Thread by @ruidasilva

The fixation on the price of tokens, such as Bitcoin (BTC), Bitcoin SV (BSV), or any other cryptocurrency, tends to overshadow the profound technological and societal implications of blockchain technology.

Here's why this focus might be missing the bigger picture and why the innovations introduced by blockchain, particularly as conceptualized by Dr. Craig Wright, could be considered one of humanity's great achievements:

### **1. Misdirection of Focus:**

- **Speculative Nature:** The public's obsession with price movements often turns blockchain technology into a mere speculative asset class, akin to gambling.

This diverts attention from the technology's potential to transform various sectors by emphasizing quick financial gains over long-term utility.

- **Overshadowing Utility:** The constant discussion around price volatility masks the practical applications of blockchain.

The technology's ability to enable secure, transparent, and immutable transactions goes unnoticed as people are more captivated by the potential for wealth accumulation or loss.

### **2. Fundamental Shift in Trust Mechanisms:**

- **Decentralization:** Blockchain, as envisioned by Wright and others, removes the need for intermediaries in transactions. This isn't just about financial transactions but extends to any form of data exchange where trust is required.

By decentralizing trust, blockchain challenges centuries-old centralized systems of authority, from banks to government registries, fostering a new model where trust is built into the system itself through cryptographic means.

- **Immutable Records:** The immutability of a blockchain ledger means once data is recorded, it cannot be altered. This feature has vast implications for:
- **Data Integrity:** In industries like healthcare, where data tampering can have life-threatening consequences.

- **Legal Contracts:** Smart contracts automate legal agreements, reducing fraud and human error.
- **Supply Chain:** Tracking products from origin to consumption ensures authenticity and combats counterfeit goods.

### **3. Paradigm Shift in Information Management:**

- **Transparency and Accountability:** Blockchain offers a level of transparency where every transaction or piece of data added to the ledger is visible and verifiable by all participants. This could revolutionize governance, voting systems, and corporate accountability.

- **Digital Identity:** With blockchain, individuals can control their digital identity without reliance on third parties, potentially reducing identity theft and enhancing privacy.

### **4. Economic and Social Implications:**

- **Microtransactions:** The ability to process transactions at a fraction of a cent opens up possibilities for monetizing content in ways previously not feasible due to high transaction fees.

- **Financial Inclusion:** For those excluded from traditional banking systems, blockchain offers an alternative that could empower billions without bank accounts or credit histories.

- **Innovation in Business Models:** Blockchain supports new business models based on tokenomics, where tokens can represent anything from assets to shares in a company, changing how companies raise funds and distribute value.

### **5. Long-term Historical Context:**

- **Comparable to Historical Inventions:** Just as the printing press democratized knowledge, blockchain democratizes trust and economic participation.

Its impact could be likened to the invention of the internet, which was initially misunderstood and underappreciated until its broader societal implications became clear.

- **Future Generations:** The full realization of blockchain's potential might not be immediate.

However, its capability to shift how we manage and trust data could be seen in hindsight as a pivotal moment in human history, much like the shift from manual to mechanized labor or from paper to digital records.

### Conclusion:

The obsession with cryptocurrency prices distracts from recognizing blockchain as a transformative technology with applications far beyond finance.

Dr. Craig Wright's contributions to this technology, whether through conceptualization, patents, or advocacy, push towards a vision where blockchain isn't just about tokens but about redefining trust, privacy, and how society operates economically and administratively.

This shift could indeed rank among humanity's significant achievements if its potential is fully realized, moving us towards a world where the integrity of data and transactions is inherently trustworthy, not through third parties but through the technology itself.