Interviews 28 August 2018

Erik Gibbs

Reina Nakamoto conducts interview with Dr. Craig Wright

Dr. Craig Wright recently sat down for an in-depth interview with Reina Nakamoto, where the two discussed a wide range of topics regarding the future of Bitcoin Cash (BCH), as well as cryptocurrency in general.

The interview, which can be viewed on YouTube, provides some amazing insight into the deepest reaches of the world’s only retail-driven cryptocurrency, and the only digital currency that is working to achieve the original goal of cryptocurrency—to offer a peer-to-peer currency that can be used by anyone, anywhere. The interview is a must-view for anyone wanting to better understand some of the finer intricacies of the BCH network and why some of the current proposals, such as canonical transaction ordering (CTO) and permissionless oracles, are not conducive to the currency’s future.

One of the earliest topics discussed in the interview is the highly anticipated Bitcoin SV, a full node implementation for BCH. It is expected to be released on September 1 as an early release that users can test while nChain developers finish tweaking the platform. Dr. Wright points out that nChain has brought in some of the best security code testers to ensure everything runs smoothly and has also implemented a bug bounty, which has already paid out $100,000.

Dr. Wright also touched on Canonical Transaction Ordering (CTO), emphasizing, as has already been shown on several occasions, that it is not the best move for the BCH blockchain. BCH forked from BTC because a large group of individuals saw that the BTC network was heading away from the original intent of cryptocurrency to be used as currency, and wanted to keep digital currency in harmony with Satoshi Nakamoto’s original vision, which had already been shown to be the best solution. CTO, as Dr. Wright reiterates, is fine for allowing the creation of different tokens, but not when the main goal of the cryptocurrency is to be used as cash.

He also points out, regarding CTO, that the recent proposals that would change the BCH structure are nothing more than a feeble attempt by a few individuals to take advantage of the success of BCH to further their own agendas. He stresses that those individuals, if they’re not content with the direction in which BCH is heading, should create their own alternative, instead of trying to change a digital currency that is working fine and is heading along the correct path.

Nakamoto and Dr. Wright also addressed the continued push by some digital currencies to enhance anonymity. Anonymity is the antithesis of a proper cryptocurrency ecosystem and a permissionless system won’t solve any cryptocurrency issues. Dr. Wright explains, “Total anonymity…only benefits the rich, powerful and the government… You have corruption when there’s anonymity. [When you can] track every little government expenditure, that’s easy to trace.”

When asked about BCH adoption over the next five years, Dr. Wright responded by saying, “We need to start pushing adoption fast because in two years’ time we have a halving.” He emphasized that miners will react differently than they have during previous halvings, and that there won’t be the same “pump-and-dump schemes” as seen in the past.

There are a lot of other interesting items covered in the interview that offer a substantial amount of information in a short time. As one of the leading BCH proponents and developers, Dr. Wright’s insight is a powerful addition to help anyone better understand what is driving BCH development, what obstacles are being faced and where the ecosystem could be over the next several years.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Could the tech giants be under threat from blockchain?

Interviews 21 March 2019

Could the tech giants be under threat from blockchain?

Fintech and blockchain corporate development specialist Ian Dowson believes that increasing volumes being transacted on blockchains every day “illustrate an increasing robustness” in the sector.

Read More
Michael Hudson: Money is just a measure of someone’s time and skill

Interviews 21 March 2019

Michael Hudson: Money is just a measure of someone’s time and skill

Bitstocks founder Michael Hudson is making a huge step in helping the world understand crypto for experts and non-specialists alike by launching Gravity.

Read More
Jimmy Nguyen: Why nChain has filed so many patent applications

Interviews 14 March 2019

Jimmy Nguyen: Why nChain has filed so many patent applications

The founding President of the Bitcoin Association Jimmy Nguyen elaborates the nChain position in filing patent applications and what the future holds for Bitcoin SV ecosystem.

Read More