Business

Derek Tonin

Dr. Craig Wright talks to Bitcoin and Beyond on Bitcoin’s history

Following the momentous Quasar protocol upgrade, Bitcoin is closer to Dr. Craig Wright’s vision than it has been in years. The man behind Satoshi marked the occasion by sitting down for a chat with YouTube channel Bitcoin and Beyond, discussing a range of topics including the upgrade, Bitcoin’s purpose, and some of his detractors.

After introductions were out of the way, Connor Murray wanted to dig into some classic Satoshi quotes with Dr. Wright, beginning with how Bitcoin protects the value of currency better than fiat. Wright explained with a history lesson how countries like Spain have devalued wealth through gold rushes and issuing more fiat through central banks, two issues that simply aren’t problems with Bitcoin.

Next they moved into why Bitcoin is superior to Ethereum. “They never took the time to actually work out how Bitcoin actually works,” he declared. “Why it scales, they ignored my initial quotes. They have this idea that everyone should run a node, and they want to make something along those lines. It’s the opposite of Bitcoin. Bitcoin is a capitalist system, they want to make a socialist system. They’ll call it anarchist, but the reality is if everyone is equal, it’s Marxist, and it is purely, exactly, communist.”

Next they touched on SegWitCoin (BTC), and how it hijacked the original idea of Bitcoin and took out the concepts that Wright originally envisioned. Quite simply, they needed Bitcoin to work for dark websites and for criminal transactions. Because Wright put in an honest, transparent system of peer to peer money, they needed to remove the tools that could be used to put them in jail.

Dr. Wright had to be careful with his words throughout the interview, as many of the rivals he’d like to discuss might be involved in lawsuits Wright is already pursuing. Quite simply though, those that are defending the system BTC has pursued need a currency to continue their criminal empires with. As Liberty Reserve proved, Dr. Wright points out, when the world discovers what they’re doing, their empire will fall quickly, as in that case, 42 countries turned on it very quickly and shut it down. 

The interview covers lots of ground about Dr. Wright’s earlier days, before Bitcoin and then shortly after its creation. He tells stories about his time with the Australia Stock Exchange, his time in the gambling industry, and his many battles to keep Bitcoin in his original vision.

The conversation then shifts to a look back at a Satoshi quote regarding the multiple uses Bitcoin could eventually adopt, exactly what it’s doing now with Bitcoin SV (BSV). That’s not what developers of BTC have pursued, with block sizes specifically kept smaller to keep users more anonymous, Wright points out.

As Wright concludes, now that the Quasar protocol upgrade has successfully pushed through, Bitcoin is realizing its dream of scaling to the needs of the world. It’s achieving the purpose it was originally designed for, specifically meeting the needs of the 99.9% of people in the world who need it for legitimate purposes, like those he recently visited in Bogota. He’s uplifted by the work of companies like Centbee who are helping to bank the unbanked. Speaking specifically about the path to Genesis, Wright concludes:

We’re going to get bigger. We’re going to build more. We’re going to let people come up with anything they want. 

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