Disclosure. I am invested in BSV and have been with BSV ever since it forked away from BCH.
The reason I chose BSV was because I have always believed that Craig Wright is Satoshi. Refer to my previous article ( https://bitcoinandtheblockchain.blogspot.com/2017/07/does-it-matter-if-you-believe-craig.html )
My conclusion there was that it mattered because if he is Satoshi and if you are invested in other blockchains then you stand to lose some or all of your investments. Well is he Satoshi? After all this time, are we any wiser? Let us examine what has transpired.
Scaling.
Craig says that BSV can scale and scale massively. We can clearly see this happening and gathering momentum daily. Track these 3 metric.
1) Transaction count. https://bitinfocharts.com/comparison/transactions-btc-bch-bsv.html#3m Since 10th November transactions have passed BTC and the gulf will now continue to widen.
2) Sent From Addresses. https://bitinfocharts.com/comparison/sentbyaddress-btc-bch-bsv.html#3m This measures the number of active users and it is now consistently above BCH. As more applications come online on the BSV blockchain we can expect the line to pass BTC as well.
3) Applications on the BSV blockchain. https://trends.cash/ranking/ Earlier on the detractors were cynical that the only use for BSV was a weather app. If you point to this fact only, without qualifying that BSV has only been alive a few months, it is disingenuous. Today there are 4 such similar apps all writing real data to the BSV blockchain for storage, and later retrieval, as a business model. The mass adoption use cases have not materialised yet and many are in closed beta. We should see huge growth after the genesis upgrade in February.
4) The genesis upgrade will most importantly set the protocol in stone and then also allow for unlimited blocksize.
Why don't he prove that he is Satoshi?
Well he did. It is just that many chose not to believe or accept for selfish reasons of their own. Biggest ask is that he sign a transaction with the original keys. Well this only proves that he has those keys not that he is Satoshi. Satoshi will know every aspect of how, why, when and with whom he created Bitcoin. He has to have the background and knowledge and personality to be able to piece these together in order to create Bitcoin, because it is a hard problem. It a problem which when solve is worthy of a Nobel prize. If you need prove just check his explanations against everything you know about Bitcoin and it's timeline. Examine the trivial details that he reveals because if you set about to fabricate a story you will not drill down to the details and you will often contradict yourself in different retelling of the story.
BSV is focused on usage.
For any crypto to gain value, it has to be useful. For it to become useful it has to be widely used ie it has to scale. BSV can scale, and the most significant use of this is the tokenisation of national currencies. Many countries are planning digitisation of their national currency.Most are planning launch on their own private blockchain. This just bring us back to the intranet and internet argument of the 80's and 90's. Tokenisation on a private blockchain is comparable to the intranet. Tokenisation on the BSV blockchain is akin to building on the internet.
The BSV public blockchain is where cutting edge development in blockchain technology will be taking place. As the BSV protocol will be set in stone, after the genesis update, developers building on BSV will not have to waste resources, rewriting their application everytime that the protocol is modified. This guarantees longevity, security and eliminates the cost of running and maintaining a less secure private blockchain.
Craig Wright and nChain
nChain is well staff and funded to further the development of the BSV base layer protocol. They are putting in the plumbing for others to build on. In a relatively short period of time there are now numerous tools available for developers.
On top of this nChain through Craig Wright, are building a large trove of patents free to use on the BSV blockchain. The significance of this will be more apparent going forward as developers on other blockchains come to realise that they have to pay a licence fee to use. It is a departure from the current practice of copy and paste code at will for free. Call it selfish or whatever but that is going to be the reality. If any of these patent turns out to be a chain breaking technology than all other blockchains will die.
The halvening
By May 2020 the block reward subsidy will halve to 6.25 coins. The estimated break even cost of mining is about $5000 per block. If true and the price of BTC does not rise then miners on the BTC chain will leave. The chain death spiral scenario looms. If the current bearish sentiment persist, the situation will become volatile to push prices down even further.
Bitcoin was designed for fee to replace block reward. Unless Bitcoin scales massively this will not be possible. Only on BSV is this problem being addressed. Whichever chain will survive and thrive will surely play out by the halvening.
So why is the price of BSV so low.
We should not be fixated on price. The price of BTC fluctuated from between $20,000 and $3500 in the last two years just on speculation. Also in play is the position of people heavily invested in BTC. They have huge balances in all the major exchanges and are in a position to defend the price of BTC until they can't. That is when BSV user base grows with usage and adoption from the wider community. App developers are focused on users using BSV without them knowing that they are. This means using BSV in the background only, invisible to the user.
It will be difficult for BCH to survive the halvening. There are hardly any transactions occurring on the BCH chain meaning that fee based revenue will not be available for miners. The existence of both BTC and BCH are threatened by the rise of BSV.
The price of BSV on the other hand have and will grow over time as it's usefulness grows.
The reason I chose BSV was because I have always believed that Craig Wright is Satoshi. Refer to my previous article ( https://bitcoinandtheblockchain.blogspot.com/2017/07/does-it-matter-if-you-believe-craig.html )
My conclusion there was that it mattered because if he is Satoshi and if you are invested in other blockchains then you stand to lose some or all of your investments. Well is he Satoshi? After all this time, are we any wiser? Let us examine what has transpired.
Scaling.
Craig says that BSV can scale and scale massively. We can clearly see this happening and gathering momentum daily. Track these 3 metric.
1) Transaction count. https://bitinfocharts.com/comparison/transactions-btc-bch-bsv.html#3m Since 10th November transactions have passed BTC and the gulf will now continue to widen.
2) Sent From Addresses. https://bitinfocharts.com/comparison/sentbyaddress-btc-bch-bsv.html#3m This measures the number of active users and it is now consistently above BCH. As more applications come online on the BSV blockchain we can expect the line to pass BTC as well.
3) Applications on the BSV blockchain. https://trends.cash/ranking/ Earlier on the detractors were cynical that the only use for BSV was a weather app. If you point to this fact only, without qualifying that BSV has only been alive a few months, it is disingenuous. Today there are 4 such similar apps all writing real data to the BSV blockchain for storage, and later retrieval, as a business model. The mass adoption use cases have not materialised yet and many are in closed beta. We should see huge growth after the genesis upgrade in February.
4) The genesis upgrade will most importantly set the protocol in stone and then also allow for unlimited blocksize.
Why don't he prove that he is Satoshi?
Well he did. It is just that many chose not to believe or accept for selfish reasons of their own. Biggest ask is that he sign a transaction with the original keys. Well this only proves that he has those keys not that he is Satoshi. Satoshi will know every aspect of how, why, when and with whom he created Bitcoin. He has to have the background and knowledge and personality to be able to piece these together in order to create Bitcoin, because it is a hard problem. It a problem which when solve is worthy of a Nobel prize. If you need prove just check his explanations against everything you know about Bitcoin and it's timeline. Examine the trivial details that he reveals because if you set about to fabricate a story you will not drill down to the details and you will often contradict yourself in different retelling of the story.
BSV is focused on usage.
For any crypto to gain value, it has to be useful. For it to become useful it has to be widely used ie it has to scale. BSV can scale, and the most significant use of this is the tokenisation of national currencies. Many countries are planning digitisation of their national currency.Most are planning launch on their own private blockchain. This just bring us back to the intranet and internet argument of the 80's and 90's. Tokenisation on a private blockchain is comparable to the intranet. Tokenisation on the BSV blockchain is akin to building on the internet.
The BSV public blockchain is where cutting edge development in blockchain technology will be taking place. As the BSV protocol will be set in stone, after the genesis update, developers building on BSV will not have to waste resources, rewriting their application everytime that the protocol is modified. This guarantees longevity, security and eliminates the cost of running and maintaining a less secure private blockchain.
Craig Wright and nChain
nChain is well staff and funded to further the development of the BSV base layer protocol. They are putting in the plumbing for others to build on. In a relatively short period of time there are now numerous tools available for developers.
On top of this nChain through Craig Wright, are building a large trove of patents free to use on the BSV blockchain. The significance of this will be more apparent going forward as developers on other blockchains come to realise that they have to pay a licence fee to use. It is a departure from the current practice of copy and paste code at will for free. Call it selfish or whatever but that is going to be the reality. If any of these patent turns out to be a chain breaking technology than all other blockchains will die.
The halvening
By May 2020 the block reward subsidy will halve to 6.25 coins. The estimated break even cost of mining is about $5000 per block. If true and the price of BTC does not rise then miners on the BTC chain will leave. The chain death spiral scenario looms. If the current bearish sentiment persist, the situation will become volatile to push prices down even further.
Bitcoin was designed for fee to replace block reward. Unless Bitcoin scales massively this will not be possible. Only on BSV is this problem being addressed. Whichever chain will survive and thrive will surely play out by the halvening.
So why is the price of BSV so low.
We should not be fixated on price. The price of BTC fluctuated from between $20,000 and $3500 in the last two years just on speculation. Also in play is the position of people heavily invested in BTC. They have huge balances in all the major exchanges and are in a position to defend the price of BTC until they can't. That is when BSV user base grows with usage and adoption from the wider community. App developers are focused on users using BSV without them knowing that they are. This means using BSV in the background only, invisible to the user.
It will be difficult for BCH to survive the halvening. There are hardly any transactions occurring on the BCH chain meaning that fee based revenue will not be available for miners. The existence of both BTC and BCH are threatened by the rise of BSV.
The price of BSV on the other hand have and will grow over time as it's usefulness grows.
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