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

[thejaytiesto]

https://www.youtube.com/watch?v=YAcOnvOVquo&t=2h24m43s

On the latest Craig Wright appearance there are some interesting claims. He says you don't need to hold the blockchain yourself, he attacks full validating nodes, he says it's all meaningless and you don't need it.

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

My question is simple: How can he be against people holding copies of the blockchain and validating their own transactions, which is what gives you the only way to be 100% certain that your money is not being (and i quote his term) manipulated?

Another claim to analyze is that he says the more people use bitcoin, the more censorship resistant it becomes, even if the blockchain is huge, because at that point it's "too big too fail" because everyone is using it. He says there are 75.000 banks on earth, and makes the point of saying "if every bank ran a node, that's 75.000 nodes, so it's safer than now. Also, it's impossible that all banks on earth agree on a particular agenda/are manipulated for the same agenda, so this is not a problem".

There's a lot of claims like these that would require further inspection of the game theory at play because to me it sounds like half asses arguments or at least vague at times.

Also, on the Q&A section when asked "what will you do with your bitcoin if you hardfork? will you dump the coins on legacy chain for the nChain chain?" he snaps and insults the guy. Can you fucking believe it?
I want to actually see what happens if there is a hardfork, because if there is a hardfork and he really believes his model is better AND he is really satoshi, then he will surely dump his million bitcoins to ruin the legacy chain's price? otherwise he is bullshitting and it's another proof he isn't satoshi.

[OmegaStarScream]

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.

[Holliday]

Two or three big nodes is plenty!

[HI-TEC99]

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.

[Sr.Urbanist]

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

Thanks for linking directly to video.

On the latest Craig Wright appearance there are some interesting claims. He says you don't need to hold the blockchain yourself, he attacks full validating nodes, he says it's all meaningless and you don't need it.

It's little more than HD mirroring. I can see his point.

If we are talking MadeSafe the case would be different due to the inherent properties of that tech.  The only good I have got from running a "full node" has been losing 0.8BTC due to super crazy circumstanes.

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.

We only have one major ISP in the US due to mergers. If the ISP cuts off service to BTC, similar to what they did with Torrentz it would not matter the number of copies if all located in the USA.  What matters is the access to these copies. I run a node to keep up on the blockchain, but you can get a copy of the raw file without a node.  

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

Hard drive mirroring is not the tech that makes bitcoin special.  It's the blockchain.  That is to say, it's not being able to copy the blockchain to a bunch of locations that exists but that blockchain exists.  

How can he be against people holding copies of the blockchain and validating their own transactions, which is what gives you the only way to be 100% certain that your money is not being (and i quote his term) manipulated?

Lose 0.8 BTC and you'll switch to a Trezor really fast.

Another claim to analyze is that he says the more people use bitcoin, the more censorship resistant it becomes ...

That's a valid point.

He brings an interesting persective.  Whether he is or is not Satoshi is irrelevant.  This is an interesting point.  Bitcoin works. It's sweet. Sometimes the fees go up, but we need more people to adopt it.

Thanks for posting this ...

[hv_]

I understood that if any bigger economic user = merchants on the planet runs a full node, all incl me poor are fine.

Sounds good, sounds Satoshi

[pixie85]

Of course he's not Satoshi, he's using the name for publicity. If he wasn't claiming that, most of us wouldn't even know about him.
Lying is the fastest way to make yourself known, but bullshitters burn bright and fast. If you're Satoshi then sign a message with one of his addresses, it's really that simple.
And the idea of a Bitcoin bank is stupid. FU Craig.

[satoshforever]

Wright is getting way too much attention. Who cares about this fraud?

[HI-TEC99]

...And the idea of a Bitcoin bank is stupid. FU Craig.

Agreed, the only Bitcoin bank I heard of was hacked in 2014 and all its customers lost their money.

http://www.reuters.com/article/us-bitcoin-flexcoin-idUKBREA2329B20140305

It's fortuitous Craig Wright wasn't allowed to start one. He sounds dodgy enough to lie about a hack and keep all the Bitcoins for himself.

If he'd been allowed to open it he would have probably proclaimed "you don't need to hold your Bitcoins. It's OK if only my bank does it for you".

[Meuh6879]

ETH network has not enough complete nodes and look the result : less transaction and already stuck.

Complete nodes are a base for all P2P network.

You can not mine with not enough complete nodes to receive (and FILTERED WITH THE NETWORK RULES) all transactions around the network.

And specially in restricted area ...


Nodes
Developpers
Merchands (Users)
Exchanges
Miners

This 5 groups are the essence of the Bitcoin stability (in TASK view) : https://www.youtube.com/watch?v=rpeceXY1QBM

[Cormier]

It just trully confirms that this guy is an impostor, that was funded by some entity that want anything but a Bitcoin dominance.

[Sr.Urbanist]

ETH network has not enough complete nodes and look the result : less transaction and already stuck.

That's the least of ETH's problems and I don't follow the logic.  To use an anology, if a lakeside house is on fire, the water in the lake is limited by the diameter of the firehose and pumps (or people with buckets).  
 

[Yakamoto]

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.

Bitcoin got huge again so he needs to take the opportunity to try and farm bank and cred from new users and further try to cement his false claim that he is Satoshi. I have a feeling this guy is being paid by someone to show up repeatedly and make comments like this, it wouldn't make sense otherwise. I certainly wouldn't be taking the time out of my day to try and do some kind of bullshit where I pretend I'm Satoshi and then talk against everything that Bitcoin was essentially made for.

Dude is a phony, plain and simple.

[hv_]

Has anyone proper data that can show how effictive a Raspi node is in reality?

Best on average with many on different locations?

[criptix]

To all cake white is satoshi tards:

LoL

 

[robelneo]

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.

I also do not believe that he is satoshi he is just making a false claim just to establish his business empire,we should not listen to his craziness what ever he says is a big turnaround from the concept of decentralized crypto currency.
I don't know but he just want to boost his ego and his self interest in the industry.

[Wind_FURY]

Everyone should not be listening to that guy. He is a scammer and a fraud. Maybe the only reason he is coming out and doing that talk is he needs some funding for a new "scheme" he is working on.

I still do not know why Gavin Andersen, of all people, verified and declared Craig as the real Satoshi. Was Gavin trying to discredit himself? Some say he has been acting weird since the CIA meeting years ago.

[pooya87]

sometimes i feel like some people don't realize that their actions and the hostile take over (or trying to do so) is only leading to ruining bitcoin. and taking over a ruined bitcoin has nothing in it for them!

you think people are still going to continue using bitcoin if they some day (god forbid) turn bitcoin into a shitcoin while there are still other cryptocurrencies that have implemented real decentralization to some extent such as litecoin for example.

[magneto]

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.

It was just all a part of an elaborate publicity stunt imo for Craig Wright. He had the balls to fake it right till the end though, which is fascinating to me. Running a full node is the only way to ensure that you're getting 100% privacy and security.

ETH network has not enough complete nodes and look the result : less transaction and already stuck.

Complete nodes are a base for all P2P network.

You can not mine with not enough complete nodes to receive (and FILTERED WITH THE NETWORK RULES) all transactions around the network.

And specially in restricted area ...


Nodes
Developpers
Merchands (Users)
Exchanges
Miners

This 5 groups are the essence of the Bitcoin stability (in TASK view) : https://www.youtube.com/watch?v=rpeceXY1QBM

Agreed. The whole idea of a p2p decentralized network is to make sure that every transaction is private, and trustless. If not enough people run full nodes then the whole system is going to become somewhat centralized. IDK what the hell Craig Wright was on when he said this, if he was satoshi, surely he won't be endorsing centralization of any kind?

Most full nodes also serve lightweight clients by allowing them to transmit their transactions to the network and by notifying them when a transaction affects their wallet. If not enough nodes perform this function, clients won’t be able to connect through the peer-to-peer network—they’ll have to use centralized services instead.

[Troller Durden]

Everyone should not be listening to that guy. He is a scammer and a fraud. Maybe the only reason he is coming out and doing that talk is he needs some funding for a new "scheme" he is working on.

I still do not know why Gavin Andersen, of all people, verified and declared Craig as the real Satoshi. Was Gavin trying to discredit himself? Some say he has been acting weird since the CIA meeting years ago.

Maybe he is Satoshi, If your hero turns out to be an abrasive Aussie I'd imagine it would be hard to believe.

Kinda like online dating, sometimes real life is far worse that what we had envisioned...lol

Anyway, everyone should be listened to and people need to decide whether what they say is true or not, to tell people what to believe almost always has the opposite intended effect.