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These Crypto Accidents Benefit the BSV Blockchain

bitcoin in front of technology background

The recent crash of FTX and the precipitous collapse in the price of BTC are drawing attention to the man who has been predicting all of this for years. Dr. Craig Wright, the inventor of Bitcoin, has warned the digital asset industry about how corrupt and fake the “crypto industry” is. In a 2019 article titled Crypto flim-flam, Dr. Wright stated:

Unfortunately, every new technology opens up opportunities for the scammer and late night singer. It’s the same with my technology and what people have done with it. Over time, Bitcoin will change the nature of these opportunities, but it will take time. Right now, even what people are selling as Bitcoin is a cheap copy. The night singer is nothing new. During the South Sea Bubble of 1720, swindlers sold stock. A form of pump-and-dump securities fraud involved inflating the price of an asset using false and misleading positive claims so that the perpetrator could raise the price and sell their cheap asset for a much higher price.

With prices lowering in the digital asset market, people will be wondering: what did I “invest” in? Is this or that coin good for something? What will be left when people withdraw their money?

We can tell you what is left when people withdraw their money – the utility of a digital asset or nothing at all. With regard to the so-called “cryptocurrencies” there is nothing in between. Either you have a coin that can actually do something, or you bought into a Ponzi scheme.

The BSV blockchain offers the original bitcoin in the form of complex cash with features and scalability as envisioned in the bitcoin white paper. Solutions for running CBDC on top of BSV are being developed by nChain. The BSV data shows all kinds of applications that are already running on the BSV blockchain at ultra-low transaction fees. This is what we mean by the utility of a digital asset:

However, the BSV blockchain has suffered in public opinion due to an illegal commercial attack. Bitcoin SV is only listed on a few exchanges compared to other digital assets. The attack on the BSV delisting has been ongoing since at least 2019. The exchanges that conspired to delist BSV are currently being sued for precisely this corrupt practice against the BSV blockchain and its developers, businesses, and users.

Other digital assets currently have one “competitive edge” left over BSV: price action. Nothing else. As soon as the price movement moves downwards in a spiral – as, for example, now – the illusion of an ever-increasing price for meaningless coins disappears. Ultimately, digital asset investors will either leave the market or explore what Bitcoin was designed for.

Regardless of the price of BSV, anyone currently building on BSV will still be building on it regardless of the price action. This is the key. Did you hear it? Regardless of the price action! The BSV blockchain offers features that remain in place even if the price goes up or down. What function does BTC perform when its price falls?

Thanks to the geniuses at work at FTX, regulators will be able to take a closer look at the digital asset space. It may be useful that the BSV blockchain has been identified as the most law-abiding system ever created. The original Bitcoin assists law enforcement and regulators with full traceability and auditing features while maintaining the privacy of its users at scale.

Why did renowned economist George Gilder call the BSV blockchain “the epitome of the information economy”? Because he knows. As an economist, Gilder understands that an asset must be useful or it is worthless. It’s not even hard to understand, but the so-called crypto market seems like a hallucination. Dr. Wright has a prediction for the digital asset market in his article on crypto:

In 20 years, we will look back at the coming massive collapse and see one surviving protocol. Not a protocol that is sold to the market to democratize finance, but a single protocol that offers value.

Watch: CoinGeek New York Conference, George Gilder: BSV Has More Transactions Than BTC

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New to Bitcoin? Check CoinGeek Bitcoin for Beginners section, a complete guide to resources, to learn more about bitcoin as Satoshi Nakamoto originally envisioned and the blockchain.

Written by khirou

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