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Shots Fired: Craig Wright Calls BTC [BTC] (BTC) Evangelist Andreas Antonopoulos ‘Sh*tcoin Expert’

Shots fired: craig wright calls btc [btc] (btc) evangelist andreas antonopoulos ‘sh*tcoin expert’

Shots Fired: Craig Wright Calls BTC [BTC] (BTC) Evangelist Andreas Antonopoulos ‘Sh*tcoin Expert’


Shots fired: craig wright calls btc [btc] (btc) evangelist andreas antonopoulos ‘sh*tcoin expert’

Self-declared creator of bitcoin $BTC (BTC) [BTC], Craig Wright, has taken to Twitter to brand bitcoin $BTC (BTC) [BTC] advocate Andreas Antonopoulos, a ‘shitcoin expert’.

Escalating the attacks further, Wright dismissed Antonopoulos’ wealth of knowledge on bitcoin $BTC (BTC) [BTC] saying that the only correct thing the host of “Let’s Talk BTC [BTC] (BTC)” podcast knows is how to ‘spell BTC [BTC] (BTC)’.

Craig wright andreas antonopoulos twitter bitcoin $btc (btc) [btc]
Source: twitter

In Craig Wright’s view, Antonopoulos is an anarchist due to the philosophy he espouses with regards to what cryptocurrencies should and should not be:

These guys have an idea of what they want as a system. It is anti bank, anti gov [ernment] and based on scams, ponzis and get rich yesterday schemes. The best they understand are bucket shops and cons. Luckily. BTC [BTC] (BTC) is designed so all these fools spin their wheels on dead ends …

Two Ideological Opposites Walk into a Bar…

Challenged by a follower on why he was undermining Antonopoulos when he has proved himself to be a prolific bitcoin $BTC (BTC) [BTC] advocate, Wright argued that that was not the case saying that the only authority the writer of the Mastering BTC [BTC] (BTC) and The Internet of Money series of books has is on the ‘SegWit Coin’.

The chief scientist of bitcoin $BTC (BTC) [BTC] firm nChain went further to discourage one of his followers from reading Mastering BTC [BTC] (BTC) saying it was error-ridden besides being ‘insidious’.

Wright’s bile against Antonopoulos seems to stem from the fact that the latter has been a vocal proponent of bitcoin $BTC (BTC) [BTC]’s layer-2 solutions – off-chain micropayments network Lightning Network and SegWit. The chief scientist of bitcoin $BTC (BTC) [BTC] firm nChain, on the other hand, has previously indicated his opposition to layer-2 solutions and in his most recent Twitter tirade against Antonopoulos he said ‘Lightning is shit squared’.

Agreeing to Disagree

In October 2017, Craig Wright called the Lightning Network ‘flawed’ saying it wouldn’t work for the intended purposes:

The Lightning Network is oversold. It has a place but not as a global payment system. The problem is simple. It is the maths behind the system. As much as people desire it to work, it is provably flawed due to a[n] incomprehension that exists surrounding BTC [BTC] (BTC).

Despite the attacks, Antonopoulos, who teaches the Master of Science in Digital Currencies course at Cyprus’ University of Nicosia, has never shied away from vehemently defending layer-2 solutions. In early 2017, Antonopoulos said in a blog post that not pursuing the layer-2 solutions would pose a centralization risk to the bitcoin $BTC (BTC) [BTC] ecosystem:

Ironically, people who object to LN are vehemently against [Off-chain trusted third-party custodial] but by resisting segwit are actually encouraging and feeding centralization into more counterparty-risk through centralized intermediaries. Demand is already pushing us that way. The lack of a trustless alternative leaves only one alternative. No segwit/No LN does not mean on-chain transactions. It means on-coinbase transactions, which is worse.

Featured image from YouTube.

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Published at Sat, 05 Jan 2019 03:50:57 +0000

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KWATT COIN – TOKENIZED ELECTRICITY – A REVOLUTIONARY SOLUTION

2017 has been a record breaking, awe inspiring rollercoaster ride for cryptocurrency valuations with over 2000% valuation increases. With all the hype and global attention on bitcoin and other cryptocurrencies, Initial Coin Offerings have attempted to tokenize just about everything in 2017. However, in this culture of tokenization, what everybody has failed to observe is that, with price spikes in crypto valuations comes energy spikes in transactions processing.

As of September 30, 2017, 1 bitcoin transaction could power 7.5 homes in the US for a day.

 As of December 31, 2017, 1 bitcoin transaction could power 10.5 homes in the US for a day.

This trend should cause severe alarm and provide us all with reason for concern. Furthermore, with a tidal wave of ICOs forthcoming this year all intending to take advantage of the hype and frenzy that is frothing within the crypto community, the consumption of electricity to process all these transactions is only expected to rise exponentially.

A proof-of-work (POW) system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.

On the contrary, Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more bitcoin or altcoin owned by a miner, the more mining power he or she has.

While we all look forward to proof of stake to evolve, nevertheless, the most sought after, pioneer proven currency remains bitcoin, which continues to operate on a proof of work methodology. This is why the network is voraciously consuming electricity for the foreseeable future.

This situation is extremely reminiscent of the heated debate experienced between our dependence on fossil fuel consumption versus our shift to renewable energy consumption as a civilization. This debate has been ongoing for over two decades now, and our dependence on fossil fuels is anticipated to continue for the foreseeable future similar to our dependence on proof of work.

In lieu of this culminating impending crisis, one company has taken measures to solve this head on. 4NEW Limited, a UK based Waste to Energy treatment plant, launched its pre-sale in the fall of 2017. 4NEW successfully raised USD 30.5MM from US private equity funds in a conventional round of funding, achieving their soft cap requirement. Now with the funding for the plant secured, 4NEW has allocated all its electricity output into its coin, namely KWATT. The plant has a capacity of generating 300 million kilowatts per annum. With a total coin supply of 300 million, each KWATT Coin will be backed by 1 kilowatt of electricity.

This electricity will be applied towards the mining of bitcoins and other cryptocurrencies. So while blockchain network protocols take time to evolve into a more energy efficient network, we can have a sustainable mechanism via which cryptocurrencies can transact in an environmentally responsible fashion with zero impact to the climate as is the case with dependence on fossil fuel generated electricity.

Furthermore, for the first time, we have a utility company solely dedicated to providing energy to blockchain networks; With the people holding the power to allocate this energy in their desired location via a voting structure only available to the KWATT coin holders. Needless to say, 4NEW has successfully tokenized electricity, the most sought after commodity for our civilization with applications not just within the crypto community but also mainstream utilization.

Website: www.4new.co.uk

Video Link: https://www.youtube.com/watch?v=UjqcsBQkAwE

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