banner
Craig Wright: “DeFi is a scam”.
Craig Wright: “DeFi is a scam”.
Crypto

Craig Wright: “DeFi is a scam”.

By Marco Cavicchioli - 31 Aug 2020

Chevron down

According to Craig Wright, DeFi is illegal and a complete scam. 

The self-proclaimed inventor of Bitcoin, during an interview at the Reimagine 2020 virtual conference, explicitly stated that he believes that DeFi schemes offering loans and stablecoins are “illegal, unregistered and unlicensed”. 

Then, escalating, he went so far as to say that the creators of the DeFi projects are fraudsters, i.e. “criminal a**holes taking money”. 

Wright, however, did not limit himself to this. In the course of the interview, he raised his voice, expressed a number of misconceptions and even showed the middle finger. 

To tell the truth, it seemed more like a trivial show than a serious interview, even though it was all about serious topics and answers that had absolutely nothing funny about them. 

2020 is proving to be a not particularly lucky year for Wright, with several lawsuits filed against him that seem to be leaning towards his defeat in court. 

It is possible that the so-called “faketoshi” has accumulated quite a bit of frustration over time, so much so that he is no longer able to contain it all. 

For example, during the interview, he made several references to stablecoins in general, without distinguishing those anchored to fiat currencies from the others, and forgetting that at least one of them, USD Coin issued by Coinbase, has all the necessary licences to be able to circulate freely on regulated markets. 

He called them all illegal and unlicensed, without making any distinction. 

In addition, with respect to decentralized exchanges, he argued that none of them would actually exist yet, because all exchanges are still managed by a single person.

Finally, Wright argued that Bitcoin would not be a decentralized network, with each node performing the operations necessary to operate the network. In fact, according to Wright, nodes don’t help the network, only miners do. 

Considering that the cryptocurrency he created with other co-founders, Bitcoin Satoshi’s Vision (BSV), doesn’t seem to be any different from the Bitcoin he allegedly created in 2008, it seems increasingly likely that Craig Wright lied when he claimed to be the one and only Satoshi Nakamoto. 

Moreover, he continues to claim that he is, even after a judge has questioned his claim since he has never yet been able to prove it. 

Despite everything, BSV continues to have a market value well above what it had at the time of entering the crypto markets, albeit below the peak reached in January 2020. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.