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.

Billionaire Novogratz: Altcoins Won't Pump Like In 2017 Bull Run, Bitcoin Will Dominate

It appears that cryptocurrency prices have finally begun to recover after enduring an extended bear market which lasted throughout 2018.

As the market capitalization of Bitcoin (BTC) and other major cryptoassets continues to rise, several analysts have been drawing comparisons between what they’re seeing in the current market and what they observed during the historic bull market of late 2017 and early 2018.

Commenting on the recent crypto market price movements via Twitter, Ran NeuNer, the host of the CNBC Africa Trader show, remarked:

The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day...is it coming?

Bitcoin To “Outperform” All Other Cryptos “This Time”

As the bitcoin price begins to recover, there have been many predictions made regarding the anticipated performance of altcoins. Twitter user “Crypto Bitlord” (@Crypto_Bitlord), a widely-followed digital asset market analyst, believes XRP, which currently has a market cap of around $16.3 billion, may trade as high as $10.

However, prominent crypto investor Michael Novogratz believes that digital asset traders are a lot smarter this time, when compared to some of the bad investment decisions they might have made during the initial coin offering (ICO) craze of 2017.

Novogratz, who’s the founder and CEO of Galaxy Digital, a full-service crypto merchant bank, has predicted that in this market run, Bitcoin will “outperform” all other cryptoassets.

On May 16th, 2019, the Bitcoin price surged to a 2019 high of $8,373 according to CryptoCompare data. In response to bitcoin’s recent price movements, Juan Villaverde, the Chief Analyst at Weiss Crypto Ratings, told CryptoGlobe: 

Bitcoin could fall to as low as $4,400. But [if] it does, it will be the best Bitcoin buying opportunity since 2015.

“More Good News For New Bitcoin Users”

Villaverde, an econometrician and mathematician focused on developing various crypto index models at Weiss Ratings, believes bitcoin would be a great buy at a lower price (as suggested above) because of the following reasons:

  • “The usage of Bitcoin is near all-time highs – 450,000 transactions per day. That’s up from a low of 150,000 in April of 2018 and approaching the all-time high of 490,000 in December of 2017.”
  • “Despite the high transaction volume, fees on the Bitcoin network are at their lowest levels since August of 2017 – more good news for users.”
  • “The Bitcoin block size is now greater than ever before, thanks to the Segwit technology upgrade.”

Villaverde further noted that the predictions are “based on studying the time patterns in Bitcoin's rises and falls throughout its 9 year trading history.” He explained that the time patterns have been analyzed by using an “algorithm-based market cycles model.”

The Chief Analyst at Weiss Ratings also mentioned that the bear market “ended on December 15th 2018 and the model confirmed this shift in trend on March 26th of this year.”

He added:

Then, after the rally that took place starting on April 25th, the same model told me a new bull market was now underway. The same model indicated a 30% to 45% correction due as of late April-early May and we seem to be experiencing that right now.