Top Social Gainers for Wednesday, May 22th, 2019

Here are Wednesday's biggest developing stories in crypto based on Santiment's data:

On Tuesday, it was revealed by pro-BSV Billionaire Calvin Arye on Twitter that the ever so controversial Craig Wright or better known by the crypto community as "Faketoshi" has managed to register the copyright to the Bitcoin whitepaper and "Bitcoin".

Following this news, BSV's price jumped over 70%

Twitter followers also saw a large spike as price grew and news spread throughout the day. It is important to note though that BSV was delisted from several major exchanges and exchange trade activity can be easily manipulated in other obscure exchanges.

Speaking of exchanges, an unknown exchange called FloatSV came out to announce the delisting of Bitcoin from their exchange. Unsure why would they pull out the most liquid crypto in the space, perhaps it was an attempt to appear relevant but nonetheless, their loss.

Price action aside, let's take a look into further details of the copyright. In the Coingeek press release posted by Calvin Ayre,

Wright is now legally establishing that he is Bitcoin’s creator after being dismayed to see his original Bitcoin design bastardized by protocol developer groups – first by Bitcoin Core [BTC] in 2017 and then again by Bitcoin Cash [BCH] developers in 2018. Those non-Satoshi protocol changes were made by developers who disagreed about whether or how the blockchain should massively scale. Importantly, Wright notes that “bitcoin was designed to be a monetary system that works within existing legal frameworks”. This differs from the path other developer groups are trying to follow where they are creating an anonymous system along the lines of E-gold and Liberty Reserve. This enables Bitcoin to interact with the existing global financial system rather than seeking a black-market exchange system.
Wright and nChain are working to restore Bitcoin’s original protocol, ensure that its vision for massive blockchain scaling is fulfilled in the form of Bitcoin SV, and keep BSV designed to work within existing common law frameworks as Bitcoin was created to do. BSV emerged after the world’s first Bitcoin hash war last November to ensure the Satoshi Vision of Bitcoin lives on.
In the future, Wright intends to assign the copyright registrations to Bitcoin Association to hold for the benefit of the Bitcoin ecosystem. Bitcoin Association is a global industry organization for Bitcoin businesses. It supports BSV and owns the Bitcoin SV client software.

This obviously stirred up the crypto community as Wright has been trying to claim that he is indeed Satoshi for the longest time. But he was never able to sign a legit message using Satoshi's key, which is really easy for anyone claiming to be Satoshi and holds more credibility than making claims. It is interesting that no one ever thought of registering a copyright before Wright in all these years, leaving him to seize the opportunity to appear "legit".

However, it's important to note that the registration is merely superficial attempt to claim ownership. As pointed out by Jerry Brito on Twitter, the Copyright Office does not investigate the validity of the claim. They just register anything that comes to them and that there's no way to challenge a registration. Anyone can also register a competing claim if they wanted to.

You know the uproar around this registration is huge when the Copyright Office issues a press release to clarify their position following the news.

As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made.
A registration represents a claim to an interest in a work protected by copyright law, not a determination of the truth of the claims therein. It is possible for multiple, adverse claims to be registered at the Copyright Office. The Copyright Office does not have an opposition procedure for copyright registrations, such as the procedures available at the Patent and Trademark Office for patents and trademark registrations. Disputes over the claims in a registration may be heard before federal courts, including disputes over authorship of a work. Someone who intentionally includes false information in an application may be subject to penalties.
The examination process is primarily focused on determining whether a deposited work is eligible for protection under the Copyright Act and whether the application satisfies the requirements of registration. The Copyright Office will correspond with the claimant to clear up any obvious inconsistencies. The Copyright Office may similarly correspond with a claimant if a deposited work seems to include portions a well-known work whose author is known.
In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.
In the case of the two registrations issued to Mr. Wright, during the examination process, the Office took note of the well-known pseudonym “Satoshi Nakamoto,” and asked the applicant to confirm that Craig Steven Wright was the author and claimant of the works being registered. Mr. Wright made that confirmation. This correspondence is part of the public registration record.

So in summary, CSW has yet to establish a provable connection that he is indeed Satoshi and this copyright registration is meaningless. Good try Sir, good try.

  • MATIC (8161+ new mentions in last 48hrs)

It seemed like nothing could stop the rise of MATIC over the month, seeing a huge run up that would have netted a bottom buyer (49 sats) more than 10x in BTC at its peak. It's not a question of whether will it dip but a matter of when. The trading volume around it was too good to ignore and traders were speculating in increasingly risky territories everytime the price made new ATHs.

Alas, all good runs must come to an end, nothing goes up forever. The MATIC moon run came to a halt and profit taking soon followed, causing a dips and more dips along the way. Seeing a -50%++ drop from ATH of 538 sats to 283 sats.

Curious how the crowd excitement looks like during the huge runup?

The number of MATIC mentions skyrocketed to a ATH as well on the day it made a new price ATH. Here's a look at what the chatter was like before and after the dip. On the way to ATH:

  • Buy matic , buy celr 🚀🚀🚀
  • leets go matic to 1000
  • 😍😍 Matic new ath .. 600 with in 2 hours
  • 👌😊 lets hope matic soon on coinbase
  • Matic replacing btc this week
  • You underestimate matic, you see , matic is god, matic will replace every thing in this materialistic universe , only thing left will be matic ! 😇

After the dip,

  • Where are the MATIC shillers 😂
  • I loose my money on matic But i won't loose hope
  • Celr matic biggest pump and dumps of 2019
  • Nah. Never gonna fomo. Learnt from matic
  • What about matic ? Is it end ?
  • So, matic is a scam coin? 😄
  • Matic is dead leave matic already.. Go btt 👍

  • Fet (908+ new mentions in last 48hrs)

You might have noticed that the trend of the week is around trading Binance IEO coins after MATIC's huge rally. Indeed, the crowd is following closely to what MATIC is doing and it's no different for FET.

You'll also observe that FET mentions peaked around the top and price dipped shortly after.

Below is a comparison of FET's price action to MATIC (Orange) and CELR (Blue).

Correlation between FET, CELR & MATIC

Do they share a common market maker or the same crowd? Seems likely both. The price action is almost to the dot, whatever MATIC does, it reacts accordingly, if it goes up, FET goes up, if it goes down, FET goes down.

Let's take a look at how the crowd chatter relates FET to MATIC below. When FET is pumping:

  • The money of Matic in fet
  • Fet is the new matic
  • Just bought a couple FET.. let's see if it can do what matic did
  • Fet.... Next matic.... Onboard guys... ☄☄☄
  • When FET breaks the ATH, Matic will look like kids play
  • My plan is to ride FET and CELR and put all gains into MATIC which will have ethereum type of run this year

When FET dumps:

  • same. lower for fet, celr, and matic
  • A moment of silence again, for fet matic celr
  • Binance going to attract attention of sec if they keep pulling Matic,Celer, Fet type pump and dump schemes
  • Well people The dump for MATIC/ CELR and FET is just begin

No surprise here, when the crowd is following so close to such price actions, it's naturally to see equal intensity and impact on correlated coins.

  • Celr (1729+ new mentions in last 48hrs)

Well looky here, another Binance IEO coin from the class of 2019. Following the footsteps of successful big brother MATIC, CELR went for a pump this week before stalling when MATIC took a dip and went along with it.

Notice how intense the crowd was on CELR? That's right, yet again, a huge spike (in fact ATH) in CELR mentions before the dip.

Let's take a look at how correlated the price action of CELR is with MATIC and FET.

CELR price action against MATIC and FET

Here's how chats look like during the pump and the dump.

During the pump:

  • Celr will do better than matic now
  • Matic is already high pump here and having high volume Celr is just 2x but matic is 11x Celr have more scope from matic here🤑🤑🤑🤑
  • Celr buy n hold for 750 target soon 🎯
  • Celr goes to 3000 sats by end of the year!

During the dump:

  • Rip celr
  • Matic and celr, Time to exit scam . Good bye. 😂
  • Celr pump was natural, but people pump excess it due to come in fomo of matic and fet, celr is good, celr go down only due to matic and fet down, celr pump due to mainnet in June and soon it will recover
  • Say good bye to celr 😍😂

Notice the MATIC and CELR correlation even in the conversations?

As always, head over to our Social Trends page for the latest updates.

Thanks for reading!

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