Why Bitcoin-SV, and why Craig Wright's Tulip Trust doesn't matter
I do not care what happens with the Tulip Trust in 2020; I do not care if Craig receives a single Bitcoin from it. I don’t care, because, my decision to be actively involved in Bitcoin-SV is based upon the long-term prospects and capabilities of the technology. If the world never sees the Satoshi stash move, or if concrete proof-of-Satoshi never comes, it really makes no difference in the grand scheme of things.
It doesn’t make a difference because I’ve watched almost every video Craig’s been in, and I’ve read just about everything he’s ever written. With or without the Satoshi stash, I know he is the architect of Bitcoin. You just need to listen to what he has to say about the subject, and where he sees it going in the future. Only the architect of Bitcoin could possess the level of understanding he has. Dr. Craig Wright is the true Bitcoin expert.
Once you ignore the Satoshi noise and actually listen to what the man has to say, you come across the version of Bitcoin that makes sense: A worldwide scalable Bitcoin that incentivizes the mining-maintainers to stick around for the long term, which enables Bitcoin to make a positive impact on the world in a legal, transparent, open-source kind of way.
With Craig’s vision of no-limits Bitcoin, data such as text, images, and videos can be stored and retrieved from its unchanging Blockchain at minimal cost. With the capability to add unlimited amounts of data to this forever ledger, miners will remain incentivized to continue securing the chain as the block reward subsidy decreases; as the fees they receive from data uploads will continue to make mining worthwhile.
By giving miners this more lucrative source of revenue, sending money across the world from one party to another will remain indefinitely cheap. Transactions with fees that cost far less than a penny will be broadcasted to the network as instantly as an e-mail, and remain spendable within 10 minutes afterwards. Craig’s version of Bitcoin gets the economics right.
And with the economic model correct and set in stone; businesses, entrepreneurs, developers, and innovators of the world can build, create, and integrate on top of Bitcoin, without concern of the foundation falling out beneath them. Much like the stable internet protocol, Bitcoin-SV takes uncertainty off the table and replaces it with a reliable network open for anyone to use — governments, corporations, small businesses, and individuals like me and you. Rich or poor, nobody is excluded anymore.
That is, aside from the outlaws of the world. With records that never disappear and potential traceability that enables law enforcement to “follow the money,” illegal usage will likely veer away from Bitcoin as time goes on. Contrary to commonly-held beliefs, Bitcoin’s pseudo-anonymous nature doesn’t cater to bad actors; it caters to the everyday person by preserving their privacy over the internet. The days of your parents and grandparents submitting hackable credit card numbers and personal information online, can finally be phased out over time.
Already reaching the finish line of the phase-out stage is the old, clunky method of copy/pasting long strings of letters and numbers in order to send Bitcoin to one another. Bitcoin-SV does away with those and replaces it with email-like handles, where sending money is as easy as messaging your friend over a social media app, or emailing it to firstname.lastname@example.org. The same cannot be said for any other cryptocurrency projects out there — achieving a high quality user experience is unique to Bitcoin-SV, with Handcash leading the way.
The current innovators in the BSV ecosystem have devised something quite impressive; something that average people can easily use; something that average developers can easily build upon. Just look into MoneyButton or _unwriter’s legendary infrastructure work if you don’t believe me. The tools are there for the taking…
So, if you are banking on Craig receiving the Satoshi stash and publicly parading around with it so your investment increases in value, you are involved with Bitcoin-SV for all the wrong reasons. His vision — and the innovators that believe in it — are the real reasons you should be left feeling optimistic about this revolutionary, micropayment-enabling technology. Whether Craig receives the Satoshi stash or not; it really doesn’t matter. Not one bit.
And that, you can Twetch me on.
Thank you for your time.