Top Craig Wright Medium Interview Insight Takeaways: What Did We Learn?
The Most Important Insights Shared by Craig Wright on Medium
Mr. Craig Wright, Bitcoin Cash supporter and chief scientist of nChain, decided to participate in an interview in which users could ask different questions to him. During the first part of the interview, he talked about Bitcoin Cash and how the community around it is growing at all times.
He explains that it is not possible to make a socialist chain that is competitive and that really works. Most of the individuals that decided to ask some questions were away from one of the most important concepts of virtual currencies.
“There is no way to make a socialist chain that works. There is a single protocol and competition,” he mentioned.
He then said that there is only one cryptocurrency that adheres to the original formula related to create a real capitalist peer-to-peer currency. This virtual currency is Bitcoin Cash (BCH) and not Bitcoin Core (BTC). At the moment, BTC works as a storage tool and not as a digital currency that can be exchanged between parties in a fast and cheap way. Indeed, that means that the original concept got broken, leading to the hard fork that allowed BCH to grow.
He then talked about permissioned blockchains. One of the companies that works with these kinds of networks is IBM with its HyperLedger project. Mr Wright explains that there is no place for them to grow and that HyperLedger will not last long. He says that IBM was not able to understand how Bitcoin works, which is a big mistake.
About it he mentioned:
“[IBM] failed to understand the Internet and tried to capture closed networks and systems. This led to large losses for IBM. Here again, they fail to understand the basics of Bitcoin and have made a joke of themselves long term.”
He has also talked about the difference between the terms ‘privacy,’ ‘confidentiality’ and ‘anonymity.’ He says that they are used interchangeably and that in law and in contract have different uses. Is important to distinguish the differences among these terms because it is related to data ownership, rights, responsibilities and protections.
Wright explained that every single time anonymity has been introduced in the past, it became totally corrupted. But privacy is different, since it is aligned with confidentiality rather than anonymity.
Bitcoin Cash continues to grow and generate new opportunities in the cryptocurrency market. It is creating new world applications that are helping the crypto market to advance and grow in a positive way. He said that the market needs to offer stability and a business friendly environment, which BTC did not offer.
Then he talked about traditional financial institutions and how they do not deliver the expected results. Wright explained that ‘savings’ account are created to pay for the privilege of a bank ‘protecting’ the funds.
BCH is a deflationary system that offers individuals the possibility to gain value over the long term by saving funds. Banks work in a different way and are just created to take money from individuals.
The interview is long and there are many interesting points that he discusses and talks about.