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Bitcoin whitepaper fight could end up in court as both parties escalate drama

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The unfolding drama surrounding the ownership of the Bitcoin (BTC) whitepaper could very well make its way to the courts, after both sides embroiled in the dispute told Cointelegraph they’re ready to “go all the way.”

On Jan. 21, the owners of two Bitcoin websites were threatened with legal action by lawyers representing Craig Wright, the man who claims to be Bitcoin inventor Satoshi Nakamoto. Wright claims to be the original copyright holder of the Bitcoin whitepaper, and demanded that both sites remove their locally hosted copies of the document on threat of legal action.

One website, Bitcoincore.org, has since removed the whitepaper, reasoning that becoming entangled in a costly legal battle with the litigation-happy Wright would achieve little, and isn’t a hill worth dying on.

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However, the owner of Bitcoin.org, which was also targeted by Wright, has so far refused to remove the whitepaper, and said he has no intention of doing so.

Speaking exclusively to Cointelegraph, the pseudonymous developer known as Cobra said he’d be willing to defend himself in court should legal proceedings be brought against him.

“No legal proceedings have actually started, but we’re prepared to go all the way and defend ourselves if it comes down to it.”

Ed Pownall of CoinGeek, who has spoken on behalf of Craig Wright in the past, told Cointelegraph that Cobra and others who refused to comply had 4 options ahead of them:

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  1. Do not respond and do nothing: this will result in Craig issuing court proceedings against them for copyright infringement”
  2. Respond to our letters and tell us where to go: as above”
  3. “Respond to our letters telling us they are taking down the WP / the publications of the WP from their websites, and they actually do so: no action to take against them”
  4. “Do not respond to our letters but still take down the WP / the publications of the WP from their websites: as per 3”

When presented with this 4-point ultimatum from Wright’s team, Cobra’s response was blunt, appearing to signal a preference for option number 1. He said:

“Seems like what I thought, and we’ll just not respond, f*** them.”

Pownall said that should Cobra fail to respond to legal proceedings, Wright’s counsel would be willing to apply to the courts for a default judgement, where a defendant who fails to respond or offer a defence is judged without trial.

In 2019, Wright attempted to sue Ethereum (ETH) creator Vitalik Buterin for defamation after Buterin ridiculed Wright’s claim of being Satoshi Nakamoto, calling him a fraud. In this instance, Buterin simply didn’t respond to the letter and the deadline eventually ran out.

Wright has previously launched lawsuits against numerous figures in the cryptocurrency space, including Bitcoin podcaster, Peter McCormack, Bitcoin developer, Adam Back, and founder of Bitcoin.com, Roger Ver — all with varying degrees of success.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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