Bitcoin SV (BSV) Doubled This Week, But Don’t Buy into the Hype
Bitcoin SV (BSV) took off on a rocketship this week, rising over 120 percent in price since Sunday. Craig Wright’s controversial cryptocurrency was sitting silently around $100 before jolting to a high near $250 earlier today. Since that peak, the price has cooled down and is currently bouncing between $200 and $205.
Don’t Get Too Excited
A fake Chinese news release appears to have prompted the sudden price movement. On Wednesday, a photoshopped image went viral on WeChat stating,
“CSW [Craig Wright] transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter.”
Although the viral post is missing any news links or proof, it hasn’t stopped Chinese retail investors from quickly buying up Bitcoin SV as fast they can. You should expect a corresponding price crash as news of the post’s fabrication continues to spread.
Seems someone did it purposely just around the same time BSV pumped just an hour ago.
Completely fake news but “real enough” to trick many Chinese retails pic.twitter.com/qiWtW6Z8bC
— Dovey Wan 🗝 🦖 (@DoveyWan) May 29, 2019
Is Bitcoin SV the Real Bitcoin? – Probably Not
We apparently can’t go even one week without someone (most likely) falsely claiming Craig Wright as Satoshi Nakamoto, Bitcoin’s creator.
For at least the last four years, Wright has been claiming himself to be the developer behind blockchain’s top asset. The rumors began in 2015 with a Wired article proposing that Wright could be the man behind Bitcoin. Following the publicity, Wright took hold of the title, providing some additional proof confirming that he is indeed Satoshi.
The Bitcoin community was and still is skeptical, however. Wired has since edited the original article to state that Wright is probably not Satoshi, and various community members continue to expose the lies regarding his proof.
Now, Wright is arguing that Bitcoin SV (aka Bitcoin Satoshi’s Vision) is the true vision of Bitcoin’s creator. Most recently, Wright applied for a U.S. copyright to prove ownership of the Bitcoin whitepaper and software. The U.S. Copyright Office promptly denied the request.
There is a simple way for Wright to prove he is Satoshi – move some of the earliest mined bitcoin to a new address. He has yet to do so.
In a dictator-esque tirade, Wright is suing nearly everyone who argues against his claim for the decentralized throne. Podcaster Peter McCormack and Bitcoin Cash’s Roger Ver are just two of the figureheads caught in Wright’s legal crosshairs.
Where Is Bitcoin SV Heading?
Bitcoin SV’s hash rate is incredibly low, meaning it’s susceptible to a 51% attack, should miners choose to do so. Combine the lack of adoption with Wright’s poor standing in the blockchain community, many in the cryptocurrency community have doubts about SV’s future adoption.
Don’t expect another 100 percent jump from Bitcoin SV anytime soon unless a few possible events unfold: massive market manipulation, miners jumping ship from Bitcoin to Bitcoin SV, or Craig Wright definitively proving that he is Satoshi Nakamoto.
There are some critical differences between Ethereum vs. Bitcoin mining, which originate from the fact that these…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.