Hi everyone, we are in Malta at the Blockchain Summit here with Craig Wright, thank you so much for this opportunity The first question: in your opinion, how has Bitcoin changed compared to the original version, the one written in the whitepaper? Bitcoin does not change, the mistake that people make is to think that it is a fixed protocol, so it is wrong to say "Bitcoin has forked, or something like that", there is BTC, which is the ticker symbol and a new system that is falsely called Bitcoin
Bitcoin has a chain of digital signatures, which is not the case with SegWit, where they are eliminated Malleability has a reason, the nature of the structure within bitcoin is there and is designed to be blocky, it is not an anonymous system, it does not consist in letting everyone manage a node and all these other things related to the so-called democratization of finance (according to me scam), is the opposite of what was bitcoin This is what people like Szabo, who followed in the footsteps of Lawrence Lessig from the 1990s, wanted in their anonymous money, saying: "the government will no longer be able to follow our money or anything else", which favors crime, fraud and anything else The people who need anonymous money most are the big criminals and even more the governments
The worst entity that can be given anonymous money is the government Once you have governments without controls, without transparency, and you can't see where they are spending money, then you have a totalitarian system Do you think Bitcoin is more a reserve of value or a payment system right now? Well, first of all, you're talking about BTC, which is not Bitcoin BSV is Bitcoin, as I did, which is important The developers don't make changes, they can't vote on what happens, even the miners don't, the miners enforce the rules, the legal part of the whitepaper says "the miners enforce the rules", this does not mean that they can vote on them, enforcing the rules is something a policeman does, you don't want to give voting power and the ability to create rules for a policeman, if you do it, you get something similar to what happened in Chile for many years, where people decide to create rules on the spot So this whole concept of "store of value" is completely wrong
Value reserve does not mean that the price will go up or something similar, reserve of value means that the system in which you contract every day will be the same, if you trade in euros, the ideal value reserve is the euro, by definition, if it is traded in US dollars, the ideal system is the US dollar, since it does not mean having more money or less money, but it is possible to plan what you need one year in advance So, if you take a mortgage and your payments are $ 2,000 a month, your value reserve must be in dollars, because you will have to pay it in US dollars The reason why gold was a store of value was due to the fact that it was directly linked to US dollars, pounds and other currencies When you have a 1 to 1 match between gold and more, gold can be used instead, so you can use it directly This idea "is a store of value" is nonsense, it's like taking every cheap book and burning it and giving people encyclopedias for children and then hit them with a hammer until they're smart enough to understand what it means to store value in the crypto worldview The main objective is to have a large number of transactions per second to be a payment method, is this the goal? It is a system of micro-payments, Bitcoin has always been designed in this way, in reality it is precisely written in the introduction to the whitepaper
So micropayments mean small payments, now many people say, "Satoshi didn't want micro-payments" because there was a comment in which I said, speaking of 1 tenth billion bitcoins at that point, which was (bitcoin was worth 10 cents) 1 trillionth of a hundredth of a value, which was not yet ready for these payments, a few lines below that, which was ignored by everyone, I said: "Right now, bitcoin can make small payments in the order of a fraction of a cent", which is still a micro-payment, a tenth of a cent or less Now we can also do better, but we were talking about something like a trillionth of a penny and we were saying that bitcoin wasn't ready to handle a trillionth of a cent, and it wasn't, because it needed value So, I say it now, ten years ago, bitcoin wasn't ready to handle a trillionth of a penny, but even then, it was able to manage a penny of a cent bitcoin was engraved on the stone when the protocol was released The nodes order transactions, basically they are a notarial authentication service, a time stamping service, the nodes are not users, they are sybil if they try to pretend
Section 5 of the whitepaper describes in detail, step by step, everything a node does, which includes finding and distributing blocks and not finding and keeping them The way bitcoin works is to find a block and propagate it to most other nodes, and only the nodes are miners and the miners are nodes, before anyone else finds the solution or propagates it first So there were no ASICs, I knew them, my first degree was on silicon wafers, so I've known ASICs for a long time, I've also developed them I designed hardware systems that have been running in major companies There's a reason why I didn't mention ASICs, the CPU is important, as, as bitcoin is scaled, elements such as ECDSAs and the validation of transaction models become increasingly crucial We will see, with the bitcoin scalar, that the hash rate becomes only 20-30% of the total cost of the CPU and the investment, so in reality validating transactions, ordering transactions and network propagation becomes 70-80% of the cost, that's why I'm talking about CPU
Thanks for the clarification You are welcome And thanks for your time in this interview
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