable energy certificates and trading of carbon credits. The partnership aims to boost renewable energy and acceptance in Thailand, where the government is seeking to generate 25% of its electricity from renewable resources by 2037.

Jemma Green, the co-founder and executive chairman of PowerLedger, believes the new partnership and energy platform would be crucial to the establishment of economically viable renewable energy markets. He said:

“Our partnership with TDED will allow us to accelerate our efforts to promote distributed digital energy markets in Thailand.”

Thailand is Looking at Private-Public Sector Cooperation to Push Renewable Energy Usage

TDED being a joint venture of the private and public sector between Thai energy authorities and green energy specialists BCPG which is a Bangkok firm specializing in solar, wind and geothermal power and operations flourishing across Thailand, Japan and Philippines.

The partnership would oversee four BCPG clean power projects, including Chiang Mai University’s 12MW Smart Campus and its carbon management system.

PowerLedger has been working with BCPG from 2018 itself where the Australian startup helped the energy specialist to launch a similar peer-to-peer energy pilot program.

Vinod Tiwari, head of business development and sales at PowerLedger believes the partnership between the private and public sector could really help Thailand in achieving its renewable targets and given PowerLedger’s experience in the clean, green energy would only help in accelerating those goals. He explained:

“The platform acts as an operating system and innovative facilitator in the transformation of energy markets from centralised to hybrid, distributed energy markets underpinned by renewable energy and distributed energy resources. This unique market-based approach acts as an incentive to accelerate distributed energy resources and renewable energy deployment in communities and helps in achieving a country’s national renewable energy targets.”

The new platform framework would be open to other players in the renewable energy field in Thailand.

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Author: Rebecca Asseh

Swiss Govt. Rejects Crypto Valley’s $103M COVID-19 Relief Loan for Blockchain Startups

Switzerland’s own crypto valley located in the Canton of Zug known for its business-oriented regulations is struggling to keep businesses afloat.

Its request of 100 million francs, which is around $103 million USD, as a COVID-19 relief package has been rejected by the Swiss government. The request for the relief package was initiated back in April by the finance director Heinz Taennle, reported a local daily.

The crypto valley would now have to depend on the 15 million Swiss Francs loan announced by the canton of Zug. The application for 100 million francs relief package was the only one rejected by the federal government among 24 similar COVID-19 related relief packages.

Almost two-thirds of the crypto valley blockchain firms which applied for the Federal loans failed to receive any assistance from the government.

The capital crunch in the crypto valley mainly occurred due to the ongoing coronavirus pandemic. Forcing many private equity investors into offering capital support in the fintech valley.

The New Loan Scheme Would be a Joint Effort by Federal and State Government

The newly announced 15 million swiss francs loan scheme would require fintech firms in the valley to submit their loan application by May 27th, 2020, and the loan can be applied to any bank in Switzerland. The loan amount would be covered by both the Federal government and the canton of Zug, where the federal government would offer 65% of the amount and the Zug would offer 35% of the loaned amount.

The situation in the crypto valley is getting worse with each passing day, as 80% of the operating companies in the valley report that they won’t be able to make it through the end of the year.

The main reason behind such outcry is the reluctance of equity investors to invest their money amid financial uncertainty which has been looming even before the pandemic struck which made the situation even worse. Almost 57% of the firms in the crypto valley have laid off a significant portions of their workforce, turning the crypto valley into death valley.

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Author: James W

Bitcoin Pizza Day Celebrates its 10th Anniversary; 10,000 BTC for Two Pizzas is Now Worth $90M

May 22 is known as the Bitcoin Pizza Day after computer programmer Laszlo Hanyecz paid 10,000 bitcoins for two delivered Papa John’s pizzas in 2010.

Being one of the earliest well-known purchases in the history of Bitcoin makes it an iconic day. Those 10,000 BTC that has been offered for two large pizzas worth $40 is now worth about $90 million.

Hanyecz organized his pizza offer on bitcointalk forum,

“You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”

In his first television interview with CBS News last year, Hanyecz shared,

“I honestly thought it would be really cool if I could say, ‘Hey, I just traded this, you know, open source internet money for a real world good.”

But Hanyecz didn’t stop after the first real-word transaction that involved cryptocurrency, he continued spending Bitcoin.

He minted and spent about 100,000 BTC in all, which would have been now worth more than $900 million, much of it on pizza, Hanyecz shared on “60 Minutes.”

2nd post by Hanyecz for another “open offer.” He also got the pizza on May 22nd.

Despite the price of bitcoin skyrocketing, Hanyecz isn’t really phased out about his deal as he told the NY Times in 2014,

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big.”

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Author: AnTy

VeChain Picked To Spearhead The Use Of Blockchain Solutions Asia Pacific Provenance Council

A freshly formed consortium known as Asia Pacific Provenance Council is banking on blockchain to enhance efficiency in supply chains that exports Australian agricultural surplus estimated to be worth about $76 billion to China each year.

The consortium has partnered with VeChain public blockchain which will enable solo shipments containing agricultural produce such as avocados which will be tracked from their Australian picking point of pick up to their arrival in China for consumers to buy them. The partnership will enable each member of the supply chain to easily confirm the products that have been shipped, their location as well as their storage conditions such as temperature, humidity and other components.

VeChain will also offer Australian companies such as Fresh Supply Co (FSC) fresh product tracking capabilities like exporters as well as logistics operators to record how different agricultural lots are moving via supply chains, international shipment service providers as well as customs.

David Inderias, Fresh Supply Co CEO stated that the technology will be helpful in improving trust among those involved. He explained:

“…being able to say that our products are safe, and that we have tracked them, is going to be table stakes for dealing with China.”

The current COVID-19 pandemic and its effects all over the world, necessitated the urgency of the partnership, VeChain stated. The firm explained that the pandemic is a threat to producers of food and manufacturers as well as vendors all over the world.

VeChain explained that it seeks to become an enabler empowering its partners with blockchain technology to help in development of apps for different sectors of the economy.

In a statement shared with Bitcoin Exchange Guide, VeChain CEO Sunny Lu explained how the platform will help in the current COVID-19 crisis. He said:

“The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for the enterprises, and will help improve productivity by unleashing more resources and growth opportunities.”

In the recent past, public awareness when it comes to food safety has gone up and blockchain technology will help in keeping with the track.

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Author: Joseph Kibe

Bitfinex Whale Deletes Twitter and Crypto Exchange Account with BTC’s Surge to $10K

Famous crypto trader J0E007 famously known for betting against Bitcoin’s price disappeared from the internet after Bitcoin’s price recently hit $10k. This has led to unrealized losses amounting to $21million. He has since then deleted his Twitter and Bitfinex accounts.

Before his accounts self-destructed, J0E007 left a farewell letter on his twitter timeline on May 7th saying his journey was undoubtedly very exciting but had now come to an end. He described his stay as having been experimental. J0E who had specialized in betting against Bitcoin’s price to drop, made all the headlines when he netted $10million in 5 minutes back in February this year when the price dropped. However his fortunes were soon to reverse when Bitcoin’s pre halving rally recently began to pick up the pace.

An unexpected price hike

The price of BTC recently went up to $10,000 and this is when things started going south for J0E007. His unrealized losses spiked up to $21million on the Bitfinex Leaderboard. The price Leaderboard was introduced in 2019 to allow anyone to view performance of traders listed on the board, this including realized profits and unrealized losses. The $21million unrealized loss earned J0E a top traders spot but on the opposite end, the red zone. This also led to J0E withdrawing himself from the Bitfinex Leaderboard meaning his trades would not be publicly displayed.

Recording on average $10million in gains every month, J0E had created a name for himself on the cryptocurrency futures market as arguably the most profitable Bitcoin trader. In the space of 8 months running from September 2019 to April of 2020, Joe007 outwitted all traders listed on the leaderboard combined. In that same span, he had made $61 million in profit while the rest realized a $25 million loss.

J0E believed in the shorting trading strategy which banks on asset prices falling in the future. By definition, for him to make a profit, Bitcoin’s price has to go down. On this occasion, unfortunately for him Bitcoin’s price skyrocketed up to $10,000.

Bitcoin proving to be a performing asset

According to coindesk after breaking the 10,000 threshold mark since February, Bitcoin jumped 6% causing a $13 billion surge in market value for the entire crypto market. Binance recorded record-high volume of 23 billion daily value for its BTC-USDT trading pair. As much as BTC is left vulnerable to crashes after sudden price spikes, this trend has seemingly eased in the past month. The risk of Bitcoin long squeeze is not as high as seen in previous trends.

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Author: Lujan Odera