The problem with the prevalence of social media today is that everyone thinks they have to respond to every topic and that their opinions actually matter, even though they have zero knowledge on a subject. This has brought about a plethora of false narratives on virtually every subject, including — and especially — cryptocurrency and the different currencies being developed. Dr. Craig Wright, chief scientist for nChain and the man behind Satoshi Nakamoto, attacks false narratives in a new blog post, showing how individuals enjoy twisting words to suit their own agendas.
One excerpt that has routinely been quoted incorrectly pertains to microtransactions. According to what has been disseminated, Wright had stated, “Bitcoin is practical for smaller transactions than are practical with existing payment methods. Small enough to include what you might call the top of the micropayment range. But it doesn’t claim to be practical for arbitrarily small micropayments.”
However, this quote is incomplete. Wright had also added that the practicality didn’t exist at the time. That was in 2010, and the excerpt was taken from a longer post that also stated, “Forgot to add the good part about micropayments. While I don’t think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall. If Bitcoin catches on a big scale, it may already be the case by that time. Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms. Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.”
This is just one example of many of how certain people will attempt to twist words to support their own failed beliefs, instead of admitting the truth and recognizing that they were wrong. This mentality has been seen time and again, especially by Bitcoin Core (BTC) pundits and developers, who have worked tirelessly to prove that the original Bitcoin design wasn’t valid. What they fail to mention, though, is that it wasn’t valid in meeting their own personal goals.
The original Bitcoin didn’t need a ramping-up period. It was mature when it was designed. It was ready to be used in conjunction with established monetary systems and was ready to expand across the globe. However, developers decided they wanted a different product and didn’t give Bitcoin a chance. This is why off-scale transaction solutions such as the Lightning Network were invented, even though Bitcoin is more than capable of handling a large number of simultaneous transactions.
Wright adds a dire premonition for those that continue to ignore the facts and Bitcoin’s true capabilities. He states, “Bitcoin isn’t anti-government, and no derivative blockchain ever will be. Many people are going to find this to be the case the hard way and lose a lot of money in the process. Then, I have warned them, and if they choose to ignore what I say, there is little I can do.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
