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Craig Wright: Bitcoin is an informational commodity

By on October 8, 2021 0


Is Bitcoin a commodity or a security? Why not ask Satoshi Nakamoto himself?

Dr Craig Wright, the inventor of Bitcoin, spoke at the CoinGeek conference in New York on the topic of what a commodity is and what it means to categorize Bitcoin as an information commodity.

“Everyone is wrong, they think that a commodity is only a good. It’s not. This is the contract. The commodity is a certain quantity of something, delivered at a certain point in time, with a certain refinement – it is a commodity, ”says Dr. Wright.

Dr Wright explains how the products are delivered on time and with the exactly the same quality allow specialization as described by Adam Smith. Specialization is something that Dr. Wright points out as not being fully understood, even within the Bitcoin SV ecosystem.

“It’s called specialization. Start doing it (…). Don’t be a communist. It’s not good for you. It’s not good for any of us, ”says Dr. Wright.

Bitcoin SV as a commodity has already been the subject of heated discussion in the Bitcoin SV sphere:

  1. John Pitt’s article on Bitcoin as a computer product
  2. Jerry Chan’s article on BSV as a store of value
  3. Dr. Wright in a video titled “Bitcoin is a commodity”
  4. our introductory article on Bitcoin SV as a commodity

“When I created Bitcoin, I didn’t tell you you couldn’t change the protocol because ‘Oh that’s technically difficult’. It’s not fucking hard at all. A bloody bloody fool with half a brain after a car accident, without a helmet, who decided to stop a soccer ball right after with his noggin, could probably learn to code this damn thing to make the switch, ”explains the Dr Wright.

To translate this very quickly: Changing Bitcoin as happened with BTC is not technically difficult, but has serious consequences for Bitcoin as a whole.

Think about it: why can Bitcoin SV be a commodity, while BTC cannot? This is because BSV is carved in stone on several levels, which means standardized. BTC is not. BTC has changed a lot and probably will be again in the future, so it is not considered standardized. People just can’t trust what BTC is. This is why the “set in stone” regarding Bitcoin SV has always been and still is crucial.

In his opening speech, Dr Wright points out that Bitcoin is presented to the world as a one-sided contractual offer. USI Metanet’s Joel Dalais and I discussed Bitcoin as a related party in a video with Dr Wright a while back.

So we already know why Bitcoin SV is stable in Three manners:

  1. stable at code level (protocol locked at software level),
  2. economically stable (solid base on which to build),
  3. but also contractually stable (Bitcoin is linked under contract)

Taking into consideration Dr Wright’s last speech on Bitcoin as a commodity, we must add a Fourth point now:

4.stable because the BSV is a commodity, which is standardized by definition.

“Bitcoin is not money because the government said it was money. It is money because people accept it in exchange for goods and services,” explains Dr. Wright.

Bitcoin is money, a ledger, it is use-based commodity money. It is important that Dr Wright points all this out, as the BTC camp has tried to establish their fake version of Bitcoin as a form of “digital gold”, which BTC certainly is not. Where applicable, BTC is the ugly digital gold.

Bitcoin was never intended to be held on stock exchanges or in wallets while awaiting price appreciation. Bitcoin was designed for utility and for valuing data. Today, the original Bitcoin as predicted by Satoshi Nakamoto, according to the Bitcoin white paper, can only be found on the BSV blockchain.

As Dr Wright stated, money is information, i.e. why is it a register, and it is important that we change its numbers. The following key phrases that Dr. Wright mentioned are crucial:

  1. Money is a ledger used to exchange goods and services Through time. Also see Dr. Wright’s new opening address on time as a personal experience.
  2. Money allows specialization.
  3. On a large scale, Bitcoin is not deflationary.

Bitcoin is an immutable ledger, but that doesn’t mean it can’t be update, according to Dr. Wright. Updates are needed if things go wrong, such as parts stolen from the owner or loss of access to parts that one legally owns but can no longer obtain.

“When I go to court in Florida, it’s basically the end of the game for anyone who thinks Bitcoin can’t be seized. I made sure of that. And it will happen. No one moves a part via a wrench, but I guarantee they are moved, ”says Dr. Wright.

Watch CoinGeek New York 2021 Day 3 here:

New to Bitcoin? Discover CoinGeek Bitcoin for beginners section, the ultimate resource guide to learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.


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