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BSV Decentralisation? Craig Wright thinks BSV is his network

Craig Wright, the chief scientist at nChain and the self-proclaimed Satoshi Nakamoto, seems to have a very different understanding of Bitcoin than the rest of the world. During a panel at the CoinGeek London conference, Wright shared his thoughts on Bitcoin and its future, saying that Bitcoin’s decentralization and anonymity were misunderstood by everyone.

According to Wright, the world’s first decentralized and trustless network will be centralized and trusted unto him.

“Anyone with their money linked to drugs on my network is going to be in trouble,” Wright said during the panel.

While the controversial scientist didn’t elaborate much on how users of “his” network will be sanctioned, the rest of his speech during the panel showed that he would be the one sanctioning them. While it goes without saying that this applies to his Bitcoin off-shoot Bitcoin Satoshi’s Vision (BSV), it seems that Wright wants more control over Bitcoin as well. 

“I don’t want anything to do with drugs on these things,” he said, ending his rant with an audacious and immature salute. “If you don’t like it—f**k you.”

If running a centralized network with a single point of failure sounds like the opposite of what cryptocurrencies stand for, wait until you hear about Wright’s thoughts on its utility. 

The CoinGeek conference in London saw Wright share a panel with George Gilder, an investor, and best-selling author. The two discussed the differences between Bitcoin and Bitcoin SV when it comes to their monetary policies, with Gilder saying hodling cryptocurrencies nullified their value.

He claimed that BSV’s $5.2 billion market cap, which is 34 times smaller than the $178.2 billion market cap of BTC, actually gives it a huge advantage when it comes to real-world usage.

“It’s good that BSV doesn’t have the market cap of BTC,” Gilder told the panel. “You don’t want money to be a commodity or a speculative asset—you want it to be a measuring stick. If you create money as a commodity that people can prosper by hodling, you nullify it as money. It can’t function as money.”

Wright went on to agree with everything Gilder said, explaining that he didn’t want to create the next generation of “digital gold” that would be used as a store of value, but a next-generation network that would facilitate transactions.

When asked about the possibility of hosting the US dollar on the BSV network, Wright also had equally ambitious ideas. He told the panel that there was “no other system that does it” in terms of scalability and usability. The thousands of pending patents both Wright and his company nChain have filed would make it impossible for the US Federal Reserve to create a digital US dollar without licensing them.

Licensing his patents would be beneficial both to the Fed and to BSV, he said, as the money used to license the patented technology could be used to “subsidize” BSV. 

However, it’s worth noting that Wright’s approach to both Bitcoin and BSV isn’t in line either with the original Bitcoin Whitepaper or with the views the actual Satoshi Nakamoto shared on forum posts and in emails. 

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