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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“It’s time for Bitcoin to grow up”, said Jimmy Nyguyen in his opening remarks at the CoinGeek Week conference. That set the tone for the next three days and 30 or so presentations.
The hash war between Bitcoin ABC and SV had played out. It was fierce - and had changed the world for the combatants in just a couple of short weeks. But Jimmy, and Calvin Ayre, who introduced the conference, were confident that their team - including CoinGeek, nChain and SVPool - are now in a great place from which to build for the future around Bitcoin SV.
Since the conference was held just ahead of the tenth anniversary of the first transaction on the Bitcoin blockchain, the sense of growing up and moving on to the next chapter had an extra resonance. As to what the way forward would look like, Craig Wright came on stage later that morning and captured it in his first words: “OK, it’s really, really simple: we need transaction volume.”
During the rest of the conference at London’s Mermaid Theatre, the path to more transactions, of more kinds, was explained through a kaleidoscope of big visions and inspiring implementations that are already up and running.
One theme that jumped out was the sense that crypto is starting to work with the grain of the world as it exists - rather than trying to build a parallel universe. Just three examples: Elizabeth White announced a debit card that uses crypto and has Mastercard as a partner. Stephan Nilsson is building a supply chain ID system that works on the blockchain alongside SAP - a global data management giant.
And CentBee’s Angus Brown talked about how his wallet was part of a recent initiative with the (very real) bar chain Brewdog. Again, it was a question of working with the world as it is: “bank cards are not going away tomorrow,” said Angus. So CentBee “needs to feel like a payment card, but better.” The experience with giving people wallets to buy beer a few minutes later produced an “I get it” reaction: “it’s not Lambos, it’s just beer”.
That kind of ordinariness and familiarity is one of the aims of Ryan X. Charles’ Moneybutton. It’s designed to integrate with any online site, with an endless array of possible functions - starting with money. As Ryan put it, we’re “making payments as easy as the Facebook Like button”. Crucially, Moneybutton is “just an interface for you to use the power of the blockchain”. The end user sees money in the currency they’re familiar with - pounds, dollars or whatever. So if you want to leave a tip, you don’t need to know what it is in Bitcoin: that side of the transaction is all behind the scenes.
Talking of working with the real world, what could be more real that using the power of crypto mining to grow vegetables? Or drying, er, human waste to turn it into fuel. That’s what’s happening just outside Montreal, courtesy of BlockchainDomes. The idea is that the heat generated during the mining process shouldn’t be wasted. Is this the start of a green crypto movement?
Summing up at the end of day two, Jimmy Nyguyen reminded his audience that technical solutions are just part of the work in crypto. Alongside that, “a business-minded, real world approach is important”.
Embracing reality - that’s what crypto is doing today. Now please fasten your seatbelts for day three of the conference, whose theme is The Future.
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Announcement at CoinGeek Week Conference, Friday, 30th November
The ever controversial Bitcoin visionary, Craig Wright, is set to use is presentation at CoinGeek Week to outline how he sees the entire Internet changing. Internet 2.0, if you will. The conference is focused on the rebirth of Bitcoin in the form of Bitcoin SV, the original bitcoin offering scalability that adheres to Satoshi’s Vision.
Dr. Wright will explain how the Internet should, in fact, evolve to become a side chain on Bitcoin. #LBYT: Listen Before Troll!
Friday, the third and final day of CoinGeek Week will examine the future of Bitcoin with speakers including writer and comedian Dominic Frisby, Jerry Chan (SBI Holdings) and Michael Hudson from Bitstocks. Michael will also be using the platform to announce a major new development, Introducing Gravity: The Bitstocks Ecosystem - Big Reveal.
The conference is at The Mermaid in Puddle Dock, London in the heart of the old-fashioned financial district and some tickets are still available.
Come and see Dr Wright’s ambition of what the Internet as a whole can become and the one thing you know for sure? It won’t be boring!
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The BCH Boys have added another video to their repertoire, this one with an interview with Dr. Craig Wright ahead of the much-anticipated CoinGeek Week conference in London. The three sat down to talk about the “permissionless” state of Bitcoin and the scalability issue that has been so prominent in the Bitcoin BCH ecosystem lately, among other important topics that are shaping the future of global cryptocurrency adoption.
Check out the entire interview with Dr. Wright below. Also, take a look at the BCH Boys’ YouTube page, where the BCH proponents offer a myriad of interviews, discussions and instructional material to help everyone better understand why BCH is such an important and integral part of the cryptocurrency ecosystem.
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Last November 2, CoinGeek sponsored a Bitcoin BCH Miners Choice Summit at The Grand Harbour in Hong Kong. The dynamic half-day conference featured the industry’s most exclusive guest speakers, including nChain Chief Scientist Dr. Craig Wright.
In his presentation, Wright discussed what Bitcoin was meant to be, and why miners should support the original Satoshi Vision for Bitcoin by mining with Bitcoin SV and joining SVPool. He stressed the importance of not leaving the future to the developers who want to make major changes every six months and increasing its complexity.
“Bitcoin needs to be stable. It needs to be a system that won’t just be built on and changed every few days. To be stable as money, Bitcoin needs to be the same next year and the year after,” Wright told the audience. “It’s about a stable protocol, stable protocols matter. We want people in business, we want people to be able to take contracts and money and use it.”
Dr. Wright asked the audience to look to the future—a future in which mining companies held the same respect the banks used to before the financial collapse, saying miners should focus on creating businesses that can be passed down to their children rather than focusing on the get-rich-quick empty promises of ICOs.
Watch Dr. Craig Wright’s speech, “Back to the Future of Bitcoin: Why Miners Should Support Satoshi Vision,” below. You can also catch the nChain chief scientist along with other industry thought leaders at the upcoming CoinGeek Week Conference, happening on November 28-30 (with the exclusive, invitation-only Miners Day on November 27) in London.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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With the November 15 Bitcoin BCH network upgrade, where the Bitcoin SV and ABC implementations are being voted on, it might seem that everything is riding on the outcome. Yet Dr. Craig Wright, nChain chief scientist, is more intent on presenting the possibilities unlocked by adhering to Satoshi Nakamoto’s vision for Bitcoin as a decentralized ledger.
“[E]ven with a dispute as we see today between ABC and SV no loss of transactions would have occurred on the SV chain. Our solutions and businesses deploying these would not even have to concern themselves with the ongoing ‘hash war.’ The system is that resilient,” Wright said in a post on Medium.
The Bitcoin SV upgrade allows for a maximum block size of 128MB, which Wright says will eventually be replaced by a removal of the block cap. This will allow for the handling of “as many transactions as people are willing to send us,” according to him.
Wright noted that there are already numerous applications of Bitcoin BCH, hundreds of them even, “that we will provide to developers seeking to extend the Bitcoin protocol on SV — not as a means to take down the state or anything along those lines, but simple and boring uses such as technological data plumbing.”
Among the inventions he cites are tax invoices and a contract exchange platform, available on the BCH blockchain at a fraction of the cost anywhere else. “The reality is that an exchange would be able to occur for a cost lower than existing paper-based invoice and receipt systems… Most importantly, as the cost is paid as it is used, the system is not subject to volatility. Merchants would pay in their local currency and not care if the transaction was more or less expensive in bitcoin to USD terms. The number of bitcoins required will fluctuate, but the costs to the merchant would be able to be stable,” he said.
With such a market not confined to a niche crypto community, but rather expanded to the entire world, Wright says that the systems being developed “will have billions of people using Bitcoin in the coming years, without even knowing that they are using Bitcoin. Basically, we seek to create a system that proves the ends which reflect how any good system should be — not one based on ideology and religious drive, but simple efficiency and value.”
If you’re interested in learning more about Bitcoin SV and all the new developments in nChain, join the CoinGeek conference in London from November 28 to 30, with the special, invitation-only Miners Day event on November 27. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the crypto revolution.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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