In this interview with CoinGeek’s Becky Liggero, Bitstocks founder Michael Hudson explains what makes Bitcoin, Bitcoin.
Michael Hudson founded Bitstocks in 2014, when “Bitcoin was really Bitcoin.” In terms of its technical properties, such as ability to scale, Bitcoin Cash—now Bitcoin SV—continues functioning as an instant medium of exchange.
“So we’re now in a transition in our business where we are building an ecosystem. For us, if you’re building an ecosystem and you’re building a business, you want the most solid, robust foundations,” Hudson said. Bitstocks initially supported Bitcoin Cash as it has “the most solid and robust foundation for us to put our house, our ecosystem, our work on top of; however, Hudson announced at the recently held CoinGeek Week Conference that they will now use Bitcoin SV as the supporting cryptocurrency.
ICYMI: @btchudson has FINALLY revealed what we're building. This is Gravity, the Bitstocks Banking Ecosystem, underpinned by #BitcoinSV. Get a sneak peek at just some of the products coming in 2019. https://t.co/31aRPMHpjW pic.twitter.com/vRAT3QyZGn
— Bitstocks (@Bitstocks_) November 30, 2018
Practical application of the technology is most clear when this is embraced by merchants. “Merchants play a huge role, especially from a miner’s perspective as well. Miners are making huge amounts of financial investment which, over years, they need to get a return on investment,” according to Hudson. “In order for miners to feel truly secure and not flip-flop with their hash power, we need activity, we need genuine merchants. If there’s businesses built on top of this technology, then miners have the security to keep and continuing funding this initiative, funding this project.”
Hudson also pointed to initial coin offerings (ICOs), which he said were not bad in themselves. “ICOs gained a lot of traction in the space. There is some positive to ICOs. The negatives clearly are, you have a bunch of wasted energy, which is getting funded, to curate more inefficient wills than the original will. Bitcoin was the original will. So having projects being funded to create a more inefficient version is a complete, utter waste of time and resources. However, it has brought a lot of attention into the space,” he explained.
The important thing at present, he said, was to shift attention gained from ICOs, for real-world use. “What we need to ensure that we’re doing is that when this attention which is now being attracted to the space, the narrative and how they’re guiding that attention is done in a correct way. Education is there so people can now make real choices. We need to move from just speculation, and speculation is very fickle as well, especially with investors, to now real, genuine businesses,” he said.
Hudson also pointed to outlets such as CoinGeek as having “a very important role… in controlling this narrative and ensuring that the right education is being put out there, where people realize, ‘Hold on, maybe it’s not just all about this, this is real, this is not a fad, this isn’t just a way of making a quick buck. There’s real businesses being built on top of this stuff.’”
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Controversial Bitcoin visionary Dr. Craig Wright recently discussed the mathematical and biological models behind the Bitcoin protocol, in a talk on the philosophy behind Bitcoin released this week.
The chief scientist at nChain, Dr. Wright expressed his theories on the philosophical and technical underpinnings of Bitcoin in conversation with Michael Hudson, founder and CEO at crypto advisory service Bitstocks, in the first episode of the Bitstocks podcast.
Dr. Wright and Hudson also discussed the universal importance of the numbers 3, 6 and 9 in Bitcoin protocols, as well as touching on the role of quantum mechanics and Wolfram 110 of cellular automation in shaping the Bitcoin network.
The discussion explores the philosophy behind bitcoin in technical detail, as well as Dr. Wright’s views on the role of Bitcoin in the wider economy. He suggested that in order to become a global commercial currency, Bitcoin would have to become a universal unit of measurement.
According to Dr. Wright, “If we want one system that can become a global commercial backbone, we need something that can be as universal as a metre. If you take a meter, it’s the same metre here as in France as it is in America. That’s really what we want for money, and a backbone to the economy.”
On ICOs and tokens, Dr. Wright drew parallels with collateralized debt obligations, and the negative impact of the so-called shadow banking industry, which proved damaging to the wider economy.
“Everyone jumping on board this idea of creating tokens and tokenizing things for the sake of it is a more democratised version of the shadow banking industry,” he said. “All the problems that allowed us to have the boom a bust in the housing market and the false economy, we’re now seeing pumped into tokens to make a quick buck.”
One of the most vocal proponents of Bitcoin—now reborn as Bitcoin SV—Dr. Craig Wright summed up by calling for greater cooperation between divergent factions in the bitcoin space, to fully leverage the global free trade benefits of Bitcoin.
He said, “What people need to start considering is not any nationalistic idea of borders, but to remember we’re all one people in one world. That means we should be willing to open up and trade with everyone. Bitcoin allows us to have that level of trade…with free trade, we choose.”
The Bitstocks podcast is available on YouTube from Bitstocks TV and Spotify.
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The CoinGeek Week conference is in full swing in London and all of those who are in attendance are experiencing an exciting chance to see what is going on with Bitcoin SV and the entire crypto ecosystem. There is a lot of activity on the agenda and a lot to discuss, but CoinGeek founder Calvin Ayre took a few minutes out of his schedule to sit down with Bitstocks, the UK’s first crypto market advisory firm, to discuss what is happening with Bitcoin SV and where things are headed.
In the podcast, which is available on YouTube, Ayre talks about how he began to dabble in cryptocurrencies in 2010, but didn’t get really involved until 2015 when he met Dr. Craig Wright. They shared a lot of the same opinions regarding what cryptocurrency is and what it can be, leading Ayre to jump in completely to help build the space.
As is the case with many, when it was obvious that Bitcoin Core (BTC) was veering off the original path of what cryptocurrency was meant to be, Ayre played a role in ensuring that the path was kept alive through Bitcoin Cash (BCH), the only cryptocurrency that maintained the original Satoshi Vision. He adds that cryptocurrency was already mature when it was created and didn’t need to be constantly tweaked, a premise that was designed to be followed with BCH.
Just as BCH was initially intended to keep cryptocurrency moving forward as a true peer-to-peer currency, once it became obvious that certain developers were once again intent on changing the business model, Bitcoin SV came about to ensure that the original cryptocurrency model would continue.
Ayre also points out the recent stress test of Bitcoin SV, which proved what many have been asserting all along – on-chain scaling not only works, but it works well. The stress test saw 1,500 transactions per second, which is higher than what has been seen with Segwit, Ethereum and Ripple combined.
Within a year, 8,000 transactions are anticipated by allowing blocks that are two gigabytes in size. As Ayre points out, Bitcoin SV is the “only trustless, decentralized public blockchain,” and this is what is going to help drive adoption. It’s obvious that the consumer market needs to be educated on the merits of cryptocurrency in general, but this is coming and this education will allow everyone to see why Bitcoin SV is the original Bitcoin.
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