Fake Satoshi Nakamoto Trying To Patent All Sorts Of Bitcoin Related Ideas

from the ordinary-skill dept

Earlier this week I got knocked out by some pretty serious food poisoning. The few times I would try to do some work or pop in on Twitter, all I was seeing was people mocking the London Review of Books’ somewhat insane 35,000-word-long profile of Craig Wright, the guy who earlier this year claimed to be the real Satoshi Nakamoto. While he even convinced Gavin Andresen (the guy who really turned Nakamoto’s original work into actual Bitcoin), many others quickly pointed out that Wright’s “proof” appeared to be a giant scam. Why write a 35,000-word profile on a guy who isn’t Satoshi Nakamoto? I don’t know, but thankfully the food poisoning and the few snarky tweets I saw saved me from digging into the entire thing and wasting an afternoon. Fusion posted a much shorter summary of the piece, in case you’re wondering.

Buried in all of this was a plot by Wright and a Canadian company named nTrust, to basically patent all the Bitcoin/blockchain stuff they could think of, and then after Wright was revealed to be Nakamoto, sell it off for ONE BILLLLLLLLLLION DOLLARS.

The plan was always clear to the men behind nCrypt. They would bring Wright to London and set up a research and development centre for him, with around thirty staff working under him. They would complete the work on his inventions and patent applications ? he appeared to have hundreds of them ? and the whole lot would be sold as the work of Satoshi Nakamoto, who would be unmasked as part of the project. Once packaged, Matthews and MacGregor planned to sell the intellectual property for upwards of a billion dollars. MacGregor later told me he was speaking to Google and Uber, as well as to a number of Swiss banks. ?The plan was to package it all up and sell it,? Matthews told me. ?The plan was never to operate it.?

Elsewhere in the report, Wright talks about having “hundreds of patents and papers in progress — research from the beginning.” And later, a colleague of Wright’s mentions a plan to push for “upwards of four hundred patents.” It seems noteworthy, of course, that at least in the US you’re supposed to file for a patent within a year of any public use or description of the invention. If he’s trying to patent stuff “from the beginning,” he might be a bit late.

Either way, while the big reveal hasn’t worked the way they intended (because it appears to be bullshit), Wright is still moving forward on the patent front. He’s been applying for a ton of patents related to blockchain technologies:

Since February, Wright has filed more than 50 patent applications in Britain through Antigua-registered EITC Holdings Ltd, which a source close to the company confirmed was connected to Wright, government records show.

Interviews with sources close to EITC Holdings Ltd, which has two of Wright’s associates as directors, confirmed it was still working on filing patent applications and Britain’s Intellectual Property Office has published another 11 patent applications filed by the company in the past week.

Because nothing says revolutionizing money and technology like creating a giant patent troll to block such innovations.

“It looks like he is trying to patent the fundamental building blocks of any blockchain, cryptocurrency, or distributed ledger system,” said Antony Lewis, a consultant on bitcoin issues to whom Reuters showed the patent titles and some of the texts.

In seeing some of the talk about the LRB article, some people keep pointing to the fact that Wright is trying to patent all this stuff as some sort of evidence that he really knows a lot about Bitcoin and the blockchain. People seem to have this magical spell come over them in that they think patents actually connote some sort of special status on people — perhaps because they don’t spend much time wading through tons and tons of ridiculous patents and wacky inventors insisting the patents matter much more than they really do.

Either way, if Wright gets his patents, whether or not he’s truly Nakamoto, he could create an awful lot of problems for the advancement of Bitcoin and the blockchain. Because that’s what patents are really for: blocking innovation, rather than encouraging it.

Filed Under: , , , , ,
Companies: ncrypt

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “Fake Satoshi Nakamoto Trying To Patent All Sorts Of Bitcoin Related Ideas”

Subscribe: RSS Leave a comment
Mason Wheeler (profile) says:

Re: Re: Re:

Oh, obviously. Afterall, it’s not like it’s a well-known aspect of human psychology that people tend to be unwilling to admit they were scammed even in the face of all the evidence or anything…

And on a more objective note, wasn’t the big selling point of Bitcoin that it’s a decentralized system that can’t be controlled by any malicious authority? When we consider that Bitcoin mining is so overwhelmingly dominated by a relatively small Chinese cartel that the actual Bitcoin developers are unable to fix widely-acknowledged bugs in the system because the Chinese don’t want them fixed, is that not an objective sign of failure?

mattshow (profile) says:

It seems noteworthy, of course, that at least in the US you’re supposed to file for a patent within a year of any public use or description of the invention. If he’s trying to patent stuff “from the beginning,” he might be a bit late.

And in much of the rest of the world, there is no grace period at all. I’m not aware of any countries that offer more than a one year grace period (but I’m happy to be corrected there).

That seems like kind of a huge problem for technology that has been extensively analyzed and discussed for several years now.

Anonymous Coward says:

Bitcoin use a blockchain which could be used for keeping a record of transactions ,banking,
government records.it has many possible uses outside a currency,
When the web browser was invented ,
No one thought it would be used for business video streaming meetings, live streaming games ,
streaming music or video,s to phones or tvs.
Someone thinks of a basic idea or process ,
do this on a pc on the web,
they get a patent on it .
And they can control or block innovation in that sector .one of the reasons why the idea of software patents is
a bad idea and bad for society and consumers .
Any basic programmer could write patents in a few days
on the idea of a blockchain being used for banking or
selling stocks or being used to record various financial
transactions .

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...