Interviewed on this installment of Women of BSV is Sirtoshi, aka the defender of Bitcoin—famous on Streamanity and Medium, where he educates about the fundamentals of Bitcoin, claiming that “it is under attack and he feels people need to know the truth.”
Sirtoshi & Bitcoin
Sirtoshi told Women of BSV that his journey through Bitcoin allowed him to put bits and pieces together and educate the world about its fundamental value, which no one knows about. He mentioned in his interview that he did extensive research about who Satoshi Nakamoto was and discovered that it was ‘obviously Dr. Craig S. Wright.’
“The competition doesn’t stop. Bitcoin never really hits a scaling ceiling, there is [no] accurate information out there that tells about Bitcoin. The Bitcoin white paper tells you about the technicals, but overall no information is available out there,” he said.
Speaking of his experience as a former BTC investor, Sirtoshi mentioned that the BTC group was wrapped up in the speculation talk and was talking about ‘changing some things.’
According to Sirtoshi, the Bitcoin protocol is based on a peer-to-peer system—a tried and tested academic paper which does not need any improvement.
“The BTC people were starting to say their currency [coin] is digital gold, and something real exists there. They were going to fork it, and the market was becoming so volatile,” he shared.
Education about the real Bitcoin
There is a real gap between what people think Bitcoin is and what it actually is. Focused on educating the world about the real Bitcoin, Sirtoshi has been teaching and preaching the fundamentals of the technology to fix the issue of lack of its education.
“Because people don’t know the basics, the need is to bring people up to speed,” he stated.
Referring to the three different types of value of the Bitcoin technology, Sirtoshi told Women of BSV that the first one is technical, the second is economic, and the third is the fundamental value.
He pointed out that the technical value is the speed, cost, and scale of the network, and the economic value is its application and utility. The fundamental value is how neutral it is because the money has to be neutral so people can trust the network, where no one has any control over their money.
“According to the Bitcoin white paper, there is no central point of authority or control, which means it could be manipulated to be controlled, but if you do that, you manipulate its value.
“So all these BTC people have done is they segregated the signatures, which means they centrally control the network, but have turned BTC into a security. This means they are now not accountable to anybody i.e., it has no fundamental value as money, and that means all it has got is the speculative price,” Sirtoshi pointed out.
“People do not realize this right now, but when education catches up with speculation, its speculative price will soon match its fund value at zero and it won’t be able to economically sustain the network that it supports,” he added.
Sirtoshi also explained the difference between securities and money, what Bitcoin is and what the securities mindset is all about. He observed that Dr. Wright made Bitcoin a commodity by solving the centralized starting point paradox, making it very important to understand it.
He pointed out that Dr. Wright released the white paper two months before starting a network, and that a two-month period gave the network the starting point credibility.
“Because he released the white paper to a cryptography mailing list—a group of competent individuals, all of them had an equal opportunity to start a network,” he said.
Sirtoshi cited that Dr. Wright thought of using a pseudonym—Satoshi Nakamoto—and then taking a step back, letting the proof of work dilute that centralized starting point over a period of ten years.
“There is only a .04% chance of any other network even achieving that, that too, is very slim, so this is how Bitcoin gets its status as a commodity,” he said.
“Litecoin also follows a proof of work, but it was admittedly started right from the get-go that discredits it. So if you are choosing the neutral money, you should choose a network that is most neutral and which no one has control over. Therefore, it is important to understand the five pillars of decentralization,” Sirtoshi explained.
Do BTC, BSC, and BSV qualify as NFTs? When asked, Sirtoshi answered that BSV is fungible because every single bit of data is the same as every other bit of data, meaning it is identical to its counterpart, almost like twins.
“But anonymous network and crypto have no value as money because nobody knows who are their creators and who has control over their money,” he concluded.
Watch: Dr. Craig Wright’s keynote speech at CoinGeek New York, Set in Stone: What is a Commodity?
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.