At the BSV Global Blockchain Convention in Dubai, Defiance Media got a chance to catch up with some of the ecosystem’s leading personalities. In this episode, called Culture Conversations, they caught up with Dr. Craig Wright and Calvin Ayre.
Dr. Craig Wright talks about the true purpose of Bitcoin and how it works
For those who don’t already know him, Dr. Wright introduces himself as being from nChain and Tulip Trading. He tells us that he created Bitcoin after studying for a Master of Law in 2008. While doing so, he wrote his thesis on internet intermediaries and payment systems.
Dr. Wright has said this many times before, and he reminds us yet again that digital cash is not new. They have a long history with many failed attempts before, and the guidelines and regulations on them go back to 1996.
“It’s just funding exchange,” he tells us, explaining that ‘crypto’ is already regulated.
In Dr. Wright’s mind, the concept of “decentralization” is the biggest fallacy today. He explains, “Peer-to-peer is not the node structure; it means Alice pays Bob directly.” He says that the notion of decentralization as popularly promoted today is “idiocy” and that we need leaders or everything turns into chaos. Drilling down on this point, he explains that we need a balance of law and order with chaos and anarchy—too much of either is not good. If you go too far, like in China, you stifle innovation, but if you have no laws, people won’t feel safe enough to invest and create things.
Addressing the people who say he is not Satoshi Nakamoto, he says they don’t want him to exist because they believe that code is law. However, he says that he is the issuer, and Bitcoin is a unilateral contract. He explains that by saying Satoshi is a myth, his detractors are trying to get around the concept of an issuer and allow Ethereum, Polkadot, and other blockchains to do the same.
“They don’t want a person because that makes it a legal, managed asset under the law,” he says.
Speaking about the Bitcoin protocol, Dr. Wright explains once again that it is fixed—set in stone. He tells us that Bitcoin doesn’t change and that BSV has not split off. Why is it important that Bitcoin doesn’t change? Because if it’s able to be changed, developers can pick who wins and loses, breaking your product by simply changing the code if they don’t like you. He reminds us that the Bitcoin protocol takes away that power.
Scale and cost also matter, and most blockchains have failed miserably on both fronts. Dr. Wright wants Bitcoin to reach ten billion transactions per second with possible peaks of a trillion transactions per second. As for costs, he wants them to be a thousandth of a cent or lower, much lower than they are today.
Dr. Wright was one of the first to point out that Bitcoin is IPv6 compatible. He reminds us that when Bitcoin came out in 2009, it already was, but people took that capability out because they didn’t understand it. He explains how IPv4 involves going through transaction gateways while IPv6 involves direct communication from IP to IP. IPv6 opens the opportunity to make new trades and exchanges. For example, you could stream money for a video and stop paying when you stop watching. This, in turn, incentivizes creators to focus on quality by keeping the consumer engaged.
Going deeper into the inner workings of Bitcoin and how it’s a data management platform, Dr. Wright explains how he wants to see every packet cost a millionth of a cent. This will change how we communicate and think about what we put out there as the internet becomes an economic market-based model. Likewise, many people in the Middle East, India, and elsewhere can’t get online because bank accounts are too expensive, and internet connections via ISPs are financially out of their reach.
Microtransactions per packet will change this and open up access to the poorest people in the world.
Digging deeper into how BSV’s ultra-low fees can revolutionize the world, Dr. Wright reminds us that transactions of a thousandth of a cent are cheaper than anything today, but eventually, they’ll be cheaper than Amazon, Oracle, Visa, Mastercard, and all other transaction processors.
Where is this going? It will lead to the creation of entirely new systems that allow people to trade globally. We’ll be able to trade to and from anywhere, machines will be able to earn, and more. Dr. Wright predicts that there will be a fight with Silicon Valley as the ad model is disrupted, but that ultimately the Bitcoin revolution is unstoppable.
Calvin Ayre talks about BSV, the Ayre Foundation, and entrepreneurship
Calvin Ayre is the founder of CoinGeek and Ayre Ventures. He’s currently focused on tech investments using BSV. He considers CoinGeek today to be a TV production and points out that while many businesses have conferences with the idea of grabbing some content, CoinGeek goes the other way around, making the content a top priority.
“BSV is a technology, pure and simple,” Ayre says, explaining that it’s a utility platform. He says that an ecosystem is developing around this technology, and CoinGeek is trying to educate people about the tech. He thinks Bitcoin SV will touch every facet of everybody’s lives and that people will use it and not even know they’re doing so.
Getting to the heart of Bitcoin as a data management system, Ayre explains that on BSV, people can own their own data. They can store large amounts of it on the blockchain and move it around with nano payments. For the first time, this gives people control over their own data.
Right now, the prevailing narrative in ‘crypto’ is speculative token trading. Ayre says he has no problem with that, but he reminds us that it’s not what the technology was invented for. What was it invented for? Peer-to-peer electronic cash transactions and data management. Like Dr. Wright, he wants to differentiate BSV from so-called ‘crypto.’
Addressing one of the hottest talking points in the digital currency industry right now, Ayre reminds us that the only way to impact the environment positively is to be on BSV because it is so efficient. He says that once the technology is better understood, it will be able to process data with less environmental impact than how it’s currently done.
How does Ayre view regulations? He says they have to come, and ironically, the anti-regulation guys are causing it. What BSV is doing requires less regulation because it’s focused on data management and isn’t really selling anything to the public. He’s a fan of regulation and thinks it will be necessary. However, in the utility space, nobody is pulling the regulators into this area, so he thinks they’ll leave it alone for a long time.
Ayre wants others to understand that scaling solves all problems. While there are some cross-chain initiatives, they’re mostly just pretending. BSV is managing them because they can’t scale, so they take tokens from other platforms and wrap & run them on the frictionless BSV blockchain. For now, he says that BSV can be the side chain for all other platforms. However, the other chains won’t need to exist after a while.
Speaking more about the Calvin Ayre Foundation, he says that if you’re lucky enough to be successful in life, you have a duty to give back. Now that he’s living in Antigua, he focuses his work on trying to fix problems in the Antiguan economy. He likes that because it’s so small, he feels the needle move and knows he has helped in a real, measurable way. Of the various initiatives they’re involved in, Ayre feels that helping students with scholarships is the most rewarding.
Does he have any advice for entrepreneurs? “Get the skills you need, then go into an industry you’re interested in,” he says because you’ll need that interest for the staying power required when doing 14-hour days. He reminds us that starting a business can be painful, and a passion to succeed is an essential ingredient for success.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:
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.