There is nothing more powerful than an idea whose time have come. Blockchain technology will completely change how we organise and use data for the betterment of societies. However only one blockchain will emerge as the underlying protocol and this will be Bitcoin SV.
The cashless society is upon us and like it or not governments will want a secure digital currency for which they control value, quantity and rate of issuance. The good news is that they do not have to hire teams of developers and consultants to put in place this digital currency. They can issue these tokens on the Bitcoin Blockchain at a cost 0.05 XCP ( less than 10 cents ) using the Counterparty platform.
Why issue their digital token on the Bitcoin Blockchain ?
The answer - SECURITY, SECURITY, SECURITY. No other system can achieve the level of security of the Bitcoin blockchain proof of work consensus system, currently secured by greater than 200 Peta hashes of mining power.
Anybody can issue tokens but giving the tokens value is another matter. Governments can confer value to their digital tokens by making them legal tender and mandating that only such tokens be accepted for paying taxes and government services.
Digital currency issued on the Counterparty platform will be smart money. Ethereum style smart contract will soon be a feature of Bitcoin. It is only waiting on discussions to be finalised and a vote by XCP token holders by the end of June or early July.
Bitcoin blockchain imposes a 10 minute block confirmation time frame, however developers at Storj another token using the Counterparty platform, have implemented micro payments using offchain solutions similar to the proposed Thunder and Lightning network. All that is needed for implementation is CSV which is very near activation at 90% adoption and Segwit which should follow shortly. Off chain transactions will be instant and at scale.
Mainstream adoption will require an easy to use wallet on smart phones and SMS phones. There is already a mobile wallet Indiesquare, operational for Counterparty tokens, which can be easily adapted to function with a single token. Extending bitcoin wallets to SMS phones should not be too far away either.
In conclusion, governments can already issue secure digital currency on the Bitcoin platform at very low cost and retain full issuance and value control. For those who claim that they do not trust governments to issue currencies, Get Real, That will never change. The only difference is that this process can be more transparent. Bitcoin will always remains as an alternative backup currency, should the natives lose confidence in the government issued variety.
Update 3/1/2017: The cost of a bitcoin transaction still holds this system back but micro transactions and payment channels are coming.
Bitcoin will be many things including being a currency, a settlement layer and a reserve asset.
There is a mammoth struggle to be the Goldman Sacs of the new Fintech sector. Coinbase looks like it would have won the race after Bitpay floundered. Today it operates bitcoin on/off ramps in 32 countries.
With Paypal's announcement, the fog around paypal's intentions with bitcoin has solidified. Not only is Wences a driving ambassador in the bitcoin space, he also brings with him Xapo which when combined with Paypal's banking and remittances operations in 160 countries, will allow it to claim top spot.
You can now link Xapo's debit card to your Paypal account, meaning that you can already spend your bitcoins with Paypal to make payments. Accepting bitcoin as a currency on it's platform is not far off.
The legacy banks are staff with people with legacy banking mindsets and will always be feuding internally with the new incumbents coming in with R3. There will be lots of fear and very little co-operation. These people will fight to go down with the ship. None will be players in the new Fintech in any recognisable form.
Coinbase or Paypal. There is more to come in the battle for market share, looks like Bitpay will be specialising in B to B.
The space is still open for a main player to bank the unbanked. Could it be Bitpesa? It certainly needs a company with SMS banking technology.
A new presentation by Craig Wright at Future Of Bitcoin conference skip to 2 : 22 : 50
https://www.youtube.com/watch?v=YAcOnvOVquo
Smart Contract on bitcoin presentation https://www.youtube.com/watch?v=KKrQ0lnj-60&feature=youtu.be&t=625
This video first connects Dr Craig Wright to Bitcoin.
I wrote this several months ago but was reluctant to publish it, mainly because many people have poured skeptism about his qualifications on which I have no way of checking. Today (1/4/2016) I read that Mr Wright will be starting the procedures to prove that he is indeed Satoshi. I look forward to this with the hope that we can be lead on the right path towards a bright Bitcoin future. The world needs Bitcoin. When did you first hear about Bitcoin? (2.20 ) Look at all the replies from people like Gavin, Andreas, Nick, Greg, Amir, Hal - they all point to a date where they read or heard about bitcoin dismiss it then took a second look and their whole world changed. This is different "I have been involved in this for a long time" His body language and reply could be from someone who actually is - the inventor of bitcoin.
He Need to be highly qualified and knowledgeable in many fields
(1.13) Academic, 2 Masters, 2 Doctorates, works in designing protocols, "part economist, part scientist". He does not seek the limelight, perhaps even uncomfortable with it. Humble inspite of his achievements.
Some have disputed his qualifications . These are references that can be checked. To date his masters qualifications have checked out but not his Phds.
His primary source of income is that of an academic and computer security consultant. He understands cryptography.
Qualifications or lack of it is no indication of ability. If we ask whether he has the technical expertise and broad range of knowledge to design bitcoin, I would say the answer is YES.
Bitcoin is a protocol. He designs protocols.
Bitcoin Mining From Bitcoin's Inception
Are you a miner ? " A long time ago " He pause and considered his reply before answering.
A busy academic with his credentials will not be an avid miner, They might dabble a little like the rest out of curiosity, then put it away because his computer go too hot, as they were worth nothing back then, unless, IT IS HIS OWN INVENTION.
By his actions, purchasing gold from Mr Ferrier with bitcoins, proves that he has quite a large cache of bitcoins which he can only get from early mining. There is leaked documents of a trust created in his favour for 1,1 million bitcoins locked until 1 January 2020. If true this is the amout Satoshi is suspected to control.
If anything will prove that he is Satoshi it will be proving control of this cache of bitcoin.
Financial
As a businessman he was not very successful. This is not unusual as people with high interlect are not suited to the mundane and daily grind of a self start businesses. They are easily distracted.
If he was Satoshi and he was mining up to the time when he handed the reins over to Gavin in September 2012 he would have amassed over a million coins. They were of course worth nothing but over the course of the next year and a half everything changed.
His attempt to purchase gold from Mr Ferrier for 85 million and subsequent lawsuit to claim damages prove that he actually had the bitcoins in question. In May 2013 the price was about $600 but the market was volatile and it woulld have been difficult to convert $85 million in bitcoins.
Perhaps the 30,000 coins put up for sale by "the bearwhale" was from himself.
Watch this video on a more formal look at the man.
Interview The Bitcoin Doco
This is a quote from the video which open an insight to the character and philosophy of the person.
"One of the most fundamental rights of being human is the ability to own and trade property. Every other thing that we do, other than trade, is done by animals, plants, or combinations of the above. There are tool building animals, there are all sorts of things. But what we do that is really unique is we trade. To do that fairly needs property. We need to be able to control our own freedoms and the only way to do that is to basically have the right to property, to ownership, to transfer -- to decide what we want to do. That also means not telling people what we have. If we don't want to go out there and say I am a billionaire or I am running xyz or this is my life... I shouldn't have to tell people that. I should have the right to live frugally if I want to and to invest in business without telling people I am a billionaire... or that I am whatever -- like some people have to these days because governments try to make us. We should be able to choose how we live and that is the fundamental right of property. That means being able to dispose of property as we want; to be able to share it, to take it -- and that is what it is all about. Once we get things to where we have redeemable contracts and we link them to the blockchain. Where we can link money, and goods, digital rights and ownership into something that can't be changed. A fundamental open, honest, truthful asset -- the blockchain. That's when we are going to see real freedom in the world."
-Dr. Craig Wright (48:18 - 50:01)
Whether he is Satoshi or not, he is certainly a very passionate and extremely intelligent man.
