Bitcoin Governance controversy was rekindled when Craig Wright, who claimed to be Satoshi Nakamoto, the person behind Bitcoin, declared that the Bitcoin protocol should never be modified. He contended that the protocol should remain unchanged to ensure network security and allow companies to have confidence in building their businesses on top of Bitcoin.
Bitcoin Governance Should Stay Unchanged
According to Wright, the Governance of Bitcoin should not be left to developers, miners, exchanges, businesses, or foundations. The protocol should be kept exactly as it is created, with new innovations and value-added services coming out of the platform, but not changes to the foundation itself.
“The protocol has to remain unchanged because it cannot be modified by any individual or entity, such as developers, miners, exchanges, the foundation, or companies for selfish reasons,” Wright stated. The reason why the protocol needs to remain unchanged is because of what it will do to business investments in Bitcoin.
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Bitcoin Governance and the Decentralization Debate
According to Wright, there were many Bitcoin Governance supporters who claimed Bitcoin is decentralized despite decisions being made by a few people.
Wright claims that restrictions in transaction volume, alterations to consensus rules, and ignoring the opposing opinion move away from the initial goal of Bitcoin. In his opinion, Bitcoin was invented in order to eliminate the necessity of trusting any individuals or committees.
According to him, decentralization is a result of an immutable protocol rather than allowing the participants to guide the network via upgrades.
Wright Questions Bitcoin’s Investment Narrative
Beyond Bitcoin Governance, Wright criticized the Bitcoin hype for investors. The story is different now, from electronic cash to digital gold to store of value and most recently to generating wealth.
According to Wright, the above arguments have created unreal expectations because it will be impossible for something worth trillions of dollars to continue to make those fast returns, just like Bitcoin did in its earlier days.
Additionally, he explains that even though Bitcoin has a market capitalization, it does not mean that all of that money is cash that people can withdraw.
Discussion Around Bitcoin Governance Continues
However, the recent statements from Wright have added one more page to the Bitcoin Governance discussion. Whereas most developers believe that the evolution of the Bitcoin protocol makes Bitcoin better, Wright holds that the advantage of Bitcoin is the immutability of its rules, while innovations are created at the upper layer.
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