Australian businessman, Craig Wright, who claims to be the founder of bitcoin published a shocking manifesto that argued bitcoin (BTC) will eventually vanish. He debated that it was being used to enable illegal activities. He went on noting that the move was going against his pioneering vision for the cryptocurrency. For reference, he claimed that he is Satoshi Nakamoto continuously, the mysterious founder of bitcoin. However, he is yet to provide definitive evidence.
Civil war erupts amongst warring crypto factions
Craig Wright is a proponent of Bitcoin SV (Satoshi’s Vision). He insists that is the “true bitcoin.” He and his comrade, Calvin Ayre, debate BSV will supplant all other unauthorized pretenders to the bitcoin throne. Additionally, it will destroy its competitors BTC and Bitcoin Cash (BCH) to a point of no return. Calvin Ayre, the Bitcoin cash founder, said that Bitcoin price will eventually crash to zero.
Bitcoin needs to act within the rules
In a rather withering manifesto, Craig claimed that he built bitcoin to run within the law and not to enable illegal activities such as money laundering. He then highlighted cryptocurrency evangelists who claimed BTC is generally decentralized and hence doesn’t require to operate by any rules. Nonetheless, Craig said that they deluded themselves and need to be awoken.
In his statement, he quoted the following; I built Bitcoin to be a system that operates within the rules. If it goes contrary to that, then the systems and exchanges that allow individuals to use Bitcoin need to put a stop to it and criminalize all those involved. Furthermore, if bitcoin tries to operate outside the rules, it eventually becomes an illegal system. Once that occurs, it is very straightforward to put a halt to it. He pointed out that the majority of people want rules. Also, they don’t desire to fight on a planet of uncertainty. They want to acknowledge that the contract they have conducted will maintain its validity not just presently, but also throughout the period of exchange- they need rules.
Craig Wright: Binance and Bitfinex facilitate crime
Moreover, Wright argues that cryptocurrency exchanges are generally criminal investments that “facilitate money laundering.” According to him, he foresees that they will eventually run out of business “because crime will forever fail.”
Specifically, he accused Bitfinex and Binance of lying to their clients when they make claims of being decentralized. He says they aren’t. He also elaborated that the only fact why anyone needs a decentralized financial base is to enable him or her to use the platform to launder or hide money.
In his context, he highlighted the following; groups like Binance who try to facilitate crime and money laundering will always fail. They defraud a person by telling him or her that they cannot be controlled and are decentralized. He went on saying that bitcoin is a system that was set in stone. If the specified protocol is changed, then it indicates and demonstrates that it is definitely not bitcoin. When those involved groups altered the rules, they impacted their whole ecosystem. It is because the power structure is centralized. They con you when they lie about decentralization and say to you that they have no power to alter things but then change the rules. He said that when those in power are capable of changing the protocol, they can alter the lives and finances of individuals involved in the process at an arbitrary whim. Remarkably, he said that is why BTC is not bitcoin.
Generally, he claimed that due to the fact that bitcoin has been compromised, it will eventually disappear. When that occurs, he cautioned that it will vanish immediately.