Writers’ Note: Amid writing this article on January 24, 2024, the news of the day kept changing, so I’m publishing as I wrote it and leaving responses in italics below when COPA rejected the offer in real-time as I was writing. So, I changed the tone from predictions to commentary at the end. I’ll leave my other thoughts unedited for history’s sake and the article mostly unedited for the same reason. Today was a newsy day.
Settle this like men?
While seemingly magnanimous, Craig Wright’s settlement offer has sparked various interpretations and emotions among speculators and commentators—myself included!
I had a flood of emotions thinking about the implications of this.
My emotional response feels like this is a retreat.
But, the judge and Zuck and other financiers will find it very hard to understand why the other litigants didn't take this offer https://t.co/mMR8c3D0zL
— Kurt Wuckert Jr | GorillaPool.com (@kurtwuckertjr) January 24, 2024
To many, it appears to be a dramatic shift from his previous stance of vehemently defending his property ownership claims and threatening legal action against the BTC, BCH, and ABC developers. This abrupt change in strategy has led some to view the offer as a concession of defeat or a retreat from his aggressive legal posturing.
However, a deeper analysis suggests that Wright’s move is far from a capitulation, which is a strong position to be in from a narrative standpoint, but might represent a Mexican Standoff in practical terms, which might not be good either. At least it might be an honorable way to settle things instead of the constant bickering on the internet…
It can be argued, and I am indeed arguing, that this is a calculated step to gain a strategic advantage in the court of public opinion and in the eyes of the judge presiding over the case. By appearing to extend an olive branch, Wright positions himself as a reasonable and benevolent figure in the blockchain landscape just days before the trial. This move could potentially influence public perception and even sway the legal narrative in his favor. Remember, the judge is the sole decider of the trial’s outcome, and focusing on his perception is wise.
While Wright now seems very willing to compromise to save U.K. taxpayers and litigants a bunch of money, the other side is not reacting so nicely.
Actually fuck him.
COPA should reject the offer.
Finish him, the absolute melt! https://t.co/WFZcFNRDfi
— Peter McCormack 🏴☠️ (@PeterMcCormack) January 24, 2024
COPA’s potential reactions and consequences
The reaction of COPA to Wright’s offer is crucial. On the one hand, accepting the offer would align with their stated goals of protecting the open-source nature of Bitcoin and its related technologies. They have spent untold fortunes trying to preen Mark Zuckerberg and Jack Dorsey into benevolent members of the tech community seeking freedom for the everyman by silencing that bad Aussie man whose name mustn’t be uttered. But, of course, that’s a facade.
They represent some of the most unpleasant, toxic people in the entire tech industry, with influencers steeped in brutalism above all other values.
100% they should reject it.
I would be incredibly surprised and disappointed if they don't reject it.
— hodlonaut 80 IQ 13%er 🌮⚡🔑 🐝 (@hodlonaut) January 24, 2024
However, deciding to “stay toxic” is not so straightforward outside of X and Reddit. The refusal to accept Wright’s offer might indicate that COPA’s objectives extend beyond their public stance. It suggests a desire to further diminish Wright’s influence in the economy or even to pursue a more definitive legal victory that publicly discredits his claims—which is an added prejudice atop their stated goal to keep patents “open” by making sure database rights and their respective blockchains remain “free.”
This situation places COPA in a delicate position. Their decision could have significant implications for their standing with the law and the broader business community, which they have been courting for years in an attempt to front-run and then welcome “institutional investors.”
Accepting the offer might be seen as a failure to decisively challenge Wright while rejecting it risks prolonging a costly and uncertain legal battle and becoming a pyrrhic victory for their broader goals.
Oh my goodness! Well, as I was writing, COPA was somehow able to get the approval of all litigants and reject Wright’s offer right away on social media! This would have required a fascinating level of centralization in the decision-making process! In all likelihood, whoever is really in charge just jerked everyone’s chains and didn’t even ask. Is this Dorsey?
Hard pass on that "settlement."
Just like Craig Wright forges documents and doesn't quite tell the truth, his description of the settlement offer isn't quite accurate either – it comes with loopholes that would allow him to sue people all over again.
— COPA (@opencryptoorg) January 24, 2024
The bigger picture: Implications for both parties
The outcome of this settlement offer holds major implications for both Wright and COPA. Since COPA has now rejected the offer, they can save face with the most rabid, regressive brutalists—the sorts of people who laugh at the destruction of other humans—in their own camp and risk alienating the judge.
🤣 "cRaIg wiLL WiN aLL cAsEs" amirite? 🤣https://t.co/mxgLunev9M
— Jameson Lopp (@lopp) January 24, 2024
It seems both parties will indeed face the risks associated with a full trial. This could mean a comprehensive legal defeat and the consequence of financial and reputational damage for Wright. COPA, too, risks a legal setback that could impact its stance and influence in the blockchain community—or it could even mean Wright ascending a sort of throne over the entirety of the blockchain space as the legal issuer of the protocol and owner of the database rights over Bitcoin and all of its variants.
Basically, all the chips are on the table, and both sides are bearing down for the final fight.
Conclusion
Craig Wright’s settlement offer to COPA is a multifaceted move with far-reaching implications. It challenges absolutely everyone to reassess their perceptions and strategies. The decisions made in response to this offer will not only affect the immediate parties involved but could also have lasting impacts on the broader blockchain landscape, setting precedents for how legal disputes are navigated in this evolving industry.
Humorously, my article from Tuesday, January 23, had a bit of a call to action about focusing on business progress instead of litigation. I have to echo it one more time! The Wright Brothers are credited as the inventors of the airplane after their long dispute, but they never had a successful company. It was ultimately bought out and turned into “Wright-Martin” while other companies got to experience immense commercial success with the Wright’s brutalized patent portfolio.
There are a lot of lessons here, but I better stop writing before the news changes again!
Watch: Exchange corruption and CZ fines, COPA trial, Mining Bitcoin and Halving
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