It’s always great to hear from Chief Bitcoin Historian Kurt Wuckert Jr., a champion defender of the original Bitcoin and Satoshi Nakamoto’s vision. Wuckert recently joined The Michael Sisco show to talk about the history of Bitcoin, BSV, and a whole lot more.
Recapping the Satoshi Nakamoto Florida trial
The interview kicked off with a brief discussion of the Kleiman v Wright trial in Florida in 2021. Wuckert recounted what happened during the trial, which involved Ira Kleiman suing Dr. Craig Wright on behalf of his late brother’s estate. Kleiman lost resoundingly at the Satoshi trial in Miami.
After 21 long days in court, the jury answered “no” in 6 out of 7 counts on the verdict sheet, except for Dr. Wright committing conversion of assets from a company he controls with his ex-wife and must therefore pay $100 million to W&K Info Defense Research LLC.
Wuckert also took the time to inform the audience who Dr. Craig Wright is, the inventor of Bitcoin and potentially the largest holder of Bitcoin in the world. Wuckert said that while he’s not who he imagined Satoshi would be, the evidence he has seen is overwhelming, and he has concluded that Dr. Wright is Satoshi. He’s also a big block advocate, which is why he’s rejected by the small blocker anarchists.
Sisco relayed his thoughts on the matter: BTC is almost a religion. That’s a view a lot of others in the digital currency space would agree with. Certainly, anyone who has been attacked and censored for questioning their extreme narrative can relate to this opinion.
On the Biden administration and its action on digital currencies
Sisco asked Wuckert to elaborate on what he knows about the Biden government’s action on digital currencies and to outline the potential implications.
Wuckert began by saying that there are several high-profile figures in BSV who have been communicating with lobbyists and lawmakers. They’ve been attempting to explain the difference between a legally compliant digital cash system and other digital coins that are used for tax evasion and other nefarious purposes. They’re attempting to convey Dr. Wright’s position that Bitcoin (BSV) is a legally neutral tool.
Wuckert mentioned how one of his colleagues has lawmakers on both sides of the U.S. Congress halls seeking to understand more about BSV. They’re explaining that it’s a disruptive Fintech tool that is not designed to circumvent the state.
“Lawmakers need to be educated that it’s a tool for business. Sometimes business is bad, but usually business is good. It is what it is,” he explained.
What regulations are coming, and what are the intentions behind them?
Sisco asked for more information about the regulations that are coming and their intentions.
Wuckert began by outlining the government’s position: most people treat Bitcoin and digital currencies as an investment and nothing more. However, many of them have bought coins on unregulated or decentralized exchanges, which means their identities aren’t necessarily known. Some have made a lot of money and aren’t willing to pay tax on it. This leads the government to wonder if it could be a national security issue to have a lot of anti-government types with lots of money and no way to track them.
However, Wuckert believes these people are the exception and not the rule. Most people haven’t made that much money. He also sees problems with how Bitcoin is perceived by both the general public and the government. Again, educating both parties about Bitcoin is the key to getting beneficial regulations and laws passed.
What about the Russian government’s position on digital currencies?
Sisco then asked about the Russian government’s position and how they had recently cited that digital currencies may be a competitor to the Russian ruble. He asked Wuckert to clarify their position.
Wuckert outlined the current position of the world financial system: the U.S. dollar is currently the undisputed world reserve currency. That’s so because it’s used to trade oil which gives much of its liquidity. In recent years, Russia has made efforts to change this and put the ruble in a more dominant position. Bitcoin causes problems for this because it’s something they can’t control.
On a more general note, Wuckert noted that it’s been a very long time since we’ve seen disruption in money and that lots of vested interests are squirming about it.
On Peter Schiff
One of the viewers asked Wuckert if he gets hate mail from Peter Schiff. CoinGeek’s chief Bitcoin historian replied that he does not and emphasized that he agrees with Peter Schiff on many things. He believes that Schiff’s criticisms of BTC as digital gold are sound, and he would like the opportunity to talk to him about what Bitcoin really is.
On BSV and scaling
In the livestream, one of the viewers commented that BSV is the future, and it’s the only blockchain that scales. Sisco asked Wuckert to explain what this means.
Wuckert explained that most people believe blockchains are a slow but secure way to send money worldwide due to decentralization. However, he pointed out that BSV has proven that it doesn’t have to be slow or expensive. He believes that to be a fallacy.
“BSV is what Bitcoin used to be before a bunch of snakes got their hands on it,” Wuckert reminded the audience. “We’ve had days with 5 million transactions.”
He also noted that Solana is the closest transaction volume competitor to BSV, but it has sync issues because of its complexity. Indeed, we’ve seen Solana implode more than once.
Why is digital gold nonsense?
Wuckert is well-read on Austrian economics by thinkers like Friedrich von Hayek and Ludvig von Mises. Therefore, he’s not a stranger to the notion of gold-backed currency, but he doesn’t think BTC will survive a true test such as an economic collapse or severe downturn.
“When people get spooked, they retreat to things that have the most long-term value,” Wuckert explained. Therefore, he believes that in a scenario such as a severe recession or hyperinflation, people will instinctually go back to gold and precious metals and not into the highly speculative assets like BTC and other cryptocurrencies.
Aside from this, Wuckert knows only too well that BTC is technologically incapable of settling global transactions.
“The whole thing is made up. It’s a ruse,” Wuckert said, blaming influencers like Max Keiser for sucking people into what is essentially a Ponzi scheme.
Where can people find out more information on BSV?
Wuckert pointed views to both his own website and CoinGeek itself.
He also reminded the viewers not to trust anyone in the space and to remember that everyone is trying to get their money. While BSV can be bought for speculative purposes, it should really be bought by people who have a business idea that will use it, he said.
Check out the previous episodes of CoinGeek Weekly Livestream with Kurt Wuckert Jr.
Watch: CoinGeek New York panel, BSV vs. Other Blockchains: Differences that Matter for Developers & Businesses
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.