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Craig Wright Wins Legal Case Against Cobra: BitcoinOrg Must Remove The Bitcoin Whitepaper

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Craig Wright has finally won a legal dispute against Cobra, and now, one of the most iconic Bitcoin websites must stop hosting the Bitcoin whitepaper.

Craig Wright, the man who claims to be Satoshi Nakamoto, has just won a legal dispute related to the copyrights of the Bitcoin Whitepaper.

According to information from Ontier LLP, the law firm representing Craig Wright, the nChain scientist was today awarded a default judgment in his copyright infringement action against ‘Cøbra.’

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Craig Wright 1, Cøbra 0

Craig Wright demanded the removal of the whitepaper from Bitcoin.org and Bitcoincore.org. Bitcoincore.org complied, but Cøbra —the pseudonymous webmaster of Bitcoin.org— refused, so Craig Wright opened a legal dispute against him.

During the hearing, for Cøbra to assert his rights, he had to reveal his identity. The pseudonymous bitcoiner valued his anonymity more than an eventual victory in the dispute and so chose to waive his right to defend himself or issue any arguments before the judge. This abstention made it easier for Craig Wright to win by default.

Simon Cohen, a Senior Associate at ONTIER LLP and a member of the legal team which advised Dr. Wright on this action, said:

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“This is an important development in Dr Wright’s quest to obtain judicial vindication of his copyright in his White Paper. Although he has secured victory today by default because no defence was forthcoming, it is notable that the English court has nevertheless injuncted ‘Cøbra’ from making the White Paper accessible in the UK.”

Does this mean that the British courts are recognizing Craig Wright as the author of the Bitcoin White Paper? No, and neither does it mean that the British courts are identifying him as Satoshi Nakamoto. So, what does it mean?

Why Did Craig Win? And What Did He Win Exactly?

Craig Wright has had to drop many of his significant lawsuits against prominent members of the cryptocurrency community who have chosen to defend their arguments actively. However, Cøbra’s anonymity was key for Wright to at least win a legal battle or relative mediatic importance.

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Of all the websites hosting the Bitcoin whitepaper, suing the pseudonymous webmaster of Bitcoin.org was a move that Craig could try in the hope of not getting any counterclaims. The stunt put Cøbra against the wall, and it paid off.

And that’s what it means. The Bitcoin.org website will have to remove access to the Bitcoin whitepaper for the UK, and post information regarding Wright’s victory, simply because its webmaster decided not to fight back.

But in a sort of final taunt, Cøbra said he would gladly pay the monetary penalties with a Bitcoin transfer to an address publicly acknowledged to be Satoshi Nakamoto’s.

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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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s are now selling ‘way more’ US Dollars to buy Bitcoin

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El Salvador’s mainstream Bitcoin (BTC) adoption gains momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin. 

President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:

“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”

He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

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The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions. 

El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.

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A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.

Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”

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Why Bitcoin ETF Is Such A Big Deal and May Push Bitcoin Above $100k?

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Amid a global regulatory crackdown on cryptocurrencies, the U.S. SEC’s approval of a Bitcoin (BTC) Exchange-Traded Fund (ETF) has come as a pleasant surprise to the Bitcoin community. The most awaited ProShares Bitcoin Strategy ETF is reportedly launching as early as Monday, October 18. This ETF is going to be traded with a ticker symbol of BITO and will track Bitcoin futures.

Bitcoin rallies towards $100K

Instead of achieving regulatory green light, Bitcoin price crossed $62K this morning with a slight correction, BTC continued to stand strong at $61.5K, at the time of reporting. The market is raging with speculation of Bitcoin crossing $100K with this ETF. The timing could not have been better as the fourth quarter has commenced the holiday season bull run, with trader bonuses flooding in as cryptocurrencies take to an upward graph. Since the beginning of October, when the potential BTC ETF began gaining mass traction, the impact on Bitcoin prices also became evident.

According to a Bloomberg report, this Bitcoin ETF will further the institutional adoption of the decentralized sphere, specifically focused on Bitcoin. “An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.”

Regulatory approval can make or break a token

The frequently validated fact that regulatory approval radically helps the growth of cryptocurrencies, despite it being a decentralized and unregulated market, continues to gain credibility. XRP is one of the most prominent examples of how drowning in a regulatory puddle may keep certain tokens into a bear rut, while the rest of the industry leaps into the bullish phase. Due to the ongoing XRP lawsuit against Ripple, the XRP community continues to suffer as the fourth quarter has not helped XRP so far. The community blames the SEC for stretching the lawsuit intentionally so that XRP skips this bull run.

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