Stefan Rust, who recently took over as the head of Bitcoin.com, learned about bitcoin in 2012 when a developer from Guatemala asked for payment in BTC. Unlike many early supporters, he did not call Bitcoin bullshit when he first met him.
“Almost instantly and without commissions. I transferred money to this guy during a real-time Skype conference. ”- he recalls.
Already in 2013, the entrepreneur organized the first Bitcoin-mitap in Hong Kong, which was sold out.
In an exclusive ForkLog interview, Stefan Rust talks about the confrontation between Bitcoin and Bitcoin Cash, shares his thoughts on Craig Wright and Bitcoin SV and explains why he transferred his savings to BCH.
ForkLog: Hi Stefan! Imagine a situation: you must invest 90% of your fortune in either BTC or BCH for two years. What do you choose?
Stefan Rust: Hello! Of course, Bitcoin Cash. Most of my fortune is now in BCH. I got rid of BTC.
ForkLog: Bitcoin.com offers me to buy Bitcoin Cash and something called Bitcoin Core. Based on the data of your site, you come to the conclusion that Bitcoin Cash is the first, true bitcoin. Don't you think that this is confusing for beginners? BTC is in the first place CoinMarketCap, not BCH.
Stefan Rust: Personally, I do not think this is misleading. When people first enter the bitcoin industry, they usually want to make a small investment. They want to test, feel. They will not invest $ 1 million in Bitcoin Cash from a credit card right away. They will come with a hundred, maybe a thousand. Bitcoin Cash is more affordable in terms of buying an entire unit. It is convenient for "try."
In general, we believe that Bitcoin Cash is a peer-to-peer payment system, digital cash.
ForkLog: But do you think that Bitcoin Cash is a means of accumulation?
Stefan Rust: Yes, including.
ForkLog: Somewhat contrary to the concept of a payment system.
Stefan Rust: [laughs] Of course, this is a means of accumulation. Each currency and cryptocurrency has a property of a means of accumulation to some extent. Come on - I think BTC is gold and BCH is money.
ForkLog: If everyone goes to BCH, who will use it for payments?
Stefan Rust: We just introduced Simple LedgerProtocol. This protocol allows you to create tokens for specific goals, interests and communities. If you want to hold BCH, create your currency on top, make it valuable and popular within the community.
ForkLog: Bitcoin.com tells me that Bitcoin Cash is for payments, and you say I need to create a token on top of the protocol for payments. It’s kind of complicated for beginners, don’t you?
Stefan Rust: This is definitely not for beginners. We talk more about hodlers. They are not newcomers already. They hold coins for a long time and want to create value.
Now for BCH you can buy a haircut, and coffee, andBook a taxi, and book a hotel. Although merchants themselves still prefer to see fiat on their bank accounts, they do not like the volatility of cryptocurrencies. This will change in the future.
ForkLog: Roger Ver has repeatedly called Bitcoin Cash a true bitcoin. Do you agree with him?
Stefan Rust: I started with BTC in 2012. Many members of the Bitcoin.com team also started with BTC. Now we have transferred all funds to BCH. I think this clearly speaks of our beliefs.
ForkLog: Say it all the same.
Stefan Rust: Yes. I am sure that Bitcoin Cash is a peer-to-peer payment system that the world and I needed.
ForkLog: Since this is an implementation of white paper?
Stefan Rust: Yes, BCH is based on the key principles of digital cash. Instant payments without commissions. This is not possible in bitcoin.
Forklog: But if you constantly follow the white paper, then the project will become centralized around the idea of one person. It must be digital cash and nothing more! Do you agree? This harms decentralization because it excludes experiments from the concept.
Stefan Rust: Now there are 60 million people in the crypt. On the planet - 7 billion. How do we convince the rest, which coin to buy? This is not about you and me. We have already made our decision.
We must convince 6 billion to come to the crypt and choose between BTC and BCH. And if you want to buy Ethereum, then please. This is democracy. Do not like it, do not buy.
ForkLog: Do you agree that a peer-to-peer payment system must be resistant to censorship?
Stefan Rust: Of course.
ForkLog: At the moment, the Bitcoin Cash hash is just above 2 EH / s. For bitcoin, this figure is 87 EH / s. It is much safer, isn't it?
Stefan Rust: But the entire network runs on centralized software developed by one enterprise.
ForkLog: It's just a democracy.
Stefan Rust: Yes, right. He was chosen, but it is still centralization. Bitcoin Cash has six alternative software for miners.
ForkLog: In Bitcoin, Bitcoin Core software simply prevailed in the market competition.
Stefan Rust: Miners decide which software suits them, yes.
ForkLog: And most of the miners stayed in bitcoin.
Stefan Rust: And they chose Blockstream as a single software provider.
ForkLog: Do you think Blockstream is a mafia?
Stefan Rust: I did not say that. In general, I like the developers of Bitcoin Core. A significant part of the Bitcoin Cash code is Bitcoin Core.
Forklog: After the May hard fork, the two largest pools BTC.com and BTC.top carried out a “51% attack” on the Bitcoin Cash network, supposedly to prevent an attacker from taking possession of certain funds that did not belong to him. Good intentions, but this proves that the network is unstable to censorship. Do you agree?
Stefan Rust: I do not have enough information to comment on this.
[Rust later said that he did not agree with the statement, but did not explain his position.].
Forklog: In April, 49% of all transactions in the Bitcoin Cash network made one address. He constantly repeated the transfer to 0.0000132 BCH. It seems like spam to make the network seem more active than it really is. What do you think?
Stefan Rust: I do not have enough information to comment on this.
ForkLog: Yes or no questions will go now. My favorite part. Do you think Bitcoin SV is a scam?
Stefan Rust: [laughs] And what is scam? ..
ForkLog: Now Roger Ver is not afraid to call Craig Wright a liar and a scammer, and you, as CEO of Bitcoin.com, consider Bitcoin SV a scam?
Stefan Rust: Eh ... Yes, if you need to choose, then yes.
[Rust later added that Bitcoin SV is a blockchain for governments, as its supporters constantly make statements in favor of governments and regulators.]
ForkLog: Great. Do you think Craig Wright is a liar?
Stefan Rust: [laughs] Yes.
ForkLog: Do you know about the toxic bitcoin maximalist community?
Stefan Rust: Yes.
ForkLog: Contact them right now.
Stefan Rust: Freedom of speech! You have the right to express your point of view. Go for it!
ForkLog: Roger Ver once said that he was probably fooled by Craig Wright. Is it possible that in the future he will say that he was fooled by the idea of large blocks?
Stefan Rust: No.
ForkLog: What will bring the upcoming economic crisis to Bitcoin?
Stefan Rust: Bitcoin appeared in 2008 when we hadbig financial crisis. I think that the new crisis will ensure the demand for cryptocurrencies and their price increase. But I do not think that it is only about one cryptocurrency, it is about many.
Forklog: Remember the question of where you would invest 90% of your capital? You have chosen Bitcoin Cash. Let's imagine that this happened on August 1, 2017, the day of hard fork. Today you would have lost 30%, but with Bitcoin you would have earned 200%. What do you think?
Stefan Rust: We play for a long time. I am here to build value, not for short-term earnings.
ForkLog: But BTC was still the best bet on August 1, 2017.
Stefan Rust: Yes, if we talk about short-term trading.
ForkLog: Two years is short-term trading?
Stefan Rust: I dont know… [laughs]. Depends on when you logged in. If you still hold that day, then, apparently, the decision was a good one. But if you bought in January 2018, then what now? You cry. But many are still passionately confident in cryptocurrencies. They are in the game.
ForkLog: Don't you like the word shitcoins?
Stefan Rust: I believe in altcoins. I do not call them shitcoins.
ForkLog: The dominance index is rising. Will thousands of these coins survive?
Stefan Rust: All will not survive. Some will flourish, some will simply exist, while others will disappear over time. But we will see the growth of altcoins.
Interviewed by Nick Schteringard at the World Digital Mining Summit, Frankfurt