Self-Proclaimed Bitcoin Inventor Craig Wright: Socialism Is Dumb

self proclaimed bitcoin inventor craig wright
Self-proclaimed bitcoin inventor Craig Wright says it's obvious that socialism is a failed ideology. (screenshot)

Self-proclaimed bitcoin inventor Craig Wright railed against the stupidity of socialism and says the United States is a fair society when compared to Third World countries.

Wright made the assertion in an August 12 blog post, where he trashed the Gini index as as “one of the most flawed statistical lies used in the pursuit of socialism as a goal.”

Craig Wright: Socialism sucks

The Gini index (or Gini coefficient) is a statistical measure of distribution often used to assess wealth distribution or income inequality.

Wright says the Gini index fails as a true measure of inequality “mainly as it does not measure wealth.”

The Australian crypto entrepreneur says whenever he debates people who claim the United States is an unfair society, they throw in his face that it has high income inequality (as measured by its Gini index).

gini-index by country
Self-proclaimed “Satoshi Nakamoto” Craig Wright says the Gini Index is flawed. (Source: WorldBank)

Wright: It’s better to have income inequality than have everyone be broke as a joke

Wright says the Gini index is a flawed way to measure fairness. Basically, he says it’s better to have a society where there are rich and poor people versus a monolithic society where everyone is poor.

“It is better to aim for a society where people eat than to strive for one where all individuals are equally poor and destitute,” Wright wrote.

Wright also pointed out that in the United States, a person’s income fluctuates with age, whereas in other countries, it stays relatively flat.

Wright explained: “A worker in the US earns little when being a student. The rate increases as she gains in experience and increases in productivity. The earning capacity generally peaks around the age of 45–55. And then starts to decline, until it finally returns to a low amount for most people in retirement, when savings are used to supplement their income.”

In contrast, Wright says many socialist societies don’t experience age-related income fluctuations because people’s incomes generally remain flat throughout their lives.

“The earning capacity is based more on class, rank, and party affiliations/positions  —  a truly unequal system,” Wright reasoned.

Socialist hellhole Venezuela: From riches to rags

In the United States, far-left Democrats like Senator Bernie Sanders and Congresswoman Alexandria Ocasio Cortez are championing socialism as a panacea for America’s problems.

However, history has documented that socialism is a failed ideology that results in poverty, inequality and mass death. The most recent example is Venezula, which was once the wealthiest country in South America.

Since the mid-2010s, Venezuela has cratered into poverty and despair under the direction of socialist leaders.

Craig Wright embroiled in $10 billion bitcoin lawsuit

Separately, Craig Wright remains embroiled in a heated lawsuit with the estate of his former colleague, deceased computer genius Dave Kleiman.

In February 2018, the Kleiman estate filed a $10 billion federal lawsuit against Wright.

In its complaint, the estate accused Wright of stealing the intellectual property and the bitcoin stash that he and Kleiman had mined together before Dave died in 2013.

Wright and Kleiman began working on bitcoin back in 2008 — before anyone knew what it was. Together, they mined 1.1 million bitcoin, according to the lawsuit.

The Kleiman estate claims Wright faked signatures on legal documents to steal Kleiman’s share of the bitcoin stash and the intellectual property the two collaborated on before he died.

bitcoin inventor craig wright kleiman lawsuit exhibit
Craig Wright claims that he will take receivership of 1.1 million bitcoin (valued at $12 billion) on January 1, 2020.

Interestingly, the estate admits that it’s possible that either Craig Wright or Dave Kleiman is Satoshi Nakamoto:

“It is unclear whether Craig, Dave, and/or both created Bitcoin,” the complaint alleges. “It is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they both accumulated a vast wealth of bitcoins from 2009 through 2013.”

Related: Craig Wright reacts to ruling: I still own $6 billion in bitcoin, baby!