The recent FTX debacle and the harsh crash of the BTC price draw attention to the person that predicted all of this for years. Dr. Craig Wright, the inventor of Bitcoin, warned the digital asset sphere of how corrupt and fake the “crypto industry” is. In an article from 2019 titled Crypto flim-flam, Dr. Wright stated:
Unfortunately, every new technology opens up opportunities for the flim-flam man and night singer. It is no different with my technology and what people have done with it. In time, Bitcoin will change the nature of such opportunities, but it will take time. Right now, even what people are being sold as Bitcoin is a cheap copy. A night singer is nothing new. During the South Sea bubble in 1720, fraudsters would sell shares in stock. The form of pump-and-dump securities fraud involved inflating the price of an asset using false and misleading positive statements so that the perpetrator could push the price up and sell their cheap asset at a far higher price.
With decreasing 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 pull their money out?
We can tell you what is left when people pull their money out—the utility of a digital asset or nothing at all. There is no in-between concerning so-called ‘cryptocurrencies.’ You either have a coin that is able actually to do something, or you have bought into a Ponzi scheme.
The BSV blockchain offers the original Bitcoin as complex cash, with functions and scalability as envisioned in the Bitcoin white paper. Solutions for having CBDCs running on top of BSV are being developed by nChain. The BSV data shows all kinds of apps already running on the BSV blockchain at ultra-low transactional fees. It is this what we mean by utility of a digital asset:
However, the BSV blockchain has been suffering in public perception due to an unlawful commercial attack. Bitcoin SV is only listed on a few exchanges compared to other digital assets. The delisting assault on BSV has been in place since at least 2019. The colluding 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 edge” left against BSV at this point in time: price action. Nothing more. Once the price action spirals downwards—as, for example, right now—the illusion of an ever-appreciating price for nonsense coins fades. Ultimately, digital asset investors will either leave the market or investigate what Bitcoin was meant to achieve.
No matter the price of BSV, everyone building on BSV at the moment will still build on it independently of the price action. That is key. Do you hear that? Independently of price action! The BSV blockchain offers functions that are still there if price goes up or down. What kind of function does BTC have when its price goes down?
Thanks to the geniuses “working” at FTX, regulators will have a closer look into the digital asset sphere. It might come in handy that the BSV blockchain has been defined as the most law-abiding system ever created. The original Bitcoin helps law enforcement and regulators alike with complete traceability and auditing functions—while maintaining privacy for its users at scale.
Why has 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 needs to have utility—else it is worthless. That is not even hard to understand, yet the so-called crypto market seems to hallucinate. Dr. Wright has a prediction for the digital asset market in his Crypto flim-flam article:
In 20 years, we will look back following the massive crash that will come and see one surviving protocol. Not a protocol that sells to the market in order to democratise finance, but a single protocol that offers value.
Watch: CoinGeek New York Conference, George Gilder: BSV has more transactions than BTC
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