By CCN: Australian entrepreneur Craig Wright published a blistering manifesto that argues bitcoin (BTC) will eventually disappear because it's being used to facilitate criminal activity. And that perverts his original vision for the cryptocurrency. For reference, Wright has repeatedly claimed that he is Satoshi Nakamoto,…
By CCN: Australian entrepreneur Craig Wright published a blistering manifesto that argues bitcoin (BTC) will eventually disappear because it’s being used to facilitate criminal activity. And that perverts his original vision for the cryptocurrency.
For reference, Wright has repeatedly claimed that he is Satoshi Nakamoto, the mysterious creator of bitcoin. He has yet to offer definitive proof.
Wright is a proponent of Bitcoin SV (Satoshi’s Vision), which he insists is the “true bitcoin.”
Wright and his ally Calvin Ayre claim BSV will supplant all other fake pretenders to the bitcoin throne and will crush rivals BTC and Bitcoin Cash (BCH) into the ground.
In a withering manifesto, Wright claims he created bitcoin to operate within the law and not to facilitate criminal activity like money-laundering and drug trafficking.
Wright then torched cryptocurrency evangelists who claim BTC is totally decentralized and therefore doesn’t need to play by any rules. However, Wright says they’re deluding themselves and need to be slapped awake.
“I designed Bitcoin to be a system that worked within the rules.”
“Bitcoin needs to act within the rules. If it does not, then the exchanges and systems that allow people to use Bitcoin act to stop it being widely used and disseminated and criminalise all of those in the system.”
“If Bitcoin or any other monetary system seeks to act outside the rules, it becomes an outlaw system, and once it does, it is easy to stop.”
“The majority of people want rules. They don’t want to fight in a world of uncertainty, and want to know that the contract that they have conducted will remain valid not just now, but throughout the term of the exchange — for which we need rules.”
Moreover, Wright insists that cryptocurrency exchanges are basically criminal enterprises that “facilitate money laundering.” Accordingly, he predicts that they will eventually go out of business “because crime will always fail.”
Specifically, Wright accused Binance and Bitfinex of lying to their customers when they claim to be decentralized. He says they’re not. Wright also explained that the only reason why anyone wants a decentralized financial platform is so they can use it to hide or launder money.
“Groups such as Binance who seek to facilitate money laundering and crime will always fail. They defraud you in telling you that they are decentralised and cannot be controlled.
“Bitcoin is a system that was set in stone. If the protocol is changed, then it shows and demonstrates it is not Bitcoin. When those involved altered the rules, they impacted their entire ecosystem — it is a centralised power structure. They defraud you when they lie about decentralisation and tell you that they have no ability to change things but then alter the rules.”
“When those in power are able to change the protocol, they can change the lives and the finances of those involved in the system at an arbitrary whim. It is why BTC is not Bitcoin.”
Wright further claimed that because bitcoin has been manipulated, it will eventually disappear. And when that happens, he warned that it’ll vanish instantly.
“Where a blockchain does not follow the rules…it is simple for government to stop. When the action happens, as it did with e-gold, everything invested in the system will vanish in a flash. When BTC disappears, it will not disappear slowly, it will disappear in moments.”
Wright then concluded by promising that he’ll sign a Satoshi transaction after “I have definitively proven I created Bitcoin. Not before.”
This article was edited by Josiah Wilmoth.
Last modified: August 21, 2019 4:46 PM UTC