* Dr. Craig S. Wright started out as an Auditor with BDO. He saw many corporate entities that could bend rules slightly, and others that broke them totally.
* Craig was part of a small team that developed Bitcoin, and brought most of the audit and payment permanence to the project. At least 3 other creators seem to have been involved. US courts will resolve if as the last remaining member, he has full ownership rights to the Bitcoin legacy.
* Bitcoin is about transparency. It is not about anonymity for criminals. He wanted to help end corporate and criminal abuse of payment systems using cash.
* His first major personal surprise was how Bitcoin was abused from the start. He thought that a product like Marijuana in British Columbia, Canada, legal, but could not be banked, would be a perfect fit.
* Sadly however, SilkRoad chose it as a platform for Heroin & Cocaine. What he consider as " pure poison for humanity". Not the best use case result that he had hoped for originally.
* Luckily though, Bitcoin use on the Blockchain can also be used for good, even when used by criminals. Over 357 people were recently arrested this month, in multiple locations all connected to a pedophile ring started in South Korea.
* He has 827 patents to date and 6500+ papers published. He would like to have at least 10,000 papers completed before retirement. The United States is under the notion that the “first to invent” will receive the patent, but in other countries, it is the “first to file” that will earn the patent. Realistically, international patents are a gamble because they are simply intended to intimidate infringers.
* Electronic Data Interchange generates one trillion transactions a year. WalMart, and many other retailers will follow with more EDI in future. If Visa card charge 15-30 cents per transaction via EDI, why not compare these first world credit card charges to emerging countries?
* Why not minimize this and cut it down to a fraction of a cent via Bitcoin? The larger volume of transactions then possible, may help more underdeveloped economies more quickly. Especially those largely unbanked in Africa.
* Craig said he spent over AUD1.1M, then mortgaged his farm & house, and even went into further debt for over AUD1M by 2013. It has not been a smooth financial ride from the start.
* He has strong views on a lot of subjects including economics. He feels that using GDP as an economic point is like using a machete to do fine surgery, so not good.
* He currently has found a limit of 340 transactions per second for BTC. His goal is to have 1 million transactions per second.
* Compare this to Google which does 63,000+ searches per second right now. In the far future, he would like to see 1 billion transactions per second. This will be years away.
* The ultimate scalability goal is to have 50 transactions, per second, for every person on planet earth. At 7 Billion people today, that is 350 Billion transactions per second. That is a very high number indeed.
The Top 3 Takeaways from this book that impact any reader are:
1) It was a very informative evening with a lot of facts & figures discussed. Surprisingly, very little mention of the new Bitcoin SV was really discussed in detail. Even though it was the title of the Fireside chat. I guess we will have to wait for details on "Satoshi's Vision" at another chat.
2) I know that Craig claims to be the main driver of Bitcoin, but there was an odd point. If you write a paper, like "The White Paper" on Bitcoin, most true authors would say my paper, but Craig kept saying the paper.
3) I came away with the feeling that Craig certainly seems near the center of Bitcoin, but may not be the only center. However many really created the full code may not matter, if the others are no longer living. If Craig wins his US court case, and gets 1 Million BTC, now valued at US$7500 each, that would mean a fortune of US$7.5 Billion. Good luck to him!
Big shout out to Jerry David Chan, Regional Manager, Bitcoin Association for Japan & South Korea. I hope the Fireside Chat series continues. It was well organized and well attended. For more news and full background details about Satoshi's Vision: The Art of Bitcoin, go directly to Craig's website https://craigwright.net/
2) I know that Craig claims to be the main driver of Bitcoin, but there was an odd point. If you write a paper, like "The White Paper" on Bitcoin, most true authors would say my paper, but Craig kept saying the paper.
3) I came away with the feeling that Craig certainly seems near the center of Bitcoin, but may not be the only center. However many really created the full code may not matter, if the others are no longer living. If Craig wins his US court case, and gets 1 Million BTC, now valued at US$7500 each, that would mean a fortune of US$7.5 Billion. Good luck to him!
Big shout out to Jerry David Chan, Regional Manager, Bitcoin Association for Japan & South Korea. I hope the Fireside Chat series continues. It was well organized and well attended. For more news and full background details about Satoshi's Vision: The Art of Bitcoin, go directly to Craig's website https://craigwright.net/
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