CoinGeek Weekly Livestream: Kurt Wuckert Jr. answers questions about Bitcoin and blockchain
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Kurt Wuckert Jr. took direct questions about Bitcoin and blockchain in this episode of the CoinGeek Weekly Livestream. Once again, this AMA was broadcast straight from the South Florida Bitcoin Citadel.
Wuckert remembers the debate about Peter McCormack
Wuckert recalls how he came to do media work for CoinGeek. At the time, he took part in a small bloc vs. big bloc debate with Peter McCormack. After the debate, CoinGeek reached out and said they wanted to work with him. It was then that he realized he had excellent debating skills.
Wuckert jokes that McCormack was much less popular back then than he is these days. He reluctantly admitted that he liked Wuckert, but he probably would never admit it today.
What’s the easiest way to get BSV without making jokes on Twetch?
The first viewer’s question is how to get BSV without using Twetch. Wuckert replies that Americans can use Bittrex. Wuckert says this is a “no politics, no drama business,” and he likes to use it himself.
Is RockWallet legit?
Wuckert says he and his team have tested it for GorillaPool. According to him, these have been relatively small transactions, but it seems to be working very well. The KYC process was easy enough and he likes the interface and user experience. He says he hasn’t examined it thoroughly, but it gets a thumbs up, but not quite two until he checks it out further.
Are there exciting projects or developments at Bitcoin SV?
Wuckert reveals that there are a couple of interesting things going on. In the whole industry, he says that Ordinals on BTC are the big thing right now, and this has taken a lot of thought from BSV. e.g. have the teams at Twetch and RelayX turned to make money.
More directly, Wuckert says that it is difficult to do something that changes the world until the BSV infrastructure is where it needs to be. That’s why he got into mining, GorillaPool and Jungle Bus; he wants to enable people to build things more easily.
Wuckert says what Paul de Buck is doing with Banka and the open banking protocols in the EU is worth seeing. Magic Dapp by Zachary Weiner is also something interesting, which makes building Bitcoin apps much easier. He invited people to an upcoming Bitcoin Citadel workshop to learn how to use it. There are also some other interesting projects, such as someone working with a municipal police department to put their crime data on the blockchain.
Another viewer asks what Wuckert is most looking forward to seeing built this year. He replies again that Paul de Buck and what he works with is exciting. He also points to mintBlue and what they are building. But what blows him away the most is getting out of sCrypt – it’s important, precedent-setting stuff. He also thinks it could be a total dark horse, pointing out that no one saw Ordinals coming and that many people could look at other Bitcoin blockchains like BSV because of this.
Do you have any insight into Rekord IoT? They have published many transactions recently
Wuckert says James Merchant at Block Dojo has some equity in a company in the IoT space. They’ve figured out a way to use the blockchain to increase IoT value, and they’re testing it right now.
Is BTC a security? What are your thoughts on the subject?
Wuckert recently wrote an article showing that it is possible to argue that everything on the blockchain is a security. Referring to the Howey test, he says that if BTC is an emerging technology, it cannot be changed. If it can, as it has, there must be one or more people who can change it, in this case the BTC Core developers.
In BTC, there is an investment of money in a joint enterprise, there is a reasonable expectation of profit, and that the profit will come from the efforts of others. For these reasons, it is arguable that it is a security. However, Wuckert says he’s not an expert, and the SEC itself doesn’t even have the authority to say whether it is or not — they can only take their position to court and let a judge decide.
“A soft fork causes an airdropped asset that does not fit the definition of a Bitcoin,” Wuckert reiterates.
How do I explain to someone new that Bitcoin is not a system of beast but a system of freedom?
“We currently live in the beast system,” Wuckert replies. He explains that the social credit score and other dystopian concepts are already here. For example, you can’t even buy a home or a car without a good credit score, and we know for a fact that phones, computers, and other devices are backdoors to allow the NSA and other three-letter agencies to monitor data. “You don’t own your digital identity or anything,” Wuckert says, highlighting the problem.
BSV uses proof of work, keys and the blockchain to allow us to prove something unequivocally. For example, we can prove that what’s ours is ours and we can’t be canceled or de-platformed like we can today. “That’s what BSV gives us back, or at least tries to,” says Wuckert. It can also enable us to encrypt our data, send it peer-to-peer without going through other people’s channels and networks, and use it like cash.
The ability to tokenize our data, such as our graduate diplomas, vaccines and other information, introduces an era of privacy that many alive today have never experienced. We can confirm things like our age or the status of a specific vaccination without giving up other information about ourselves. We can provably destroy data using the Satoshi it lives on.
How would free, cheap, abundant and decentralized energy produced independently affect mining incentives and Bitcoin in general?
Wuckert says he is a big advocate of running small nuclear reactors at home. He believes there needs to be funding for a mass-developed solution for this – it’s possible that people could have 100 years of power from just one investment.
If this happened, people could mine at home, which would be very disruptive to the centralized ASIC business. Mining rigs could be set up differently to mitigate many of their problems if energy were free. Wuckert notes that this is entirely hypothetical as the problem of free, abundant energy must be solved first.
I always hear a lot about nChain and Craig Wright. How does that company compare to BSV? Would nChain be more valuable than BSV?
Wuckert begins by explaining what nChain is and what BSV is.
nChain started on nTrust and later nCrypt. It was a company that held the intellectual property of Dr. Craig Wright and tried to bring his ideas to life. After the Bitcoin split and subsequent hash war, nChain doubled down on big block Bitcoin and became a major developer on the BSV blockchain.
Will nChain be more valuable than BSV? It may be, but they have to work for it. The opportunity is huge and they will get just as much value back as they deserve.
Wuckert stresses that BSV is not an nChain product. The two are linked in people’s minds, but they are separate. BSV is a public blockchain, and nChain is a major player in the ecosystem.
Do you think BSV will ever take over the BTC price?
Wuckert thinks so, but it won’t be in the short term. Bitcoin is not designed to have multiple chain tips using the same algorithm. The chain that creates the most value will take it all, and BSV is exponentially better than BTC at everything Bitcoin is supposed to be able to do. When people pour in to build real businesses, BSV’s true value will be realized.
See: The Future World with Blockchain
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