Self-proclaimed Satoshi Craig Wright sees no Bitcoin (BTC) narrative outside of the pyramid and Ponzi scheme

Vladislav Sopov

Bitcoin (BTC) is not an effective payment system because it has “no use and no utility,” says Craig Wright

contents

• Seven Bitcoin (BTC) narratives slammed by the self-proclaimed Satoshi
• “Security is not an answer,” says CSW

Craig Wright, the notorious Australian computer scientist who claims to be a Satoshi Nakamoto — the mysterious, pseudonymous inventor of Bitcoin (BTC) — has come up with another anti-BTC tirade on Twitter.

Seven Bitcoin (BTC) narratives slammed by the self-proclaimed Satoshi

dr Wright took to Twitter to comment on the discussion between Adam Back, prominent Cypherpunk and Blockstream CSO, and Kurt Wuckert Jr., Bitcoin SV miner. He criticized the design of the largest cryptocurrency, stressing that it cannot be used in 2023.

Why?

The claim is that BTC will hit an all-time high. Why?

Not use. Not utility. No function.

Please explain why there is a reason outside of a ponzi or pyramid scheme.

BTC is not an effective payment system. So why? https://t.co/uk8He076Jy

– dr Craig S Wright (@Dr_CSWright) January 17, 2023

CSW was triggered by Back’s prediction of the upcoming Bitcoin (BTC) price rally. He is certain that Bitcoin (BTC) price surge can only be fueled by the logic of a Ponzi scheme as BTC has no usage or viable functionality to date.

As a result, Bitcoin (BTC) will not become an effective payment system, opines CSW.

A commenter on his tweet shared the battle-tested list of Bitcoin (BTC) narratives designed to explain its global dominance and value proposition:

Scarcity, digital property for 8 billion people, store of value, hedge against fiat. Secure ledger, proof of work, security.

dr Wright responded that the Proof-of-Work (PoW) consensus is more of a tool of Bitcoin (BTC) operations, not its killing function in the blockchain rivalry.

“Security is not an answer,” says CSW

Also, security is not unique to Bitcoin (BTC) and is not a virtue of its design. Bitcoin (BTC) is secured by usage, distribution and scope, he added.

As previously reported by U.Today, Craig Wright is known as the “self-proclaimed Satoshi”: for years he tried to convince the global cryptocurrency community that it was he who created the Bitcoin (BTC) white paper.

He also sues crypto entrepreneurs, experts and entire services for various reasons. For example, he won his defamation lawsuit against crypto blogger and educator Peter McCormack, host of the What Bitcoin Did podcast. However, the British judge awarded only nominal damages in the case.

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