Editor Note: This is the second in a multiple-part series of interviews with Craig Wright, conducted by guest columnist Eli Afram, where he discusses some of his project work.
In discussion, I mentioned to Craig that he’s well known for being an entrepreneur who takes on many projects, when he jumped in to expand:
“I am an entrepreneur. I am proud to be one. I am proud of every one of my failures. I took a company to listing on the Australian stock exchange through backdoor listing in 1999. I was 29 years of age. When the tech crash occurred, the investors dumped the company and I bought back the fragments and made it operational again.”
“Since then, other companies that have failed at one stage in my life, back in 2010, I was tens of millions of dollars in debt. I could give up and say that’s a failure. But I won’t!”
“I am even more proud of what I’ve achieved in a failing company that I have seen created in certain toxic aspects of this industry. The thing is, none of them are failures. You only fail when you stop trying. I don’t stop trying. I don’t give up. I don’t go away.”
“My failures are not failures because they lead to where I am now. Without them, I would not have learned the value of finance. It’s one thing to learn economics in a University, it is another thing completely to experience it first-hand. To manage cash flows. To run a payroll.”
“In 2013 and 2014, when most people didn’t know what bitcoin was, one of my companies that could be called a failure now employed around 50 people full-time with an average salary in the six-figure range. None of that research was lost. What people don’t understand is that when something of value is created it doesn’t disappear”
“I faced bankruptcy. I could have folded, it would have been simpler, I did not” said Wright.
I went on to ask about his current projects …
“We have many projects underway. There are two things that are about to be released at least in an early form. Firstly, bitcoin is Turing complete” he explained.
Here, Wright is bringing to light intriguing potential for Bitcoin. That is, highlighting its potential for programmability, potentially exceeding anything else that is out there right now. Of course, we await the releases – and the market can make its own determinations on value. Wright has insisted at least a few times to me, that the market decides matters in many aspects after all.
But on being a Turing machine, he explains;
“Bitcoin is what is known as a decider. There is very little written on this concept, and I believe bitcoin is the first system to implement a completely total system as a Turing machine. As a 2PDA, bitcoin can do remarkably more than anyone knows, but soon they are going to learn just how much.”
“Next, and more importantly we have been working to ensure that bitcoin can scale. Not debates over three transactions a second or 10 or even hundred. We plan to ensure that bitcoin can scale to handle global financial transactions from 5 billion people every day” said Wright.
Anyone who has been keeping up with my articles knows that this is a topic of particular interest to me. – Yes Craig Wright is referring to on-chain scalability here.
“Most people seem to have completely misunderstood what bitcoin is really about. Running your own node is irrelevant. It does not matter that you can see a transaction on your node. It matters that other people incorporate the transaction. If your transaction validates on your machine but no other machine has included it the entirety of your transaction status will come to null.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.