A Chinese citizen, Wei Lui, has filed a copyright registration at the US copyright office for the original Bitcoin white paper titled, Bitcoin: A peer-to-peer cash electronic system.
Wei Lui, the Chinese Citizen who lives in the US, has 19 copyrights in his name. The Bitcoin Whitepaper Copyright registration number and date is TX0008726120 / 2019-05-24.
The copyright claim issue began with Craig Wright the lead proponent of Bitcoin SV [BSV] along with Calvin Ayre’s media publication, spread the news which led the people to believe that the US Copyright Office had granted Craig the ownership for Bitcoins’ creation. That he is, in fact, Satoshi Nakamoto himself.
The hoax was put to a stop when leading lawyers explained the US copyright laws. Jake Chervinsky noted that,
This is nonsense. There’s literally no such thing as being “awarded a copyright” under US law. The only real benefit of registering with the Copyright Office is the right to sue for statutory damages & attorney’s fees. Craig Wright’s copyright registration is meaningless theater.
Moreover, according to the law, more than one competing claims are invited for any work, and they do not even verify the claims in case of anonymous work like Bitcoin.
BSV Price Analysis: Registers 300% Gains in less than a fortnight
Nevertheless, despite the debate between Bitcoin SV proponents and crypto-community, the price of Bitcoin SV has increased tremendously in the past couple of weeks. The price rose by 300% after the news of the Copyright broke out. The price rose from $60 to a high above $240 during the rise.
The rise can be categorized as abnormal; however, it has in some parts led the altcoins in the green as well. It gained about 100% from 29th to 30th May 2019.
Manipulation is also suspected in the Bitcoin SV markets. Earlier today, a flash crash of more about 80% from $207 was recorded, when Bitcoin SV fell to a low of $44. Reportedly, a large sell order of 25000 BSV triggered the move but was instantly filled at the market price before the crash.
The markets at other Exchanges remained unaffected during the move at Bitfinex. The rise of BSV price is supported not only by weak fundamentals but ambiguous implications, which raise ultimate questions on the credibility of the increase.
Do you think that Bitcoin SV will sustain the price above $200? Is it primed to increase further or a downside is imminent? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com