Exclusive: Craig Wright Says Bitcoin SV To Handle 1000x More Transactions than All 'Blockchains' & PayPal

  • Craig Steven Wright has said the Bitcoin SV network will handle more transactions than all blockchains and traditional payments systems (combined).
  • This, according to Wright, will happen in the next 2 years.

Craig Steven Wright, a prominent Australian computer scientist who is currently focused on the ongoing development of Bitcoin “Satoshi Vision” (SV), recently shared with CryptoGlobe some of his views and insights regarding how a peer-to-peer electronic cash system should work.

Issues With Version 0.1.0 Of Bitcoin Core Codebase

Wright, who has worked with the Australian Securities Exchange and giant retail store K-mart, told us that his long-term vision for the Bitcoin SV protocol is similar to that which is outlined in “the original Bitcoin protocol.” When questioned about which specific areas he would want to see developed and adopted as more features are added to the Bitcoin SV protocol, Wright said: 

There were software bugs in version 0.1.0 of the Bitcoin code. These will be fixed and the software returned to the state it was when it started.

He added: 

In under 2 years, [the Bitcoin SV developers] will handle 1000x more [transactions] than all "Blockchains", Paypal, and others combined. The aim for two years is [for the network to process] 1 to 2 million (transactions per second (TPS).

"Sound Money" Is "The Entire Reason For Bitcoin"

To ensure this happens, Wright said his team would “make the system available for use” by business owners and merchants. Regarding how important the concept of "sound money" is (as he describes it), not only in the cryptocurrency market, but also for the advancement of society in general, Wright argued: 

[Sound money] is the entire reason for Bitcoin and can only be when it remains without constant changes.

There are many members of the crypto community who consider digital currencies to either already be a legitimate asset class or an emerging type of asset. However, when asked if he thinks cryptocurrencies will simply evolve into a mainstream asset class, or will they ultimately replace the fiat-based monetary system, Wright said:

[Cryptos] are not an “asset class" at all. They are commodity money based on commodity access to a secure ledger.

Proof-of-Stake Is "Nothing More Than A Scam"

Notably, there had been reports on social media that some anonymous developers were looking to use, or recommend, using proof-of-stake (PoS) for the Bitcoin ABC protocol. When asked to comment regarding whether PoS is an effective consensus mechanism, Wright noted:

No, PoS cannot work. It is nothing more than a scam.

He also shared with us a 13-page research paper that he authored, titled: “Proof of Work as it Relates to the Theory of the Firm.” The abstract of the paper reads: “[The paper’s] authors address the issues of using alternate proof of work systems with regards to either incorporating alternate functions in an extension of simply securing the network against the use of proof of work systems in an attempt to create a one person one vote scenario in place of economic incentivization.”

XRP Is "A Pure Scam", "Price Without Use Means Nothing"

Going on to discuss what he thinks of American fintech, Ripple Labs, and the XRP cryptocurrency that it developed, Wright argued: 

XRP is a pure scam. It is a form of security, similar to a Warrant. The security of this system is low, it scales badly and we have already exceeded it with Bitcoin [SV]. The peak test [performance on the XRP ledger] was 1500 TPS.

Finally, when asked to comment about what his thoughts were regarding the recent Bitcoin Cash (BCHSV) price pump, Wright said:

I do not follow the casino. That is exchanges. Price without use means nothing.

Weekly Newsletter

Amazon Could Pull off Launching Libra, ‘Bitcoin Billionaires’ Author Argues

Ben Mezrich, the author of the “Bitcoin Billionaires” book, has argued that Amazon would be better than Facebook to launch the Libra cryptocurrency, as it’s more trusted than the social media giant.

Speaking on CNBC’s “Squawk Box,” Mezrich argued the project is “all about trust” as there “can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook.”

The author, who also wrote “Accidental Billionaires,” a book that served as the bases to the movie “The Social Network,” argued it would make more sense for Amazon to be leading its own cryptocurrency project. He was quoted as saying:

I think that Amazon could pull this off because for whatever reason we all trust Amazon. We put our credit cards in there everyday.

Facebook has announced last month that it’s developing its own cryptocurrency, and that’ll it be launched next year. The cryptocurrency, Libra, is set to be backed by a basket of fiat currencies and U.S. Treasury securities.

The cryptocurrency itself will be managed by the Libra Association, a nonprofit based in Switzerland with various large companies represented in it. As covered, U.S. Congressman Warren Davidson recently implied the Libra is a shitcoin because it has a central entity behind it, unlike decentralized cryptos like bitcoin.

This month David Marcus, the head of Facebook’s team working on Libra, testified before Congress for two days, and received requests to halt the project until the government can look into it and regulate it. Marcus had to answer various tough questions during the hearings, including whether he would accept his salary in Libra.

Speaking to CNBC Mezrich noted he believes Amazon would be subject to less scrutiny than Facebook. Per his words regulators would be on top of Amazon’s plans, but “it wouldn’t be like this.”

The author added that Libra won’t be a true cryptocurrency because it’ll involve financial mediators. It could, he said, serve as an “on ramp” to bitcoin, helping those unfamiliar with the cryptocurrency ecosystem look into the flagship cryptocurrency.