Bitcoin Association Founding President Jimmy Nguyen is often found globe-trotting, and spreading the good word about Bitcoin. He recently attended the Paris Blockchain Summit 2019, and while there, he sat down with Erhan Korhaliller, founder of EAK Digital, to discuss the history of Bitcoin, and its rebirth as Bitcoin SV (BSV).
Nguyen began by explaining what went wrong with the Bitcoin protocol, and specifically the hijacking of it by developers like Blockstream. They pursued what has become Bitcoin Core (BTC), which has resulted in consistently high transaction costs anytime the blockchain sees reasonably high volumes. Then once Bitcoin Cash forked from it in an attempt to return to the Satoshi Whitepaper, the Bitcoin ABC team decided they wanted to make changes to the protocol, and eventually ended up with BCHABC.
Nguyen explains, “Should the Bitcoin protocol constantly be subject to developer experimentation?… our answer is no! The Bitcoin protocol has everything it needs to grow into a massively scaled blockchain.” BSV was born as a result, in an effort to return to that original vision.
Asked about the plans for BSV and what’s in the works, Nguyen lays out the scaling plan as it should have been all along:
“Later this year, we’re going to 512MB [blocks], and then we’re going to 1-2GB, on a path to one day a vision for terabyte sized blocks, so that our vision is ultimately the bitcoin blockchain is the world’s data ledger, that powers also the internet. So it’s not just a payment transactional system, it is the data ledge for all world enterprise.”
That scaling is necessary, he explains, to gain the interest of big enterprises, who have not shown a big interest in BTC with its smaller blocks.
They also discussed the new FloatSV, which will look to be the first BSV-based exchange with a goal of delivering real world assets, and avoid many of the pitfalls that other exchanges have fallen into of allowing investors to gamble on total gambles and scams.
Touching on a hot topic recently, Korhaliller asked if Nguyen believes Dr. Craig Wright really is Satoshi. Although he is, Nguyen points out that it really doesn’t matter if Wright is the man himself, because the promise really is in the technology of BSV.
Regardless, he defended Wright’s strategy of taking his trolls to court, because we all have the right to not be called a fraud and prove it not the case. “He’s decided to take a stand. Not everyone agrees with that, but I respect his decision to invoke his own personal legal rights, just like any of us would have the right to do if we chose to invoke them,” Nguyen explained.
When the discussion turned to the recent actions of some exchanges, choosing to delist BSV over Wright’s reputation, Nguyen commented on how sad it is for the larger digital currency industry. He pointed out that if the same thing happened with Elon Musk, there was no way Tesla would be delisted by major exchanges. It unfortunately shows how immature some of the industry still is.
Those days will come to an end, Nguyen remarks. Exchanges that treat cryptocurrencies like a casino will die out as one asset emerges to dominate the industry, and regulators start to step in. When asked what he would say to CZ, the founder of Binance, Nguyen responded, “I would say thanks for the business you’re sending to other exchanges who actually believe in Bitcoin SV.”
For any fans of BSV who might be worried about recent news, Nguyen points out that this is a long game, and they bought in for the vision. “We are not trying to pump and dump like other coins do. We’re not promising you’re going to get rich quick… We care about building an actual, viable, valuable blockchain ecosystem,” Nguyen said.
They then covered a few rapid fire questions. Nguyen conservatively guesses that BSV can reach $500-$700 per coin by the end of 2020. He didn’t want to guess at a total market cap for the industry, due to so many coins inflating the value with worthless propositions. He believes “Bitcoin can subsume the internet,” if allowed to. And finally, “Craig Wright can actually be a very nice person. Deep down underneath that grizzly exterior of his, there’s actually kind of a sweetheart in there.”
Korhaliller ended by asking what happens to BSV if the Lightning Network somehow helps BTC scale. Nguyen noted that it’s a bit of a trick question, since that’s not a scaling solution, and doesn’t represent what Bitcoin should be. “While other blockchain projects might succeed in parts, here or there, I don’t think anyone has anywhere as near of a grand Satoshi Vision as we do,” he concluded.
Nguyen was delightful and insightful throughout the interview, and the entire thing is worth a watch.
If you’re excited about the Satoshi Vision like the Bitcoin Association Founding President, you might want to consider signing up for the CoinGeek Toronto scaling conference happening May 29-30. It doesn’t take long to register, and if you use Bitcoin SV with Coingate, you’ll save some money on your entry.
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.