Dr. Craig S Wright, an economist, coder and a grand scale investor throws light over the fact that as big as a financial revolution, the bitcoin is, it sure cannot topple down major governments and authority figures. Cryptocurrencies and the blockchain technology are mostly operated and followed by the socialists and the anarchists alike, addressing whom, Dr. Wright states that a digital asset can be transparent and can expose corrupt authorities but it aids most.
Bitcoin does not stop government. It is sound money, it exposes corrupt governments, but helps most.
Dr. Wright is of the view that the entire concept that the bitcoin is the currency of the masses and that the ‘decentralization’ is supposed to eliminate the ‘government vibes’ out of the current financial systems is a mere fallacy. The decentralization framework does not necessarily means that there wouldn’t be any need for a government as it is just a software technology which brought cryptocurrency to light. The anarchists and the socialists are utterly distracted in case they seek shelter under the cryptos thinking of it as the digital Robin Hood. Bitcoin is a digital form of money that cannot be manipulated into attaining one’s political or social goals.
Bitcoin is money that is not debased. It does not destroy government.
Dr. Wright talked about the speculation and the controversy theory that the cryptocurrency can be a government issued product that is designed to distract the socialist and anarchist elements of the society. He instantly negated such vague speculations stating that the crypto environment is purely a genuinely devised plan to switch to the digital money.
The blockchain technology works at its best to suit the most transparent as it bears the tendency to sieve out corrupt and honest governments, separately. According to the Dr. Wright bitcoin accomplishes the exact same objective.
Decentralization is the concept linked to the cryptocurrencies over which Dr. Wright remarked that decentralization is nothing but mere a competition among everything. Though this is quite an enigmatic statement but what one can infer from the entire conversation Dr. Wright had with us, is that the concept decentralization refers to being not only a possession of a single entity thus concluding that every entity (node in a blockchain) has to fight for itself as do other entities. But the fight is deemed equally fair for every member of the system who can manage for him/herself equal opportunities rather than a single entity enjoying the majority of perks (in a centralized environment).
…stop thinking that decentralised means anything more than competition. Competition among everything.
Bitcoin is titled the most dominant cryptocurrency to date posing as the crypto juggernaut, financially holding the 53% of total crypto worth, equivalent to U.S dollars. A. Pompliano, the founder of the Morgan Creek Digital suggested that more people think that in case bitcoin dies, it will eventually put the final nail into the crypto’s coffin. Nevertheless, this situation is too far from turning a reality as Vinny Lingham’s (CEO at CivicKey) poll suggested more people propose that the bearish crypto trend is set to terminate within this very year.