Craig Wright, Chief Scientist at nChain, has been in cryptocurrency hot waters for quite some time now, with his claims of being Satoshi Nakamoto being disputed by most of the cryptoverse. The latest chapter in this episode was written when Wright filed a copyright for the Bitcoin whitepaper, something that was seen by the Twitter community as a gimmick and “just another form.”
The latest proponent to come out and attack the Bitcoin SV proponent is Riccardo Spagni, the lead developer at Monero. In his latest tweet, Spagni wrote,
“PSA: Craig Wright is so dumb he made it illegal to run Bitcoin SV test net using the Bitcoin SV code when he illegally re-licensed it. He claims to be a lawyer, but fails to get something this simple correct…?”
According to the screenshot attached with the tweet, the mistake is in the hash number pointed out by Spagni. The hash does not define the algorithm, therefore a user can use any algorithm to come up with the given value. Spagni’s sentiment was shared by many members of the cryptocurrency community, with many starting a series of hashtags such as #CraigWrightissodumb. One user, Catoshi MeowMotonaut, tweeted,
“Are we playing #CraigWrightissodumb ?
My entry “Craig Wright is so dumb that he sued a cartoon character on twitter”
This tweet was followed by a tweet from @amritha, a Bitcoin enthusiast, who added,
“… and then called the owner of Twitter a criminal for liking alt-coins and was banned for life from the platform, resigned to writing articles to himself on Medium.”
The copyright registration was met with a lot of trepidation by the community, but the story received another twist after Jerry Britto, Executive Director at Coincenter, clarified that just because a copyright is filed, it does not mean that the claim becomes legitimate. Post the filing, the copyright office will proceed to check if the clauses in the copyright document were true or not and only if it comes out green, does the ‘Bitcoin creator’ title go to Craig Wright. Britto added,
“Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them. Someone else could today also register themselves as the author of the white paper, thus inviting a suit from Wright and letting a court decide on the validity of the claim. I volunteer @petermccormack.”
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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