As a seasoned researcher with extensive knowledge and years of immersion in the dynamic world of cryptocurrencies, I find myself intrigued by the ongoing feud between Craig Wright and Michael Saylor. Both are influential figures who have made significant contributions to the crypto sphere but represent two distinct visions for Bitcoin’s future.
In a heated exchange, Craig Wright – a contentious personality who asserts himself as the inventor of Bitcoin – publicly criticized Michael Saylor, co-founder of MicroStrategy, alleging that he had twisted the fundamental nature of Bitcoin.
Following Saylor’s declaration of transforming MicroStrategy into a Bitcoin-focused merchant bank, Wright has issued his criticism.
On October 12th, Wright voiced a strong criticism towards Bitcoin, stating that it has been twisted, controlled, and consolidated to a point where it can no longer handle basic transactions without requiring intermediaries. This post was shared on X.
Wright aimed his criticism directly at Saylor, saying he constructed a supposed “Bitcoin bank” which contradicts the purpose of Bitcoin, intended to remove such barriers.
Saylor recently told Bernstein analysts that MicroStrategy is “a Bitcoin finance company” and that the goal is to amass $150 billion In Bitcoin holdings. The Tysons Corner, Virginia-based company is the largest corporate Bitcoin holder globally.
According to Wright, this isn’t about innovating. Instead, he believes it contradicts the very foundations that Bitcoin was initially established on. (Full statement: “This is not innovation,” Wright said. “This is the betrayal of the principles Bitcoin was built upon.”)
Michael Saylor is publicly misleading people by claiming that Bitcoin is the same thing as BTC, when in reality, Bitcoin was originally intended for small, everyday transactions.— S Tominaga (@CsTominaga) October 12, 2024
Saylor vs. Wright
Wright’s criticism comes at a time when Saylor is positioning MicroStrategy as a major BTC holder and an advocate for Bitcoin as “digital gold.”
Wright, however, suggests that Saylor’s strategy distorts Bitcoin’s original purpose. He continues:
Using the term ‘Bitcoin’ for something that profits off an intermediary role, which is contrary to the essence of what Bitcoin stands for, can be seen as a deceitful act. It appears that Saylor may be exploiting this misrepresentation in order to expand his empire.
This critique reflects a broader, ongoing debate within the cryptocurrency community about the true vision of Bitcoin. While Saylor is seen by many as a key figure in bringing institutional attention to BTC, Wright and others claim that BTC has strayed from Bitcoin’s original goals, particularly regarding scalability and transaction fees.
Wright’s criticism is undoubtedly going to spark more debates, given that the divide among various groups within the Bitcoin community, notably those who support BTC and Bitcoin SV, seems to be growing increasingly wider.
Bitcoin SV emerged as a separate digital currency following a split, or “hard fork,” from Bitcoin Cash in November 2018.
Saylor has been an outspoken advocate for Bitcoin as a long-term investment, buying billions of dollars worth of BTC through MicroStrategy. He views Bitcoin as a hedge against inflation and a store of value, similar to gold.
Wright, on the other hand, insists that Bitcoin was not meant to be a store of wealth.
Satoshi claims
Wright isn’t without controversy in his own right. His claim that he is Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains a point of contention and skepticism within the wider cryptocurrency community.
A recently released HBO documentary hints at Bitcoin developer Peter Todd potentially being the inventor of the cryptocurrency, Satoshi Nakamoto.
Todd denied that he’s Satoshi on X.com.
I’m not Satoshi.
— Peter Todd (@peterktodd) October 8, 2024
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2024-10-12 20:38