Tag: bsv

Is the Price of Bitcoin Satoshi Vision (BSV) Driven by Fake News?

The Bitcoin Satoshi Vision (BSV) price chart is peculiar to analyze. Given the state of cryptocurrency investment, it is safe to say that a large influencer of crypto value is derived from speculation, and BSV is plagued by speculation as its chain leader, Craig Wright, continues to claim that he is Satoshi Nakomoto—the anonymous original creator of Bitcoin. Analyzing BSV over the last year, there were two major surges in price and they both appear to be driven by intriguing public announcements or as some in the community would adamantly say: fake news. 

Source: CoinMarketCap

The First Surge: Craig Wright is Granted U.S. Copyright

On May 21, 2019, news sites reported that Craig Wright had United States copyright registrations for the Bitcoin (BTC) white paper authored by Satoshi Nakomoto. 

Upon hearing the news via CoinGeek that Wright had been granted copyright registrations for the original Bitcoin Whitepaper by the U.S. Copyright Office, I had had very mixed reactions. While I, and many others in the crypto space, would like to know the true identity of Nakomoto – it was difficult to picture Wright as the anonymous author of the whitepaper that kick-started it all.  

With many believing that the U.S copyright office had vindicated Wright and his claims, the price of BSV shot up from around $61 to nearly $230. The price would be short-lived, however, as the U.S. copyright office would go on to release a statement that emphasized that the agency, “does not investigate the truth of any statement made,” and BSV slowly made its way back down throughout June and July. 

As highlighted in an article from Bitcoin.com published on May 23rd,  anyone can apply for registration of anything at the copyright office and unless someone else makes the same claim it is unlikely there will be much contention. 

The Second Surge: Wright Claims Access to Tulip Trust

As would be expected, an inventor of Bitcoin would have large holdings in BTC. Wright and his late partner David Kleiman had previously brought to light a draft of a contract that described the Tulip Trust which is estimated to hold around 1.1 million Bitcoin which is worth approximately 10 billion U.S dollars.  Following the death of David Kleiman, Wright revealed that the contract further outlined the Bitcoin held should be granted entirely to himself which has led to an ongoing battle with Ira Kleiman, David’s brother. 

On Jan 10th, 2020, Wright was issued a court order that compelled him to unlock the Tulip Trust. The order stipulated that he has until February 3rd to provide the keys to the Tulip Trust, with the public keys required via bonded courier before the end of January.

As reported by Blockchain.News, on Jan. 14 Wright seemed to instigate the second surge in BSV’s price when he filed a notice of compliance with the court which stated, “Dr Wright notifies the court that a third party has provided the necessary information and key slice to unlock the encrypted file, and Dr.Wright has produced a list of his bitcoin holdings, as ordered by the Magistrate Judge, to plaintiffs today.

Following the filing of compliance, the price of BSV surged up to a high of $459 and lead to BSV being the 4th highest ranked cryptocurrency in terms of market cap, surpassing Bitcoin Cash.

As the key slice itself has not been produced, Wright’s announcement of the court filing is being viewed by many as an attempt by Wright to further manipulate the price with sensational news. As Wright was a trailblazer for the Bitcoin Cash fork, many in the community are still suspicious and believe he is instigating an exit scam and has driven the price up through speculation.  

While the technology behind BSV is not technically bad or uncompetitive with other cryptocurrencies, it is clear the milestones of BSV price are mainly driven by deliberately sensationalized and perhaps misleading news. Other sources have also cited wash-trading as the main contributor to the increased price. 

One thing is clear, is that Wright’s reputation has been suffering as he continues to make sensational headlines. Major exchanges like Binance and Kraken have already delisted BSV coin. Wallets like Blockchain.com wallets have also ended their support for  BSV.

Wright in Conflict with Satoshi’s Final Message

Perhaps the evidence that Wright is not Satoshi is in the Bitcoin creator’s final message “It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.”

Satoshi clearly realized the power of the technology he was bestowing upon the world and he apparently wanted none of the praise and none of the scrutiny. Juxtaposed to the outlandish character of Craig Wright and his desperate need to be recognized, we feel confident that Wright is not Satoshi. 

Image via Shutterstock

Can We Expect a Bitcoin Bull Run Amid the Upcoming Bitcoin Halving and Coronavirus Pandemic?

The next Bitcoin halving is expected to take place in May 2020. Each time Bitcoin halving takes place, the number of Bitcoins entering circulation every 10 minutes, also known as block rewards, will fall to half, to 6.25 from 12.5 in May. As the amount of supply of the crypto is decreasing, the demand most likely will stay the same, but possibly lead to an increase in Bitcoin’s price. Experts believe that there will be less Bitcoin available in the market if the miners will be selling less of the cryptocurrency. 

Around every four years, and in precisely 210,000 blocks, the total number of Bitcoin that miners are rewarded with is halved. Blocks are produced by miners who use extensive electronic equipment to earn and mine Bitcoin. The process is expected to end with a total of 21 million Bitcoins, predicted in the year 2140.

Bitcoin differs from most state-issued currencies such as the US Federal Reserve, which uses securities as a tool to enable to addition or removal of dollars from its circulation if the economy is under duress. The supply schedule for Bitcoin has been locked in from the beginning, and Bitcoin’s monetary policy has been written into code and distributed through the network. With its fixed supply and predictable inflation schedule, its predetermined number enables Bitcoins to be made scarce, although its utility will ultimately depend on its market value. 

What can we expect from the coronavirus pandemic-induced market crash?

Central banks and governments around the world have released trillions of dollars in aid to combat the economic impacts of the coronavirus into the financial system. 

Some experts believe that the COVID-19 market crash has reduced the risk of a halving price dump and could lead to a Bitcoin bull run. Chainalysis hosted an online panel with a group of industry experts to discuss the possible impacts of the coronavirus pandemic on Bitcoin and what lies ahead.

Head of Research at CoinShares, Chris Bendikson, believes that Bitcoin’s price crash in March acted as preparation for miners in light of the Bitcoin halving event. With the price crash, the sudden impact on profitability would be reduced. However, the periodic decrease in mining rewards will eventually become an issue, as miners need to get paid to run those electronic equipment to be able to mine cryptocurrency. Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, wrote, “In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I’m sure that in 20 years, there will be either be very large transaction volume or no volume.”

Bitcoin Cash and BSV halving considered to be a non-event

Bitcoin Cash, the cryptocurrency that forked from the Bitcoin blockchain in 2017, had its first programmable halving on April 8. Bitcoin Cash’s rewards were halved, which had a tremendous impact on miners’ gross revenues, as the mining difficulty and hash rate were already on a downward trend up to the halving. 

Roger Ver previously said, “The last two times, basically nothing happened at all. It was a non-event; it wasn’t exciting at all, and that’s my prediction for what’s going to happen this time as well. Bitcoin SV’s halving is expected this Friday, April 10.

Did Satoshi Nakamoto Move His Bitcoin Yesterday? No, But Craig Wright Shot Himself in the Foot

On Wednesday a Twitter bot reported that a Bitcoin transaction came from a wallet that possibly belonged to Satoshi Nakamoto, the anonymous creator of the network and author of the Bitcoin whitepaper.

The recorded movement came from an address containing coins that were mined barely a month after the launch of the Bitcoin mainnet in 2009, at this time it is suggested that only three people could have known about BTC, one of them being Satoshi.

Beyond the age of the wallet, there is really no indication that this movement was Nakamoto.

Not long after the Whale Alert bot tweeted, the Bitcoin network experienced a 7% sell-off. In a tweet of his own, Bitcoin software engineer Jameson Lopp dismissed the BTC transaction pointing to the script behind the account.

The “Patoshi Pattern” is the name given to the analysis used to determine which blocks were most likely mined by Nakomoto. According to the hash rate analysis, it is still possible but unlikely that the transaction was performed by Nakomoto himself.

Craig Wright Shoots Himself in the Foot

The always controversial Craig Wright, the instigator of the BSV fork, has denied moving the 40 BTC from one of the original Satoshi wallets despite listing the wallet among the 16,000 wallets he allegedly owns and has provided in a court document.

The address, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh was listed in a court document in the Kleiman vs Wright lawsuit.

Calvin Ayre, the BSV billionaire, tweeted that he had spoken with Craig Wright and he has denied moving the 40 BTC from the 11-year-old address.

Ayre’s revelation may prove tricky for Wright. Although Wright did provide the list of addresses he has insisted that he does not have access to the private keys. If he had moved the coins there would have been strong legal ramifications but consequently, by denying he moved BTC from a wallet he claims to own he has all but proven he is not Nakamoto and has provided false information to the courts.

Perhaps in the unlikely chance that Nakamoto did move the coins himself, it was his goal to expose this alleged con artist once and for all.  

Image via Shutterstock

Litecoin Surpasses Bitcoin SV by Market Cap and Outperforms Other Major Cryptos

Litecoin has been catching up with some of the action seen with the cryptocurrency market rally, surging nearly 11 percent in the past 24 hours, and 19 percent in the last five days. 

Litecoin (LTC) just surpassed Bitcoin SV (BSV) by market capitalization, according to CoinMarketCap. However, Litecoin is still down over 70 percent from its all-time high of $366 in December 2017, while the Litecoin’s creator Charlie Lee cashed out all of his holdings.

TradingView analyst Faibik, the Litecoin price could rise to the $120 threshold. Litecoin is trading at $64.05 at press time.

Litecoin’s recent developments

Earlier this month, Litecoin’s core developer, David Burkett confirmed that the test network for MimbleWimble’s implementation is set for September this year. Litecoin features faster transaction verification times and improved storage efficiency compared to Bitcoin.

Litecoin is taking a step further towards implementing the MimbleWimble on the network, and  Burkett noted that “confidence is returning to the space and to cryptocurrency as a technology,” in his latest update.

Litecoin’s Segregated Witness protocol upgrade has hit 80 percent on the Litecoin blockchain, while only 50 percent of Bitcoin payments utilize the protocol. SegWit is a protocol upgrade that speeds up transactions by increasing block capacity. 

Recently a Litecoin native Visa debit card has been reportedly to be launched by BlockCard, as a second attempt — the first attempt having failed due to LitePay going out of business. According to Lee, around 300 users have signed up so far. 

The original altcoin and the crypto market

At press time, Bitcoin has broken resistance and pushed past the $12,000 threshold. Time will tell if this $12K threshold will hold for the world’s largest cryptocurrency.

The altcoin market has been more volatile than Bitcoin, with Chainlink hitting countless all-time highs, and flippening Bitcoin Cash (BCH) by market capitalization. Chainlink recently had massive support from the DeFi craze and hit $20 on the weekend on Binance.

Although Chainlink’s price has rallied this year, Chainlink investors are increasingly uncertain bout the asset’s bullish trend. According to Santiment, a blockchain analytics firm, speculative interest has exploded and it has seen some concerning signs.

Tone Vays and Blockstream CEO's "Shitcoin List" Includes Ethereum, Ripple, Litecoin, and EOS

Updated 12 September 2020, 11:12 am UTC

Derivatives trader Tone Vays announced the new altcoins that just entered the Market Cap top 10 list, calling them “shitcoins,” which prompted a retweet from Blockstream CEO Adam Back, who seemed to agree.

Vays tweeted:

“As new shitcoins enter the Market Cap top 10 list, here is a historical list of every coin, how high it was on the list and when it last achieved this feat. My All Time Favorites are Highlighted”.

The tweet from Vays could come off as controversial, as it listed a lot of popular cryptocurrencies like Ethereum, XRP, Litecoin, Bitcoin Cash, Tether, Steem, EOS, Dash, TheDAO, Cardano, Bitcoin BSV, IOTA, Chainlink, and Monero. Therefore, for most in the crypto community, listing Ethereum among the alleged “shitcoins” could come off as unacceptable for many in the crypto community. On the Market Cap top 10 list tweeted by Vays, it appears that all current cryptocurrencies are deemed as shitcoins except for bitcoin.

The derivatives trader also highlighted 4 coins in yellow, that were part of Ponzi schemes and crypto scams: Auroracoin, Paycoin, TheDAO, and Bitconnect. The reasons for why he highlighted DAO as well are unknown.

Source: Tone Vays’ Twitter

According to the list and context, the new “shitcoin” he was referencing was Polkadot. Polkdat is the latest coin that surged into the top 10 market cap in September. Polkadot consists of a superstar project created by Gavin Wood, the co-founder and former CTO of Ethereum. According to the official website, Polkadot is a decentralized Web 3.0 blockchain interoperability platform. It should be no dispute that Blockchain CEO Adam Back agreed with the list, implying his support by retweeting Vays. Recently, Back tweeted a few times as well criticizing some famous projects like Ripple, Litecoin, Ethereum, Cardano, and SushiSwap.

On Aug 5, he tweeted:

“Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. All looking very similar grade to me.”

On Sep 6, he added, “XRP ripple: swift network but blockchain, 100% premine, affinity scam pump, dump on retail & repeat.” He then said, “This is fun: Sushi: loan, airdrop, pump, dump Litecoin: silver to bitcoins gold, early mine/buy, coast, sell the top.”

Since its inception, Bitcoin holds the dream of removing “trusted third parties”, especially in the monetary and financial industry. What is abusrd is that the convenience of issuing new token or cryptocurrency, with hard fork, codebase resue and smart contract, introduced unlimited credit based cryptocurrencies, of scams or shitcoins. For example, besides some modification of parameters, Litecoin seemingly has nothing innovative, and the rest is marketing and propaganda, then become a billionaire with time. To compare Bitcoin and Litecoin, read “Litecoin vs Bitcoin”.

Currently, fiat money is issued by the central bank exclusively. The power of money issuance is an extension of power and remains in absolute control of a few people occupying positions of dominance within society. The fiat money is issued based on credit, a measure that may sometimes not be trustworthy at all. Bitcoin introduced a new money issuance standard, the Proof-of-Work (PoW), which is based on the spending of computing power, to replace trust-based issuance standards, and to save society from devalued currencies.

What is sad is though Bitcoin holds many advantages, it has also been leveraged for illicit purposes. Since the issuance of Bitcoin, Ponzi schemes for one have become increasingly popular. In addition, there are many cryptocurrency scams like Bitconnect and Plustoken that have risen to notoriety.

Even for star cryptocurrency projects, when faced with a potentially huge monetary gain, assets could be leveraged to conduct illicit activities. For the time being, it appears as though the only cryptocurrency touted by Tone Vays and Blockstream CEO Adam Back is Bitcoin, which is considered by many in the crypto community as being “digital gold” and a “safe-haven asset.”

At the time of writing, it is unsure whether Tone Vays and Blockstream CEO’s critics simply echo the visions of Bitcoin enthusiasts for the cryptocurrency, or whether it serves as a call to inflation.

Collaborated with Shine Li.

Bitcoin SV Network Suffered a Large-Scale 51% Anonymous Attack

Cryptocurrency data analyst CoinMetrics found that the Bitcoin SV network suffered a 51% attack on Tuesday through its regular monitoring tool FARUM.

The monitoring data of FARUM, the blockchain security monitoring tool of the intelligence company CoinMetrics, confirmed this statement and indicated that it witnessed 14 blocks undergoing a deep reorganization of the network.

Lucas Nuzzi, Network Data Product Manager from CoinMetrics, posted on Twitter and said that:

“BSV is going through a massive 51% attack. After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain being mined simultaneously across pools.”

CoinMetrics stated that the attack has ended, and some analysts in the industry refer to the continued large-scale attacks from unknown identities to originate from vulnerabilities in the network.

This attack seems to have a slight negative impact on the price of Bitcoin SV. At the time of writing, Bitcoin SV has dropped by 4.22% to $135.51 within 24 hours, according to Coinmarketcap.

Last month, several crypto exchanges pioneered by Huobi, including OKEx and Bittrex, also suspended BSV trading. Bitcoin SV network was also attacked by illegal block reorganization on July 8.

Currently, there are two types of Bitcoin fork coins on the market: Bitcoin Cash (BCH) and Bitcoin SV (BSV). Bitcoin SV results from a highly controversial hard fork of the Bitcoin Cash (BCH) blockchain in November 2018 to address Bitcoin scalability.

BSV developers have expanded the block size limit from 128MB to 2GB to improve user experience and increase miners’ benefits.

Saudi Digital Academy Partners With BSV Association to Establish New Blockchain Academy

The Saudi Arabian Digital Academy has partnered with the Bitcoin Satoshi Vision (BSV) Association to establish a new blockchain academy in the country. 

Billed as the first Blockchain Academy in the entirety of the Middle East, the announcement disclosed more details with the plans from the academy by providing blockchain learning and development resources for a variety of audiences – including developers, students, start-up entrepreneurs, business executives, and government agencies representatives.  

The Saudi Digital Academy is a government-sponsored initiative that has a strong focus on human capital development related to tech and communications for clients. The Blockchain Academy will be centred on the BSV Blockchain and its capabilities as an enterprise-grade blockchain network that can host a number of applications and facilitate transactions at a meagre gas fee.

“Since the initial academies announced at our launch event in October 2021, we continually look to add new fields of learning. Given the high interest in blockchain technology, we are proud to work with BSV’s team to bring world-class blockchain training to Saudi Arabia in this landmark initiative for the Middle East,” said Eng. Faris AlSaqabi, Deputy Minister for Future Jobs & Capabilities at MCIT.

“Because the Fourth Industrial Revolution involves many emerging technologies, the SDA seeks to attract multiple digital academies in order to provide training across all fields that will be vital to Saudi Arabia’s digital transformation,”

While the purported Riyadh-based Blockchain Academy will be the first in the region, the Saudi Digital Academy aims to establish many more related academies.

With many trusting blockchains as a vital tool in redefining education, the receptivity of sovereign nations to crypto is generally at a low ebb, considering the competition they pose to sovereign fiat currencies. However, many countries, including China, are tapping the potentials of blockchain to advance new Internet of Things (IoT) functionalities in their countries.

Bitcoin SV (BSV) Surpasses $100

The cryptocurrency known as Bitcoin SV (BSV), which is a disputed fork of Bitcoin, has had a significant spike, and it has above the $100 threshold for the first time since April 2022. A spectacular reversal in its market value has occurred as a result of this large growth, which shows a striking increase of 108% over the course of the preceding week.

There are a number of favorable technical indicators that are contributing to this rise. These indicators include a bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD), both of which indicate that significant upward momentum is occurring. In particular, the Relative Strength Index (RSI), which is a momentum indicator that is used in technical analysis, is now at a high of 87.08, which indicates that there is significant buying pressure despite the fact that it is in the overbought zone. Based on this information, it seems like Bitcoin SV may continue its upward trend in the not too distant future.

Further evidence of a bullish trend is provided by the fact that the Exponential Moving Average (EMA) of BSV over the period of 20 days is much higher than the EMA over the period of 50 days. These positive sentiments are also supported by the MACD histogram, which is a measure of the velocity of the market. The fact that it is presently at 5.47, which is an increase from the previous day, is an indication that the bullish momentum is becoming more intense.

Upbit, a cryptocurrency exchange based in South Korea, has been a significant contributor to the recent price spike, since it is responsible for a hefty 65 percent of the trading volume of Bitcoin SV. This demonstrates that South Korean investors have a considerable effect on the dynamics of the Bitcoin SV market. New market activity in South Korea, particularly on Upbit, has been a key driving force behind this upsurge, underscoring the country’s significant position in the cryptocurrency industry. This upsurge has been a major driving factor behind this upsurge.

A notable surge has also been seen in the trading volume of Bitcoin SV, which has increased by 314.97% to reach $445 million in a span of twenty-four hours. It is abundantly obvious that the increasing investor interest and market activity around BSV is reflected in the spike in trade volume that has occurred.

Recent price behavior of Bitcoin SV is a consequence of a mix of strong technical indications and tremendous market activity, notably in South Korea. This is especially true in South Korea. Because the cryptocurrency market is still in the process of developing, it is still unknown how Bitcoin SV will fare over the next several days and weeks. On the other hand, the present signs and the mechanics of the market point to this cryptocurrency maintaining its upward path.

BSV founder Craig Wright Clarifies Bitcoin's Original Intent and Critiques Misuse

Dr. Craig S. Wright, the founder of Bitcoin Vision (BSV), who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been active on social media, specifically on Twitter under the handle @Dr_CSWright, where he expresses his views and clarifications about Bitcoin and its foundational document, the Bitcoin White Paper. Here’s a summary of his key points from his recent tweets on January 6, 2024:

Access to the Bitcoin White Paper

Dr. Wright emphasizes that he has never prevented public access to the Bitcoin White Paper since its release in 2008. He refutes claims made by members of the BTC Core community regarding this.

Misuse of the White Paper

He takes offense to the misuse of his publication, particularly by those who use it to drive search engine optimization (SEO) for their sites, promote pump and dump schemes, or misrepresent Bitcoin, especially as BTC.

The Role of Honest Nodes

Dr. Wright clarifies a common misconception about Bitcoin’s operation. He asserts that it’s not merely about having the longest chain; rather, it’s about ‘honest nodes’ which adhere to the original protocol. This aspect, he argues, is often overlooked in current discussions about Bitcoin.

Primary Function of Bitcoin

Contrary to popular belief, Dr. Wright states that Bitcoin was primarily designed as a micropayment transaction system, not as digital gold or for facilitating large transactions. This clarification points to the intended use of Bitcoin for small, everyday transactions.

Bitcoin as a Timestamp Server

He also mentions another purpose of Bitcoin, often not highlighted: serving as a timestamp server.

Concerns About Transaction Costs

Dr. Wright discusses the impact of transaction costs on Bitcoin’s utility. He notes that high costs of mediation in transactions limit the feasibility of small, casual transactions, especially those with fees below $0.001.

In response to a query about inscription from Dr. Hash “Wesley”, Dr. Wright doesn’t provide a specific answer in these tweets, leaving some ambiguity about his views on this topic.

These statements reflect Dr. Wright’s perspective on the state and interpretation of Bitcoin, emphasizing a return to its original principles as he sees them. His claim to be Satoshi Nakamoto, while controversial and debated within the cryptocurrency community, adds a layer of intrigue to his commentary on these matters.

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