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

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Vladislav Sopov

Bitcoin (BTC) Isn’t an Efficient Payment System Because It Has “No Use and No Use”, Says Craig Wright

Contents

Seven Bitcoin (BTC) Stories Criticized by Self-Proclaimed Satoshi “Security Is Not an Answer,” Says CSW

Craig Wright, the notorious Australian computer scientist claiming to be a Satoshi Nakamoto – the mysterious pseudonymous inventor of Bitcoin (BTC) – offered another anti-BTC tirade on Twitter.

Seven accounts of Bitcoin (BTC) criticized by self-proclaimed Satoshi

Dr. Wright took to Twitter to comment on the discussion between prominent cypherpunk and Blockstream CSO Adam Back and Bitcoin SV miner Kurt Wuckert Jr. He criticized the design of the biggest cryptocurrency and pointed out that it cannot be used in 2023.

Why?

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

Do not use. Not utilitarian. Does not work.

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

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

Dr Craig S Wright (@Dr_CSWright) January 17, 2023

CSW was triggered by Back’s predictions of the upcoming Bitcoin (BTC) price rally. Surely, the Bitcoin (BTC) price surge can only be fueled by the logic of a Ponzi scheme since BTC has no viable use or functionality as of yet.

As a result, Bitcoin (BTC) fails to become an efficient payment system, CSW believes.

A commenter on his tweet shared the proven list of Bitcoin (BTC) narratives that should explain its global dominance and value proposition:

Scarcity, digital property rights for 8 billion people, store of value, hedge against fiat. Secure Registry, Proof of Work, Security.

Dr. Wright responded that proof-of-work (PoW) consensus is rather an instrument of Bitcoin (BTC) operations, not its killer feature in the blockchain rivalry.

“Security is not an answer,” says CSW

Additionally, security is not unique to Bitcoin (BTC) and is not a virtue of its design. Bitcoin (BTC) is secure in use, distribution and scale, he added.

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

Also, it sues crypto entrepreneurs, experts and entire services for various reasons. For example, he won his libel suit against crypto blogger and educator Peter McCormack, host of the What Bitcoin Did podcast. However, the UK judge only awarded nominal damages in the case.

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