Bitcoin SV’s Recent Decline
Is it just another useless coin with no real trading volume or support?
As of July 16, 2019, it has become quite apparent to serious cryptocurrency enthusiasts, market professionals and experienced traders; Something is seriously wrong with Bitcoin Satoshi’s Vision (BSV) price fundamentals when carefully analyzed.
Craig Wright Failed to Disclose Bitcoin Holdings in Court Case, Says Lawyer
The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientist Craig Wright…
Putting aside the countless forged documents submitted to the US Supreme Court under oath, or other outright lies that BSV’s founder, Craig Wright manages to weasel himself into almost weekly. Disregard controversial marketing gimmicks used by Calvin Ayre and his twerking team. Never-mind the Bitcoin Association attempting to patent all crypto-related inventions for the sole purpose of “giving it back to the community” to developers who use BSV as the base protocol, headed by none other than an intellectual property lawyer.
Nchain to Offer Smart Contract Patents Exclusively to the Bitcoin Cash Community - Bitcoin News
According to the blockchain firm Nchain and its CEO Jimmy Nguyen, the company has secured its first approved patent…
Forget about Bitcoin Cash fork now known as Bitcoin SV, “apparently the original Bitcoin”… Let’s analyze the marketplace mathematics for a moment, the true trading triggers and signals only the big wigs pay attention to!
Ok, so that chart may not paint the best picture, if you draw a line at the starting price when BSV was launched extended to the present, notice the exchange to USD rate was $88.30 and exchange to BTC was 0.0137 with a total 24-hour volume of 2,877,810 USD on November 8, 2018. Compared to when it was recently the same price exchanged to BTC on July 13, 2019, with a total 24-hour volume of 258,999,101 USD. With a massive increase in trading volume, one would expect a significant price difference also. As shown in history, BSV did not follow this pattern. The only increases as shown by Coinmarketcap.com, are priced in USD and are directly related to the price of Bitcoin (BTC)’s exchange rates.
In simple terms: If you sold your Bitcoin (BTC) for Bitcoin SV (BSV) on Nov 8, 2018, thinking that Craig Wright is Satoshi Nakamoto and that the actual original Bitcoin (BTC) was no longer supported by the community; Then you turned around and sold all your converted BSV on July 13th. You would have lost and gained… Nothing (except subtracted a few trading fees), even if you sold BSV for USD you would have the same amount of fiat currency (maybe less) compared to if you held your BTC from Nov 8, 2018, and sold directly for USD on July 13, 2019.
So the price is not the only indicator for a project’s success or failure. Let’s take a quick look at some public interactions. Google Search Trends
Bitcoin (BTC) colored in blue had 65 points, compared to Bitcoin SV (BSV) with less than 1, and Bitcoin Cash with 1.
That doesn’t look too good for a fork of Bitcoin Cash having less than the version it was designed to replace… Never mind, Bitcoin Cash coming up very short compared to Bitcoin (BTC).
Alright, let's ignore Google search history. Most of the community support was on Twitter before Craig Wright’s account was banned and or deleted.
Activity is still there, minimal at best and infrequent but still alive. Satoshi’s Vision was apparently not embraced as well as the first time it was introduced as shown below. During the past 24 hours, BTC was significantly higher than BSV for the same time period.
Bitcoin (BTC) was tweeted with the #bitcoin hashtag on average 500+compared to Bitcoin SV (BSV) with an average of approx. 20+. with careful consideration, I am reminded that: Twitter never gives any cryptocurrency true intrinsic value!
Metnet gives BSV value… or that’s what we’re told. OP_RETURN unlocked!
Reading some of the Twitty tweeters support for BSV clearly shows they believe in it. The block sizes are huge and there appears to be transaction volume on the peer to peer network. Digging a bit further, we can see…
Well, I guess we can’t see their widely marketed product “Money Button” used for merchants and real commercial adoption yet, but that’s not important. What is OP_RETURN mostly used for on the BSV blockchain? What is Metanet accomplishing right now, what are all that development, marketing, and testing done to benefit the crypto community?
There we go, we have a blockchain where the weather information is embedded into the details of the transaction that costed money to publish it.
Wait for a second, if it costs money to publish anything on the Metanet, then that would give BSV a real-world use case, right? Sure. But why? Why would anyone want open-source weather data on the blockchain, paying to clearly flood the network with useless traffic unrelated to actual payment processing in a decentralized network once known as Bitcoin (BTC)? Dude, it’s about blockchain and web… I guess.
Alright, so what’s the point of all this trading anyways? Who is buying a BSV?
Well, most of the volume is going to USD from BSV at the moment with a downward price trend… I am not sure how to ignore or what it means… yet.
To be continued…