Patrick Thompson talks about leveraging blockchain solutions on the Brittany Bitz Podcast

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Patrick Thompson joined Brittany Bitz to talk about leveraging blockchain solutions, whether there is room for other blockchains and digital currencies, and much more.

Introducing Patrick Thompson

Faslun welcomes Thompson to the podcast, greeting him for the first time since meeting at Bitcoin Miami. She asks him to tell us what he has been doing recently. He says he is now working full-time with Satoshi Block Dojo and will open an office in Miami in January 2023.

BSV is bigger than Dr. Craig Wright

Circling back to the Miami convention, Faslun reminds Thompson of how so many people value Dr. Craig Wright. She acknowledges that he is a big part of it, but he is not the whole of it and asks how those involved in the ecosystem can shift the emphasis from him to the technology itself.

Thompson says his journey to BSV was not BTC-BCH-BSV, as it was for many others. Instead, he was a general ‘crypto’ guy and found BSV because of its technical superiority as a blockchain.

He points out that many others followed Dr. Wright and others to BSV, but it is not always the best because it is better to find out that the technology is the best solution to your problem and come from that angle. He believes this approach – looking at the technology – can shift the focus away from Dr. Wight and onto the bigger picture.

How can other digital currencies fit into an economy with Bitcoin?

“A multi-coin approach is not evil,” says Thompson, noting that some companies that exclusively offered BSV now offer support for other digital currencies.

Giving reasons for his belief that a multi-coin approach is good, Thompson says:

1. Blockchains are like accountants. There are many of them who do the same job. The things that might attract you to one versus another are small, simple things like fees and that they might have sparkling water in the lobby.
2. People are still speculating to a great extent, creating interest. There is a chance for others to discover BSV by entering through other blockchains or vice versa.
3. There are many advantages for companies in serving holders of many different coins instead of just one. Opening up to a much larger market can multiply profits and entice new players to enter.

“I see multi-coins being a thing for quite some time to come, and I personally don’t have a problem with that,” says Thompson. Faslun sees the benefit of that in the sense that bringing in new people to the BSV ecosystem by backing other coins can bring in new ideas and innovation. Thompson agrees, noting how it actually took BSV longer to get NFTs than many other inferior blockchains.

Thompson also notes that BSV is “engineer-heavy” and that these types of people tend to build products that appeal to other engineers rather than everyday consumers. Faslun notes that when she first entered the BSV room, it took some time to digest everything because the level of thought is at a higher level technically. Both agree that this can be both a good and a bad thing.

“A lot more people are blockchain agnostic than you probably think,” says Thompson, noting that Twitter tends to bring out the loudest extremists. In the real world, people are looking for solutions and don’t care what blockchain it’s built on.

The Unbounded Capital Summit in New York

Faslun asks Thompson about the general mood at the recent Unbounded Capital Summit in NYC. She says Joshua Henslee said it was great and wants to get Thompson’s perspective.

Thompson says it was primarily an investor audience of family offices, VC firms and angel investors. There were also some new investors who started with blockchain. He notes that they asked serious questions and were locked in and interested.

“They’re looking for something that makes sense and something that makes money,” he says.

Overall, Thompson feels it was a great conference that focused on BSV as a technology that can solve problems. He hopes to see more of this in the future.

About Dr. Wright’s Trials

Commenting on the ongoing lawsuits Dr. Wright is caught up in, Thompson says there is some value in winning them.

As for whether they can determine whether or not Dr. Wright is Satoshi Nakamoto, Thompson says he doesn’t think it matters. While that may have counted for a lot in 2015-2018, he doesn’t think it will have as much of an impact in today’s environment.

Should we think more about the price in BSV?

Faslun notes that most people in BSV have given up trying to “pump our bags” and have stopped focusing on token prices. She’s curious to hear Thompson’s take on whether or not this is a good thing.

“I love price,” Thompson says, reiterating that he got in via ‘crypto’ rather than following the various Bitcoin forks and protocol wars. “Overall, I think the price is not a bad thing,” he says. In the short term, consumers are still going to drive much of the market action and trends.

That said, he thinks it’s good that the brightest minds in the industry are lining up to sing BSVs, and he reminds us that companies look at things from a completely different angle. In his view, those involved in BSV are very good at seeing what is around the corner, but it will take years to reach the goal. Ultimately, this will be more sustainable than short-term price pumps and trends.

Regulations and their impact on the industry

Sticking to the thread of thinking about the future, Faslun asks Thomspon for his opinion on how regulations will affect things.

Thompson begins by saying that he was recently at a conference with many bankers, accountants and others in related professions. They talked about “digital assets” and “distributed ledger technology.”

“They think blockchain and digital assets are a joke,” he says, pointing out that while they think stablecoins are better than more volatile digital currencies, they’re not threatened by any of that.

Speaking of stablecoins specifically, Thompson points out that while much of what the issuers do may not fly in the US, they are not registered there. “They know what they are doing. That is why they are registered in places like Puerto Rico and the Cayman Islands, he says, pointing out that although regulations may be passed in America, Europe and elsewhere, it is challenging to pin down operations like Tether or Binance.

About a potential proof-of-work mining ban

After talking a bit about the global economic situation, Faslun wonders if some governments might ban proof of work mining to ease energy costs, especially in the EU.

“I think it would make perfect sense,” Thompson says, noting that it’s an easy target when there’s an energy crisis going on. One of the keys to countering this is education about how PoW works and explaining its benefits.

See: The BSV Global Blockchain Convention Presentation, Enabling the Real World Metaverse

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