Technology

Dr. Craig Wright: Stepping Stones To A “Bitcoin Economy”

HiveEx.com and Finder co-founder Fred Schebesta sat down with one of the most controversial figures in the cryptocurrency space, Dr. Craig Wright, for an exclusive interview on YouTube channel, Crypto Finder.

Dr. Craig Wright
Image source: YouTube Video Screenshot

Dr. Craig Wright is Chief Scientist at nChain, and claims to be the original bitcoin inventor, Satoshi Nakamoto. While there are plenty of lingering question marks around the claim, it’s also clear that he’s been involved in bitcoin since the very early days.

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Schebesta is co-founder of one of the world’s leading comparison sites, Finder, co-founder of cryptocurrency OTC brokerage service, HiveEx.com, ICO advisor, keynote speaker and award-winning entrepreneur.

The 1 hour and 34 minute interview discusses key areas of Dr. Wright’s work, as well as his broader thoughts on the future of the industry. This included everything from the potential price of mining rewards, how the original bitcoin vision had fallen apart, and why his new Metanet will take over the world.

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Below are some key points from the interview:

The potential price of mining rewards

- 1:06:00

When asked about the potential rewards for mining and block rewards, Dr. Wright gave his thoughts on how transaction fees could cover the costs associated with mining.

“If we get to the next halving, and we’re basically selling a commodity value, where we’re getting $1,500-plus every block, then we lose six bitcoin, we’re better off than we are right now. So, next time we do it, four years after that, we would hope to be 10-times larger, at least. In which case, we lose three bitcoin, but the value of what we’re doing and the ledger actually goes up 10 times. We go from $18,000 maybe to $20,000, initially a block, to $40,000. By the time we’re doing the second halving, potentially, a quarter of a million dollars per block for miners, because of the information they’re storing. That allows miners, even if we’ve got thousands of miners, to buy hard drives for storage, to pay for networks, to have data centres, all of the rest.”

Stepping stones to a “bitcoin economy”

- 1:23:49

Dr. Wright discussed the steps he believes will need to happen to reach a “bitcoin economy”, suggesting one of the earliest steps will be institutional adoption.

“We’re going to have to go through, as I said, the use of a commodity ledger, we’re going to have to get commodity value we’re going to have tokenized money. So, with some of the platforms that are available now, in bitcoin cash, it enables us to have, well basically, a US dollars that is approved by banks. Not like Tether, but a real bank.

“The only way you have a true stable coin is where you have a federal bank in the US or the Bank of England – or something like that – issue something. That will be one of the early stepping stones.”

Is Dr. Craig Wright really Satoshi?

- 01:11:35

Schebesta also asked the question on everyone’s minds: is Dr. Craig Wright really Satoshi? Dr. Wright didn’t give a definitive answer, but he certainly kept us guessing.

To watch the full interview below: