Craig Wright’s antagonists are bubbling over with schadenfreude following his legal losses in the U.K. but the verdict also means that Wright’s personal life is no longer relevant to the future of the BSV Blockchain.
In the civil suit brought against Wright by the Crypto Open Patent Alliance (COPA), the court’s verdict was emphatic: Wright is not Satoshi Nakamoto, creator of Bitcoin. The verdict was based in large part on Wright’s apparent inability to stop spinning tall tales and his resulting efforts to forge documentation to support those misrepresentations.
This article doesn’t intend to question the court’s verdict, the fallout from which Wright will have to live with for the rest of his life. But when the history of Bitcoin is viewed decades from now, Wright’s role will be a complicated one. Critics will point to his Satoshi claims as evidence that the man was nothing more than a fraud asserting a legacy to which he was not entitled.
Others will see Wright as a champion of Satoshi’s original vision, a stance that proved pivotal in restoring Bitcoin to its original capabilities, leading to the further development of the technology that otherwise would have died on the vine.
Bitcoin made its debut in 2009 but its development was waylaid in 2017 by the BTC Core developers’ self-interested tampering with the Bitcoin protocol. Ironically—or not—this group included some of the same COPA members that sued Wright, which suggests that COPA’s gameplan extended well beyond personally taking Wright down a peg.
It was Wright who led the charge to restore the protocol to its original design, which lives on in the form of BSV, the only true enterprise blockchain technology. The only protocol that can trace its uninterrupted origin to the original Genesis block. The only protocol on which a smart contract issued today won’t conflict with any transaction recorded to the blockchain to date since the protocol is locked forever.
Wright’s critics rejoiced at the reduction in fiat value of the BSV token following the legal judgment, as if this was evidence that the BSV Blockchain technology was somehow tainted by Wright’s actions. (These same critics ignored BSV’s price recovery, further exposing their bias.) This is what you’d expect from a group that has abandoned all efforts at finding utility for their network and now views fiat token price as the only true measuring stick.
These critics don’t seem to realize that the 2017 transition from Bitcoin’s peer-to-peer electronic cash to BTC’s ‘digital gold’ was a time bomb that will bring about BTC’s self-destruction. Mining profitability is at an all-time low and miners are increasingly ‘pivoting’ to artificial intelligence (AI) because they don’t see a way to stop BTC’s train from running off its fiscal tracks.
The artificial constraints the BTC Core developers placed on Bitcoin’s throughput means Satoshi’s long-term plan for transaction fees to replace block rewards can never occur. As a result, miners will continue to drop out ahead of the next ‘halving’ event, leaving an ever-dwindling number of miners in charge of BTC’s security.
Expect BTC proponents to talk less and less about so-called ‘decentralization’ as this miner exodus reaches its logical conclusion of being reduced to just one or two nodes.
BSV remains the best—and only—way forward
BSV remains the only technology out there that Satoshi would recognize as his own creation. BSV is committed to constantly expanding the number of transactions possible on a blockchain, as well as how developers might use this freedom to devise new solutions to old problems.
The hope here is that BSV’s scalability and utility will benefit a far greater slice of humanity than the relative handful of BTC bagholders and their promotion of a speculative ‘crypto casino’ exchange fiat-value-inflating paradigm.
BSV’s expansive capabilities leave it in a far better position than BTC when it comes to mining. Jurisdictions are rapidly waking up to BTC’s incredible demand for electricity and the resulting environmental impact, all just to keep a few wealthy ‘hodlers’ in the black.
As AI’s own electricity demand grows, governments will have to make a hard choice as to whether AI deserves priority over BTC mining. Given AI’s broader use case, including its role in national defense, this choice really won’t be that hard.
By contrast, BSV demonstrates its ‘green’ credentials by processing exponentially more transactions—and more useful transactions—than BTC with the same amount of electricity.
Thanks to BSV’s scalability and transaction costs measured in fractions of a cent, BSV is the only network that enables developers to create workable Web3 applications. Moreover, BSV’s locked protocol ensures that the work these developers produce won’t be undone by unnecessary tinkering.
BSV is also the only platform that can realize the promise of Metanet, an economically integrated online system that enables cost-effective, instant micropayments. In tandem with AI and IPv6, BSV’s unbounded transaction capacity will allow easy access and monetization of webpages, services, every single piece of online data. This will empower individual creators to engage in a direct-to-consumer model while simultaneously offering greater control over one’s personal information.
Utilizing the increasing volume of data generated by Internet of Things (IoT) devices—both industrial and personal—will also benefit from BSV’s robust capacity. Other blockchains might claim to possess similar capacities but, as evidenced by Solana’s frequent ‘reboots,’ their technology is simply not ready for prime time and probably never will be.
If COPA’s real target all along was BSV, and Wright was simply the flawed vessel that provided an easy path to victory, COPA’s members may well come to regret this strategy. For Wright’s legal loss and his subsequent withdrawal from the limelight has removed a major impediment to people focusing on BSV’s technology rather than the personalities behind it.
Individuals can be flawed but BSV, reflecting its role as the original blockchain, remains the purest technology platform out there. But don’t take our word for it; visit BSVBlockchain.org and see for yourself why Satoshi—whoever they are/were—would feel right at home.
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