The Expo-Bitcoin International 2019 is going to be a world class showcase of the best the Bitcoin world has to offer. Besides an impressive roster of speakers, the conference is set to show the world that Colombia can bring big businesses to the world of Bitcoin.
The conference will span five days, from June 19 to 23, in Bogotá, Colombia. It will be hosted by the Corferias, the international convention center that has hosted events since 1954.
One of the key features of the conference will be The Marketplace, an exposition of over 200 commercial stands offering products for sale exclusively with Bitcoin SV (BSV). It will be a great chance for visitors, of which 25,000 are now expected, to experience a new way of doing commerce with the only digital currency built to massively scale to the needs of these businesses.
The Bitcoin Arena, a 2,000-seat venue, will be the place for attendees to gather and watch the brightest minds of the BSV world discuss Satoshi’s vision, and what’s coming next on the BSV blockchain. As the conference states:
“In the Expo-Bitcoin Arena, we brought the most influential minds of our time in this matter to unveil the true power and purpose of this Bitcoin Technology, Metanet, and the future of the Internet of value with Bitcoin. Also, we will turn on a lighthouse for the governments around the world, so they can adapt and survive, and reach the safe haven of this peaceful Economic and Social revolution.”
Expo-Bitcoin International 2019 is operated by Bitek, the Colombian cryptocurrency payment processor. They have been a firm believer in the original Satoshi Vision, and have advocated for a better education of digital currencies in Colombia for some time now.
The conference, which will be held every two years going forward, looks like its set to achieve that goal. With hands-on opportunities to use BSV, and five full days of speakers to talk about the possibilities offered to businesses and customers by using Bitcoin, attendees will find there’s a lot to take away.
If you want to join those 25,000 attendees in attendance, it’s not too late. Get your tickets now so you can have a chance to learn about BSV and find out all the ways it can change the future.
At its core, Bitcoin was meant to be a system of money that is decentralized, while still adhering to the laws of the land. Now that it’s been reborn as Bitcoin SV (BSV), Dr. Craig Wright took the stage at CoinGeek Toronto 2019 to explain how it’s ongoing development will focus on this aspect.
When Bitcoin was hijacked by the Bitcoin Core team and became SegWitCoin (BTC), they focused on the supposed anonymity of it. But Bitcoin was never meant to do that. “Sorry, you’re not anonymous.” Wright declared. “Sorry, Bitcoin doesn’t help you hide. Bitcoin follows the law. Bitcoin is an immutable evidence trail.” (1:07)
Expanding on where BTC has gone, Wright described the intention of it’s developers and promoters. “Right now, BTC is still used because of the illegal operations, like Binance and Bitfinex and Tether, to fund illegal operations pumping money,” he explained. “Illegal money travel. Illegal use of people smuggling.” (2:17)
Wright then touched briefly on the various elements of the R Puzzle, which will allow Bitcoin to become a better ledger of truth. By being a public ledger of accountability, BSV will help the world by proving what is true, and debunking what is false. Wright explained the endgame:
“We need a society that has people who are accountable for their actions, who when something goes wrong, can answer. That isn’t set so that you can never change a contract. Contracts are flexible for a reason.” (12:31)
Wright then touched briefly on the Metanet, which was explained in technical detail by Jack Davies, but for which Bitcoin’s creator explained how it will create a better system of value for the internet:
“So the Metanet changes everything. Google, Facebook, Twitter, they make money because of the perverse nature of incentives on the Internet. They treat popular as good. Popular is not good. Popular just means lots of people looked at it.
“What is better? Is the Wall Street Journal a better source of news, or Kim Kardashian’s Facebook stream? I don’t know about you, I would rather trust Wall Street Journal. But then, they don’t get as many readers. Metanet incentivizes things differently. When you incentivize by the number of advertising clicks, you incentivize the lowest common denominator. Trolls become valuable. Slander becomes valuable. Lies become valuable. Insults, flame wars, all of these become valuable. Because they have more advertising revenue.
“Bitcoin makes an internet where pages are valued because they’re good. People are willing to pay not for flame wars, but content. The best content wins. That is important.” (15:19)
Finally, Wright pivoted back to several important aspects of BSV contracts which will help it become a better contract system, and better adhere to existing laws. He briefly commented on Timed Access (21:15), Payment Mechanisms (21:40), Deterministic Keys (23:10) and a Blockchain Attestation System (23:54), all key elements to building better contracts on the blockchain.
Ultimately, BSV will be the winning blockchain because of its aim to adhere to laws, and help take down those who are blatantly trying to skirt them. That is Wright’s motivation, and he concludes by openly saying so:
“These are the sorts of things we want to build. I want a world where we’re going to help law enforcement collapse all of the scams. And as we find things like BTC and whatever else fighting to be more criminal friendly, I’m going to hand law enforcement the tools to make them obsolete.” (25:48)
The Expo-Bitcoin International 2019 is set to bring the top minds of the Bitcoin world to Bogotá, Colombia, between June 19 and 23. With the aim of uniting the world into one peaceful revolution of Bitcoin, the conference has an agenda that all the most important elements of the technology.
Day 1 will be focused on the original vision of Bitcoin, now championed by Bitcoin SV (BSV). It kicks off with a 10:00 a.m. address from the Founding President of the Bitcoin Association, Jimmy Nguyen. The rest of the day will feature some of the top minds of BSV, including CEO of Money Button Ryan X Charles, CEO of Centbee Lorien Gamaroff, CEO of Handcash Alex Agut and nChain’s Technical Director Steve Shadders, amongst others. The day wraps up with a panel discussion of all the speakers, a can’t miss event.
The 20,000 expected attendees are set to see the creator of Bitcoin himself, Dr. Craig Wright on Day 2. He will be speaking to the audience at 5:05 p.m., preceded by another important figure in the BSV world, CEO of Bitstocks Michael Hudson. The two will join the rest of the speakers of the day for the 5:50pm panel discussion titled “Bitcoin vs Altcoins.”
On Day 3, co-founder of Centbee Angus Brown will take the stage, and Nguyen and Wright will return to speak once again. All three are likely to take the side of regulation in the closing panel titled, “Bitcoin: Regulation or Unregulation, what is the wisest path.”
Day 4 will have a focus on Graph theory, an important topic to the BSV blockchain, and Wright, Hudson, Charles and Memo CEO Jason Cavannes will be speaking to the crowd. You can expect to see the speakers in the final panel, “Human networks and computer networks: New economy and informational resources.”
The Metanet will be the focus of Day 5, and that means you can expect to see the top minds of BSV once again. Wright, Nguyen, Shadders, Gamaroff, Charles and Agut will return, and they’ll all take the stage for the final panel, “How is the Metanet society in 20 years.”
That’s an all-star lineup of speakers, talking about the most important aspects of Bitcoin today. If you can make it to Bogotá, tickets are 40% off if you can get them during the pre-sale.
FRNT’s recent announcement that they had secured funding from CoinGeek founder Calvin Ayre introduced a new powerful, institutional focused fiat-settled cryptocurrency derivative platform to the world of Bitcoin SV (BSV). To learn more about the company, we reached out to Stéphane Ouellette, CEO of FRNT.
We asked the CEO, before anything else, about the innovations FRNT is bringing to the investment world. “The only fiat-settled crypto derivatives product that is widely available for institutional investors in North America and beyond is the CME BTC future,” Ouellette began with. “While this product has undoubtedly been successful (averaged over USD ~500M notional in volume/day in May) it really has no peer for single-coin exposure on a slew of other cryptocurrencies including Bitcoin SV (BSV).”
Ouellette then went on to explain what this means for institutional investors. “Essentially what the CME Bitcoin Future allows is for institutions that may not legally or operationally be able to buy/sell crypto assets to purchase a derivative that settles and operates in a framework they are comfortable with,” he said. “It is our thesis that the fiat-settled derivatives toolkit could use an enormous amount of more development. In our early roadmap, in addition to unique single-coin Synthetic Exposure Mechanisms (SEMs), we plan to offer products on composite indices, themed indices and different spread products that will allow institutional investors an opportunity to participate in the space like never before.”
We wanted to know more about Synthetic Exposure Mechanisms (SEMs), the derivative type that FRNT offers, and how it differs from what investors might be used to. “Our SEMs are based on traditional Contract For Difference (CFD) derivatives but targeted towards institutional and accredited investors,” he replied. “CFDs essentially allow two parties to take opposing exposures on a particular index. In the oil market, for example, a CFD product may track the price of WTI crude. In this case, none of the parties will actually own and take delivery of the crude but the long party owes the short if the price dips below the initial level where the contract was struck and vice versa.”
The innovation here is that CFDs are targeted to retail investors, but FRNT sees a market for them in institutional investment as well. “We believe that, contrary to what the derivative has been utilized for historically, they provide an elegant solution for institutional investors to get exposure to the asset class but not have to take actual delivery of the physical crypto which involves a variety of different frictions,” Ouellette explained. “In fact, Fidelity recently hired Greenwich Associates to conduct a survey which suggested 72% of institutional investors would prefer an investment product that gave them exposure to crypto. This greatly beat out the other options of holding physical crypto or investing in crypto companies. The SEM platform, or SEM Trade as we call it, will be the first that allows them to conduct these types of operations on a broad scale and in a way they are familiar with.”
Ouellette believes that by with a lack of institutional investment the last time cryptocurrency markets reached all-time highs, retail investors created uncontrollable volatility. “The last wave of crypto participation was almost exclusively retail driven,” he noted. “While the wave introduced many to the idea of cryptocurrency and held a lot of positives, the lack of institutional participation left the asset class more volatile than it otherwise would have been.”
The solution to this is in financial institutions. By bringing them into crypto investing, many of the flaws of crypto markets will be ironed out. “In traditional markets, institutions police market inefficiencies and ultimately serve to dampen volatility,” he told us. “Without those kinds of participants, the asset class is much more vulnerable to the kinds of wild swings and price discrepancies that make it more difficult for the dream of a crypto-based financial system to become a reality. Furthermore, a lack of institutional participation leaves the whole ecosystem more vulnerable to bad actors. Ultimately, there are many reasons why institutional participation is a benefit, I’m just naming some.”
The recent successes of BSV made it an obvious choice for FRNT as a derivative product for their platform. “FRNT follows objective criteria when deciding what products to include in its suite,” Ouellette explained. He concluded by explaining how BSV meets that criteria:
“The first is perceived client demand. I think one needs to look no further than the volumes and the price activity over the last month to see that, that box was easily checked.
“The second would be sustainability in the level of interest/ecosystem. This is so as to not include a fringe coin that may be a flash in the pan and will go away in the blink of an eye. The BSV ecosystem meets the second criteria with flying colours. It has one of, if not the best, financed development pipelines in the space and is already a Top 10 currency by market capitalization. This without even mentioning the slew of projects that have announced their intention to build on BSV already this year.”
Digital Rights Management is a key technology that will be heavily impacted by the rise of the Bitcoin SV (BSV) powered Metanet. One of the key movers in this space is Money Button’s CEO Ryan X Charles, who spoke on the topic at the recent CoinGeek Toronto 2019 scaling conference.
Content creators have had difficulty monetizing their content properly since the dawn of the modern Internet. That’s just unfair for these artists and developers. “If you are someone who is a creator or something like that, you really should have the ability to license and contract information however you chose,” Charles noted. “Sometimes, things should cost money. And you decide as the creator, and Bitcoin enables us to basically fill in that missing piece of the Internet.” (0:40)
To explain the problem, Charles dove into the Digital Rights Management (DRM) problems of video game sales. Because software has been often easy to pirate, games distributions have put increasingly onerous DRM software on their products, sometimes forcing offline single player focused games to perform DRM checks before allowing the consumer to play. That doesn’t work for either the games developer or the consumer in the long run.
This can be aided by handling licensing on the blockchain, where licenses can be contracted out in ways that are agreeable to both the vendor and buyer. “What it is, is it’s you have the ability to license your content, your material, however you want to,” he explained. “And people that consume this stuff have the right to basically decide what they’re willing to agree to.” (5:15)
This is made possible on the BSV blockchain because of its massively scaling block sizes. Games sales, and games licensing, can both be handled at scale.
What’s great is that because of easy to use onboarding wallets like Money Button, users can purchase products and sign contracts in a very intuitive way. “Instead of signing a contract on paper or doing it on DocuSign or something like that, you’re using the blockchain for all of these things,” he said. “You’re swiping Money Button to sign, encrypt things, all that stuff doesn’t matter. All that matters is, the user understands what they’re agreeing to, and you agree, you swipe Money Button. Everything goes on chain.” (9:02)
Paymail, the latest big development from the Money Button team and greater Bitcoin community, also goes a long way to helping solve this issue. As it allows content creators and consumers to create both a payment method and provable identity system, it allows products to be easily digitally signed and distributed in a way that’s very intuitive. “You actually own your data,” Charles proudly beamed. (10:42)
The Metanet goes a long way in correcting problems that have plagued commerce for decades now. Because it allows a more intuitive and comprehensive management of the entire process, it breaks down barriers that have only been created because there was no better way until now. “All of these weird inefficiencies go away when basically users have their keys, and you can just start building protocols that solve every one of these problems,” Charles concluded. (11:31)
The CoinGeek Toronto scaling conference marked an important moment in the history of Bitcoin, celebrating how far it’s come and laying out a clear path for its future. To open up the ceremonies, Bitcoin Association Founding President Jimmy Nguyen delivered the opening speech, explaining the Bitcoin Vision and motivating Bitcoin SV’s (BSV) proponents on the path forward.
The agenda for the conference was summed up succinctly at the beginning of Nguyen’s speech. “We are here today to talk about how that vision will continue its journey to become the all-in-one coin that makes other coins unnecessary and the global data ledger of the future,” he said (1:09). That vision, as he reminded the crowd, is based on the four pillars of BSV’s ongoing development: A stable protocol, massive scalability, security and safe, instant transactions.
Nguyen then turned to some of the most common questions and roadblocks that are put in front of BSV, starting with: why does BSV insist on the original Bitcoin protocol? As with the creation of Bitcoin, the reasons are primarily about the economic model of the future. With a scaling block size and increased transactions, it creates an economic incentive for miners, which then creates a more secure and livelier network.
Just as importantly, businesses need a stable protocol to build on and create adoption or the BSV blockchain. They would be unable to do that with a shifting protocol and centralization created by SegWitCoin BTC’s development, which creates uncertainty over whether transactions would be valid tomorrow, never mind in 20 years.
As he explained, the development of BTC has simply gotten too complicated and confusing, creating barriers for entry. BSV, on the other hand, is striving for simplicity and scalability for big businesses to get on board. He explained:
“We are building what is the infrastructure for tomorrow’s technology. The high way upon which all businesses will operate. You don’t want to build a narrow lane; you want to build a massive highway that will power the world’s enterprises. And I say right now, big blocks, big business.” (10:23)
Those bigger blocks are already happening. 128MB blocks have already been mined repeatedly, and the Scaling Test Network (STN) has already seen blocks as big as 1.4GB. Nguyen outlined the plans to move to 2GB default block sizes by July2019, and the goal of 1TB blocks down the road, capable of 4 billion Bitcoin transactions and a capacity of 7 million transactions/second.
He then turned to the question of law, and why BSV has chosen to be friendly to regulation. Quite simply, it’s another necessary step towards global adoption. He said, “For businesses to build comfortably, and for consumers to feel confident about using Bitcoin, they need to have an ecosystem like this with law at its center, with order that breeds confidence.”(15:16)
He then pointed to examples of companies who have flouted the law. The notable failure of QuadrigaCX did more to scare away potential users and businesses than it did welcome them to digital currencies. The mess of Bitfinex, which is still unfolding, could cause disaster for many investors.
Instead, BSV has the partnership of businesses who want to work within the legal constraints of global governments. Nguyen specifically commented on Float SV, “promising to be the real exchange, trading real assets and tokens based on the real world.” (16:49)
They aren’t the only company that has opted for BSV though. In the short six months since BSV was born from a contentious hard-fork, it has gained the support of the follow companies and projects: Centbee, Handcash, Relay, Gravity from Bitstocks creating banking based on BSV, Drive Markets, Tokenized, Yours, Money Button, Streamanity, Metaflix, Kronoverse, Unisot, Open Directory, BitcoinFiles.org, Bico.Media and BitPaste.
The Bitcoin Association Founding President ended his speech acknowledging the adversity the Bitcoin Vision, and its supporters, have faced, but urged them on with these words:
“With so many of you, and those watching around the world saying #WeChooseSV. We choose this, because Satoshi Vision is rising, and I know, talking to so many of you in this room, it’s not always easy. It’s not always fun being the people who fight for Satoshi vision. People don’t say nice things about us. People say we’re crazy. People want to knock us down. But you know what I have to say? We rise.” (22:15)
The whole speech is worth watching for the information Nguyen shares, and the inspiring words Nguyen shares. Check it out below.
The Bitcoin SV (BSV) powered Metanet has been described as a sidechain for the internet. To lay out in more detail exactly what it is, and how it works, Jack Davies took the stage at CoinGeek Toronto conference 2019 to give us our best look yet.
He began by taking a look at the projects already using the Metanet, like Weather SV and Agora, and breaking down exactly how they are using the BSV blockchain that makes them Metanet projects. “All these projects are effectively using the blockchain as a universal server. Sounds like a contradiction in terms if you think about serverless apps, but really, the blockchain is acting as a server for data. It’s where we’re actually hosting all the data for our apps, on chain.” (1:31)
Davies then goes on to explain how each application built so far acts as nodes referencing the blockchain, and the trustless system that then develops, as individual users can check the blockchain for themselves. Where the Metanet plans to go, is to create a protocol that brings everything together.
He then explains the underlying code of transactions that help to create Metanet edges, which allow for data to be transmitted without direct spending being a mandatory part of the transaction, but could if the application calls for it.
The Node and edge structure, with transaction parents and children, are important to the structure of the Metanet, forming a collection of trees of data and transactions, and Davies explains them at length. If you’re interested in understanding how it works, we recommend starting at 5:43 in the video.
Davies then explains the outputs of a Metanet-valid transaction, included in the OP_RETURN, beginning with the Metanet flag. It is a 4-byte protocol flag, which indicate a transaction is part of the Metanet subset of the BSV blockchain.
Attributes are the next output he covers. “These are metadata related to that node, describing things and helping to implement subprotocols within the Metanet umbrella. These are the ways you get the application specific things coming in,” he explains (15:25). This includes protocol identifiers, keywords, file types and more.
The final output of a Metanet transaction is the content data, which is the thing to be stored on the BSV blockchain.
The Metanet umbrella can then be used with multiple subprotocols, like B://, D:// or B://cat, to create an application from. Davies notes that this flexibility is perhaps the greatest takeaway from his presentation.
The graph is the next important aspect of the Metanet, which Davies explains how we can interpret. It works very much like a tree, with a top level domain, stored in a root transaction, with child transactions then acting as the sub-domain pages. This can all be navigated like websites typically have been, with MURL replacing URLs, and mnp:// replacing http://.
Davies then breaks down how Schools or Financial Institutions, or social media sites, could use the Metanet to build their use cases on. They can control the permissions structures of their sites, and turn individual security over to their end users, and work across each other, both accessing the same BSV blockchain, to prove the validity of data.
Finally, Davies referenced the Metanet flag vote held by nChain, and release of the full technical summary, which we covered previously.
All of this can seem a bit complicated for those without a technical background, but the important thing is that, as covered by Davies’ use cases, the end result once more businesses join BSV will be a seamless, more powerful, more secure experience for end users, only possible with Bitcoin SV.
The development world of Bitcoin SV (BSV) doesn’t usually have wait very long for new applications from Unwriter, the anonymous developer. On June 5, he took to Twitter once again to announce his latest innovation, Bitbus.
The new development is a Bitcoin-less Bitcoin Computer Network. Unwriter went on to define it a little bit more specifically, explaining:
“Instead of having to run a full Bitcoin node (hundreds of GB and soon TB), you can instantly create your own filtered replication using Bitquery in seconds. Only store what you need for your app. Instead of hundreds of GB, you store a few MB.”
What this effectively means, for businesses and BSV developers, is that they will no longer need to run a full Bitcoin node. Instead, they can use Bitbus to get only the information they need from the blockchain, ignoring the potential terrabytes of data that could have otherwise slowed them down.
The Bitbus website features documentation to better understand what it is, as well as a tutorial of how to get started with the new service, and a link to its GitHub. It also has a working demo, using WeatherSV.
This new service helps answer one of the biggest criticisms of the bigger block sizes of BSV, namely that terabytes of data would become too burdensome for developers to run their own nodes for. With Bitbus, that’s no longer an issue at all, proving that innovation from bright minds can tackle any problem in the way of massive scaling.
Bitbus takes advantage of the Bitcoin Association’s Open BSV License, meaning it is available exclusively for the BSV blockchain. This shows once again Unwriter’s committment to the original Bitcoin protocol, and the mentality amongst BSV developers to keep their work exclusive to the only blockchain adhering to the original Satoshi vision.
The response to Unwriter’s latest reveal immediately caused a positive response. One user replied, “The need to run a full node was limiting me in what I could create. This is a game changer!”
As Dr. Craig Wright noted at the recent CoinGeek Toronto scaling conference, the future of Bitcoin isn’t in changes to the protocol, but in the development that is happening now amongst the community. Unwriter hasn’t only been a huge positive force in that movement, but with innovations like Bitbus, he’s helping others to accomplish more too.
We’ve known for some time now the surface level details of the Bitcoin SV (BSV) powered Metanet, but intricate details of how it worked have been kept under cover. With the recent CoinGeek Toronto scaling conference featuring a talk on its inner workings, and now a release of two detailed documents by nChain, we know more about how the blockchain powered replacement for the internet will work for businesses, and the nChain team have put the Metanet flag options up for a vote.
Jack Davies’ CoinGeek Toronto developer day presentation on the Metanet revealed quite a lot about the inner workings of how the protocol works, and use cases it creates for enterprises. In it, he broke down four aspects of the protocol, including node and edge structures, Metanet valid transactions, data-insertion methods, and how the graph can be interpreted for domains, naming and locating.
Of the projects currently working on the Metanet, Davies pointed out how they all use the Metanet as their server, use the blockchain to host their content, allow contributions from the community, and allow for greater specialization in the way they use the blockchain.
A simplified explanation for how all this works goes like this: The BSV blockchain allows for data storage on chain, which search engines, applications and websites can then query from for their use cases. Because transaction structures can be specified, read and write permission can be easily controlled and allow for any manner of new application. Davies goes on to explain exactly how this works in a detailed way, but that’s the basics of it.
The use cases for this are already powerful. Institutions can use this structure to encrypt and safe-guard data while still allowing transparency for information that needs to be shared openly. Social media can use the BSV blockchain to build platforms on, where users can share content and interact with each other, with identities supported by referencing those previously mentioned institutions. As a result, it’s incredibly simple for a social media platform to safeguard itself against bad actors, fake news, and guarantee the interactions their users have online are with legitimate, verified users.
To further explain how the Metanet works, nChain have rolled out a detailed document to explain everything, along with Davies presentation in Microsoft PowerPoint format. They’ve also announced a 24-hour Twitter poll to help decide the Metanet flag. What is a Metanet flag? They explain:
“A 4-byte umbrella prefix to be used in every Metanet transaction. This flag signifies that a transaction is to be considered a part of the Metanet graph. All other related sub-protocols can be encompassed by the Metanet flag.”
The options the community now had to vote on for the Metanet flag were: META, MTNT, METN and MNET.
After 24 hours, it appears META is the public favorite with 56% of the vote.
With these detailed documents, businesses that are interested in building their future on the blockchain can get their developers to start reading up on how they can easily build new applications powered by BSV. It’s a worthwhile endeavor considering it provides all the security they could ask for, removes the cost of data centers from the equation, and easily incorporates a blockchain host system with the most powerful digital currency transaction system in the world.
Many of the basic aspects of the alt-coin world, accepted by many to be the future of digital currency, are in fact based in criminality. Dr. Craig Wright explores how pervasive this rot is in his latest article, “MSBs and Account-Based Systems.”
He begins exploring the basic natures of several cryptocurrencies and concepts, and breaking down how, even if their proponents don’t want to admit it, the law applies to them as they meet the definition of a money service business (MSB.) He writes:
“Monero and mixed coins (such as those using Schnorr) are engaged in the activity of money transfers and money handling… Every node and every software wallet engaged in mixing would need to fulfil the obligations that apply to a money transmitter…Peer-to-peer exchange is covered under the anti-money laundering (AML) rules.
“A money transmitter is any person engaged in the transfer of funds — any funds, including cryptocurrencies and bitcoin. If you are running a Lightning node, you are acting as a money transmitter. It doesn’t matter that you don’t like it. The law doesn’t care.”
This uncomfortable truth is something many in the industry don’t want to fess up to, as it would destroy their business models and wreck their prospects of bringing in money from more uninformed but idealistic investors. He adds, “The problem with the so-called “experts” is that they have no expertise. They seek to create a narrative and change reality such that it aligns with their beliefs, and believe that doing so will make them experts.”
The ideology they cater is the libertarian, anarchistic view that money should be divorced from government. Currencies like Monero specifically offer anonymity to attract this audience, and then end up being the tools of criminals. This is a dead-end trap, he notes:
“The error people make is that they think a cryptocurrency is inherently valuable because it can get around law. It cannot. The unfortunate aspect here for many investors is that they will wake up one day and find their holdings worth nothing.”
Bitcoin wasn’t made to be a method to escape the government’s reach, but as a method to keep all parties accountable via the blockchain. “I created Bitcoin to trump the anarchist ideas of money that could not be controlled and that acted outside of all regulatory controls,” he writes. “I created Bitcoin as an immutable evidence trail that is pseudonymous and cannot be made legitimately anonymous and continue to work.”
Those who praise the supposed anonymous features of cryptocurrencies, and doubt the government’s that want to crack down on them, notably John McAfee, are trying to create a system of lawlessness. That’s simply not a system in which a society can continue to build, or in which legitimate businesses can invest in.
Dr. Craig Wright has already told the world several times, and in several ways, that he is the creator of Bitcoin and the man behind Satoshi Nakamoto, but skeptics demand to see more proof. Steve Shadders, Bitcoin SV’s (BSV) technical director, has had the opportunity to see more proof than most, and took to Yours.org to talk about his feelings on the matter in his post, “On the Satoshiness of Dr Craig S Wright.”
In a beautifully written piece, Shadders notes that he chose to work with Dr. Wright without knowing the truth of if he really was Satoshi. He admired the man for who he is now, and the lessons he could share.
At this point, Shadders has come to accept that Dr. Wright was indeed Satoshi. Dr. Wright didn’t have to show him indisputable proof for that to be his conclusions, although it was offered on multiple occasions. He could probably ask at any time, and because they are friends, Dr. Wright would show him whatever proof he asked for.
He accepts the fact that Wright is Satoshi because of the immense knowledge and vision he shows for Bitcoin. The sacrifices he’s made, and the work he’s put into creating Bitcoin, are evident even on a cursory examination of his story.
Shadders reasons for not demanding to see proof are simple, but profound. The myth of Satoshi might have inspired the public to embrace Bitcoin, but the reality of who Dr. Craig Wright is, then and now, is even more impressive. Shadders concludes:
“Craig Wright has sacrificed so much more than a mere indulgence to bring Bitcoin to the world and I can never hope to match that. But I can at least give him my trust. It is the very very least I can do.”
As noted above, the entire piece is a touching testimony for why Shadders puts his faith in Wright. We really recommend you go over and read it in full to understand why, in Shadders eyes, Craig Wright has become a more important force for Bitcoin than Satoshi ever war.
There’s plenty wrong with the cryptocurrency industry, but you don’t have to take it from us. John Reed Stark, a cybersecurity expert and 20-year veteran of the Securities and Exchange Commission (SEC) wrote a scathing analysis of what’s wrong with it for Law360, and a lot of it is the exchanges’ fault.
He begins with the new concept of Initial Exchange Offerings (IEOs), better described as the recent trend of exchanges offering their own digital currency to profit more from the market. Stark doesn’t take kindly to this, calling it an “unregulated crypto-casino fundraising mutation.”
This kind of offering, best exemplified by Binance Coin (BNB), is something the SEC is tracking and will crack down on in due time. He added:
“IEOs represent yet another blatant attempt to hijack a similar-sounding acronym—IPO—in an effort to lure investors seeking to get rich quick. However, just like ICOs, the IEO has not a single element in common with the IPO (other than the first and last letters of its acronym).”
He also pointed to the rampant use of many digital currencies, like Bitcoin Core (BTC) or Monero (XMR), as tools of criminals to hide their activity. “Need a way to collect a ransomware payment?” he asked. “Need to fund terrorist-related activities? Need to hire a hitman? Cryptocurrencies like bitcoin have become the payment of choice for these, and a slew of other, criminal enterprises.”
The reason these exchanges and cryptocurrencies won’t last, Stark concluded, are because they are so obviously tied to criminality. They distance themselves from proper oversight and regulation, and as a result, the SEC and other government bodies are eventually going to crack down hard on them, limiting their potential for future global adoption.
The only digital currency working to seriously correct this problem, and seeking better regulation and oversight, is Bitcoin SV (BSV). Because Dr. Craig Wright, Bitcoin’s inventor, wanted to build a digital currency that was private, but not anonymous, BSV provides the full accountability necessary for a government to hunt down criminals who use it, while providing the stability and scalability necessary for businesses to build with.