These cryptocrashes benefit the BSV blockchain
The recent FTX debacle and the hard crash of the BTC price draw attention to the person who predicted all this for years. Dr. Craig Wright, the inventor of Bitcoin, warned the digital asset sphere about how corrupt and fraudulent the “crypto industry” is. In a 2019 article titled Crypto flim-flam, Dr. Wright stated:
Unfortunately, every new technology opens up opportunities for the flim-flam man and the night singer. It’s no different with my technology and what people have done with it. Over time, Bitcoin will change the nature of such opportunities, but it will take time. Right now, even what people are selling as Bitcoin is a cheap copy. A night warbler is nothing new. During the South Sea Bubble in 1720, fraudsters sold stocks. The form of pump-and-dump securities fraud involved inflating the price of an asset by using false and deceptively positive statements, so that the perpetrator could drive up the price and sell his cheap asset at a much higher price.
With declining prices in the digital asset market, people will ask themselves: What have I “invested” in? Is this or that coin even useful for anything? What is left of it when people withdraw their money?
We can tell you what’s left when people withdraw their money – the utility of a digital asset or nothing at all. There is no middle ground regarding so-called “cryptocurrencies”. You either have a coin that is actually capable of doing something, or you have bought into a Ponzi scheme.
The BSV blockchain offers the original Bitcoin as complex cash, with features and scalability as envisioned in the Bitcoin White Paper. Solutions to have CBDCs running on top of BSV are being developed by nChain. The BSV data shows all types of apps already running on the BSV blockchain at ultra-low transaction fees. This is what we mean by the use of a digital resource:
However, the BSV blockchain has suffered in public perception due to an illegal commercial attack. Bitcoin SV is only listed on a few exchanges compared to other digital assets. The delisting attack on BSV has been in place since at least 2019. The cooperative exchanges that delisted BSV are now being sued precisely for this corrupt practice against the BSV blockchain and its developers, businesses and users.
The other digital assets have one “competitive advantage” left against BSV at this point: price action. No more. As soon as the price action goes down – like right now, for example – the illusion of an ever-increasing price for dummy coins disappears. Ultimately, digital asset investors will either exit the market or examine what Bitcoin was intended to achieve.
Regardless of the price of BSV, anyone currently building on BSV will continue to build on it regardless of price action. That’s the key. Do you hear that? Regardless of pricing measures! The BSV blockchain offers features that are still there if the price goes up or down. What kind of function does BTC have when the price goes down?
Thanks to the geniuses that “work” at FTX, regulators will be taking a closer look at the digital asset sphere. It may be helpful that the BSV blockchain has been defined as the most law abiding system ever created. The original Bitcoin helps both law enforcement and regulators with full traceability and audit capabilities – while maintaining user privacy at scale.
Why has the famous economist George Gilder called the BSV blockchain “the epitome of information economy”? Because he knows. As an economist, Gilder is aware that an asset must be useful, otherwise it is worthless. It’s not even hard to understand, but the so-called crypto market seems to be hallucinating. Dr. Wright has a prediction for the digital asset market in his Crypto flim-flam article:
In 20 years we will look back after the massive crash that will come and see a surviving protocol. Not a protocol that sells to the market to democratize finance, but a single protocol that offers value.
See: CoinGeek New York Conference, George Gilder: BSV has more transactions than BTC
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