Dr. Craig Wright has argued for preserving the simplicity of Bitcoin, and development of the protocol in line with the original whitepaper.
The respected academic, cryptocurrency commentator and notable bitcoin SV advocate explained the benefits of adhering to Satoshi’s whitepaper vision of Bitcoin, as demonstrated by Bitcoin SV. Crucially, he said Bitcoin Core (BTC) developers were trying to remove the key benefits of Bitcoin in pursuit of anonymity, effectively pushing its development in the wrong direction.
In a post published on Medium, Dr. Wright said the Bitcoin ecosystem was being too prescriptive in shaping the future direction of the network. He wrote, “Here lies the problem in the ‘cryptocurrency’ development community; they seek complexity, and end with chaos. Like many technocrats, they want to control the outcome and not let it evolve.”
He argues that protocol must fixed, rather than flexible, and that any divergence was creating a competing protocol which is not Bitcoin as originally defined.
“Miners don’t set protocol, rather the protocol is set in stone. If you change the protocol, you move away from Bitcoin. Protocol changes are not forks but rather new competing protocols with a possible airdrop,” according to the nChain chief scientist. Wright has proven beyond a doubt to ownership of CoinGeek that he was the main architect of Bitcoin, and that it was he who conceived and used the pseudonymous name of Satoshi Nakamoto.
He added, “If just over 50% of the miners want to increase the size of the cap, it will rise, and many miners who are rejecting the increase will go broke. It’s how the system works. Hobby miners are forced to compete, and if they cannot, they are forced out of the network. Bitcoin was never a system designed to allow everyone to run a node. It was always destined for data centres.”
Criticising crypto developers for coveting anonymity over other features, Dr. Wright said this was completely at odds with the aims of Bitcoin.
“As with all of such changes, the developers behind them are seeking to create an anonymous system. They are seeking to alter the protocol within Bitcoin and create something completely different. Bitcoin was never designed to be anonymous, and yet anonymity is what they are seeking,” he noted.
He suggests those promoting anonymity are doing so with a view to using BTC for illegal transactions, such as buying drugs—a strategy destined for failure long term. According to Dr. Wright:
“…it is a false promotion of something that does not exist as an issue so that they can create a system that cannot be tracked easily by government and, more importantly, can lead to something they believe will act as an anonymous currency allowing drug sales. The flaw in their argument stems, as always, from the fact that in a legal system, such a desired currency is easy to stop. To have value, bitcoin needs to be easily exchanged. To be able to do so, it needs to be legal.”
Now that Bitcoin has been reborn as Bitcoin SV, it has once again taken its path as the blockchain that can revolutionize global industry through a stable protocol and massive blockchain scaling. If that’s exciting to you, come to the CoinGeek Toronto conference. Registering is fast and easy, and you can save money too by registering with Bitcoin SV via Coingate.
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