Self-Proclaimed Bitcoin Creator Craig Wright Bashes Defi, Stablecoins as ‘scams’

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • Craig Wright may be the chief scientist at NChain, but is better known as the self-proclaimed inventor of Bitcoin
  • Craig Wright was interviewed by host Patrick MacLain as a part of the virtual conference Reimagine 2020.
  • “Illegal, unregistered, unlicensed,’ he repeats, raising questions on the existence on a ‘backing.

Craig Wright may be the chief scientist at NChain, but is better known as the self-proclaimed inventor of Bitcoin. The man has always been one of the most controversial crypto personalities around, so when he shared his opinions with Reimagine about various hot topics in the crypto world today, one could only expect it to be explosive.

Craig Wright was interviewed by host Patrick MacLain as a part of the virtual conference Reimagine 2020.

“Defi, Stablecoins, Chainlink and DeFi Exchanges are scams”

“Illegal, unregistered, unlicensed.” Yes, that’s Craig Wright’s opinion on the Decentralised Finance (DeFi) domain, which he believes is run by ‘conmen’, who are running a scam like criminals by taking people’s money. His views on stablecoins are not much different either. “Illegal, unregistered, unlicensed,’ he repeats, raising questions on the existence on a ‘backing’.

Additionally, he feels there are no such thing as decentralised exchanges. “You’re not selling software but only promises. Nothing here delivers,” points Craig in the interview.

When MacLain asked Wright for his view on decentralized exchanges, Wright claimed there was “no such thing’, and that the exchanges are still ‘run by a person.’

More Scathing Remarks on Crypto Topics

Wright is an advocate of a Bitcoin alternative cryptocurrency called Bitcoin SV (for Satoshi’s Vision). So upon being asked by the host to define Bitcoin, Craig Wright said that he doesn’t consider Bitcoin to be a decentralized network of ‘every node running things’.  “Your node doesn’t help the network unless you’re a miner,” says the self-proclaimed creator of Bitcoin in the exclusive interview.

With their non-existent concept of decentralized Oracle, Chainlink too, Wright believes is all about ‘scamming people’.

Wright has yet to provide convincing evidence to back up his claim of being the inventor of Bitcoin, and faced allegations of fraud from time to time, which he contests vigorously through lawsuits.

Crypto-Verse Reacts

Soon after the interview was posted, crypto enthusiasts couldn’t help but comment on Craig Wright’s scathing opinions on DeFi, stablecoins, Bitcoin and Chainlinks. One tweet, for instance, defined his views as ‘stupid’, and cited examples of popular DeFi application Uniswap which has no admin keys and offers deep liquidity, instant/atomic asset delivery upon trading.

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