The Man Behind the Myth
Craig Wright has boldly gone where few have dared: proclaiming himself as Satoshi Nakamoto, the elusive creator of Bitcoin. In a recent blog post, Wright issued a stern warning to Bitcoin (BTC) and Bitcoin Cash (BCH) enthusiasts to cease using the Bitcoin database. His rationale? Avoid potential lawsuits, or as I like to put it, mind your P’s and Q’s—or risk inviting trouble.
Legal Jargon Alert
Wright’s legal position is nestled in the Copyright, Designs and Patents Act 1988 (CDPA) and the Copyright and Rights in Databases Regulations 1997. According to him, the distributed Bitcoin database ought to be treated as personal property. That’s a twist on property law that would make any real estate agent raise an eyebrow. Imagine claiming ownership of the Internet because you created a website!
Verbal Contracts and Other Nuances
The crux of Wright’s argument hinges on a supposed verbal deal defining the 21 million Bitcoins that each can be divided into 100 million smaller units. He insists that he, as the creator, holds unilateral rights over this “contract” with the various network nodes. Wright’s claim that he “maintains sui generis rights” over the original database from its Genesis block in January 2009 is certainly provocative. Perhaps this is just his way of saying, “I’m not sharing my toys!”
The Ongoing Court Drama
For those keeping score at home, Wright has been embroiled in legal squabbles since 2018, ever since a lawsuit was filed regarding his late business partner, Dave Kleiman. The estate claims Wright illegally snagged over a million BTC, alongside associated intellectual property, following Kleiman’s untimely death in 2013. Talk about making life complicated! The new trial date has been set for April 17, and everyone is breathlessly awaiting July 2020—at least it gives spectators something to binge-watch.
What Lies Ahead for Bitcoin and Wright?
The stakes are high, and Wright’s recent declarations have thrown a wrench into the works for Bitcoin and its numerous offshoots. Whether he will indeed wrest control back over the Bitcoin database or if his claims will fall flat in a court of law remains to be seen. In the wild west of cryptocurrency, one thing’s for sure: the legal landscape can change faster than a Bitcoin transaction.
