Shades of black and the future of Bitcoin

Getting your Trinity Audio player ready...

Dr. Craig Wright, the chief scientist of nChain and the man behind the pseudonymous name Satoshi Nakamoto, is diligently working to clear up the confusion regarding Bitcoin. After sitting back and watching as the original idea of cryptocurrency was changed to suit the whims of certain people who could barely pronounce currency, let alone understand how economics work, Wright has been setting the record straight with insightful publications that need to be ready by anyone even remotely involved with crypto and blockchains. His latest, Shades of Black, goes a long way toward showing the difference between the virtues of Bitcoin—a lawful, orderly endeavor—and virtually all other offerings found today that only seek chaos and anonymity.

Bitcoin can do something that the world desperately needs—it can help promote a better society. Wright explains, “Bitcoin will work because it stays within law in a manner that allows most nations to set policies. Bitcoin doesn’t help corrupt governments; to such governments Bitcoin would be their worst nightmare… It is not an anarchist system — nor one that allows people to breach the rules that are set to create a stable world.”

Those that would want to bypass government-led rules are the same that would bypass crypto rules. In other words, they’re the ones that are prone to gaming the system and conducting fraud and crime. These individuals have existed since the beginning of time and will continue to exist. However, Bitcoin is able to provide an added layer of protection and operate in an enhanced setting that can help cut down on the scammers and fraudsters.

Wright adds, “I designed Bitcoin in a way that ensures that groups such as Binance who seek to facilitate money laundering and crime will always fail. They defraud you in telling you that they are decentralised and cannot be controlled. A blockchain is only decentralised when the developers and those in charge of the protocol cannot change the rules. Bitcoin is a system that was set in stone. If the protocol is changed, then it shows and demonstrates it is not Bitcoin.”

Certain crypto projects—Bitcoin Core (BTC) included—want to introduce greater anonymity to their platforms. At the same time, they are looking to introduce fully autonomous ransomware that can never be traced back to its developers. In doing so, they are complicit in creating a criminal system that allows thieves to operate with impunity.

“Bitcoin, importantly, allows free government to compete. I did not want a system that would block any country from enacting rules that it saw as being fair and that did not impede those of another country,” asserts Wright.” To that end, Bitcoin, in its original form and in the form seen only by Bitcoin SV (BSV), is functioning to work within the boundaries established by governments and, as such, by society. Anything less than that is anarchy. As Wright puts it, “‘Doing anything you want’ is not a system that is free. Freedom comes within society, and it comes with rules.”

https://www.youtube.com/watch?v=gBb9FSxfyVs