Craig Wright Lists 9 Simple Bitcoin Investing Rules & Talks Credibility within Crypto Space
Dr Craig Wright, like him, love him or even hate him (seems to get plenty of that) – has earned a huge volume of attention over the past 2-3 years, partly due to his own extensive decorated background and professional acumen – but more specifically the way people (in the crypto world) know him for is for claiming to be the creator of Bitcoin, Satoshi Nakamoto.
Ever since then, in what has surely been a wild ride for both he and the community ecosystem at large, Wright has been highly active with his voice and ideas throughout the cryptocurrency community, speaking at events and conferences, and especially day by day via his Twitter feed (which he has us blocked https://twitter.com/ProfFaustus because we simply asked him for his thoughts and feedback on the recent Nakamoto Family Foundation book ordeal that made headlines a few month ago). For the record, this seems to be his crypto-twitter style and will block anyone and anything that does not agree with his points of view as he classifies everything as an internet troll should they disagree – however, if you read this Dr. Craig S Wright, we believe we shouldn't be blocked as we have had prior engagements with you on twitter and in real life by merely asking for your feedback regarding the ‘Nakamoto book' but we will save that for another time and get back to the focal point of this post's story.
Regardless, much of what Craig Wright brings to the table seems to be sound and throughout despite some questioning his hardcore delivery and brute force economic-stance. Below we will cover a recent chain of tweetstorm conversations that he's been having have been around what people should know before walking blindly into the world of cryptocurrency investment. In order to make this simple for newcomers, through a stream of comments, Dr. Wright lays down seven simple rules to bear in mind when buying into cryptocurrency.
But first, whether you think he is the real Satoshi or the ‘faketoshi' as bcash trolls like to call him – he had this fabulous message to say about who Satoshi is and was:
Craig Wright's Simple Crypto Investing Rules
First Rule Of Crypto Club: Talk About Alt-Coin Club
To the outside observer, cryptocurrencies can sometimes be oversimplified as being ‘one and the same' instead of being a diverse landscape of various coins on various, incredibly different blockchains.
With this difference comes an interest in seeing crypto ‘rivals' fail, Wright states the following when talking to someone about Bitcoin:
“Rule 1. When talking to somebody about bitcoin, ask if they are really pumping an Alt Coin. If they are, then they have an incentive to attack bitcoin. Most of the node drama etc is from those who are not invested in bitcoin.”
What Wright means by this, from the level of Bitcoin's code right to the direct investment in Bitcoin on an exchange or OTC, is that there is a vested interest in those investing or ‘pumping' an alternative coin.
“Even the BTC core devs, Peter Todd is a ZCoin shill.”
2. Thou Shalt Not Covet Ponzi Coins
In his second rule, Wright points out that the cryptocurrency market (including ICOs) is filled with people seeking to make a profit off the gullible and the-over optimists drooling over the potential return on investment that comes with buying crypto:
“Rule 2 Ask if they are in cryptocurrency for the zero sum gain. That is coin flipping on exchanges, and not bitcoin as cash. If they are, they have an incentive to see 1000s of coins that add zero value but steal value from ignorant noobs. These people do not want bitcoin cash.”
Wright also points out that these same people that create these Ponzi coins are simply looking to turn a profit for themselves on an exchange, rather than create a new generation of useful cryptos. He also takes a possible stab at Bitcoin Cash.
3. Thou Shalt Not Worship Other Crypto Than The Useful Ones
The number of cryptocurrencies available and being created at any point in time are numerous, to say the least.
As an investor, if you are truly ‘invested' in the future of Bitcoin, as Wright references, then there's no place for skeptical investing, especially if you want to see a future with Bitcoin:
“Rule 3 If you are truly seeking to grow bitcoin, then the ONLY answer is maximalism. There is no place for 1000 coins and fragmented money other then as a speculative gambling asset. Zero sum. If you want cash, then you can only build the one and promote the one.”
4. Be Wary of False Protocols
Lightning Network Protocol, according to Wright, is not something to be trusted when it comes to Bitcoin. This may be in reference to the DDoS attacks that took place on the Lightning Network on the 20th March 2018.
“Rule 4 If you pump a Gateway protocol (lightning) you seek to subvert the underlying coin. This is NOT a 2nd layer. A second layer is encapsulated inside the 1st. This means as a script system or similar. LN allows ANY coin (though with central bank nodes).”
Bonus Advice – Beware The Bloodbath To Come
While nearly 88% of Coin Exchanges, according to a recent study, seek some level of regulation, they remain uncertain as to wheat manifestation they may take. But, according to Wright, they may have far more than just regulation in their future.
“Note. Exchanges flipping crypto are CFD sites and require a gaming licence. Most don't have this, but, the crack down is coming. When it starts, most coins will be in a bloodbath. Zero use, zero survival.”
5. Honour Thy Bitcoin And Maximalism
Maximalism refers to the belief in the benefit that Bitcoin will have on the world in the future. Very influential individuals within the Blockchain / Cryptocurrency world are firmly Maximalists in nature, such as Vitalik Buterin, creator of Ethereum.
“[E]ssentially, the idea that an environment of multiple competing cryptocurrencies is undesirable, that it is wrong to launch “yet another coin”, and that it is both righteous and inevitable that the Bitcoin currency comes to take a monopoly position in the cryptocurrency scene.”
“Note that this is distinct from a simple desire to support Bitcoin and make it better; such motivations are unquestionably beneficial and I personally continue to contribute to Bitcoin regularly via my python library pybitcointools.”
Wright points out that there are those that believe that, in thinking this way, and that other cryptos, regardless of their utility, have a right to exist. They often work to dismiss Maximalism as a ‘cult', which Wright sees as ridiculous.
“Rule 5. If they tell you Maximalist is a cult, they seek to use a logically fallacious argument to shut down real discussion. These people are to be avoided. They are dishonest.”
6. Bitcoin Is For Economic Freedom And Growth, Not Anarchy For Anarchy's Sake
It's no secret that there is a rooted system of ideas behind cryptocurrencies; they're the closest iteration to free market capitalism / crypto-anarchism that exists. This makes them the digital/financial equivalent to Diesel in modern societies petrol engine.
But to those that use Bitcoin with the mindset that all business is evil should not use Bitcoin at all, according to Wright.
“Rule 6. If someone is anti business, anti IP etc, they cannot help bitcoin grow. Bitcoin is economic and it is a form of Intellectual property. The entire structure of bitcoin is designed to end with competition from companies and this is what creates monetary freedom.”
7. Bitcoin Is Made Great By Many, Not One
While a significant amount of praise is merited and should be given to the creators of cryptocurrencies like Bitcoin, but they represent only half of the battle. The other half are those that put money behind and idea and seek to apply it in daily life.
Wright points the spotlight directly at those in the field, like companies and commercial miners who seek to transition theory into the real world.
“Rule 7. Developers want to be remembered. They gain no fame being a guy who helped secure and maintain and grow the existing protocol. This is why commercial miners and companies matter. Skin in the game. Those who matter seek to have the original protocol and lock it in.”
8. Detractors Use Many Tongues
While you as an investor who, at this point have, hopefully invested in Bitcoin with the intention of seeing it grow should now be able to see past those detracting unreasonably from its development.
Those with an agenda use FUD. Fear, uncertainty and doubt.
This is how they subvert. They lie, use Selfish mining (A deception) say weak blocks are needed as 0 conf IS weak.
The protocol is strong as it is economic.”
9. Bitcoin Is Many, Not One
The Cryptocurrency community, while growing, is still a minority compared to the community that is oblivious to it. In this, Wright means that the crypto ‘community' has a responsibility to be welcoming of those who are just beginning to learn about Bitcoin.
“Rule 9. For ever person “In Crypto” there are 10,000 who have never heard of bitcoin. Those who say they are “The community” etc do not matter.
The community of money is everyone on earth! The selling point is what is coming
Simple Fast Secure Safe.”
Final Satoshi, Whoever He Was, Was A Man, Not An Idea Or Ideology.
And again, we remind you of the tweet above after reading all of Craig Wright's thoughts and rules for the bitcoin community:
“If you think Satoshi was a saint, a demigod, a savior…
Again, you are a fool.
He is a man, flawed in action, reaching in reason and prone to err.
A polymath, but a flawed human. Torn. Living a paradox and seeing the thing he created twisted as well as growing from a new seed.” – Craig Wright
What do you guys think of Craig's opinions? No matter who you are or what your thoughts are of Mr. Wright, he is easily one of the leading candidates to be Satoshi Nakamoto. Even if he turns out not to be him/her/they, he was there in the early days and had a role in helping set this ‘electronic peer to peer cash system' on a path towards being the world's backbone when it comes to finance and trade via programmable money.