The recent FTX debacle and the precipitous fall in the price of BTC draws attention to the person who predicted all of this for years. Dr. Craig Wright, the inventor of Bitcoin, has warned the digital asset sphere of the corruption and falsity of the “crypto industry”. In a 2019 article titled Crypto flim-flam, Dr. Wright said:
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 these opportunities, but it will take time. Right now, even what people are selling as Bitcoin is a cheap copy. A night singer is nothing new. During the South Sea Bubble of 1720, fraudsters sold shares in stock. The pump-and-dump form of securities fraud involved inflating the price of an asset by using false and misleading positive statements so that the perpetrator could drive up the price and sell their cheap asset at a much higher price. .
With prices falling in the digital asset market, people will ask themselves: what did I “invest” in? Is this or that part used for something? What is left when people withdraw their money?
We can tell you what’s left when people withdraw their money – the usefulness of a digital asset or nothing at all. There is no in-between when it comes to so-called “cryptocurrencies”. Either you have a coin that can do something or you bought a Ponzi scheme.
The BSV blockchain offers the original Bitcoin in the form of complex cash, with functions and scalability as envisioned in the Bitcoin whitepaper. Solutions for CBDCs to work above BSV are being developed by nChain. BSV data shows all kinds of applications already running on the BSV blockchain at ultra-low transaction fees. This is what we mean by the utility of a digital asset:
However, the BSV blockchain 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 assault on BSV has been in place since at least 2019. Collusion exchanges that delisted BSV are now being prosecuted precisely for this corrupt practice against the BSV blockchain and its developers, companies and users.
Other digital assets have a “competitive advantage” against BSV at this point: price action. Nothing more. Once the price action has spiked lower – like, for example, right now – the illusion of an ever-higher price for nonsense coins fades. Ultimately, digital asset investors will exit the market or investigate what Bitcoin was supposed to achieve.
Whatever the price of BSV, everyone building on BSV right now will continue to build on it regardless of how prices move. This is the key. Do you hear that? Regardless of price action! The BSV blockchain offers functions that are always there if the price goes up or down. What kind of function does BTC have when its price drops?
Thanks to the geniuses “working” at FTX, regulators will take a closer look at the digital asset sphere. It might help that the BSV blockchain has been defined as the most law-abiding system ever created. The original Bitcoin helps law enforcement and regulators with full traceability and auditing features, while maintaining the privacy of its users at scale.
Why did famed economist George Gilder call the BSV blockchain “the epitome of the information economy”? Because he knows. As an economist, Gilder is aware that an asset must have a utility, otherwise it is worthless. It’s not even hard to understand, yet 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 is to come and we will see a surviving protocol. Not a protocol that sells in the market to democratize finance, but a unique protocol that offers value.
Watch: CoinGeek New York Conference, George Gilder: BSV has more transactions than BTC
width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.