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The story of opportunistic thieves and 18,000 copycats.

For the record, the Company holds nearly every patent named in the Satoshi writings and nearly all of these are still enforceable.

Once upon a time, as the urban legend goes, a mythical and mysterious man “created” a new form of digital money. Legend says this mysterious man had a dream of this beautiful new decentralized world of payments without big banks and government interference. This self-pronounced hero “Satoshi” imagined a mythical way of creating value using an unknown and untested code process to liberate the world from traditional forms of value. He wrote his dreams down on the internet and then just as he appeared, he disappeared mysteriously into the ether of the digital world. Just like any children’s bedtime story, this little tale is filled with half-truths and literary license. It’s been quite a few years since Craig Wright announced to the world he was “Satoshi” and in the same manner children at first deny Santa Clause, the mythical bringer of presents isn’t mythical at many in the world resist his admission.

Now like any fairy tale, this one has a dark side as well. When reviewing the writings attributed to Satoshi, the author repeatedly uses the titles of existing patents. What is apparent is the author isn’t so much as visionary, as they are well-read. Now, let’s look at Wright’s “I am Satoshi” (imagine the “I am Spartacus” scene here) claim at face value. Wright, a computer security “expert”, obviously has systems knowledge. He would also have knowledge of intellectual property and of IP licensing requirements for a new product. Let’s say for argument’s sake Wright isn’t the most honest guy on the planet and from the review of the many court filings, findings and rulings, he seems to have issues with telling the truth and doctoring documents when he’s cornered. But, let’s say, Wright, realizing to launch a new “digital cash” he hoped people would think had value, created the Satoshi character to deflect from the real unlawful conduct, righting and then using Bitcoin mining software to create the first digital cash tokens - in short, using stolen tech to create a product he hoped to sell.

Enter the thieves,

In December of 2021, a Federal Court in Miami Florida issued a ruling and judgment determining Wright, in fact, stole Bitcoin and bitcoin mining software from his partnership with Dave Kleiman which was used to “mine” the holdings of the partnership. Clearly, Wright and Kleiman wrote bitcoin mining software and an audit of the wallet owned by the partnership will show those coins to be very early number tokens. Wright has propagated an ongoing dispute in Florida State Court to avoid a determination of who actually owns the partnership. I predict sometime in the future Wright will announce he’s going to sell his tokens and give the money to charity. Why? Well, what is the best way to try to cover up a known series of criminal acts?

Determining the theft of IP.

It is clear whomever first mined Bitcoin, meaning the “original” bitcoin tokens, was tied to conduct that violated hundreds of patents without obtaining licenses to use the technology in the process. Then, from that point forward comes a variety of potential fraudulent acts which would only cascade down upon the original acts of an unlawful nature. Now, I am not directly stating Wright is a thief. What I am saying is his admission that he’s Satoshi when compared to the writings is an admission the author of the papers had personal knowledge of the tech being stolen to create a worthless product. The inflation of the value of the worthless product from there in our opinion is the greatest single criminal scheme in world history.

Let’s say hello to the copy-cats.

Now people quickly joined in the Satoshi fantasy and took on face value that “bitcoin” and its creation processes and operating conduct was “open-source”. How can it not be? This was Satoshi’s greatest gift to the world; the hero that he is. This ideology runs counter to the critical thinking of any true creator of an innovative product. Notice copycats such as Ether quickly move to protect their intellectual processes in order to maintain the value of their creation so they can financially benefit. Interesting isn’t it. These copycats propagate the “Satoshi” illusion in order to deflect from any rational thought they likely should engage in obtaining licenses for the processes used in their version of digital cash. A review of the technologies used by all cryptocurrencies shows all of them abuse the same set of patents mentioned in Satoshi’s writings.

And reality sets in.

The Federal Court’s judgement signaled the end of unlicensed crypto. The judicial finding relating to the “theft of intellectual property” shows the courts are very able to determine who owns intellectual property when asked. Now, a review of mining software and the creation processes, as well as the operational review of exchange practices shows the mining software and exchange systems, as well as, payment systems graphically abuse intellectual property rights of third parties. Wright and Kleiman wrote code in a manner without care to the ramifications and those ramifications for the nearly 1.5 billion dollar “crypto” universe is severe. For the record, the Company holds nearly every patent named in the Satoshi writings and nearly all of these are still enforceable.

What does this mean? Well, simply put, things are about to change substantially. No longer will there be more than 15,000 unlawful copycats of Bitcoin. No longer will there be a Bitcoin and no longer will there be unlicensed exchanges that can just disappear in the night with people’s wealth. The end of the unlawful period is here. Stay tuned...

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