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Craig Wright criticizes Ethereum and claims to be Satoshi Nakamoto

Maya Mandzikasvili | Feb. 18, 2019
Craig Wright criticizes Ethereum and claims to be Satoshi Nakamoto

February 18, 2019, | AtoZ Markets - Chief scientist of nChain the global leader in advisory, research, and development of blockchain technologies, Craig Wright once again stated that he is the one and only bitcoin founder Satoshi Nakamoto before his statement, Wright addressed to a top U.S. regulator with his critics about ethereum. 

nChain chief scientist states he is bitcoin founder,again

His statement that he is Nakamoto an Australian entrepreneur made last Friday along with a response to a request from the US Commodity Futures Trading Commission (CFTC) to provide information about the mechanics and markets of digital assets. Chief scientist of nChain stated that under the pseudonym Satoshi Nakamoto, he completed a project that he started in 1997, which was filed with "the Australian government, partly as part of the AusIndustry project, registered with BlackNet in the Innovation Department.” 

It was not the first time when Wright claimed to be bitcoin founder. Wright first stated that he was the creator of bitcoins at the end of December 2015.

As proof of his words, he provided documentation to confirm the claim. However, the initial support of some parties ended with lots of sceptical comments about Wright statement and Vitalik Buterin openly calling nChain scientist a fraud.

Ethereum co-founder was also posting on his Twitter account a series of commentary tweets. Despite his tweets were quite neutral, it seemed that he was not liking Craig Wright.

Later Wright noted that he would provide additional evidence by moving Bitcoin, obtained by Satoshi in the very first days of cryptocurrency. However, a few days later, he declared that he would not do what he promised. Wright’s statement is still considered controversial and has not yet been proven being entirely right or wrong.

Craig Wright critics about ethereum

In addition to the previously mentioned statement, Wright criticized an open-source blockchain-based operating system featuring smart contract functionality which is known as ethereum platform. He called ethereum a poorly designed bitcoin copy. According to Wright, it was created to "fulfill the promise of smart contracts and scripts that were put in bitcoin, but which were hampered by the main bitcoin developers who were trying to provide anonymous transactions in the system."

As stated earlier, Wright's ethereum criticism followed the request from the CFTC in December. During this procedure, the agency requests public feedback on various issues related to ethereum, like its technology and application in practice. Wright also said that the ethereum network cannot scale and "has already reached its computational limitations." He added the following: 

“Ether is effectively used only to raise capital through illegal bucket stores, which are designed in such a way that they can fool non-technical parties.”

The Bitcoin network, on the other hand, according to nChain scientist, can be configured in such a way that it can “leave simple checks in the chain, allowing the system to scale globally and offering a distributed computational method.” The only way to scale Ethereum is to change its model to copy bitcoins, he added.

Wright also criticized ethereum governance model, saying that it “is controlled by one central group that uses misleading claims that they are decentralized to hide the fraudulent creation of digital security.”

He also called decentralization a myth.

Wright argued his statement that since control over bitcoins or ethereum "is limited to those who manage the nodes, and these are people who work in large data centers, and not in home networks."

In conclusion, he said that he was “ready to testify under oath” in relation to his claims.

Coinbase and ErisX crypto exchangers, as well as a startup-oriented consortium, among others also responded to the CFTC call for participation. 

Twitter bursts with comments about Wright criticism

Wright statements about him being bitcoin founder as well as ethereum criticism caused a wave of negativity on Twitter and many skeptics have demanded Wright to prove his claim by moving Bitcoin Satoshi. Some believe that Australian scientist might be Satoshi.

Unfortunately, most likely he might have no time to respond to the attacks on Twitter and prove that he is Satoshi. Currently, Wright is conducting a lawsuit, claiming that he has illegally appropriated Bitcoin worth billions of dollars from the property of a former business partner. Ira Kleiman sued an Australian on behalf of the estate of his brother, the late Dave Kleiman, a judicial investigator and author who died in 2013.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.