Craig Wright: Bitcoin follows laws, miners have incentives to enforce

Bitcoin will prove its strength against the competition with millions of transactions per second, many of them just fractions of a cent, said Dr. Craig Wright in an interview released this week. It will do so while following laws, working with existing banking and financial frameworks, with miners incentivized to enforce its rules.

The interview with Cryptonites host Alex Fazel covered the spectrum of Bitcoin-related issues and features a number of talking points that have become familiar in 2019: law and order, the role of miners, Bitcoin’s economic incentives and Satoshi’s overall vision.

Though the interview appeared this week, it actually took place in October 2019. It followed a fiery panel at the CC Forum event in London, featuring Dr. Wright, Nouriel Roubini, Bobby Lee, Brock Pierce, Tone Vays. The panel has since become infamous due to the frequent angry clashes between participants—particularly between Wright and Vays, the latter appearing on-stage wearing an anti-Wright t-shirt.

Banking

Referring to the oft-repeated trope that Bitcoin was invented to destroy banks, Dr. Wright said that as “Satoshi Nakamoto” he had worked on the project long before the global financial crisis in 2008.

Bitcoin’s first, or “genesis” block in 2009 contained headline text about bank bailouts—a reference many took to be anti-bank, or anti-government. However it was necessary to look beyond that layer to see the real meaning, Wright said.

Bitcoin does not bank the unbanked. That’s cash under the bed. Banking is a completely different thing to holding cash.

It will still be open to a lot more people, though. More will be able to make payments, especially smaller ones. And it’s those smaller payments that will make the difference.

There’s also a misconception that Bitcoin (or any cryptocurrency) can create wealth simply by existing as an asset. This thinking has seen BTC in particular become static “digital gold” in which investors park their money, hoping…

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