Craig Wright Bashes Bitcoin Cash, Hits At Anonymity in Crypto and Legitimacy of Coin Mixers
If there’s something Bitcoin SV frontman, Craig Wright, has perfected and indeed showed that he’s capable of, it is what many know him for, throwing jabs at privacy in crypto. This past week has proven quite interesting, primarily because of his backlash.
His latest claim was to question the legitimacy of coin mixers and the whole idea of anonymity in the industry. He didn’t stop at that, however. Wright went full-throttle and insulted famous cryptocurrency projects that support crypto privacy.
In his typical fashion of using a bitter and unapologetically inflammatory tone, Wright went to as far as hurling abuses at Bitcoin Cash, the digital currency he likes to call “B*tCHcoin.” But he also waded into the latest “hot topic” in the crypto industry – the ongoing crypto experiment.
He Believes Both BTC And BCH Promote Illicit Activities
His series of attacks on Bitcoin and Bitcoin Cash have, however, attracted the attention of John McAfee who went to as far as calling him “Satoshi Pretender.” He seemingly has no problem with the other “competing systems” – Ethereum and Litecoin and only take offense with all those who dispute “his” invention.
He said that those advocating for the use of BTC and BCH indirectly promote criminal activities and money laundering. All that, including both coins being illegal money-laundering coins, according to him, is upsetting.
Craig Wright, in his most recent tweet, however, supports CoinJoin. To him, this coin’s legality and especially its privacy protocol that heaps several BTC transactions into one is far much better in helping eliminate fraudulent cases. He believes that it is the ultimate solution in enhancing the anonymity of BTC as it will make it harder to track transactions.
His sentiments seem to point at the ongoing debate in the crypto industry. In fact, it just recently that Coincenter.org stated that all transaction mixers and several other tools, as well as their creators, would not be subject to the new regulations. In his opinion, Neeraj Agrawal said that the FinCEN (Financial Crimes Enforcement Network) had made it clear that monetary laws are different from software laws.
There Could Be Crucial Loopholes In The Legal Assumptions
Wright believes that the moment an American invests, software laws immediately lose meaning. His claims stem out of Grinberg and the widespread notion that all-things forex is delicate and precarious, much like the decentralized software laws before the legislators. He says that even if one isn’t operating in the US, he or she isn’t safe unless they cut all links and never do business with the American market.
Anyone creating or operating any mixer service of some sort, according to him, will need to prove that indeed nobody from the US is accessing it. That would, of course, be way too complex to achieve, even though it is the only way of avoiding an impasse with the authorities of the anti-financial crime. The authorities usually prosecute an offender by showing evidence of a transaction that happened in the country.
The Question Of B*tCHcoin And Coin Mixers
Everything aside, however, there’s no doubt his vision of a total cracking down on decentralized services will come to pass. Everything he’s currently doing is to instill fear in his favor in a bid to take over Bitcoin and make it friendlier to the law.
His continued jabs on CoinJoin and Bitcoin Cash, two cryptocurrencies which now have their own coin mixers, say it all. To him, enhanced ‘convertible virtual currencies’ transactions ought to be registered, and rightly so because of the built-in mixer like the one of CoinJoin. The mixer’s role is to modify the essential part of Bitcoin (or, in his words, B*tCHcoin), and he, thus, wants it registered as a Money Services Business.
Of course, his interpretation sharply differs with how the SEC sees it. According to the SEC, both Bitcoin and Ethereum are immune to financial security status, given that they are decentralized. The biggest question at this point, therefore, is whether decentralization subverts the law.
But as we ponder about it, it is undoubtedly a matter of time before we get an answer. Meanwhile, the Craig Wright puzzle continues, even as he readies himself for a $10.8 billion session as a Florida court later next week.