Craig Wright: "You dont need to hold the blockchain. Its ok if only banks do."

[thejaytiesto]

There are 0 convincing arguments thus far to give up on the ability of running a full node as a user. The advantages aren't as good as the disadvantages. You get to buy cheap coffees on-chain, but at what price?

I saw dash mentioned, didn't read the post to be honest, I think dash model has been proven insecure enough times to discard it, also the launch was an instamined scam.

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[Gasotard]

There are 0 convincing arguments thus far to give up on the ability of running a full node as a user. The advantages aren't as good as the disadvantages. You get to buy cheap coffees on-chain, but at what price?

I saw dash mentioned, didn't read the post to be honest, I think dash model has been proven insecure enough times to discard it, also the launch was an instamined scam.

I wouldn't trust Craig Wright, he's a liar plus it seems like he is only doing things just so he could get famous.

[Sr.Urbanist]

You get to buy cheap coffees on-chain, but at what price?

Taking down the entire banking industry.  That's the cost.   

[jbreher]

Wow!  What an underappreciated video.  I'm surprised their isn't more discussion in this avenue.

At the same time, he pretends to act as a force against the status quo, claiming Bitcoin is about sovereign money.

One way to look at this, even if you're a hardcore anarchist or libertarian, is to consider the blockchain nodes in a similar way as Wikileaks mirroring sites: the grew from 208 - 1885 in one week of 2010.  However, the content did not change between 208 and 1885.  Geographic distribution is as much or more important than overall total nodes.

The only way to guarantee 100% that you are downloading a valid copy of the blockchain is through a full node client as you validate everything while you download. I wouldn't trust any other method because possibility of man in the middle attacks.

Good luck with that. You know that most clients -- Core included -- do not validate all transactions upon download, right?

[cpfreeplz]

Someone can't simply create something revolutionary in the financial system as bitcoin (which stands against everything the banking system represents) and still support banks, this simply make no sense to me, the contradiction is definitely there. I wouldn't take a word from Craig Wright seriously. I'm not even sure why and how he is back suddenly.

He tried to create his own Bitcoin bank called Denariuz Bank. The whole point of Satoshi's vision for Bitcoin was to get away from banks, and Craig Wright wanted to create a bank. That's enough to convince me he's not Satoshi.

https://en.wikipedia.org/wiki/Craig_Steven_Wright

Wright was the CEO of the technology firm Hotwire Preemptive Intelligence Group (Hotwire PE), which planned to launch Denariuz Bank, the world's first bitcoin-based bank, though it encountered regulatory difficulties with the Australian Tax Office and failed in 2014.

Well duh he's not Satoshi. He's got the opposite vision entirely. Why would you take such giant steps backwards? Craig Wright is the Donald Trump of bitcoins.

[btcbug]

Although I don't really want this to happen because it may negatively affect BTC price, I almost hope BTC forks into two competing solutions. One with SegWit /Lightning and one as Bitcoin Unlimited or something along the lines of what Craig Wright is talking about. I simply have no idea what to believe anymore and I'm not sure anyone else know what the best solution is until we see them compete side by side for a number of years.

[bitart]

Although I don't really want this to happen because it may negatively affect BTC price, I almost hope BTC forks into two competing solutions. One with SegWit /Lightning and one as Bitcoin Unlimited or something along the lines of what Craig Wright is talking about. I simply have no idea what to believe anymore and I'm not sure anyone else know what the best solution is until we see them compete side by side for a number of years.

That won't be bitcoin anymore, only alts. In that case, bitcoin (any of the new ones) will lose it's benefit that it was the first and only crypto for a time. Now, the name 'bitcoin' is a guarantee for the largest and oldest and widely accepted crypto coin.  We already have a lot of alts, so there's no need to create a new one. We also have an alt with SegWit implemented, so if anyone want to test it, it's there, it's possible. I don't know what is the future, but I would prefer not to fork into two coins, but it's only my point of view.