Blockchain

Bitcoin Inventor Craig Wright on Scaling Blockchains

Bitcoin inventor Craig Wright on scaling blockchains

How to scale Bitcoin? First of all, Bitcoin is already moving massively. Second, Bitcoin scaling is not just about technology.

In 2009, Satoshi Nakamoto said that Bitcoin can already scale much more than VISA for a fraction of the cost. This statement has been made with respect to 2009 material.

In 2022, Satoshi Nakamoto is publicly known as Dr. Craig Wright, especially after the outcome of the Kleiman v. Wright case, and we are privileged to study the Bitcoin creator’s recently published work regarding the upgrade blockchain scale. Dr. Wright recently wrote an article titled “Set scalingin which he shows that attempts to scale Bitcoin by implementing secondary networks are futile and have sinister motives.

The deception of bitcoin scaling by second-layer technology

BTC supporters are fascinated by the so-called BTC Lightning Network and similar efforts to scale BTC or other blockchain systems. By using another network that runs off-chain “to help” BTC with scaling issues, BTC is weakened and even grows into a non-law-abiding system.

In “Set scalingsays Dr. Wright:

By definition, any blockchain presents a system that collects and processes a set of transactions by integrating them into a block that a set of paid and funded node operators process through a competitive process such as proof of work, whereby they then post a check that other nodes can check for validity.

The keyword here is “publish”. Blockchains are not private databases, quite the contrary. Bitcoin scaling can be understood as releasing more transactional data over time. When Bitcoin grows, we simultaneously to see more operations.

Regarding technology, Bitcoin East technology, it makes it possible to increase the size of blocks without using secondary networks. As soon as blockchains use secondary networks, they are no longer blockchains. They are starting to become private databases.

We already have private databases. They work well until someone keeps separate sets of books. This is why Joël Dalais from MetaNet Intensive Care Unit and I discussed the history of accounting with Dr. Craig Wright:

Dr. Wright was himself an accountant. In the video, we mentioned the benefits of triple-entry ledger applications using Bitcoin. At CoinGeek Zurich Conference in 2021, a whole panel discussed Bitcoin and accounting. Attempts to scale Bitcoin by draining it of on-chain transactional data are not scalable but enable little or no public accounting system.

What is Bitcoin without published transactions?

In his article “Set scalingsays Dr. Wright:

Every transaction processed in a system such as Bitcoin is public. This is the same advertisement that some individuals seek to suppress. The argument presented by those against scaling is presented as being related to scaling, but represents an effort to find methodologies to remove the ability to trace every transaction within Bitcoin.

Now, this is where you have to be careful. We understand Bitcoin means public transactions. Entities that want to “scale Bitcoin” by getting rid of transaction history are not actually trying to scale Bitcoin but trying to cover their tracks.

We are seeing attempts to set up side networks to BTC that allow it to transact without a trace on the BTC blockchain. This is the method that money launderers and other criminals need to stay out of the way.

On the BSV blockchain, also called Bitcoin SV, transactions are not hidden in side chains, secondary networks or side agreements. BSV blockchain users perform transactions and do so publicly. This is what Satoshi Nakamoto invented. It’s almost a joke that after more than a decade we have to highlight these essentials of Bitcoin. The fact that we always try to explain the basics of Bitcoin White Paper hints at the real impact of real Bitcoin. It’s changing the world in ways never seen before, and the rise of information capitalism has profoundly influential opponents.

Dr. Wright even published an article titled “Bitcoin: the most law-abiding system ever created.” But still, there is a lot of social media hatred for Dr. Craig Wright coming from the so-called digital currency markets. If someone is attacked for advocating a law-abiding system, what does that tell us about the abusers?

BTC does not scale Bitcoin, because BTC is not Bitcoin, but Bitcoin is alive in BSV

In “Defining Scaling”, Dr. Wright does not call BTC the name Bitcoin. It literally says “the BTC system”, because BTC falsely claims to be Bitcoin and pass as such fraudulently. Bitcoin is bound by contract, and the Bitcoin from that original Bitcoin contract is on the BSV blockchain today.

Renowned economist George Gilder supports Dr. Wright and Satoshi Nakamoto’s original vision of Bitcoin. Gilder passionately stated:

Bitcoin SV is the epitome of the information economy!

In his speech at the CoinGeek Conference in New York in 2021, Gilder pointed out that Bitcoin SV, as in the BSV blockchain, has more transactions and more activity than BTC. Thus, any attempt by BTC developers and BTC financiers to take transactions off-chain via second-layer technologies will further widen the utility gap between BSV and BTC.

Increase the number of transactions to Bitcoin, not apart, is the only way to scale Bitcoin. Second layer technologies for blockchains are intended to hide transactions, hide money, data and interactions. Whenever you hear public BTC figures claiming that large blocks are causing difficulty for Bitcoin users or miners due to alleged hardware issues, you can think of it as listening to professional money launderers and worse.

In “Set scalingconcludes Dr. Wright:

In other words, Orwellian doublespeak means referring to scaling when the argument really should be about the nature of a blockchain and the requirement that the system provide full traceability of all transactions. .

Learn the truth about Bitcoin by listening to its creator, Dr. Craig Wright:

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