Craig Wright Claims “Black Mirror” Shows Bitcoin’s Proof of Work System Importance
Craig Wright wrote a blog post this weekend where he compared bitcoin’s proof of work system to the popular futuristic TV show Black Mirror.
Specifically, Wright claims Black Mirror’s “Nosedive” episode illustrates the importance of bitcoin’s proof of work system.
Nosedive was the first episode of the third season of Black Mirror. The episode follows Bryce Dallas Howard through a world based on social credit. Everyone has a social credit score. People with a high social credit score have certain privileges. They can live in certain high-end apartments, for example, and attend certain events. People with lower social credit scores are ostracized.
Wright, who has previously proclaimed himself to be Satoshi Nakamoto, feels there are parallels between the social credit score system in Nosedive and bitcoin’s proof of work:
“In the Nosedive episode of Black Mirror, the primary character seeks acceptance in a world based on social credit. Before the value of bitcoin increased long enough to become sufficient to attract corporate miners, the first stage of its development demonstrated analogously what I had termed proof of social media (PoSM).”
CoinGeek Is The First “Corporate Miner” For Bitcoin
Today, Wright believes CoinGeek is the first corporate miner in the bitcoin network – and the emergence of CoinGeek is great news for the future of bitcoin:
“CoinGeek has become the first real corporate miner in bitcoin. (By “corporate miner”, I am referring to a significant private business that mines on its own, rather than individual miners or pools of smaller miners).”
Before miners like CoinGeek started operating large mining pools, however, bitcoin had to grow.
As bitcoin grew, the value of a “proof” system became evident. The reason is that small miners can be swayed through social media, while corporate miners cannot. Corporate miners are forced to perform due diligence because they have “skin in the game”. They have invested in mining infrastructure and they don’t want to lose their investment. Smaller miners, meanwhile, aren’t at the same level. Here’s how Craig explains it:
“The small miners are easily swayed through social media. They do not have the resources to adequately investigate many of the false claims made by developers and others who use social media platforms such as Reddit and Twitter to promote fear uncertainty and doubt (FUD) throughout the industry. This is one of the most critical reasons why the rise of corporate miners is so essential.”
Corporate Miners Will Create A Professional, Stable Version Of Bitcoin
Craig Wright sees the rise of corporate miners as one of the best things that can happen to bitcoin.
As smaller miners disappear and corporate miners emerge, we’ll see more professionalism and better stability within bitcoin.
The reason is simple: smaller miners cannot afford to investigate false claims but larger miners can:
“The transaction cost associated with investigating false claims is outside the reach of many small mining organisations. It is not outside the reach of the large groups and as these large groups start to compete we will see a more professionalised and stable version of money start to appear. Rather than switching between many coins, the large professional miner will start competing on long-term investment cycles.”
Wright compares this to the United States electoral system. The United States was founded on a representative democracy that would prevent a demagogue from swaying popular opinion and allow democratic systems to be subverted for short-term interests. Wright believes this system has already become subverted over time as the United States as become “more demagogic” and “less democratic.”
Wright makes the connection to OP_codes on the bitcoin network. CLTV and CSV are two controversial OP_codes. These OP_codes continued to be promoted by certain developers. They were eventually renamed and implemented “to subvert bitcoin when they sought to introduce Lightning,” according to Wright.
“OP_BlockNumber is merely a form of OP_CLTV and was rejected by Satoshi with all Core developers admitting that it would introduce vulnerabilities into bitcoin. After people had forgotten about the vulnerabilities, these opcodes were introduced.”
Wright Clarifies The Inclusion Of The London Times Article In The Genesis Block
The bitcoin genesis block from January 3, 2018 famously contains a reference to an article in the London Times from that date. Satoshi Nakamoto, who mined the first bitcoin block, added the reference. “Chancellor Alistair Darling on brink of second bailout for banks,” is the London Times headline from that date.
Most have assumed that the reference is proof that we need a decentralized form of money like bitcoin – not a centralized form of money that has value from the government and centralized banks.
Wright, who may or may not be Satoshi Nakamoto, claims “there is a mistaken understanding of the article referenced within the genesis block.”
“The reference for this article relates not banks, but demagoguery. The problem of government in a democratic system is the ease with which we have allowed politicians to enact changes to our monetary system based on political concerns and fashion.”
In other words, banks aren’t necessarily the ones to blame; instead, banks are just playing by the rules assigned by the government. The government’s rules, meanwhile, are often dictated by demagoguery and not sound policy decisions.
The Reference In The Genesis Block Is Closely Related To Black Mirror’s Nosedive
This is where Wright makes the crux of his argument:
“The article listed in The Times as referenced in the Genesis block was never about the destruction of banking or government. It was referencing the political and social manipulation of money. At scale, Bitcoin is designed to be a system that cannot be easily debased. That is why it can be trusted. Money can be trusted when after greater than 20 years it remains the same. It is set in stone as once the game has started the rules cannot change. Bitcoin is designed to be stable money. It is a system that foresaw the dangers of social consensus and the attacks that will come to society through social media; the problems of social currency displayed in the episode Nosedive.”
Bitcoin Is Stable Global Cash
Wright concludes his article by arguing that bitcoin is “stable global cash”. Bitcoin is secured through international competition – ideally among large corporations and not smaller hobby miners.
The reason is simple: democracy works best when we have an informed, educated, voter base. Democracy falls apart when we have uneducated voters who are influenced by FUD on social media – the “bread and circuses” of the bitcoin community.
Wright believes corporate miners will pave the way forward for bitcoin – and he’s referencing Black Mirror’s Nosedive episode to prove the value of corporate miners.
You can read Craig Wright’s full blog post here.