If you’ve been following my journey over the years, you’ll know that I’ve been an avid Bitcoin supporter. From first learning about it in 2013, to increasing my support from 2015, following the split through to Bitcoin Cash (BCH) in 2017, and finally to Bitcoin (BSV) in 2018.
Throughout the decade, I followed (what I felt) was the real vision for Bitcoin — truth, transparency, and accountability on a global scale.
As such, I thought I’d take a moment to share my thoughts on some recent developments in the Bitcoin space, as it’s been a while since I have.
Bitcoin attracts different ideologies
Many different camps from within the Bitcoin ecosystem (all branches) follow Bitcoin for their own ideas around what they feel it means to them. I published a video about how this translates into brand archetypes, and why each camp believes they’re right (including myself, since we all have our biases).
It’s not too dissimilar to how Christianity branched off into multiple denominations due to conflict around what individuals thought the religion should be about. When it comes to technology, it’s slightly different though, and we should be wary of attesting any religious behavior to it (lest we want to make technology our god).
Now, let’s look at why I wrote this article to begin with.
Craig Wright enforces copyright claim on the Bitcoin Whitepaper
As of January 20, 2021, the same day in which Joe Biden was inaugurated as the 46th President of the United States, news started circulating the web that Craig S. Wright — claimed identity behind the monicker “Satoshi Nakamoto”, inventor of Bitcoin — had sent out formal notices to bitcoin.org, bitcoincore.org, and bitcoin.com to remove the Bitcoin whitepaper from their servers as it impinged on his copyright.
This was a very interesting move.
The irony in the Bitcoin world is that it has become popular to call Craig Wright a “fraud”, “liar”, and “scammer”. Yet the people who are instigating this are either anonymous profiles (like Cobra above) or have a lot to lose if Craig Wright is able to prove (in a court of law) that he is indeed Satoshi Nakamoto.
If you think about it, no sane person would attempt to do any of this if he wasn’t indeed the man behind the mask. It would be a waste of time and money. Yet, because BTC has a huge following — and a lot of people have a lot to lose if things go south — it’s in their best interest to ensure the narrative continues: that Craig Wright is a fraud because the majority says so.
What’s popular isn’t always what’s true
In today’s day and age, identifying what’s true versus what’s not has become increasingly difficult. You don’t need to look hard to find this embedded in the rise of conspiracies during Trump’s rein as President of the United States. His active sharing of such beliefs emboldened many who were already dissatisfied with authority figures, irresponsible governments, and corrupt politicians.
Who can blame them though? Their grievances weren’t entirely unfounded, but their sense of power became twisted as facts became convoluted and rumors spread faster than verifiable truth.
This is one of the reasons Bitcoin was created, but is also actually one of the downsides of the Information Age. In the sense that we have more access to knowledge than ever before, but being able to filter through the noise intelligently has become the biggest challenge.
Enter the Bitcoin (blockchain).
Bitcoin: The Akashic Records of the Physical Realm
If you haven’t heard of the Akashic Records before, he’s a brief explanation from Brittanica:
Akashic record is a compendium of pictorial records, or “memories,” of all events, actions, thoughts, and feelings that have occurred since the beginning of time. They are said to be imprinted on Akasha, the astral light, which is described by spiritualists as a fluid ether existing beyond the range of human senses. The Akashic records are reputedly accessible to certain select individuals — e.g., a spiritualist medium who conducts a séance. Akasha allegedly transmits the waves of human willpower, thought, feeling, and imagination and is a reservoir of occult power, an ocean of unconsciousness to which all are linked, making prophecy and clairvoyance possible.
Now, in my opinion, Bitcoin brings this same level of transparency as the Akashic records. If it is something that will be able to log (almost) everything on a blockchain, there will be a “stream of consciousness” that the world has not seen before (in our own, recorded histories).
Apparently, the Akashic records can only be accessed via meditation or “out of body” experiences by attuned individuals. Things that make it difficult, however, for rationalists to comprehend if they haven’t been able to tap into this altered state themselves.
In a Bitcoin world, these same type of ‘events’ will all be logged, but on-chain. Privacy will still be maintained, and data owned by users, but for those willing to investigate, the information may be there for digging.
There are, of course, pros and cons to this. Knowing that everything you do may be “logged” is incredibly scary for most. But if you accept that this is already happening (like with the Akashic records) then you realize that Bitcoin may just be a manifestation of what already is. Most skilled hackers today could probably tap into everything you do online if they wanted to, yet that doesn’t stop people from interacting online day in and day out.
And that up side is what may outweigh the down (if built on the right foundations).
Now back to BTC.
Why BTC is not Bitcoin (anymore)
For quite some time now, a seemingly rogue few have been trying to explain to others why BTC is not Bitcoin. However, this has been met with deaf ears due to the popular sentiment that Bitcoin is “a store of value” and/or “digital gold.” They are partly right.
Bitcoin holds properties of digital gold, but it is not just a store of value. It is much, much more (read here for context).
The irony is that, as Craig Wright has been going around touting that Bitcoin is in compliance with law, most of the BTC camp was seeking to either circumvent regulations or rally around the mantra of “code is law” (see Is Code Really Law?).
Many in the BTC camp benefitted in profiting from the lack of regulation, which lends itself easily to criminal activity (as happened during the Mt.Gox saga of 2015).
BTC ceased to be Bitcoin when it changed the code and implemented something called “Segregated Witness” or “SegWit.” However, due to what was popular, it was agreed upon to make the change and take the Bitcoin name along with it. However, Craig Wright kept trying to tell people that “Bitcoin was set in stone as of version 0.1”.
Now, to be fair, I actually understand why Craig Wright is disliked by so many. In public group settings, he can come across as brash, arrogant, rude, and even foul-mouthed. From a social standpoint, these characteristics do not gel well with usual social etiquette. However, for those from Australia, or even those who are able to separate personalities from action, these things do not take away from what Craig has been consistently putting out via his blogs over at craigwright.net. Through this site, he has shared so much more about what Bitcoin is, what it was intended to do, and what Bitcoin is going to do (through now Bitcoin SV).
Meanwhile, in the BTC world.
Hidden In Plain Sight: Craig’s Path To Reclaiming Bitcoin
Below is a brief list of significant moves he’s made over the years after initially being forced to go public. He lost hope for a bit, but then came back strong through another angle that very few were paying attention to: patents.
So the signs were there in public the entire time:
2017: nChain emerges and begins building patent war-chest (Craig Wright as Chief Scientist)
Power & Rulers: Why Bitcoin’s Resilience Benefits Truth-Seekers
“The goal is to build bitcoin into a global system with no ruler, no king.”
From my understanding, Craig Wright has always seen Bitcoin as something to “decentralize power” when it comes to money. However, in the crypto world, the understanding of decentralization in Bitcoin’s make-up has been interpreted in many different ways. Various public figures have looked at decentralization of Bitcoin in the sense of technology, mining, hashpower, nodes, etc. But very few have understood it from the point of power itself.
As such, in the Bitcoin ecosystem, you will see people who have profited from BTC’s meteoric rise continue to rally behind popular opinion, without really doing their due diligence around what they’re actually buying into.
Because of the lack of regulation, or even understanding of Bitcoin, “experts” have popped up left, right, and center without really being able to verify why they are deemed experts (other than other people saying so).
This is the interesting thing about the world we currently live in. Expertise isn’t just about accreditation from trusted authorities, to which we know can also be manipulated or corrupted as seen with Rating Agencies in 2008, but also what others perceive you to be.
When it comes to power, those who have become “overnight millionaires” due to BTC have the challenge of dealing with the responsibility that comes with it. Their motivation then becomes more about “price go up” than looking at building things of value in the long run. This is the difference between the so-called HODL gang of BTC, and the man they all call names, Craig Wright.
They see him as being a “bully” — because he’s fighting back against mob mentality — but he is reacting to the misappropriation of his own creation. He has a right to put it back on path, if he can prove so in a court of law.
This is also when community becomes a detriment to themselves.
I’ve been involved in the community management space for a fair few number of years. I’ve been an advocate for it within business.
However, in the crypto space, communities can quickly spiral into toxicity. Instead of “truth prevailing”, those who disagree band together to overtake their perceived opponents. Without trust in any regulatory body, or a reliable third party, everyone deteriorates into name-calling, insult-swinging, and ego-bashing. Previously rational, mature adults become subjects to group-think based on loose facts.
You then have keyboard warriors, who hide behind anonymous profiles, doing things like this:
The above is just so fascinating to witness. People who have never met Craig, but have “studied” his every move online, think they know him. But they do not. They only know pieces of him, based on what they see online.
Therefore, it’s important for people not to react so quickly to what’s spread virtually, as truth can sometimes be stranger than fiction, especially when it comes to Craig Wright. Yet, of course, people are going to have their opinions regardless, and spread it far and wide on places like Twitter.
Either way, this year is already starting with a bang. What all the above signals, at least for me, is that many invested in BTC may find themselves in a whole lot of hurt over the coming years.
After having just re-watched The Big Short, I see a lot of similarities with what happened there, to what is now happening again in the crypto world.
I believe Bitcoin will survive, just not necessarily through BTC.
And I’m not here to celebrate when things come crashing down on those who’ve invested so much, more to document my thoughts on this drama as it unfolds.
Everyone may think you’re crazy, until you’re not. I’m giving myself until 2040 to see what’s true or not in this ongoing saga.
We may now be in the End Game, so let’s see what happens!