Bitcoin SV, the cryptocurrency spearheaded by the self-proclaimed creator of Bitcoin, Craig Wright, has risen by a massive 67 percent, at the time of writing.
The cryptocurrency that was forked out from Bitcoin Cash (BCH) seems to have found respite from the bears as Craig Wright has been granted copyright registrations for the Bitcoin’s whitepaper and software. The step was seen as bolstering his claims to be the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
Following the news, Bitcoin SV price began a rapid increase, which took it to a high of $139.31, or up nearly 120 percent from yesterday’s close at $60.71. However, the price surge lost steam as more realities and details come to light. At the time of writing, it was trading at $101.
Despite the initial reaction that the US Copyright Office’s filing is the first official recognition that Wright is the author of Bitcoin’s original code and whitepaper, the identity of Satoshi Nakamoto is still unverified as copyright registration is totally different than the granting of copyright.
Some crypto experts confirmed this fact, including Coincenter’s director Jerry Brito who said that anyone can register whatever he wants. In a nutshell, claims are not investigated by the Copyright Office, and thus registration is not proof of anything. It is just a notice to the world that one is claiming copyright.
Wright’s relationship to bitcoin is a complicated one
Of note, the US Supreme Court recently required the US Copyright Office to complete its review of any application it receives for copyright registration, but the decision didn’t take effect yet.
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Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them. https://t.co/YA70ALpG1Y
— Jerry Brito (@jerrybrito) May 21, 2019
False copyright registration is “copyfraud”. Unfortunately, no private right of action exists under relevant US copyright law, 18 U.S.C. § 506(e). Violations are punishable by a fine of up to $2,500. No company has ever been prosecuted for violating this. https://t.co/SgwKgbQm2L
— Chris Harvey (@ChrisHarveyEsq) May 21, 2019
Many cryptocurrency enthusiasts have been angry about the recent news just as prior attempts have infuriated Bitcoiners in the past. Indeed, Wright’s relationship with bitcoin is a complicated one. This controversy all started with his claim that he was Satoshi Nakamoto but quickly backed away from providing definitive proof that he was the anonymous inventor of Bitcoin.
People in the crypto community decried Craig Wright as a fraud and a scammer, and somewhere along the way, he earned the nickname Faketoshi.