Veritaseum (VERI) - Reggie Middleton's patent (t)roll

... Bix recommended two cryptos, Theta and this one Veritasium, this is the one with the guy with all the patents.


Mod note: This post and the next post were split out of the THETA thread

Voodoo said:

...... and this one Veritasium, this is the one with the guy with all the patents. ...

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Reggie Middleton (founder/owner of Veritaseum) used to publish stuff on Zerohedge many years ago. His penchant for self promotion always rubbed me the wrong way. Anyway, I have, coincidentally, been trying to read up on Reggie and his patent lawsuits over the last few days.

He got slapped by the SEC several years ago (2017-2019 ish). In 2022, he initiated a couple of lawsuits against Coinbase and Circle. I'm not able to read any details on the proceedings on these cases from PACER or or similar websites, but it looks like both cases were closed (abandoned?). No word of any settlement, so I'm left thinking the patents he touts to anyone who will listen might not be worth any more than toilet paper.

Coinbase:

Circle:

Paywalled article, so this is all I could read of it:

Financial analyst Reggie Middleton’s bid to maintain control of his cryptocurrency trading platform likely hinges on whether he marketed to investors that the platform’s patented technology was owned by Veritaseum Inc., an issue his lawyer said Tuesday “is a bit confusing.”

Associate Justices Kelly O’Neill Levy and Lizbeth González repeatedly questioned Middleton’s lawyer on the platform’s marketing to investors, as they contemplated Middleton’s appeal of a lower court order requiring him to transfer the intellectual property for the platform that he holds personally to Veritaseum and pay the company $1 million in punitive damages.

The lower court concluded in 2022 ...

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Red flag of a grifting gambler or righteous plight of an aggrieved genius?

It seems like quite a reach for a patent. Plus, I am not a big fan of patents in general. Being a voluntarist and all patents really require a government to enforce them as its done now. So I don't see a way to enforce them when this system falls apart.