Craig Wright Files For Bitcoin Patent
Purported Bitcoin creator Dr. Craig Wright has been granted U.S. copyright registrations for the original Bitcoin white paper. The registrations recognize Wright as the author of both the white paper and the code under the famous pseudonym Satoshi Nakamoto. Wright is on the Bitcoin SV side of the debate, which is a version of Bitcoin that was forked off of the Bitcoin Cash (BCH-USD) blockchain. The difference between the two is that SV scales up to 100mb per block, whereas Bitcoin Cash ABC has a limit of 30mb, structurally similar to Ethereum (ETH-USD).
Wright was issued two patent registrations after supposedly proving his identity as Satoshi Nakamoto, at least as concerns the patent clerks, one for the paper Bitcoin: A Peer-to-Peer Electronic Cash System, and a second for the software behind the technology. Other cryptonews outlets who are critical of Wright and the SV implementation of the Bitcoin protocol are careful to note that filing for a patent does not constitute proof of ownership, but merely lays the groundwork for lawsuits based on claim of ownership. In other words, prepare for more Satoshi fights.
Kraken Hits Up Users for Money
Cryptocurrency exchange Kraken is pitching stock to its users, requiring a minimum investment of $1,000. The exchange is giving itself a $4 billion valuation, which is fine, if it can successfully get people to give it $4 billion for shares of itself. The shares will not be registered with the Securities and Exchange Commission, which is likely to raise some eyebrows, as there is no publicly available information regarding the finances of Kraken. There are also no photos or last names associated with the people offering shares through email to registered users of the exchange. Shares can be purchased until June 20th.
Fit Pay Reveals Flip for instant BTC to USD Transactions
Nxt-ID (NASDAQ:NXTD) subsidiary Fit Pay, is out with a new contactless payment solution, allowing users to instantly convert Bitcoin (BTC-USD) to dollars. Bitcoin is used to fund a prepaid debit device, which can then be used as a near field communication platform to make contactless payments. Shipments of Flip began last month with production now being ramped up to meet demand. Payments using Flip can be made from any retail point of sale location that supports contactless payment solutions. The device retails for $29 and includes exchange fees, but could be useful in a pinch for someone who needs cash but only has BTC.
NYSE Arca Wants Rule Change to List Crypto ETFs
The New York Stock Exchange Arca has applied to the SEC for a change of rules that would allow the exchange to list shares in a Bitcoin investment trust. The fund would invest in Bitcoin and short term US Treasuries. The Bitcoin would be stored by Coinbase, and plans have already culminated in $200 million in insurance coverage to protect against any theft or hacks. A prospectus for the fund was already published in January by Wilshire Phoenix Funds. The SEC now has 90 days to issue a final ruling on the ETF, but has resisted approving any so far. NYSE Arca and bitwise are working on a separate Bitcoin ETF that has nothing to do with the proposed rule change, meaning these firms are trying everything they can to get the watchdogs to approve a vehicle after years of rejection.
China Central Bank Eyes Blockchain
The People’s Bank of China, China’s central bank, is intensifying its blockchain development efforts, perhaps as a result of the ongoing trade war with the United States as it tries to decrease its reliance on the US dollar, which in turn would allow it more flexibility in is fight against US tariffs. The PBOC has set up a fintech research institute called the Shenzhen Fintech Research Institute, which is looking to fill 29 positions, including a blockchain development engineer, architect, and technical expert. The goal is large scale transactions based on blockchain.