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Craig Wright: "BTC is not Bitcoin" - YouTube
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hello everybody we are in master the
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blockchain summit we are here with Craig
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right thanks a lot for this opportunity
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I would love to ask you how do you think
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it's changed my coin from the very
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original version the one written in to
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now Bitcoin doesn't change the error
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people make is that it's a set fixed
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protocol so where people say Bitcoin
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forked or whatever else
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no there's BTC which is a ticker symbol
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is a new system that is falsely being
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called Bitcoin Bitcoin has a chain of
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digital signatures unlike Segway where
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they're stripped out malleability has a
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reason the nature of the structure
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within Bitcoin is there and it's
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designed to be on blocks it's not this
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anonymous system it's not everyone runs
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a node and all these other
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democratization of Finance scam type
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things that people talk about that's the
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opposite of what the coin was about so
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that's what people like Szabo who's
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following Lawrence Lessig of the 90s
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wanted in their anonymous money thing
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which was government will be able to no
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longer follow our money or whatever us
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which only enables crime fraud then
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whatever else the people who most need
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anonymous money are criminals the large
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ones and even more governments the worst
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person you want to give an anonymous
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money to is government once you have
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governments with no controls with no
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transparency that you can't see where
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they're spending money anymore that's
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when you have a totalitarian system
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is more a store of value or a payment
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system well one you're talking about BTC
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which isn't Bitcoin DSV is Bitcoin the
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way I've made it the whole set in stone
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is important developers do not change
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Bitcoin they don't get to vote on what
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it is or any of this even miners don't
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do that - enforce rules the section last
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section of the web purposes - enforce
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rules that doesn't make it to vote on
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them and forces something that a
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policeman does but you don't want to
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give voting power and the ability for a
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policeman to create rules if you do that
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once again you end up like something
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like Chile people decide on the spur of
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the moment to create laws so then this
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whole concept store value it's utterly
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wrong store value doesn't mean that it's
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going to go up in price or anything like
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this store value means the system that
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you're contracting in on a day to day
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basis will be the same if you're dealing
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in euros the ideal store value is euros
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by definition if you're dealing in US
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dollars the ideal system is US dollars
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because it doesn't mean you'll have more
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money or less money it means you can
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plan a year in advance what you need so
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if you take out a home loan and your
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repayments are say $2,000 u.s. every
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month your store value has to be US
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dollars because you have to pay it in US
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dollars the reason gold used to be a
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store of value was that it was linked
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directly with US dollars cable or pounds
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and other currencies when you had a
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one-to-one mapping from gold to the
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other gold would be able to be used in
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substitution so you can actually use it
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directly this idea it's a store of value
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that's yeah Danny word for it
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it is utterly it is like taking every
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economic book and burning them and
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giving people golden book encyclopedias
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and then hitting them on a hammer
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until they're smart enough to understand
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what the crypto world's view of store
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value means the very main goal is to
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have a very a lot of transaction per
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second it was always the goal in order
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to be a method of payment this is the
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micro payment system Bitcoin was always
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designed that way it's actually written
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that way in the introduction to the
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white paper so micro payments means
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small payments now a lot of people say
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suppose she didn't want micro payments
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because there was a comment that in one
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comment I said when people were talking
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about one ten billionth of a Bitcoin at
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that point which was Bitcoin was ten
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cents so one so one trillionth of a cent
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in value and saying that it wasn't ready
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for it yet a few lines under that
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whichever which was ignored by everyone
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I said right now Bitcoin can do small
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payments in the order of a fraction of a
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cent now that's still the micro payment
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a tenth of a cent or less we can even do
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better than that right now but we were
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talking about something a trillionth of
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a sentence saying Bitcoin wasn't ready
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to handle a trillionth of a cent and it
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wasn't because it needed value so I will
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say now back 10 years ago Bitcoin was
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not ready to handle a trillionth of a
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cent but it was even then ready to
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handle say a hundredth of a santi the
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Bitcoin is set in stone once the
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protocol released nodes order
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transactions basically they're a
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notarization service a time-stamping
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service nodes are not users they're
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Sybil's if they're trying to pretend
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section five of the white paper
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step-by-step details everything a node
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does which includes finding and
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distributing blocks not finding blocks
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and holding them the way that Bitcoin
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works is you have to find a block and
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propagate it to the majority of other
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nodes and only nodes and miners and
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miners are nodes before anyone else
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finds a solution and propagates at first
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so I didn't say acing power I knew about
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a six I mean my first degree was on
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silicon wafer design so I've known about
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Hastings for a long time I've even
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developed them I've got hardware systems
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that have been running in major
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companies that I designed there's a
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reason I didn't say Asics CPU matters
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because as Bitcoin scales things like
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ECDSA and transaction template
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validation becomes more and more
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critical we're going to see as Bitcoin
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scales that the hash rate becomes only
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maybe twenty to thirty percent of the
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overall cost CPU and investment wise so
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actually validating transactions
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ordering transactions and the network
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propagation becomes seventy to eighty
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percent of the cost that's why it says
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CPU and thank you for your time in this
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interview
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