Controversial Crypto Celebrity Craig Wright Talks Bitcoin Economics, Capitalism And Market Stability


With a hard fork scheduled to take place later this week, the pressure is on. Everyone is awaiting the results and what it will potentially mean for Bitcoin Cash[BCH]. In such a pressure cooker of a situation, Craig Wright was at a talk and discussed a host of topics.

The Aussie bloke, who claims to be the main creator of Bitcoin, spoke optimistically about the future of Bitcoin [BTC]. He did not shy away from the elephant in the room and talked about how the latest direction that BCH had taken was far removed from the vision and expectations of Satoshi Nakamoto, the pseudonym of the creator of Bitcoin. This was, accordingly to him, the impetus for him and nChain to start work on Bitcoin SV. He then discussed went on to discuss more general topics. While accepting the importance of capitalism in the development of technology, he discussed the issue of stability when it comes to various iterations of Bitcoin, so as to impart a sense of security amongst users of the cryptocurrency. Any deviation would mean a loss of value as a transactional commodity.

He was quoted as saying “ If the system changes in 6,12,15 months then no one will use it. The cryptocurrency market needs to be stable if the user base has to increase. Bitcoin has always been about economics and the need of the hour is to implement it in a good way.”

The man from nChain also touched upon the legality of the blockchain. He went on to discuss how cryptocurrencies, generally, work well within the confines of the law and the credibility he holds for digital signatures as an accepted mode of payment. Craig assured the people gathered that Bitcoin’s original scripting language will not be tampered with. He reckons that with the upcoming developments Bitcoin will surpass all the other cryptocurrencies in terms of use cases. He touched upon concepts such as Proof of Work [PoW] and what differentiates it from Proof of Stake [PoS].

Some might recall the recent news about Craig Wright when Bitmain’s Jihan Wu had taken a swipe at him. The CEO of Bitmain made comments comparing Craig to a spy, on the basis of an email that talked about the aggressive posture a number of online commentators had taken against Craig; even suggesting that ” forceful public denunciations ” would be attempted to bring him down.

It is always good when a Computer scientist gives talks, the hope is they are imparting knowledge and in the process, strengthening the industry. The contents of the talk certainly did touch on some interesting topics of conversations. However, with the distraction of the BCH hard work on the 15th of November, the community is clearly focussed much more on his business acumen. While Craig has repeatedly claimed all this effort is to preserve Satoshis vision, some have wondered if it more for his private gain. After all, it has been alleged, he is sitting on over 500,000 bitcoins.

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