Bitcoin Masterclasses: Day 1 Review and Discussion
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Dr. Craig Wright conducted the first “The Bitcoin Masterclasses” in January 2023. The first session on the second day was a recap of the first day: covering the fundamental differences between privacy, confidentiality and anonymity. Dr. Wright also asked the audience about the content discussed on day one.
Question about day one content
Q. Will the vision outlined yesterday, where people can share data between platforms, only come about if governments legislate it?
“When in human history have governments ever started anything first?” asks Dr. Wright. He explains that corporations ran Rome, and the Knights ran the corporations – it was completely capitalist and corporatist. It took a lot of work to manage this from Rome, given the lack of technology at the time, which led to a hierarchy of companies running companies, along with the inevitable problems that led to.
So, will the companies bring changes? Yes, but not the existing ones like Twitter. They want to maintain their monopolies and they don’t like competition. New ones will challenge them and create change, and governments will legislate and regulate.
Questions. How can the deletion of data that was talked about yesterday be implemented practically?
Dr. Wright says he won’t go into detail about this because he has pending patents related to it. He assured the crowd that it could be done, but he won’t elaborate yet.
Q. Yesterday we talked about tokenization of everything. Assuming BSV has a price of £1m per coin, does that make it viable?
Dr Wright begins by saying that he believes the cost of a single BSV will be around £10,000-£20,000. At £10,000 per coin, he says the tokenization of everything is viable, and payment channels plus everything else will also be possible. He sees a world where individual tokens are fractionated and used in various applications, and overlay networks are developed, etc.
Questions. When you referred yesterday to membership, were you referring to DAOs?
“A DAO is just a partnership with a different name,” Dr. Wright replies, saying that nothing new has been created. He explains that legally a partnership is simply a group of individuals seeking profit with a common endeavour. He explains that anyone who owns tokens is part of a partnership with no limited liability clause, leaving them open to being sued. Dr. Wright largely prefers the structure of corporations, as only the capital of the investors is at risk.
Further elaborating on problems with idealistic concepts like DAOs and governmentless blockchains, Dr. Wright poses a challenging question: if two separate home ownership records appear on two different blockchains, which one will we consider legitimate? This is why we need governments, laws, identity tied to records, and what Dr. Wright calls “the real world.”
Also, DAOs are in no way democratic. While in a democracy a person gets one vote whether they are worth $1 or billions, in a DAO the richest token holders can vote over everyone else. There is no way that minority owners can do anything that they can when they own shares in companies.
“Who makes the rules?” Dr. Wright calls for DAOs and proof-of-stake blockchains like Ethereum, aiming for Vitalik Buterin. He points out that Buterin has almost total control over that network.
Questions. Isn’t it true that the best technology doesn’t always win in history?
Dr. Wright challenges this concept and the Polaroid example given by the questioner. He says the economy counts the most; in Polaroid’s case, users didn’t value it enough to pay the price.
The economics of Bitcoin are superior to any other blockchain. Dr. Wright plans to take things to millions of transactions per second to thousands of pennies. “Until then, nobody in the business world cares. When we get to that point, they will do it, he says. He points to the huge savings companies can do to manage things like shareholder registers.
Speaking of shareholder registries, Dr. Wright points to Bitcoin’s ability to help companies verify the identity of shareholders for fractions of a cent. Not only will this save them large amounts of money, but they will be committed to using such a system when it can be demonstrated that the technology works and that it reduces costs.
See: Blockchain Masterclasses with Craig Wright Day 2 – Private Identity, Proof of Identity, Course Reviews
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