Cryptocurrency, as the name implies, was originally designed by Satoshi Nakamoto to be an alternative to fiat. More than just a different type of currency, though, it was an improvement over what is currently available because it puts control of money back in the hands of all consumers. Many crypto projects have lost sight of that fundamental reason for the existence of digital currency, but Bitcoin SV (BSV) and its supporters haven’t. During the recent CoinGeek Conference Seoul gathering, Steve Shadders took a few minutes to discuss what is going on to restore Bitcoin to its original purpose and what this means to the Bitcoin ecosystem, as well as the future of finance.
Shadders is the Chief Technology Officer of nChain, one of the main entities behind BSV development. He met up with CoinGeek’s Stephanie Tower to offer some brief comments on what’s happening and to explain how the Road To Genesis is going to change digital currency. He explained that the transformation is all about removing limitations and restrictions on Bitcoin, adding, “Our goal is to bring the protocol back as close as possible to the original protocol that was designed by Satoshi, implemented by Satoshi ten years ago.”
Genesis will allow Bitcoin to go to the next level. It will incorporate new scripts, new opcodes, multiple transactions into a single unit and other enhancements that make it more robust. One of the biggest changes is the removal of block size limitations, which allows for unlimited scaling and growth. It also further enables people to build even more powerful applications on the BSV blockchain.
There has been a lot of confusion regarding what the real purpose of digital currency is—some believe it’s simply a way to invest and, hopefully, see incredible returns. Others, like those helping to build BSV, understand that this isn’t the true reason Bitcoin exists. Genesis is going to create an entirely new level of development as it completely stabilizes the protocol. Shadders points out that the protocol has been warped, just like the definition of Bitcoin, and that there was “never meant to be any protocol work in the first place. The only reason there is work is because we [have] to put it back to the way it was.”
Genesis is the name for the next big upgrade coming to the BSV blockchain, currently scheduled for February 2020. Once that upgrade is in place, Bitcoin growth is going to be exponentially higher than the levels currently seen. It’s all about building the next economy.
Dr. Craig S. Wright has joined the panel that will be discussing the global centralized financial system, its flaws, challenges and possible solutions at the upcoming CC Forum London Investment in Blockchain and AI conference. Dr. Wright joins other distinguished members of the panel who will discuss the way ahead for the financial system.
Other members of the panel will include Dr. Nouriel Roubini, an American economist popularly known as Dr. Doom. Roubini is well-known in the crypto community, mostly for his unceasing attacks on crypto which according to him are a pump and dump scheme. A lecturer at New York University’s Stern School of Business, Roubini made a name for himself as one of the very few economists who predicted the 2008 U.S housing bubble crash.
Other panelists will include Brock Pierce, a crypto entrepreneur who has been involved in numerous crypto projects. Pierce was one of the founders of Block.one, the company behind the EOS.IO software that the EOS blockchain is built on. He is also a co-founder of the EOS Alliance, Blockchain Capital, Tether and Mastercoin. As CoinGeek reported earlier this year, Pierce became the recipient of the first-ever crypto-backed mortgage.
Dr. Wright will also be joined on stage by Tone Vays, a crypto content creator known for his YouTube videos. The former VP at JP Morgan Chase has been educating the masses on crypto since 2013.
Bobby Lee will also join the panel. Lee founded BTCC in 2011 and acted as its CEO. BTCC was China’s first crypto exchange and for a number of years, one of the largest in the world. He is also a member of the board of directors at the Bitcoin Foundation and the founder of Ballet, a crypto hardware wallet.
CC Forum will also attract some key speakers from politicians and regulators, to leaders in the tech and business world. Members of the British Parliament including Lord Holmes, Lord Smith and Lord Waverly will address such issues as cryptocurrency regulation and how the government can create an enabling environment for the industry.
From the tech world, global leaders such as Huawei’s CTO Jorge Sebastiao; Fernando Martinho, the co-founder of blockchain cybersecurity firm Naoris and renowned doctor of artificial intelligence Fatmah Baothman will also be in attendance.
The financial industry will be well represented as well by titans such as Tim Draper, Guenther Dobrauz-Saldapenna, a partner at PwC Zurich; Steve Kelso, an executive at Galaxy Digital; Kenji Manno, the founder of Fusion Bank and more.
Dr. Wright will get to discuss the choking centralization of the financial system, an issue that’s dear to him. Having invented Bitcoin a decade ago to decentralize finance through peer-to-peer payments, Dr. Wright has been at the forefront in advocating for decentralization. The event will give him yet another opportunity to interact with leaders from several sectors and regions and spread the gospel of Bitcoin.
At the recently-held CoinGeek Seoul Conference, Dr. Wright revealed that he believes that using Bitcoin and blockchain technology, we can build a world where people works together as peers in building applications that incentivize crime to die. The only way to do this is through having more peer-to-peer interactions across the world and building on Bitcoin.
The CC Forum conference will be held on 14-16 October at the Queen Elizabeth II Conference Center in London. The event will focus on the impact that blockchain technology and AI are having in modern times and how to best enhance it. Grab your ticket now and secure a front row seat to listen to Satoshi Nakamoto as he shares his wisdom with the world.
What Bitcoin SV (BSV) can do today, no other blockchain or digital asset can even come close to. BSV stands alone as the only universal multi-purpose data ledger with an economic model that produces the ultimate in security. It’s time to revisit why we are here, and what we have achieved with Bitcoin SV so far. Today we see the latest Bitcoin protocol upgrade, named Quasar.
BTC is hamstrung with an artificially stifled throughput, as well as false and evidently failed scaling solutions Segwit and Lightning Network. LTC, which is in much of its entirety a clone copy of BTC, also suffers similar problems at scale. ETH which was once upon a time touted as the world computer literally broke down in a congestion nightmare in 2017 as a single app called Cryptokitties brought the entire chain to its knees. The same scalability problems ETH faced then continue to affect it today, as do many security concerns which I’ve written about in the past. Other coins have simply fell by the wayward with lacklustre developments, meandering roadmaps, or simply an outright refusal to scale.
“Big blockers” — a phrase given to those who want to see Bitcoin scale massively to global ambition, are all betting on Bitcoin SV. With the “Quasar” upgrade, Bitcoin SV stands at a default maximum 2GB capacity per block (though some miners intend to set a lower, but still very big, 512MB cap for an initial period to allow the network to get accustomed to bigger block capacity), and it signals strongly to businesses around the world. Bitcoin SV is ready. February next year, the maximum cap on the node software is removed altogether.
What we are seeing is a determined development team seeking to offload responsibility and influence of a key scalability variable, and empower miners who run the network to make decisions themselves on what capacity limits best serves them, and in consequence, serves the interests Bitcoin itself.
On face value, this is a capacity increase that enables Bitcoin SV to match and exceed the likes of VISA and co. But holistically, this represents a major paradigm shift in the way Bitcoin is perceived to work by the eco-system of miners and businesses. What I am alluding to is Nakamoto Consensus. Miners will not be mining 2GB blocks right from the very beginning of this upgrade (indeed, as noted above, some miners will begin at 512MB caps and increase toward the 2GB default hard cap over time). Blocks of GB size will come organically as demand for the network and transactions grows, and as miners adjust their own soft and hard limits to adjust for demand, we find the true nature of Nakamoto Consensus come into play as described by Dr. Craig Wright (pseudonym Satoshi Nakamoto) in the seminal 2008 whitepaper. This means that miners themselves, will now vote for consensus on new block sizes (up to 2GB). Miners that fail on consensus stand to find their blocks orphaned. Undoubtedly, some lesser knowledgeable news outlets will paint this as a negative, when in reality, it is the outcome of the very feature described by Satoshi Nakomoto concerning miners voting on rule changes.
While this particular “Quasar” upgrade sets the default hard limit at 2GB, the next upgrade due in early 2020 will seek to remove the hard limit altogether, and empowers miners to completely vote on this rule. Bitcoin SV will be free of a developer-controlled variable forevermore. In the interim, 2GB will be more than sufficient to carry to the torch of scalability for the next 7 months.
The inventor of Bitcoin Dr. Craig Wright states that the upgrade “leads to a long term path for miners. With the upcoming block reward halving approaching, transaction volume becomes much more critical. BTC is not going to keep doubling in price.” Undoubtedly this is the only logical front that comes out on top. And Bitcoin SV is pushing this angle, because we do not seek to survive just for now, we seek to be global for many decades to come. “If it isn’t used, and use requires big blocks, then eventually people will stop investing in it. Bitcoin is designed to be a ledger. It competes on an open market with other options. Pure dogmatic ideas about the decentralisation are religion and will not continue to grow bitcoin. Most people don’t care for these dogmatic notions,” says Dr. Wright. He states that “with the increase in capacity, bitcoin becomes more useful for more parties and attracts further investment. Not because of dogma but because of economic viability and value. The more people use bitcoin, the more valuable it becomes the miners and the cheaper the transaction is becoming the same time. It’s a virtuous circle.”
Calvin Ayre who leads the biggest mining operation on the network agrees — “It is clear that the adoption of ‘original Bitcoin SV’ will be driven by application developers creating unique business models using the incredibly low cost microtransactions that only BSV with its massive scaling can offer. This latest proof of the massive scaling available today on BSV will just speed up the application development as BSV will have gapped all competing technologies and will be the only choice for any application that needs low cost microtransactions. Original Bitcoin SV stands alone in the world today as a utility platform.”
Today not a single coin comes close. Not even anywhere near the scalability and technical prowess of Bitcoin SV and the revolutionary Metanet which will sit atop this blockchain. But this future is unfolding right before our very own eyes. Some see it and are paving the way. Only very recently, we had a new Github like application created on the Metanet: CodeonChain which is an immutable, timestamped code repository that tracks all changes on-chain. Such applications are being built right now. With Bitcoin SV we do not need to wait for promises of grandeur, because that promise exists today and is actively being utilised and developed by application developers from all over the world. With Bitcoin SV we do not need to pitch to investors of how great things are going to be tomorrow, because things are great today.
Jimmy Nguyen, Founding President of Bitcoin Association (the global industry organization which backs BSV), describes immediate goals to attract business use: “With the Quasar upgrade bringing BSV very big block capacity and with unlimited capacity coming next February, we are very focused now on getting real enterprise applications built on BSV. BSV provides the advantages of massive data capacity, speed, and tiny transaction fees that enable micro-payments and high volume data transactions of all types. Businesses in every industry can use the BSV blockchain to develop virtually any application they can imagine.”
In less than one year of the BSV ticker’s existence, it has managed to overtake a majority number of top 10 coins by market cap in transaction volume and is on track to overtake BTC volume in the very near future. Overtaking BTC is not the aim however, as that would be an easy feat. BSV seeks to overtake VISA and the like, as Satoshi stated it could in its infancy. This is what this upgrade is all about. This is what all these scalability efforts have been about.
There are no half measures here. We are heading full steam and leaving the competition for dead. Bitcoin SV is a society of developers, users, businesses and miners working on scaling and on application development to take things to the next level. This unbounded scale is upon us. Meanwhile, scam riddled blockchains like Ethereum are still desperately trying to untangle themselves from a scaling mess that is choking on its own flawed implementation.
Bitcoin had it right in the beginning, and now we prove every day that this solid, foundational protocol is capable of delivering a new economic model for the entire world. Bitcoin SV is evidence that Satoshi was right on scaling.
I first communicated with Dr. Wright in a series of interviews in early 2016… shortly after him being outed, and he was still at this point, very much out of the public eye. However, former lead Bitcoin Core developer Gavin Andresen had already stated that he witnessed Craig sign with keys that only Satoshi Nakamoto could have possessed. I knew who I may have been dealing with…
I was cautioned prior to the interview… that Craig can be a little intense – (I don’t quite recall the word used but I think ‘intense’ is relevant enough).
Certainly at that time the VAST majority of Bitcoiners did not believe that Craig was the man behind, in my opinion, the greatest invention since the internet itself, and perhaps even bigger. But I kept a very open mind. He rejected putting out cryptographic evidence at a time where we told the world that he would, and instead posted the Sartre piece… choosing to reject the Satoshi title, which in retrospect he viewed as a bad decision. But the spectre of Satoshi loomed large and, as time went on, it became more difficult to separate Craig from the Satoshi saga, for reasons right or wrong.
When our interviews began, all I had known about Craig was that he at one point claimed to be Satoshi (but then seemingly retracted), and that this man was under incessant attacks.
I had no idea what I was getting myself into…
A little about me: I have a full time job working as a software engineer on a multi-billion dollar infrastructure project, and keep a number of Bitcoin-related projects going on the side. I never considered myself a journalist. I somehow became a bit of a voice (one of many) for the big-blocker party (to the newcomers, that basically means we wanted to scale Bitcoin), and my passion to see Bitcoin reach its potential led me to write a series of pieces in an attempt to get some minds thinking rationally, to see Bitcoin succeed. It was most definitely under threat from being choked to death with an artificial limit on transactional throughput.
This passion led me to Dr. Wright. I didn’t know his stance on the blocksize debate at this point… But I did know that Satoshi did want to scale Bitcoin. It was one of my first questions, to which he immediately responded with “we are going to make sure Bitcoin scales.” That was three years ago… and here we are Bitcoin SV is now looking at 2Gb blocks this year. In 2016, the idea of 2Gb blocks was inconceivable… not within a 3 year period…
After publishing articles based on a series of interviews, I suddenly found myself drowning in attacks. Death threats to my mailbox, countless anonymous accounts attempting to belittle, mock and claim that my own voice and judgement were amiss. Much of the social media trolling was an attempt to make my voice as irrelevant as possible. And believe me, it’s not without effect. You’d be surprised how many people read only half an article, only to quickly check the comments section to assess public opinion. And perceived public opinion does indeed sway things…
This has been Gregory Maxwell’s (former Blockstream CTO dedicated to making life hell for Craig and big blockers) modus operandi. There’s strong evidence now that ties a number of online accounts including the infamous ‘Contrarian’ to Maxwell. These accounts have been dedicated to undertaking an unprecedented, 24/7 social engineering effort in skewing the public perception of Dr. Wright to incredible consequence.
In fact, the seeds sown by ‘Contrarian’ played a significant role in the schism in the Bitcoin Cash community that led to the birth of Bitcoin SV. In perhaps one of the most ironic turn of events, kicking Dr. Wright out of BCH ended up making Dr. Wright’s position 100 times more powerful. We’ll get back to this point later.
In our interviews, Craig’s willingness to scale Bitcoin immediately brought my guard down. This man wants to see Bitcoin succeed like no other… and it was in one of the earliest memos where he actually mentioned that Bitcoin was Turing complete. This was a key point that made me prod further. Eventually he provided some information pertaining to a fundamental key decision in Bitcoin’s design which enabled Bitcoin to be Turing complete. It was admittedly a revelation. But the revelations kept coming… one after the other… For example, when everyone thought Bitcoin topology was a mesh, as noted in the Mastering Bitcoin book, Craig rightfully said it was a small world network.
This man undoubtedly had an intimate understanding of the design of the system. I asked about his academic record (which was also under attack), and he provided copies of his entire academic record, which myself and others then followed up to confirm. The impressive academic record, was real. To date now, the man has 17 degrees and is currently studying for his 3rd doctorate.
In the following weeks, I guess Dr. Wright began to trust me a little, and began sharing a large swathe of early research work which led to Bitcoin. This included research work pertaining to Bitcoin’s neural network capability, and even Blacknet (now known as metanet). Craig has no idea of this, but the large volume of his own research that he sent quite literally kept me up all hours of the night and I’d end up at work a zombie… Occasionally, I’d message him to say I really have to sleep, only to get more emails stating “more reading material”. It was a rough time.
If you approach in good will and without any ill-intention to the original Bitcoin design, Craig will most certainly be open to sharing with you. Just don’t expect an outright extrovert.
With the bulk of intimate knowledge possessed by Craig, and with the recent signings to Matonis and Andresen, I was confident that this was the main man behind the world’s greatest invention. Why is it the world’s greatest invention? Because the problem of money has been solved. Finally. And contrary to what you may read or hear, the protocol must absolutely be locked if you want to prevent any future government, company or developer group from hijacking the protocol again for self interests.
Particularly in those days, if you said you thought Craig was Satoshi, you would be flamed, cast aside into oblivion. This happened to Gavin Andresen… he got knifed, not by Craig, but by Core devs who were so threatened by his admission that Craig was Satoshi that they couldn’t bear to allow him to retain commit access and potentially reintroduce the creator who would steer the ship back to its original course. So not only was Gavin kicked off the project, he was mauled by savages and forced into exile.
I met Roger Ver in 2017, when we were all on the same side. We may not be on the same side today, but I do not think Roger to be a bad person at all. In fact, he’s quite humble for a multi-millionaire. But I do think he’s been given some shocking advice that’s placed him in a difficult trajectory… that’s my opinion and he would disagree, that’s fine. He offered me a lift to the airport – and, I’m a nobody — but he was nice enough to do that. During the ride, he shared that he had met Dr. Wright a week prior and that Wright had offered to sign with Satoshi keys as evidence. Roger responded that he believed him and that signing was unnecessary. Roger then joked “of course I’m not prepared to go public about it.” We all knew what ‘going public’ meant. It meant suicide… look what happened to Gavin, to Matonis…
We generally kept quiet, but even my mere assertion that Craig understood Bitcoin and knew what he was talking about was met with heavy gunfire.
In fact even a recent post by Ryan X. Charles (CEO of Moneybutton) which painted Dr. Wright positively was met with incredible criticism, – mostly by anonymous accounts.
Craig Wright has 17 degrees and he's getting two more PhDs right now, simultaneously, while working a full-time job. He is the most serious life-long learner and scientist I have ever heard of in my life. Inspiring.
And while his supporters deal with a lot of shit-flinging, it pales heavily in comparison to what Craig deals with.
Granted, Craig now has a much bigger support base, is much better structured and is now on the offensive. And with Craig’s move to openly state that he created Bitcoin as well, it has become much easier to say the same these days. And this is the point that was raised earlier… the fightback is only just starting.
Craig has been dealing with credible death threats, family threats, sexual abuse threats, smear campaigns and dirty tactics that would make a presidential election race look coy. That’s not an exaggeration. This has been happening from people seeking to silence and destroy Craig from years before he was outed… the information is out there if you look beyond the prevailing rhetoric.
These individuals attempting to silence Craig now find themselves dealing with a monster forged of their own actions. When criminals choose to attack from the shadows and threaten family members and attempt to subdue people, don’t be surprised when the campaign is returned ten-fold. And in attaining legitimacy for his actions and his proofs, Craig is seeking the courts.
Astonishingly, people are actually crying foul play. There is no institution in the world that is without issue or controversy, true. But compare the legitimate standing of the court of law to underground criminal organisations and you have chalk and cheese.
Admittedly, there are times where I have felt I needed to apologise for Craig’s behaviour – and I was wrong to even contemplate that. With everything he has dealt with, you cannot expect a compliant individual. If he was a pushover, Bitcoin would’ve died already. Jimmy Nguyen was right when he said “I make no apologies for Craig Wright… otherwise he wouldn’t be who he is today”.
And who is Craig Wright? Based on everything I have personally seen and witnessed, he is the genius behind Bitcoin and the Metanet. To the doubters, the evidence is coming (from numerous fronts, including some I am personally digging out myself, and even culminating in a signing), but NOT on your terms. A man capable of over 17+ degrees, including multiple doctorates, operating numerous businesses, with countless inventions, papers, and heading for thousands of patents… well that should be an inspiration to anyone wanting to attain anything in life… As Ryan X. Charles voiced “I thought it was humanly impossible to achieve so much”…
Instead, this editorial will be ridiculed (mostly by anonymous trolls), and every outlet that has any investment or allegiance with competing digital assets will trash it.
The CoinGeek Toronto Bitcoin scaling conference is now just a couple of weeks away on May 30 (with a special Developers Day on May 29). For those in attendance, they’ll have a special opportunity to attend a Fireside Chat, at the end of the main conference day May 30, featuring Bitcoin Association Founding President Jimmy Nguyen as moderator, and nChain Chief Scientist Dr. Craig Wright, the man behind the pseudonym Satoshi Nakamoto and creator of Bitcoin.
The two will sit down and have a wide ranging discussion about the beginnings of Bitcoin, the destiny that Bitcoin was created to achieve, and how Bitcoin SV (BSV) is fulfilling the destiny of Satoshi Vision. As is often the case with Dr. Wright, the conversation will be unfiltered, and he will offer up more information than we’ve seen before.
This is a unique opportunity to hear from Dr. Wright directly, as he has decided to remove himself from social media. Dr. Wright continues to publish new information on Medium, however it is often on the topic of the day, and he doesn’t have Nguyen there to follow up on interesting tidbits that we may want to know more about.
In this 40 minute discussion, will Nguyen ask Wright more about why he became Satoshi, and why he gave it up? Perhaps Wright will expand on the early days of Bitcoin, and the truth of how it came to be created. Nguyen might press him enough to reveal never-before-heard facts that will shake the crypto world. Wright’s biggest continued contribution to Bitcoin, is his innate ability to envision new possibilities and chart a path to them, and there will be plenty for him and Nguyen to talk about as BSV continues to move towards mass adoption.
Whatever they discuss, it’s an opportunity that any fan of Bitcoin can’t afford to miss. The depth of conversation will be fascinating and worth the cost of admission alone, but add on the exclusive tidbits that will likely come out of it, and it’s guaranteed to be a highlight of the conference.
If you’d like to attend, get your tickets now by registering online. Besides being a celebration of BSV and its massive blockchain scaling, there will be so many exciting developments that you won’t want to miss.
A mysterious entity has suddenly begun mining significant volumes of Bitcoin Cash (BCHABC), leading to a wave of suspicion through the network.
Going by the name of Satoshi Nakamoto, after the pseudonym used by Bitcoin’s creator, the miner has grown to control close to 40% of the overall hash rate of BCHABC, according to Coin.Dance data.
The unknown miner first appeared around one week ago, and has already grown to account for a substantial share of the overall mining pool. This has led to the finger of suspicion being pointed at Bitcoin SV proponents, specifically nChain Chief Scientist Dr. Craig Wright and Calvin Ayre, as well as the suggestion that the CoinGeek mining pool is somehow involved. Ayre, however, has confirmed that neither he nor Wright—the real Satoshi Nakamoto—is involved in this shenanigan.
nobody working on real #Bitcoin#BSV even has time to think about the dogs breakfast Alphabet soup has forked to…this is not me and I don't believe Craigs pool has that much hash. But this is funny in its stupidity.https://t.co/2ayvWhKcaG
Posing as Satoshi Nakamoto to mine BCHABC is among the growing number of attempts to discredit Dr. Craig Wright as he continues his pursuit of justice against those who seek to deny his claim to being the individual behind the pseudonym. Dr. Wright has proven beyond a doubt to ownership of CoinGeek that he was the main architect of Bitcoin, and that it was he who conceived and used the pseudonymous name of Satoshi Nakamoto.
In late 2018, some group took it upon themselves to create a Craig S Wright coin—clearly another attack on Dr. Wright by the Ethereum crowd. It’s worth noting that Vitalik Buterin, co-founder of Ethereum, is already facing libel charges following his defamatory comments against Dr. Wright. Buterin has made several statements in the past, in which he called Wright a fraud and questioned why the industry allowed him to speak at conferences.
It’s evident that the attacks against Dr. Wright are primarily intended to trash the Bitcoin Satoshi Vision (BSV) protocol that the nChain chief scientist supports. Wright maintains that BSV is the real target due to its capacity for massive on-chain scaling, which represents an existential threat to the future of other cryptocurrencies.
If you want to learn more about the future of cryptocurrency with no limits, join the upcoming CoinGeek Conference in Toronto on May 29-30. Expect lively debates among crypto advocates in a troll-free environment that will focus on the technology and innovation.
Bitcoin Wednesday assembles some of the brightest minds in digital currency to talk to a live audience the first Wednesday of every month in the Netherlands. This month, nChain Chief Scientist Dr. Craig Wright joined as a speaker, and he had a lot to say about Bitcoin, and his ongoing effort to prove his pseudonymous identity as Satoshi Nakamoto.
He began his talk by discussing how much the development of Bitcoin has been set back by the Bitcoin Core (BTC) development team. Dr. Wright noted that, although he was not a public figure in 2013, he was working with a team to develop new things, but all of that was set back when BTC hijacked the protocol to take it in its own ways.
“What does money need?” He asked the crowd. “It needs to be stable, right? … We want to build. It’s that simple.”
That’s simply not possible with how the Core team has taken BTC. “Problem with Core is that you need to check with them on what the roadmap will be because it’s unstable,” Dr. Wright explained. Developers can’t build for the future because there is no way for them to know what the protocol will be a few months down the road. As a result, businesses can’t grow, because no business can work on plans that need to change every few months.
The plan for Bitcoin, now reborn as Bitcoin SV (BSV), is comparatively simple. “What if we actually have something stable, and we have something that allows people to build,” he explained. He also laid out a clear vision for how long this stability can last:
“What we’re going to do is very simple. We’re going to scale Bitcoin. And we’re going to have the protocol so that a transaction that was written in 2009, and signed, will run in the year 2100, that hasn’t been on the blockchain now, that can be sent then, and will still be accepted. Now you can say that’s backwards.”
He also talked extensively about how he’s tried to maintain his privacy, and never really wanted to come out as Satoshi Nakamoto. It was demanded of him though, so now he’s proving his identity his way. “I, who didn’t want to talk about my past, will do it the way I want to,” Dr. Wright declared. “In court, the way people have real rules of evidence. Things that have been built up.”
He very much understands that he might be his own worst enemy in convincing people of the truth, but he knows evidence is on his side. “I’m not a good marketer,” Dr. Wright said. “I’ve learned to be better with people. I’ve learned to be different. That’s the world.”
Ultimately, Wright is not focused on proving he’s Satoshi to achieve any measure of power. He explains early in the video that he’s content to be rich, he doesn’t want to be famous. Instead, he is focused on fixing Bitcoin, and setting its protocol in stone, the way his white paper originally intended it to be.
If you agree with that vision, and get excited when you think about the unlimited possibilities with Bitcoin SV, join the CoinGeek Toronto scaling conference. You can save money on your registration by using Bitcoin SV via Coingate, and help decide the winners of the first ever BSV hackathon contest.
With CoinGeek Toronto just around the corner, I wanted to sit down with our Founder, Calvin Ayre, to get his thoughts on some of the latest topics surrounding the Bitcoin SV ecosystem and why our readers should consider joining him at the conference.
Craig Wright is Satoshi Nakamoto
Since the creator of Bitcoin, “Satoshi Nakamoto,” revealed his technology to the world in January 2009, the question of who is behind the pseudonym has been a popular debate amongst crypto enthusiasts.
“Bitcoin was invented as a direct solution to government interference and people’s ability to spend their money where they want to in the gaming industry. So Bitcoin actually comes from the gaming industry,” Ayre explained.
“Craig’s got a background in the gaming industry, I have a background in the gaming industry and one of my close personal friends from the gaming industry actually knew Craig, another Australian gentleman, when he invented Bitcoin,” he said.
“Subsequent to that, I was introduced to Craig, and Craig has demonstrated in a number of other ways so that there’s no doubt in my mind that Craig is Satoshi Nakamoto and Craig is going to be proving that in court this year,” Ayre revealed.
Going to court to stop internet trolling
When asked for more details on going to court, Ayre explained that in an effort to squash endless digital trolling, both himself and Wright have engaged the same law firm to assist in obtaining relief and helping to set the facts straight.
“Essentially what [the trolls] are trying to do is defraud Craig of his own legacy and defraud the rest of the planet of the truth about the true power of original Bitcoin which is now, today, BSV,” Ayre said.
“Craig is forced to go to court right now to basically stop the other side from lying. Craig is more than happy to defend his technology and that’s where the conversation should be, but these attacks on Craig because he’s overweight or because he’s a fraud of some sort, that his university degrees aren’t true- that’s just not true. That’s just not real,” he explained.
“And no amount of attacking Craig for these crazy arguments is going to make their technology work. So these people that are conflicted and have interests in other technical platforms, that are threatened by the power of real Bitcoin SV, what they need to do instead of wasting their time unlawfully attacking Craig, is go back and fix their stuff,” Ayre added.
Scale it and they will come
While there are plenty of opinions flying around Wright’s reveal of his true identity, no one can deny Bitcoin SV’s unique ability to scale massively which has been achieved in a relatively short period of time.
“It’s absolutely true. I’m a business owner and entrepreneur, and I know for a fact that I would not invest in a platform for an application development if I didn’t know it could already handle the volume that I anticipate from the success of my project. And that’s just business 101 and that applies to the gaming industry and it applies to all industries,” Ayre explained.
“In just a few months we’ve got a platform that can regularly mine 128 MB blocks and if you look at the other platforms, BCH ABC’s largest block is 4.5MB, BTC Segwit is 2.5MB and Litecoin is 1.5MB and original Bitcoin, BSV, is regularly doing 128. We think by the middle of the year it will be 500MB and between 1 and 2GB blocks by the end of the year,” he revealed.
“So I don’t know what these other platforms are going to do, but to me, instead of attacking Craig, they should focus on figuring out on how to make their technology work because right now, none of them work,” Ayre added.
Big blocks: Why should we care?
While mining several 128MB blocks on the BSV chain is big news for crypto enthusiasts, the average person out there may not understand the significance.
“Scaling removes the incentive for forking, so the technology is not going to fork anymore, scaling allows the transaction volume that will create the financial incentive for miners to continue to mine which creates the security on the network, so the security is enhanced by the scaling,” he said.
“Scaling gives the confidence to enterprise and start-up development to aim their application development at that network which is going to stimulate the transaction volume that’s necessary to attract the security and at the end of the day, just like there’s no need to be two internets, there will only be one platform. And that platform has to, by definition, be the one that scales,” he added.
“So all these business models that you can dream of, that could possibly be done with frictionless micro-transactions on the internet can only be done on BSV and I think that everyone should applaud that, its going to make our lives better,” he said.
Focus on utility, not price
Despite being around for 10 years now, plenty of people are still fixated on the price of Bitcoin (and other crypto currencies) and they often mistake a higher price for a superior technology.
“The prices of tokens out there today are artificial. They are not real. Fundamental, long-term value of a token is created by utility and utility only. All this other fluff, promotional fluff that’s out there, or FUD, to me they’re a bunch of Ponzi schemes, they’re trying to talk people into buying these things to make the price go up,” Ayre explained.
“Real utility, you don’t have to promote it, it goes up because it becomes in demand because it can be used for something. That’s utility and that’s BSV, the only one that’s got true, underlying utility. I think its significantly undervalued from that perspective and I tell people that if you are interested in investing, then you invest in utility, you don’t invest in price,” he added.
Coming to North America for the first time, CoinGeek’s next conference will take place on May 29th-30th in Toronto, Canada, this time with a special focus on massive on-chain scaling.
“This is the third [conference] I’ve done and I’m going to be doing lots more, the next one after this of course is in Seoul in Asia, and I’m going to be doing these around the world,” Ayre confirmed.
“We originally started them to talk about different aspects of platform and it dawned on us that what we really needed to talk about is scaling because that’s the one area where people that are supporting these other technologies that don’t work are very confused,” he said.
“Craig said [Bitcoin] would scale, Bitcoin was born an adult and now he’s got control of Bitcoin again and he’s proving that he was right and I think that’s pretty much the end of the story,” he added.
A lot of attention has been paid lately to the legal battles of Dr. Craig Wright, chief scientist of nChain, and creator of Bitcoin under the pseudonym Satoshi Nakamoto. What gets lost in the news cycle is the serious development behind Bitcoin SV (BSV), even though it is the bigger and more important story long term.
James Edwards, editor of Zero n0nCense, recently tweeted several times about the development of BSV. After visiting the Slack channel of BSV, it caused Edwards to question if delisting the crypto is the right move. He went so far as to compliment the legitimacy of their work, and comment that BSV belongs in the crypto industry.
Idk. I'm not even trying to be devil's advocate, but their Slack looks extremely fucking legitimate and I've looked at a lotttt of projects and devs in this space (Bitcoin included).
I think they belong here. Its CSW that's the problem.
This is an impartial observer to the BSV space, not Wright’s side per se, but admiring the work of the project nonetheless. This is because ultimately, what Wright does online will mean very little when compared to the eventual success of the Bitcoin project.
Edwards has many tweets about the delisting of BSV, and went so far as to look into other hypocrisies by the howling mob, including a failure to delist Bitcoin Cash (BCHABC) after it had its own controversies and the shadier side of Binance that no one wants to admit.
He also took a hard look at Satoshi’s own words, taking a deep dive into forum posts, and comparing them against the development of Bitcoin. There’s a lot in there that points to the vision that BSV is now following.
Although Edwards said he doesn’t believeWright was Satoshi, he pointed out that there are enough smart people behind BSV to make it a worthwhile project.
Ultimately, he doesn’t need to believe Wright, and Wright isn’t begging anyone to believe him. The only thing the man is trying to do is defend himself against false accusations coming from those who fear him, and ask for a chance to prove the truth of what he claims. In the meantime, BSV keeps working towards the original vision of Satoshi, with a stable protocol and massive blockchain scaling.
If you also believe in the scaling plans of Bitcoin SV, why not join the CoinGeek Toronto conference this May 29-30. Registering only takes a few moments, can you can save money by using Bitcoin SV with Coingate.
Whenever Bitcoin SV is discussed, the conversation very often gets steered towards Dr. Craig Wright, and if he really is Bitcoin creator Satoshi Nakamoto. Naysayers will often point out that if Wright was Satoshi, he could prove it with the private key for the genesis block.
In a March 13 post, titled Proof, Craig Wright responds to this theory. The essence of the article is fairly simple, and Wright returns to it often: code-is-law is bunk.
Wright establishes that in any court of law, there is no clear black and white. Judges and juries have to weigh all the evidence and come to a decision based on the preponderance of evidence. Using the fable of Othello as an example of a man who provided proof, Wright notes:
“Othello had given proof of his valour through action and deed. A signature issued through a digital file is at best a conditional or presumptive proof, that is, a fact that amounts to proof where no other fact amounts to disproof.”
As Wright notes, regardless of what proof is provided, the commons will make their judgement based on the entire story told, and not a single proof. Wright has provided some of that evidence, giving us his background, some of his degrees, and stories of the early days of Bitcoin, but he is still doubted for not providing the single piece of digital proof they demand.
Why hasn’t he though? As Wright explains, even that one private key is not proof of anything. He says:
“Computers are not secure, and the average person will never get to the point where everything they do can be secured… In a world where everything is digital and by those who seek the dystopia arising through code is law, we would see people wrongfully not only accused but framed.”
Ultimately, Wright’s right to privacy outweighs the public’s need for proof. He notes that what proof he’s given was under duress, and even then he was attacked for providing anything. He doesn’t owe the world any answers.
If you follow the man on Twitter, you know he often shows how little he cares of what the world thinks. This lays in his conviction that Bitcoin, now reborn as Bitcoin SV, will ultimately show the world what’s really true. He wraps up the article with this telling passage:
“Some fail to see the change that is happening. It’s slow, and it will take decades, yet it’s going to occur. The promise of blockchain, Bitcoin, lies in the truth. Not the subverted version that they sell. Not sidechains and Lightning and methodologies that allow people to create many sets of books and ledgers, but one truth, one source of immutable evidence.
“What you are going to see in the next decade is the creation of thousands of pieces of intellectual property. Software and code and more patents than many countries own. Such is my legacy. Not caring what you think or even allowing you to understand me fully but creation as its own reward.”
Google the name Craig Wright, and among of the top results would be the question, “Is Craig Wright Bitcoin Creator Satoshi Nakamoto?”
Wright, an Australian computer scientist and businessman, has already confirmed his part in creating Bitcoin, and identified himself as Satoshi Nakamoto—the pseudonymous creator of Bitcoin and its underlying blockchain technology. Yet Wright’s statement has been widely regarded with skepticism, with doubters immediately finding fault with his claims.
It’s interesting to note that despite his credentials always being questioned, Wright has been questioned by the brother of deceased Bitcoin pioneer Dave Kleiman. The complaint claimed Wright amassed a stash of 1.1m Bitcoins, but didn’t dispute the Australian computer scientist’s place as a key figure at the early development of the cryptocurrency.
Now he’s coming clean.
I was Satoshi
In a Medium post, titled “Careful what you wish for,” Wright wrote how Bitcoin got its start as well as the challenges it weathered, explaining along the way why he left and why he’s returned. He said:
“I had a lot of help along the way. Without Hal, the code would have crashed time after time. I am not going to list the people who helped my [sic] here, but Bitcoin started because of my ideas. It was my design and it is my creation. And, making certain that it cannot be subverted by criminals is and remains my duty. I was Satoshi.”
The post also addressed why Silk Road failed. Simply put, the nature of the blockchain doesn’t allow it to be crime-friendly. Because everything is recorded permanently on the blockchain, it provides an immutable and mathematically provable evidence whenever criminal activity takes place on the blockchain, such as in the case of the illegal content reportedly posted in the Bitcoin SV chain.
Wright pointed out, “No blockchain will ever be crime friendly. That is the nature of the system. The audit trail allows the authorities to track one criminal to another. We saw this in action as Silk Road was taken down, then Silk Road 2.0 was taken down and then the corrupt FBI agent who stole bitcoin was caught and arrested. Bitcoin is Sunshine. It is the cure for the festering wound that is corruption, be that from Government or from criminal groups.”
To read Dr. Craig Wright’s entire post, Careful what you wish for, check out the Medium post here.
Satoshi Nakamoto wrote about the idea, and, theoretically it made a lot of sense. In questions concerning the need for a fast payment (the snack machine problem), Satoshi mentioned the following in mid-2010:
I believe it’ll be possible for a payment processing company to provide as a service the rapid distribution of transactions with good-enough checking in something like 10 seconds or less.
The network nodes only accept the first version of a transaction they receive to incorporate into the block they’re trying to generate. When you broadcast a transaction, if someone else broadcasts a double-spend at the same time, it’s a race to propagate to the most nodes first. If one has a slight head start, it’ll geometrically spread through the network faster and get most of the nodes. A rough back-of-the-envelope example: 1 0 4 1 16 4 64 16 80% 20%
So if a double-spend has to wait even a second, it has a huge disadvantage.
The payment processor has connections with many nodes. When it gets a transaction, it blasts it out, and at the same time monitors the network for double-spends. If it receives a double-spend on any of its many listening nodes, then it alerts that the transaction is bad. A double-spent transaction wouldn’t get very far without one of the listeners hearing it. The double-spender would have to wait until the listening phase is over, but by then, the payment processor’s broadcast has reached most nodes, or is so far ahead in propagating that the double-spender has no hope of grabbing a significant percentage of the remaining nodes.
A few points to note in the above. What may have required 10 seconds back in 2010, now requires less than 3 seconds. Dr Craig Wright states that by checking just 8 nodes, you get the 99.9999% assurance that your transaction will be included within the next block.
So when Core developer Peter Todd fought hard to implement “Replace By Fee” (an algorithm which enabled users to double spend, forcing merchants to wait for a confirmation) on the BTC chain, he did so without any testing or statistical analysis on just how easy it is to do fraud proofs.
Dr Craig Wright states that “fraud proofs and nowhere near as difficult as anyone thinks… the solution is incredibly simple. All you need to do is randomly select a series of nodes on the network and query whether the inclusion of your transaction has occurred on that node. Each query would be random. Using a simple Bayesian algorithm, we could use a failure model to analyse the likelihood of a double spend or other attack… In under two seconds 99.98% of the hashpower would have received your transaction.”
This means that, without the cap, you can be assured of zero confirmation transactions in minimum amount of time.
Sure, this is probabilistic, but every security system works on probabilistic information. “so-called experts of Bitcoin fail to comprehend that strong encryption is [in itself] probabilistic”.
The next point to note with Satoshi’s comment is the term “good enough”.
Ravi Sandu of George Mason University and SingleSignOn.net states the following:
Good enough is good enough. Good enough always beats perfect. The really hard part is determining what is good enough.
The first principle is a vacuous tautology, but one that the technical security community (myself included) forgets too easily. The second principle is amply supported by strong empirical evidence in all aspects of information technology. Its application to our field is further amplified because there is no such thing as “perfect” in security. We might thus restate it as the nearly tautological, “Good enough always beats ‘better but imperfect’.”
With Bitcoin Cash, the removal of the cap and the merchant hostile RBF (replace by fee), the online eco-system has now flocked back to embrace the original vision of Bitcoin (BCH) once again.
But this has not stopped a large vocal group of online keyboard warriors spreading fear and ‘concern’ over 0-confirmation payments.
But what better way to fight fake propaganda than by issuing a direct challenge?
Arian Kuqi, Co-founder of Cryptonize.it issued this very challenge to the community, and particularly to those screaming loudest in condemnation of 0-confirmation payments. He says “it started about a month ago, I noticed a lot of comments and posts about 0-conf and how it’s nat safe to use. It’s understandable, people are stuck in their head with BTC problems and think the same goes for BCH”.
For anyone confident you can pull a double spend on the Bitcoin Cash ledger: ' I'll tell you what, I set up an Amazon giftcard worth $1000,- but you pay the equivalent of $2000,- in Bitcoin Cash. ' https://t.co/n6G2rcyGYx
The challenge is simple… If you can double spend, then you should be able to pay $2000, and then immediately re-spend the money by paying it back to yourself. In return, you would have earned yourself a free $1000 bucks (voucher exchangeable for BTC).
That was a month ago, and to date, there are no prize collectors.
But we did have a buyer of the $1000 voucher for which a user paid $2000… transaction log is here. And Arian Kuqi was quick to post about it.
And so Cryptonize.it was up 1000 bucks that day. More importantly, it’s proof in itself, that Bitcoin Cash cannot be double spent at 0 confirmations. Not without significant investment anyhow.
Arian has mentioned that he’ll have many more of these challenges coming up in the near future. After all, it is no loss to him… As for any ‘attacker’, Arian promises that it’s fair game if they do succeed. “I announced that I would not press charges or block the card at Amazon if the double spend succeeded, so no risk there for the attacker. Same goes for the coming challenges.”
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.