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▲ Bitcoin (BTC)/AI generated image
Craig Wright, an Australian businessman who claimed to be Satoshi Nakamoto, has directly criticized Bitcoin (BTC) governance. He argues that the structure where a group of developers holds the authority to change the protocol contradicts the principle of decentralization.
According to cryptocurrency specialized media BeInCrypto on August 2 (local time), Wright asserted via X (formerly Twitter) that Bitcoin's basic protocol should be permanently fixed. He pointed out that any entity capable of changing network rules effectively gains control.
Wright emphasized that developers, miners, exchanges, and corporations should not be able to alter the protocol based on their respective interests. He stated, “Bitcoin was not designed to trust the right developers, but to eliminate such power itself.” He added that corporate innovation should occur at the application layer, not the basic protocol.
He also questioned the role of individually operated full nodes. Wright argued that nodes without hashing power cannot create blocks or determine transaction order. He also criticized that block size limits have made on-chain transactions difficult for ordinary users. This, he explained, has led to increased reliance on centralized services such as exchanges, custodians, and payment channels.
Wright also identified changes in market perception surrounding Bitcoin as a problem. He claimed that Bitcoin's identity has shifted from electronic cash to digital gold and a store of value. He stated that an asset that has grown to trillions of dollars is unlikely to repeat the same returns as in its early days. He added that the entire market capitalization cannot be cashed out without a price drop.
Wright's claims conflict with court rulings. The UK High Court ruled in 2024 that Wright is not Satoshi Nakamoto. The court found that Wright had extensively forged documents in related lawsuits. Wright was also given a suspended sentence for contempt of court for violating court orders.
[Key Article Summary]
-Craig Wright argued that Bitcoin's basic protocol should be permanently fixed.
-Wright criticized that developer-centric rule changes and reliance on centralized services have undermined the original intent of Bitcoin's design.
-The UK High Court ruled in 2024 that Wright is not Satoshi Nakamoto and had forged documents.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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